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研報掘金丨海通證券:首予中國核電“優於大市”評級,價值區間11.8-12.98元

海通證券研報指出,中國核電(601985.SH)為核電雙寡頭之一,業績穩健增長。2023年公司實現營收、歸母淨利潤為749.6、106.2億元,YOY+5.2%、+17.9%;24H1公司實現營收、歸母淨利潤為374.4、58.8億元,YOY+3.2%、-2.7%。公司核電資源儲備充足,24年新獲核准3台機組。另外,公司定增助力核電建設,REITs發行盤活資產。參考可比公司估值,中國廣核24年PE估值為19倍,隨着核電發展逐漸走向成熟期,核電現金流和估值均有望向大水電靠攏,可以給予一定的估值溢價,給予公司2024年20-22倍PE,對應合理價值區間11.8-12.98元,首次覆蓋給予“優於大市”評級。

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