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研报掘金丨东吴证券：中国核电定增募资140亿撬动成长，维持“买入”评级

Research Reports | Soochow Securities: China National Nuclear Power's additional capital raising of 14 billion yuan will promote growth, maintaining "buy" rating.

Gelonghui Finance ·  Jul 15 03:49

Soochow Securities research report pointed out that China National Nuclear Power's private placement raised 14 billion yuan to drive growth, with full subscription from social security fund and China National Nuclear Corporation cash. The funds raised this time will be used in Liaoning Xudapu No. 1 and No. 2 (total investment of 42.2 billion yuan), Liaoning Xudapu No. 3 and No. 4 (total investment of 52.3 billion yuan), Fujian Zhangzhou No. 3 and No. 4 (total investment of 39.7 billion yuan), and Jiangsu Tianwan No. 7 and No. 8 (total investment of 50.6 billion yuan), a total of 8 nuclear power units with a total investment of 184.8 billion yuan. According to investment estimation, the internal rate of return of project capital is expected to reach 9%, with high-quality returns. In addition, the company will further increase the dividend payout ratio based on the original dividend ratio. The company values ​​shareholder returns, capital expenditures have reached a peak, and free cash flow has turned positive. Dividends are expected to continue to increase. Nuclear power is a long-term quality operating asset with a scarce and certain growth track. The company's operating projects are stable, and construction projects are accelerating investment, maintaining a "buy" rating.

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