🇨🇳 A股公告中国广核V2 · 实盘不做把握 3/10
北京时间·🕒 发布 06-27(北京日)仅日期·⚡ 决策 06-28 19:15:57·120.9 天前
中国广核电力股份有限公司2026年度跟踪评级报告
📄 原文中国广核↗ 原文
2026 [2026] 1160 2026 2026 6 26 2026 AAA/ AAA 12~18 2025 A+H lbwang@ccxi.com.cn yyliu@ccxi.com.cn (010)66428877 (010)66…
不做 003816.SZ
[分诊过滤] 这是中诚信国际对中国广核的年度信用评级跟踪报告（维持AAA/稳定，全是常规财务数据与存续债券信息），属按日历可预期的常规披露、评级无变动无超预期看点，且评级报告对股价基本无驱动，过滤。
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2026
[2026]
1160
2026
2026
6
26
2026
AAA/
AAA
12~18
2025
A+H
lbwang@ccxi.com.cn
yyliu@ccxi.com.cn
(010)66428877
(010)66426100
2026
2023
2024
2025
2026.3/2026.1~3
4,152.50
4,715.33
5,056.56
5,302.86
1,653.04
1,829.45
1,762.14
1,803.58
2,499.46
2,885.88
3,294.42
3,499.28
2,138.45
2,506.22
2,879.48
3,126.27
825.49
789.45
756.97
163.19
170.46
174.68
147.31
40.65
EBIT
263.51
271.20
232.04
--
EBITDA
385.96
405.85
367.99
--
331.20
375.06
299.71
34.78
(%)
35.97
37.43
31.99
39.37
(%)
6.39
6.12
4.75
--
EBIT
(%)
31.92
34.35
30.65
--
(%)
60.19
61.20
65.15
65.99
(%)
56.40
57.80
62.04
63.42
/EBITDA(X)
5.54
6.18
7.82
--
EBITDA
(X)
5.43
5.91
5.47
--
FFO/
(%)
12.59
12.27
8.87
--
1
2023~2025
2026
2023
2024
2024
2025
2025
2026
2
3
--
2025
(%)
(%)
5,864.10
2,307.47
7,492.62
69.01
820.75
179.71
41.32
3,183.80
2,326.48
5,056.56
65.15
756.97
147.31
31.99
2,500.00
3,364.10
1,878.47
2,512.40
1,834.98
/
AAA
AAA
2025/09/08
49.00/48.99
2025/07/09~2031/07/08
2026
3
2026
1
15
2031
7
8
A
AAA/
AAA/
2025/09/08
2026
C150000_2024_05
2026
2026
2026
2
https://www.ccxi.com.cn/coreditResearch/detail/12384?type=1
2026
1
2026
3
3,183.8
49.92%2
2026
1
1
2026
4
19
2026
4
29
30
3,424.8
3
1
M310
2×102.6
M310
2×99.0
CPR1000
2×108.6
CPR1000/ACPR1000
6×108.6
EPR
2×175.0
CPR1000
4×108.9
CPR1000
2×108.6
2×118.8
2,512.4
CPR1000
4×111.9
ACPR1000
2×111.9
671.4
3,183.8
2
1
2024
10
2025
12
98.4
102.6
1
2
3
2026
2025
2025
2026
10.11%
11.45%
2025
2025
2
2023
2024
2025
2026.3/2026.1~3
3,056.8
3,179.8
3,183.8
3,183.8
7,509
7,710
7,767
1,699
2,141.46
2,272.84
2,326.48
509.57
(%)
57.3
50.9
56.2
67.2
2,385.4
2,508.4
2,512.4
2,512.4
7,522
7,727
7,751
--
1,670.72
1,790.12
1,834.98
400.41
(%)
89.29
91.47
92.65
--
(%)
85.90
87.97
88.66
--
/
0.4228
0.4162
0.3803
--
3
/
1
2
0.4056
1
2
0.4143
1
2
0.4153
1~6
0.4153
1
2
0.4350
1~4
*
0.4063
1
2
0.4153
3
0.3916
4
0.3590
1~4
0.3823
5
6
*
0.3749
1
2022
6
5
6
2022
30
5
6
0.3749
2
2023
3
2023
612
3
4
0.4063
/
2025
2025
20
2024
1
2025
12
31
19
16
1
2026
2
1
2025
655
58
2026
19
2025
WANO
1/4
1/10
85.12%
83.33%
WANO
2025
11
4
2026
3
20
4
2
2
