On June 27th, Guolonghui | Huayuan Securities recently pointed out in a research report that CGN Power Co., Ltd.(003816.SZ) plans to issue A-share convertible corporate bonds to unspecified objects to raise no more than RMB 4.9 billion for the construction of the No.5 and No.6 units of the Lu Feng Nuclear Power Plant in Guangdong. These two projects have started in September 2022 and August 2023 respectively, and are expected to be officially put into operation in 2027 and 2028. The IRR of project capital is expected to reach the level of 9%. This issuance will help improve the company's asset-liability structure and optimize financing costs, while injecting nuclear power assets is worth paying attention to. The nuclear power unit is the company's core profitable asset, and the commissioning of the unit supports the steady growth of electricity sales business. If issued at current price, the diluted EPS is expected to be about 2%. In addition, according to the company's announcement, the company is actively planning the acquisition of Huizhou and Cangnan nuclear power assets. Maintain a "buy" rating.
研报掘金丨华源证券：中国广核核电资产注入值得关注，维持“买入”评级
Research report: China General Nuclear Power's nuclear power assets injection is worth paying attention to, maintaining a "buy" rating.
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