2024 年度報告 （在中華人民共和國註冊成立的股份有限公司） H股代號：1816 A股代號：003816 開 拓綠 能 展現未 來 目錄 | 2024年重要事項 | 1 | | --- | --- | | 2024年公司主要數據 | 2 | | 商業模式 | 7 | | 董事長致辭 | 8 | | 總裁回顧 | 12 | | 股東價值 | 19 | | 公司年度業務速覽 | | 財務、資產與投資 | 業務表現與展望 | | --- | --- | --- | --- | | 2024年重要事項 | 1 | 財務表現與分析 | 24 | | 2024年公司主要數據 | 2 | 資產與投資 | 28 | | 商業模式 | 7 | | | | 董事長致辭 | 8 | | | | 總裁回顧 | 12 | | | | 行業概覽 | 32 | | --- | --- | | 業務表現與分析 未來展望 | 34 48 | | 資本 | | 公司治理 | | 財務報告 | | | --- | --- | --- | --- | --- | --- | | 生產資本 | 52 | 董事會、監事會及 | 84 | 審計報告 | ...

Summary of CGN Power Co., Ltd Conference Call Company Overview - **Company**: CGN Power Co., Ltd (1816.HK) - **Industry**: China Utilities - **Date of Call**: March 26, 2025 Key Points Financial Performance - **Earnings**: FY24 earnings remained flat, with a recurring earnings increase of 1% year-over-year, aligning with expectations [2][7] - **Dividend**: Dividend per share (DPS) announced at Rmb0.095, a 1% increase from Rmb0.094 in 2023, with a payout ratio of 44.4%, slightly lower than expectations [7] - **Revenue**: Total revenue for FY24 was Rmb86.8 billion, a 5% increase from Rmb82.5 billion in FY23 [7] - **Power Generation**: Increased by 6% year-over-year in 2024, capturing a 54.38% market share in China's nuclear power sector [7] Market Conditions - **Tariff Changes**: Anticipated declines in market tariffs in Guangdong (down Rmb0.06) and Guangxi (down Rmb0.10) are expected to negatively impact 2025 earnings. These provinces contributed 54% and 11% of revenue, respectively, in 2024 [3][7] - **Average Market Tariff**: Decreased by 3.85% year-over-year in 2024 [7] Operational Insights - **Overhauls**: CGN plans to conduct 19 overhauls in 2025, compared to 20 in 2024 [7] - **Outage Days**: The company expects fewer outage days in 2025, which may improve operational efficiency [2] Valuation and Outlook - **Price Target**: The price target is set at HK$3.19, indicating a potential upside of 25% from the current price [2] - **P/E Ratio**: A P/E multiple of 13x is applied to the 2025E EPS, reflecting a recovery in power tariff risks [11] Risks - **Upside Risks**: Include higher-than-expected utilization, upward adjustments of on-grid tariffs, and timely approvals of new projects [12] - **Downside Risks**: Include lower-than-expected utilization, downward adjustments of on-grid tariffs, and delays in new project commissioning [12] Additional Insights - **Market Share**: CGN Power holds a significant market share in the nuclear power sector, indicating strong competitive positioning [7] - **Analyst Ratings**: The stock is rated as "Overweight," suggesting a favorable outlook compared to the industry average [2] This summary encapsulates the essential insights from the conference call, highlighting CGN Power's financial performance, market conditions, operational strategies, and future outlook.