2
7
7
FCD
5
4
2025
1
2
2×120.2
407.19
424.57
1
2026
2
2026
3
4
2×120.9
380.58
60.47
3
2030
1
2
2×124.5
413.84
266.31
2030
5
6
2×120.0
382.17
212.60
5
2027
6
2028
1
2
2×121.4
457.79
53.00
1
2031
5
6
2×120.8
--
32.16
--
3
4
2×120.0
--
--
--
1,695.60
2,041.57
1,049.10
--
FCD
1
2026
4
4
2026
5
FCD
2025
4
5
2026
2025
7
25
A
49.00
5
6
2026
1
5
6
2026
4
46%
51%
46%
51%
83.47
7
2025
2025
2025
2026
13.25%
0.50
6
7
2026
5
2023
2024
2025
625.17
45.85
659.32
43.60
617.57
37.49
178.98
1.91
108.39
1.57
113.41
2.20
14.57
31.56
13.29
31.42
14.29
36.59
4.75
41.44
6.56
26.16
9.52
23.33
2.01
14.02
1.88
22.96
2.18
31.34
/
825.49
35.97
789.45
37.43
756.97
31.99
2025
2025
2026
15.66%
14.86%
2026
8
2025
2025
9
6
2023
2024
2025
2026.3/2026.1~3
26.64
26.79
28.62
5.33
24.20
24.43
19.17
3.43
56.66
51.33
45.23
10.49
107.91
103.03
93.39
20.05
(%)
13.07
13.05
12.34
12.28
13.05
16.96
20.42
2.33
193.30
200.27
160.19
44.70
16.04
19.33
23.53
5.18
205.31
216.28
186.03
49.85
EBIT
263.51
271.20
232.04
--
EBITDA
385.96
405.85
367.99
--
(%)
6.39
6.12
4.75
--
157.40
170.26
208.27
254.74
118.27
91.07
80.12
68.59
189.52
200.78
204.93
190.92
205.73
203.50
224.22
227.28
(%)
17.53
15.42
15.40
15.30
2,466.84
2,630.49
2,524.33
2,498.98
563.24
850.52
1,139.31
1,327.22
71.20
140.85
209.71
268.31
4,152.50
4,715.33
5,056.56
5,302.86
234.37
206.01
202.37
193.98
47.06
59.49
95.52
73.69
450.44
483.75
798.20
890.26
1,688.01
2,022.47
2,081.28
2,236.01
2,138.45
2,506.22
2,879.48
3,126.27
8
9
2026
/
(%)
21.06
19.30
27.72
28.48
504.99
504.99
504.99
504.99
107.94
200.83
96.84
96.95
444.32
501.46
534.48
561.89
520.68
543.60
530.26
544.38
1,653.04
1,829.45
1,762.14
1,803.58
(%)
60.19
61.20
65.15
65.99
(%)
56.40
57.80
62.04
63.42
331.20
375.06
299.71
34.78
-125.13
-324.48
-323.36
-111.95
-190.88
-66.56
66.77
114.07
EBITDA
(X)
5.43
5.91
5.47
--
FFO/
(%)
12.59
12.27
8.87
--
/EBITDA(X)
5.54
6.18
7.82
--
10
2026
2026
2026
2026
7
2024
2025
2026
(%)
57.80
62.04
62.49~64.40
/EBITDA(X)
6.18
7.82
8.15~8.40
10
2026
ESG
11
49.00
48.98
2025
7
15
2026
1
15
2026
3
554,300
A
150,847
0.0003%
48.99
99.9887%
11
2026
AAA
AAA
2026
2025
2025
2025
75.00%
140.58
93.24
78.70
37.48
59.00%
695.12
255.50
164.71
35.67
46.00%
405.58
163.11
111.69
26.16
61.00%
722.42
150.54
79.84
0.76
100.00%
117.23
49.83
53.32
7.93
100.00%
184.49
99.26
53.68
14.48
10.00%
81.02%
8.98%
58.89%
6.79%
34.32%
2026
2023
2024
2025
2026.3/2026.1~3
1,574,002.28
1,702,629.62
2,082,672.08
2,547,362.51
1,182,658.85
910,706.99
801,224.72
