东吴证券研报指出，中国广核上半年实现归母净利润59.52亿元，同减16.3%；工程板块毛利较大提升，核电毛利下滑。2025H1上网电量+8.84%，防城港+大亚湾贡献明显。公司拟收购惠州核电82%、惠州二核100%、惠州三核100%及湛江核电100%股权，交易对价合计93.75亿元，其中惠州核电/惠州二核交易价格约为80.23/13.53亿元。截至评估基准日，惠州核电/二核评估净资产为97.84/13.53亿元，对应增值率17.91%/10.27%，PB约1.18/1.10。交易完成后，公司将新增多个在建及储备核电项目，盈利增长确定性增强。考虑25年新FCD和核准，2030年前投产规模有望更多。截至2024/12/31，惠州核电、苍南核电仍在集团体内，随着2025年惠州1号投运，2026年惠州2号和苍南1号投运，集团资产加速注入。维持“买入”评级。
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