Summary of Key Points from the Conference Call Industry Overview - The nuclear power generation in China accounts for less than the world average and significantly lower than developed countries, but it remains in a strategic opportunity period under the dual carbon strategy and energy structure adjustment, with substantial development potential [2][3][4] Company Performance and Financials - In 2024, the company's revenue was RMB 86.804 billion, a year-on-year increase of 5.16%, and the net profit attributable to shareholders was RMB 10.814 billion, up 0.83%. Cash flow from operating activities was RMB 108.278 billion, an increase of 9.1% [2][14] - The average financing cost was 3.03%, and the debt-to-asset ratio was 59.5% [2][14] - The company has maintained a stable dividend policy, with a dividend of RMB 0.095 per share for 2024, representing 44.36% of profits, marking ten consecutive years of growth in both dividend ratio and amount [2][8][7] Safety and Management - The company prioritizes nuclear safety, achieving over 86% of its operational indicators at world-class levels, with no incidents above level two reported in 2024 [2][5] - A rigorous safety management system has been established, with over 99% of identified issues rectified during safety inspections [5] Technological Innovation - The company has intensified its research and development efforts, with 1,836 patents applied for in 2024, of which 892 were granted, including awards for two invention patents [2][6] - Significant progress has been made in advanced pressurized water reactor technologies, including the Hualong One small modular reactor [6] Market Dynamics - In 2025, the company will have 10 nuclear power units participating in market trading in Guangdong, with an expected annual trading volume of approximately 27.3 billion kWh [2][11] - The average market price for nuclear power in Guangdong and Guangxi has decreased compared to 2024, while prices in Fujian and Liaoning remain stable [11] Environmental, Social, and Governance (ESG) Initiatives - The company integrates ESG into its strategy, achieving a reduction of approximately 68.9124 million tons of standard coal consumption and 187 million tons of CO2 emissions in 2024 [2][9] - The proportion of purchased clean electricity reached 95%, emphasizing supply chain resilience and safety [9] Future Outlook and Strategic Focus - The company plans to focus on safety production, market expansion, and technological innovation to enhance value for society, shareholders, and employees [2][10] - Capital expenditures are expected to double in 2025, supporting expansion and development goals [2][36] Regulatory and Market Challenges - The company is actively communicating with relevant departments to improve the nuclear pricing mechanism, which currently has some unreasonable aspects [2][15] - The nuclear power market is expected to maintain a marketization ratio of around 50% in 2025, with ongoing efforts to enhance competitiveness [2][18] Conclusion - The nuclear power industry in China is positioned for growth, with the company demonstrating strong financial performance, a commitment to safety and innovation, and a proactive approach to market challenges and ESG responsibilities [2][38]

Core Viewpoint - China General Nuclear Power Corporation (CGN Power) reported stable operational performance for 2024, with a focus on nuclear safety and maintaining a leading position in installed capacity in the domestic market [1][2]. Group 1: Operational Performance - In 2024, CGN Power achieved a total electricity generation of 227.28 billion kWh, reflecting a year-on-year increase of 6.13% [1][2]. - The company managed 28 operational units, maintaining a high operational safety standard, with over 86% of its units meeting advanced global standards set by the World Association of Nuclear Operators (WANO) [3]. - The installed capacity of operational and under-construction units exceeded 51.2 million kW, keeping CGN Power at the forefront of the domestic market [1][3]. Group 2: Financial Performance - CGN Power reported a net profit attributable to shareholders of RMB 10.814 billion, a year-on-year increase of 0.83%, while the net profit after excluding non-recurring items was RMB 10.713 billion, up 0.94% [2]. - The board proposed a cash dividend of RMB 0.095 per share, with a dividend payout ratio of 44.36%, continuing its commitment to a five-year dividend plan [2]. Group 3: Safety and Technology - The company emphasizes nuclear safety as a top priority, implementing a rigorous safety management system and conducting regular safety inspections at nuclear power bases [3]. - CGN Power's "Hualong One" technology continues to be optimized, with significant advancements in safety systems and innovative construction techniques being applied [4]. Group 4: Environmental Impact - In 2024, CGN Power's operations resulted in a reduction of approximately 6.891 million tons of standard coal consumption and a decrease of about 18.7 million tons of carbon dioxide emissions, equivalent to planting over 510,000 hectares of forest [5]. - The company is committed to talent development and creating a diverse workplace environment to support employee growth [5].