685,884.84
7,256.57
108,386.86
84,838.48
83,646.64
2,057,251.44
2,035,016.38
2,242,189.15
2,272,769.12
1,510,677.15
1,635,794.23
1,831,995.59
1,734,180.59
24,668,358.67
26,304,880.54
25,243,303.06
24,989,809.05
5,632,389.97
8,505,150.57
11,393,091.07
13,272,171.72
544,584.71
666,263.95
862,443.81
858,703.24
41,525,035.68
47,153,259.85
50,565,611.81
53,028,601.55
470,647.46
594,938.68
955,163.26
736,865.26
4,504,425.16
4,837,493.31
7,982,009.12
8,902,590.18
16,880,070.35
20,224,722.66
20,812,800.06
22,360,093.66
21,384,495.51
25,062,215.96
28,794,809.18
31,262,683.84
19,826,941.15
23,398,694.06
26,732,683.64
28,715,321.33
24,994,640.99
28,858,785.74
32,944,179.09
34,992,838.22
16,530,394.69
18,294,474.11
17,621,432.72
18,035,763.33
710,928.74
686,636.07
672,818.58
--
8,254,864.32
7,894,466.96
7,569,655.90
1,631,942.51
1,933,049.57
2,002,727.61
1,601,854.54
446,986.47
160,420.15
193,289.08
235,314.55
51,790.87
1,704,577.16
1,746,813.06
1,473,114.42
406,547.41
EBIT
2,635,055.46
2,711,953.75
2,320,433.78
--
EBITDA
3,859,596.12
4,058,464.95
3,679,868.76
--
3,311,989.43
3,750,572.80
2,997,052.94
347,752.20
-1,251,261.37
-3,244,829.33
-3,233,554.86
-1,119,495.76
-1,908,823.80
-665,643.42
667,689.47
1,140,676.84
2023
2024
2025
2026.3/2026.1~3
(%)
35.97
37.43
31.99
39.37
(%)
13.07
13.05
12.34
12.28
EBIT
(%)
31.92
34.35
30.65
--
(%)
6.39
6.12
4.75
--
(X)
0.94
0.88
0.66
0.66
(X)
0.67
0.63
0.47
0.48
(X)
2.76
2.41
2.41
1.75*
(X)
6.17
7.54
8.84
8.78*
(%)
60.19
61.20
65.15
65.99
(%)
56.40
57.80
62.04
63.42
/
(%)
21.06
19.30
27.72
28.48
/
(X)
0.12
0.12
0.08
--
/
(X)
0.59
0.63
0.30
--
(X)
4.66
5.46
4.45
--
/EBITDA(X)
5.54
6.18
7.82
--
EBITDA/
(X)
0.86
0.84
0.46
--
EBITDA
(X)
5.43
5.91
5.47
--
EBIT
(X)
3.71
3.95
3.45
--
FFO/
(%)
12.59
12.27
8.87
--
2026
+
/
+
+
+
+
+
+
+
-
/
/(
+
-
+
+
/
+
/
+
×360
/
+
×360
/
+
×360
/
-
×360
/
+
-
(
-
)/
+
+
+
/
-
-
-
-
-
-
-
-
-
-
+
-
EBIT
+
-
EBITDA
EBIT+
+
+
EBIT/
EBIT
=EBIT/
/
-
-
FFO
(
+
+
)
EBIT
EBIT/
EBITDA
EBITDA/
/
1
2
2018
[2018]15
=
+
+
3
1
[2023]65
2026
BCA
aaa
aa
a
bbb
bb
b
ccc
cc
c
-
AAA
AA
A
BBB
BB
B
CCC
CC
C
-
A-1
A-2
A-3
B
C
D
AAA
AA
A
BBB
BB
B
CCC
CC
C
2026
2
SOHO5
100010
+86
10
6642 8877
+86
10
6642 6100
www.ccxi.com.cn
Address: Building 5, Galaxy SOHO, No.2 Nanzhugan Lane, Chaoyangmennei Avenue, Dongcheng District,
Beijing
Postal Code
100010
Tel: +86
10
6642 8877
Fax: +86
10
6642 6100
Web: www.ccxi.com.cn
[2026]
1160
2026
2026
6
26
2026
AAA/
AAA
12~18
2025
A+H
lbwang@ccxi.com.cn
