研報掘金丨國泰海通:維持中國核電“增持”評級,目標價11.44元
國泰海通證券研報指出,短期中國核電(601985.SH)業績受非經事項影響承壓,但長期來看,公司新機組建設穩步推進,董事長提議回購股份方案落地,長期仍然值得看好。(1)核電機組常態化覈準:三門5/6號機組覈準獲批,截至目前公司在建/擬建核電機組共19臺,預計25年投產1 臺、26年投產2 臺、27 年迎來密集投產期。(2)董事長提議擬集中回購股份總金額3-5億元,回購價格不超過13.98元/股,回購股份用於股權激勵,未來6月股東無減持計劃。(3)核聚變:公司擬投資10億元參股核聚變公司,前瞻性佈局核聚變能源領域,爲未來聚變堆商業化應用打下基礎。參考可比公司估值,考慮公司確定性與成長性兼備,可以給予一定的估值溢價,給予公司2025年22倍PE,對應目標價11.44元,維持“增持”評級。
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