Core Viewpoint - China General Nuclear Power Corporation (CGN) emphasizes green and low-carbon development, achieving a significant increase in electricity generation and maintaining a leading position in installed capacity in the domestic market [1][2]. Group 1: Financial Performance - In 2024, CGN's electricity generation reached 227.84 billion kWh, a year-on-year increase of 6.13% [1]. - The net profit attributable to shareholders was 10.814 billion yuan, up 0.83% year-on-year, while the net profit after deducting non-recurring gains and losses was 10.713 billion yuan, an increase of 0.94% year-on-year [1]. Group 2: Nuclear Safety and Operations - CGN prioritizes nuclear safety, adhering to the principle that "safety comes first," and has conducted safety inspections at all nuclear power bases for five consecutive years [2]. - Over 86% of the 28 operational units managed by CGN meet the advanced standards set by the World Association of Nuclear Operators (WANO), with an average capacity factor of approximately 92% [2]. Group 3: Technological Innovation - CGN focuses on technological innovation, developing a product system centered around "Hualong One" and other advanced reactor types, while addressing key issues in construction and operation through innovation [3]. - The "Hualong One" technology has undergone significant optimization, and CGN has implemented advanced construction techniques to enhance safety and efficiency [3]. Group 4: Environmental Impact - In 2024, CGN's electricity generation equivalent reduced coal consumption by approximately 68.91 million tons and cut carbon dioxide emissions by about 187 million tons, equivalent to planting over 510,000 hectares of forest [3].

Core Points - China General Nuclear Power Corporation (CGN Power) reported a total electricity generation of 227.284 billion kWh for 2024, representing a year-on-year increase of 6.13% [1] - The company achieved a net profit attributable to shareholders of RMB 10.814 billion, a year-on-year increase of 0.83%, and a net profit of RMB 10.713 billion after deducting non-recurring gains and losses, up 0.94% year-on-year [1] - The board proposed a final cash dividend of RMB 0.095 per share for 2024, with a dividend payout ratio of 44.36%, continuing a five-year dividend commitment [1] Project Approvals - In 2024, six units managed by the company received national approval, including the Cangnan 3 and 4 nuclear power units, with a total of 16 units under construction by the end of 2024 [2] - The project progress is in line with the company's plans [2] Environmental Impact - The company reported a reduction in standard coal consumption equivalent to approximately 6.891 million tons and a reduction in carbon dioxide emissions of about 187 million tons for the year 2024 [2] - The emission reduction effect is equivalent to planting over 510,000 hectares of forest [2]

Core Viewpoint - China General Nuclear Power Corporation (CGN) emphasizes green and low-carbon development while maintaining nuclear safety and stable operations, achieving a net profit of RMB 10.814 billion in 2024, a year-on-year increase of 0.83% [2][3] Group 1: Operational Performance - In 2024, CGN's electricity generation reached 227.284 billion kWh, a year-on-year increase of 6.13%, contributing to the overall balance of national electricity supply and demand [2] - The company managed 28 operational units, maintaining a capacity factor of approximately 92%, with over 86% of units meeting advanced international standards [3] - The total installed capacity of operational and under-construction units exceeded 51.2 million kW by the end of 2024, maintaining a leading position in the domestic market [2][3] Group 2: Financial Performance - CGN's net profit attributable to shareholders was RMB 10.814 billion, with a net profit of RMB 10.713 billion after excluding non-recurring gains, reflecting a year-on-year increase of 0.94% [2] - The board proposed a cash dividend of RMB 0.095 per share, with a dividend payout ratio of 44.36%, continuing a five-year dividend commitment [2] Group 3: Safety and Quality - CGN adheres to the principle of "nuclear safety above all," ensuring that safety and quality are prioritized in all operations and construction projects [3] - The company successfully commenced commercial operations of the Fangchenggang Unit 4 on May 25, 2024, and received national approval for six new units [3] Group 4: Technological Innovation - CGN focuses on technological innovation to enhance safety and economic efficiency in nuclear power, developing a product system centered around the "Hualong One" reactor technology [4][5] - The company has implemented advanced construction technologies, such as remote online maintenance for the Ningde nuclear unit, to improve operational safety [5] Group 5: Sustainable Development - CGN's operations contributed to a reduction of approximately 6.891 million tons of standard coal consumption and a decrease of about 18.7 million tons of CO2 emissions in 2024, equivalent to planting over 510,000 hectares of forest [6] - The company emphasizes talent development and supply chain resilience, integrating green and safety principles throughout its operations [6]