yyliu@ccxi.com.cn
(010)66428877
(010)66426100
2026
2023
2024
2025
2026.3/2026.1~3
4,152.50
4,715.33
5,056.56
5,302.86
1,653.04
1,829.45
1,762.14
1,803.58
2,499.46
2,885.88
3,294.42
3,499.28
2,138.45
2,506.22
2,879.48
3,126.27
825.49
789.45
756.97
163.19
170.46
174.68
147.31
40.65
EBIT
263.51
271.20
232.04
--
EBITDA
385.96
405.85
367.99
--
331.20
375.06
299.71
34.78
(%)
35.97
37.43
31.99
39.37
(%)
6.39
6.12
4.75
--
EBIT
(%)
31.92
34.35
30.65
--
(%)
60.19
61.20
65.15
65.99
(%)
56.40
57.80
62.04
63.42
/EBITDA(X)
5.54
6.18
7.82
--
EBITDA
(X)
5.43
5.91
5.47
--
FFO/
(%)
12.59
12.27
8.87
--
1
2023~2025
2026
2023
2024
2024
2025
2025
2026
2
3
--
2025
(%)
(%)
5,864.10
2,307.47
7,492.62
69.01
820.75
179.71
41.32
3,183.80
2,326.48
5,056.56
65.15
756.97
147.31
31.99
2,500.00
3,364.10
1,878.47
2,512.40
1,834.98
/
AAA
AAA
2025/09/08
49.00/48.99
2025/07/09~2031/07/08
2026
3
2026
1
15
2031
7
8
A
AAA/
AAA/
2025/09/08
2026
C150000_2024_05
2026
2026
2026
2
https://www.ccxi.com.cn/coreditResearch/detail/12384?type=1
2026
1
2026
3
3,183.8
49.92%2
2026
1
1
2026
4
19
2026
4
29
30
3,424.8
3
1
M310
2×102.6
M310
2×99.0
CPR1000
2×108.6
CPR1000/ACPR1000
6×108.6
EPR
2×175.0
CPR1000
4×108.9
CPR1000
2×108.6
2×118.8
2,512.4
CPR1000
4×111.9
ACPR1000
2×111.9
671.4
3,183.8
2
1
2024
10
2025
12
98.4
102.6
1
2
3
2026
2025
2025
2026
10.11%
11.45%
2025
2025
2
2023
2024
2025
2026.3/2026.1~3
3,056.8
3,179.8
3,183.8
3,183.8
7,509
7,710
7,767
1,699
2,141.46
2,272.84
2,326.48
509.57
(%)
57.3
50.9
56.2
67.2
2,385.4
2,508.4
2,512.4
2,512.4
7,522
7,727
7,751
--
1,670.72
1,790.12
1,834.98
400.41
(%)
89.29
91.47
92.65
--
(%)
85.90
87.97
88.66
--
/
0.4228
0.4162
0.3803
--
3
/
1
2
0.4056
1
2
0.4143
1
2
0.4153
1~6
0.4153
1
2
0.4350
1~4
*
0.4063
1
2
0.4153
3
0.3916
4
0.3590
1~4
0.3823
5
6
*
0.3749
1
2022
6
5
6
2022
30
5
6
0.3749
2
2023
3
2023
612
3
4
0.4063
/
2025
2025
20
2024
1
2025
12
31
19
16
1
2026
2
1
2025
655
58
2026
19
2025
WANO
1/4
1/10
85.12%
83.33%
WANO
2025
11
4
2026
3
20
4
2
2
2
7
7
FCD
5
4
2025
1
2
2×120.2
407.19
424.57
1
2026
2
2026
3
4
2×120.9
380.58
60.47
3
2030
1
2
2×124.5
413.84
266.31
2030
5
6
2×120.0
382.17
212.60
5
2027
6
2028
1
2
2×121.4
457.79
53.00
1
2031
5
6
2×120.8
--
32.16
--
3
4
2×120.0
--
--
--
1,695.60
2,041.57
1,049.10
--
FCD
1
2026
4
4
2026
5
FCD
2025
4
5
2026
2025
7
25
A
49.00
5
6
2026
1
5
6
2026
4
46%
51%
46%
51%
83.47
7
2025
2025
2025
2026
13.25%
0.50
6
7
2026
5
2023
2024
2025
625.17
45.85
659.32
43.60
617.57
37.49
178.98
1.91
