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研報掘金丨浙商證券:中國核電經營業績保持穩健,首予“買入”評級
格隆匯 02-19 14:33

浙商證券研報指出,近年來中國核電(601985.SH)經營業績保持穩健,且公司控成本降費用雙驅並行,帶動盈利能力有所提升。根據《中國核能發展與展望(2023)》,預計到 2035 年,我國核能發電量在總發電量的佔比將達到10%,相比 2022 年翻倍。從行業格局上看,核電運營牌照較爲稀缺,目前僅中廣核、中核、國家電投和華能四家企業具備資質,而伴隨着我國核電技術的發展,目前三代技術已成爲主流,四代技術也加速突破。截至2024 年上半年,公司核電控股在運裝機容量2,375.00萬千瓦,另有15臺覈準、在建核電機組;此外公司非核清潔能源在運在建裝機突破3600萬千瓦,在建新能源項目數量超過130個。參考公司歷史分紅比例,假設公司2024-2026年分紅比例均爲35%,則對應股息率分別爲1.78%/1.97%/2.08%。首次覆蓋,給予“買入”評級。

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