Core Viewpoint - China General Nuclear Power Corporation (CGN Power) reported a stable performance in 2024, with a revenue of 86.804 billion yuan, a year-on-year increase of 5.16%, and a net profit attributable to shareholders of 10.814 billion yuan, up 0.83% from the previous year [1][2]. Financial Performance - In 2024, CGN Power achieved a total revenue of 86.804 billion yuan, reflecting a 5.16% increase year-on-year [1]. - The net profit attributable to shareholders was 10.814 billion yuan, representing a 0.83% growth compared to the previous year [1][2]. - The basic earnings per share were 0.214 yuan, and the company proposed a cash dividend of 0.95 yuan per 10 shares [1]. - The net profit after deducting non-recurring gains and losses was 10.713 billion yuan, a 0.94% increase year-on-year [2]. Operational Highlights - CGN Power's total electricity generation reached 2,272.84 billion kWh, an increase of 6.13% year-on-year [1][2]. - The company managed 28 operational units, with over 86% of them meeting the advanced standards set by the World Association of Nuclear Operators (WANO) [2]. - The average capacity factor of the operational nuclear units was approximately 92%, indicating stable performance [2]. Project Development - The company received national approval for 6 new units in August 2024, including units managed on behalf of its controlling shareholder [2]. - As of the end of 2024, CGN Power managed 16 units under construction, with project progress aligning with company plans [2]. Technological Innovation - CGN Power focused on technological innovation in nuclear energy, developing a product system centered around "Hualong One" and advanced reactor types [3]. - The company achieved significant milestones in safety and efficiency, including remote online maintenance of the Ningde nuclear unit and the application of advanced construction technologies [3]. Environmental Impact - In 2024, CGN Power's operations resulted in a reduction of approximately 6.891 million tons of standard coal consumption and a decrease of about 18.7 million tons of carbon dioxide emissions [3]. - The environmental benefits were equivalent to planting over 510,000 hectares of forest [3].

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported a net profit attributable to shareholders of RMB 10.814 billion for the year ending December 31, 2024, reflecting a year-on-year increase of 0.83% [1] Financial Performance - The company achieved operating revenue of RMB 86.804 billion, representing a year-on-year growth of 5.16% [1] - Basic earnings per share were RMB 0.214, with a proposed final cash dividend of RMB 0.095 per share [1] Operational Highlights - As of the end of 2024, CGN managed 28 operational nuclear power units and 16 units under construction, including 8 units managed on behalf of the controlling shareholder [1] - The operational units achieved a total electricity generation of 227.284 billion kWh in 2024, an increase of 6.13% compared to 2023 [1] - The average capacity factor for the 28 operational units was 91.91%, with an average load factor of 87.77% and average utilization hours of 7,710 hours [1] Maintenance and Upgrades - In 2024, the company conducted a total of 20 refueling outages, including 2 that spanned across years [2] - By December 31, 2024, 19 refueling outages were completed, comprising 13 annual refueling outages, 5 ten-year outages, and 1 first-time outage, totaling approximately 713 days of maintenance [2]