108.39
1.57
113.41
2.20
14.57
31.56
13.29
31.42
14.29
36.59
4.75
41.44
6.56
26.16
9.52
23.33
2.01
14.02
1.88
22.96
2.18
31.34
/
825.49
35.97
789.45
37.43
756.97
31.99
2025
2025
2026
15.66%
14.86%
2026
8
2025
2025
9
6
2023
2024
2025
2026.3/2026.1~3
26.64
26.79
28.62
5.33
24.20
24.43
19.17
3.43
56.66
51.33
45.23
10.49
107.91
103.03
93.39
20.05
(%)
13.07
13.05
12.34
12.28
13.05
16.96
20.42
2.33
193.30
200.27
160.19
44.70
16.04
19.33
23.53
5.18
205.31
216.28
186.03
49.85
EBIT
263.51
271.20
232.04
--
EBITDA
385.96
405.85
367.99
--
(%)
6.39
6.12
4.75
--
157.40
170.26
208.27
254.74
118.27
91.07
80.12
68.59
189.52
200.78
204.93
190.92
205.73
203.50
224.22
227.28
(%)
17.53
15.42
15.40
15.30
2,466.84
2,630.49
2,524.33
2,498.98
563.24
850.52
1,139.31
1,327.22
71.20
140.85
209.71
268.31
4,152.50
4,715.33
5,056.56
5,302.86
234.37
206.01
202.37
193.98
47.06
59.49
95.52
73.69
450.44
483.75
798.20
890.26
1,688.01
2,022.47
2,081.28
2,236.01
2,138.45
2,506.22
2,879.48
3,126.27
8
9
2026
/
(%)
21.06
19.30
27.72
28.48
504.99
504.99
504.99
504.99
107.94
200.83
96.84
96.95
444.32
501.46
534.48
561.89
520.68
543.60
530.26
544.38
1,653.04
1,829.45
1,762.14
1,803.58
(%)
60.19
61.20
65.15
65.99
(%)
56.40
57.80
62.04
63.42
331.20
375.06
299.71
34.78
-125.13
-324.48
-323.36
-111.95
-190.88
-66.56
66.77
114.07
EBITDA
(X)
5.43
5.91
5.47
--
FFO/
(%)
12.59
12.27
8.87
--
/EBITDA(X)
5.54
6.18
7.82
--
10
2026
2026
2026
2026
7
2024
2025
2026
(%)
57.80
62.04
62.49~64.40
/EBITDA(X)
6.18
7.82
8.15~8.40
10
2026
ESG
11
49.00
48.98
2025
7
15
2026
1
15
2026
3
554,300
A
150,847
0.0003%
48.99
99.9887%
11
2026
AAA
AAA
2026
2025
2025
2025
75.00%
140.58
93.24
78.70
37.48
59.00%
695.12
255.50
164.71
35.67
46.00%
405.58
163.11
111.69
26.16
61.00%
722.42
150.54
79.84
0.76
100.00%
117.23
49.83
53.32
7.93
100.00%
184.49
99.26
53.68
14.48
10.00%
81.02%
8.98%
58.89%
6.79%
34.32%
2026
2023
2024
2025
2026.3/2026.1~3
1,574,002.28
1,702,629.62
2,082,672.08
2,547,362.51
1,182,658.85
910,706.99
801,224.72
685,884.84
7,256.57
108,386.86
84,838.48
83,646.64
2,057,251.44
2,035,016.38
2,242,189.15
2,272,769.12
1,510,677.15
1,635,794.23
1,831,995.59
1,734,180.59
24,668,358.67
26,304,880.54
25,243,303.06
24,989,809.05
5,632,389.97
8,505,150.57
11,393,091.07
13,272,171.72
544,584.71
666,263.95
862,443.81
858,703.24
41,525,035.68
47,153,259.85
50,565,611.81
53,028,601.55
470,647.46
594,938.68
955,163.26
736,865.26
4,504,425.16
4,837,493.31
7,982,009.12
8,902,590.18
16,880,070.35