Financial Performance - The group's operating revenue for the year ended December 31, 2024, was approximately RMB 86,804.4 million, an increase of 5.2% compared to 2023[4] - Net profit attributable to shareholders of the parent company was approximately RMB 10,813.9 million, reflecting a growth of 0.8% from 2023[4] - After excluding non-recurring gains and losses, net profit attributable to shareholders of the parent company was approximately RMB 10,712.8 million, up by 0.9% year-on-year[4] - Total revenue for 2024 reached RMB 86.61 billion, an increase of 5.5% from RMB 82.35 billion in 2023[15] - The total profit for the year was approximately RMB 21,596.5 million, compared to RMB 20,530.6 million in 2023[7] - Basic and diluted earnings per share for the year were both RMB 0.214, compared to RMB 0.212 in the previous year[7] - The company reported a total comprehensive income of approximately RMB 17,619.7 million, compared to RMB 17,042.5 million in 2023[7] - Total operating costs for 2024 amounted to RMB 57,265,603.08 thousand, up 8.3% from RMB 52,857,623.13 thousand in 2023[75] - The company reported a net profit margin improvement, with net profit increasing alongside revenue growth, indicating effective cost management strategies[15] Assets and Liabilities - Total assets as of December 31, 2024, amounted to approximately RMB 425,400.7 million, compared to RMB 415,250.4 million as of December 31, 2023[8] - Total liabilities increased to RMB 253.08 billion in 2024, compared to RMB 249.95 billion in 2023, marking a rise of 1.5%[9] - Current liabilities totaled RMB 83.48 billion, up from RMB 77.39 billion, indicating an increase of 7.3%[9] - Long-term borrowings decreased to RMB 155.72 billion from RMB 159.27 billion, a decline of 2.9%[9] - The total equity attributable to shareholders increased to RMB 119.44 billion from RMB 113.24 billion, a growth of 5.4%[9] Cash Flow and Investments - The net cash inflow from operating activities increased by 14.8% to RMB 38.02 billion in 2024, compared to RMB 33.12 billion in 2023[81] - Fixed asset investments reached approximately RMB 20.57 billion in 2024, representing a significant increase of 31.9% from RMB 15.60 billion in 2023[83] - The net cash outflow from investment activities rose by 61.2% to RMB 20.17 billion in 2024, compared to RMB 12.51 billion in 2023[81] - The company made equity investments totaling approximately RMB 601.1 million in joint ventures, increasing its stake in Ningde No. 2 Nuclear Power to 51%[84] Dividends - The board proposed a final cash dividend of RMB 0.095 per share (tax included)[4] - The company plans to distribute a final dividend of RMB 0.095 per share for the year ending December 31, 2024, totaling RMB 4,797,368,054.50[62] - The final dividend for the year ending December 31, 2023, is RMB 0.094 per share (tax included), with a dividend payout ratio of 44.26% of the net profit attributable to shareholders[142] - The company is committed to increasing the dividend payout ratio moderately based on annual performance, targeting at least 30% of the net profit attributable to shareholders for future distributions[142] Research and Development - The company's research and development expenses for the year were approximately RMB 2,442.9 million, slightly up from RMB 2,419.8 million in 2023[6] Safety and Environmental Management - The company is committed to safety management, prioritizing nuclear safety in all phases of nuclear power station operations[105] - The company maintained a historical record of no Level 2 or above nuclear incidents at its operating nuclear power stations in 2024[107] - The radioactive waste management strictly adhered to national standards, with no administrative penalties due to environmental issues in 2024[119] - The company managed to keep the total radioactive discharge levels well below the national limits across all operating nuclear units[121] Operational Performance - The company manages 28 operational nuclear units with a total capacity of 31,798 MW, reflecting a 3.70% increase in the number of units and a 4.02% increase in capacity compared to the previous year[104] - The average capacity factor for the 28 operating units in 2024 was 91.91%, up from 89.43% in 2023[114] - The total electricity generated by the operating nuclear units in 2024 was 227.28 billion kWh, representing a 6.13% increase compared to 2023[109] - The average utilization hours for the operating units in 2024 reached 7,710 hours, compared to 7,509 hours in 2023[114] Market and Strategic Positioning - The national energy strategy emphasizes the development of nuclear power, with the operational and under-construction scale of nuclear power in China reaching the world's largest by the end of 2024[100] - The company is positioned to benefit from the strategic opportunities in the nuclear energy sector as the country accelerates its green transformation and energy security initiatives[100] - The national unified electricity market has seen a significant increase in trading volume, with market transactions accounting for 62.7% of total electricity consumption, up 1.3 percentage points year-on-year[103] Governance and Compliance - The audit and risk management committee has reviewed and confirmed the company's annual performance for 2024, with audited consolidated financial statements prepared in accordance with Chinese accounting standards[151] - KPMG Huazhen LLP has audited the company's consolidated financial statements for the year ending December 31, 2024, and issued a standard unqualified audit opinion[152] - The company has established a board safety committee to enhance oversight of nuclear safety management[149] - The company has complied with all provisions of the listing rules and best practices during the reporting period[149]