20,224,722.66
20,812,800.06
22,360,093.66
21,384,495.51
25,062,215.96
28,794,809.18
31,262,683.84
19,826,941.15
23,398,694.06
26,732,683.64
28,715,321.33
24,994,640.99
28,858,785.74
32,944,179.09
34,992,838.22
16,530,394.69
18,294,474.11
17,621,432.72
18,035,763.33
710,928.74
686,636.07
672,818.58
--
8,254,864.32
7,894,466.96
7,569,655.90
1,631,942.51
1,933,049.57
2,002,727.61
1,601,854.54
446,986.47
160,420.15
193,289.08
235,314.55
51,790.87
1,704,577.16
1,746,813.06
1,473,114.42
406,547.41
EBIT
2,635,055.46
2,711,953.75
2,320,433.78
--
EBITDA
3,859,596.12
4,058,464.95
3,679,868.76
--
3,311,989.43
3,750,572.80
2,997,052.94
347,752.20
-1,251,261.37
-3,244,829.33
-3,233,554.86
-1,119,495.76
-1,908,823.80
-665,643.42
667,689.47
1,140,676.84
2023
2024
2025
2026.3/2026.1~3
(%)
35.97
37.43
31.99
39.37
(%)
13.07
13.05
12.34
12.28
EBIT
(%)
31.92
34.35
30.65
--
(%)
6.39
6.12
4.75
--
(X)
0.94
0.88
0.66
0.66
(X)
0.67
0.63
0.47
0.48
(X)
2.76
2.41
2.41
1.75*
(X)
6.17
7.54
8.84
8.78*
(%)
60.19
61.20
65.15
65.99
(%)
56.40
57.80
62.04
63.42
/
(%)
21.06
19.30
27.72
28.48
/
(X)
0.12
0.12
0.08
--
/
(X)
0.59
0.63
0.30
--
(X)
4.66
5.46
4.45
--
/EBITDA(X)
5.54
6.18
7.82
--
EBITDA/
(X)
0.86
0.84
0.46
--
EBITDA
(X)
5.43
5.91
5.47
--
EBIT
(X)
3.71
3.95
3.45
--
FFO/
(%)
12.59
12.27
8.87
--
2026
+
/
+
+
+
+
+
+
+
-
/
/(
+
-
+
+
/
+
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+
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/
+
×360
/
+
×360
/
-
×360
/
+
-
(
-
)/
+
+
+
/
-
-
-
-
-
-
-
-
-
-
+
-
EBIT
+
-
EBITDA
EBIT+
+
+
EBIT/
EBIT
=EBIT/
/
-
-
FFO
(
+
+
)
EBIT
EBIT/
EBITDA
EBITDA/
/
1
2
2018
[2018]15
=
+
+
3
1
[2023]65
2026
BCA
aaa
aa
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bbb
bb
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ccc
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-
AAA
AA
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BBB
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CCC
CC
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-
A-1
A-2
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C
D
AAA
AA
A
BBB
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CCC
CC
C
2026
2
SOHO5
100010
+86
10
6642 8877
+86
10
6642 6100
www.ccxi.com.cn
Address: Building 5, Galaxy SOHO, No.2 Nanzhugan Lane, Chaoyangmennei Avenue, Dongcheng District,
Beijing
Postal Code
100010
Tel: +86
10
6642 8877
Fax: +86
10
6642 6100
Web: www.ccxi.com.cn
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