Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power (1816.HK) with a target price of HKD 3.80, corresponding to a 2024 earnings valuation of 15.8 times [1][4]. Core Views - The report highlights a steady performance in the third quarter, with a year-on-year increase in electricity generation of 4.97%, reaching 166.89 billion kWh, and a revenue increase of 4.06% to CNY 62.37 billion [1][2]. - The company is expected to maintain stable growth in electricity generation and performance, driven by new approved nuclear units [1][2]. - The report notes that the average market transaction price for electricity remained stable, with a slight decrease of approximately 1 cent to CNY 0.39 per kWh [2]. - The approval of new nuclear projects and the steady progress of ongoing projects are seen as positive growth drivers, with the company currently having 16 nuclear units under construction [2][4]. Financial Summary - For FY 2024, the projected revenue is CNY 88.28 billion, reflecting a growth rate of 6.95%, with net profit expected to reach CNY 12.06 billion, a growth rate of 12.46% [3][7]. - The gross profit margin is projected to improve to 36.62% in FY 2024, with a net profit margin of 13.66% [3][9]. - The report indicates a stable increase in cash flow from operating activities, with net cash flow expected to reach CNY 33.12 billion in FY 2023 [8].

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported a steady growth in electricity generation and revenue for the first three quarters, indicating a positive outlook for future growth driven by new approved units [1] Financial Performance - The company achieved an electricity generation of 166.89 billion kilowatt-hours, representing a year-on-year increase of 4.97% [1] - Revenue reached 62.37 billion yuan, an increase of 4.06% compared to the previous year [1] Cost Factors - The increase in costs is attributed to the first-time fuel replacement costs for new units and the accrual of spent fuel treatment funds for units that have been in operation for five years [1] Future Outlook - The company is expected to maintain steady growth in electricity generation, with optimism regarding the growth potential of newly approved units [1] - The target price is set at 3.8 HKD, corresponding to a 2024 earnings valuation of 15.8 times [1] - The investment rating is maintained at "Buy" [1]

Investment Rating - The report maintains an "Overweight" rating for China General Nuclear Power (1816) [3] Core Views - The company's performance in Q3 2024 met expectations, with revenue of 62.27 billion yuan, a year-on-year increase of 4.1%, and a net profit attributable to shareholders of 9.98 billion yuan, up 2.9% year-on-year [3] - The company has a robust pipeline of projects under construction and reserves, indicating significant growth potential in the long term [2][3] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 22.89 billion yuan, a year-on-year increase of 11.3%, and a net profit of 2.87 billion yuan, up 4.9% year-on-year [3] - The total controllable power generation in Q3 2024 was 48.3 billion kWh, representing a year-on-year increase of 15.2%, primarily due to the commissioning of the Fangchenggang Unit 4 and the restart of the Taishan Nuclear Power Plant [3] Project Development - As of the end of Q3 2024, the company manages 16 approved nuclear power units under construction or awaiting final construction decision (FCD), with 7 units already under construction (total capacity of 8.4 GW) and 9 units in the FCD preparation stage (total capacity of 11.0 GW) [3] - The approval of 6 new nuclear power units in August 2024 marks the highest number of approvals in recent years, indicating strong governmental support for nuclear energy development [3] Market Position - The current stock price is 2.92 HKD, with a market capitalization of 147.456 billion HKD [4] - The company is positioned favorably compared to peers, with a projected EPS of 0.23/0.25/0.26 HKD for 2024-2026 and a target price of 3.90 HKD [3][7]

Financial Performance - The company's operating revenue for Q3 2024 reached approximately CNY 22.89 billion, representing an increase of 11.31% compared to the same period last year[4]. - The net profit attributable to shareholders for Q3 2024 was approximately CNY 2.87 billion, reflecting a growth of 4.87% year-on-year[4]. - The net profit attributable to shareholders for the first nine months of 2024 was approximately CNY 9.98 billion, up 2.93% year-on-year[7]. - The company's total profit for the first nine months of 2024 was approximately CNY 18.60 billion, reflecting a growth of 1.12% year-on-year[7]. - The net profit for the third quarter of 2024 was CNY 15,497,317,921.14, an increase from CNY 15,306,551,008.25 in the same period last year, representing a growth of approximately 1.25%[23]. - The total revenue for the third quarter was CNY 18,599,067,100.36, compared to CNY 18,392,759,700.17 in the previous year, indicating a year-over-year increase of about 1.13%[23]. - The basic and diluted earnings per share for the third quarter were both CNY 0.1977, up from CNY 0.1921 in the same quarter last year, reflecting a growth of approximately 2.92%[24]. - The company's operating profit for the quarter was CNY 18,628,431,871.31, compared to CNY 18,467,709,631.93 in the previous year, reflecting a growth of about 0.87%[23]. Assets and Liabilities - The company's total assets as of September 30, 2024, amounted to approximately CNY 421.50 billion, a 1.51% increase from the end of the previous year[4]. - Total assets reached ¥421.50 billion, up from ¥415.25 billion, indicating a growth of approximately 1.6%[21]. - Total liabilities increased to ¥250.60 billion from ¥249.95 billion, a slight rise of about 0.3%[21]. - Total liabilities increased by 40.58% to ¥7,215,874.18 million, reflecting higher borrowing to meet operational and investment needs[10]. - The company's equity attributable to shareholders increased to approximately CNY 118.45 billion, a rise of 4.60% from the previous year[4]. - The company's equity attributable to shareholders rose to ¥118.45 billion from ¥113.24 billion, an increase of approximately 4.0%[21]. Cash Flow and Investments - The company reported a cash flow from operating activities net amounting to approximately CNY 25.82 billion, which is a decrease of 4.36% compared to the same period last year[4]. - Cash flow from operating activities for the period was CNY 25,820,398,997.06, a decrease from CNY 26,997,797,062.71 in the previous year, showing a decline of about 4.36%[25]. - The company experienced a net cash increase of CNY 4,862,533,499.34 during the quarter, compared to CNY 3,045,503,904.45 in the same period last year, indicating a significant increase of approximately 59.73%[26]. - Investment cash payments rose by 365.74% to ¥27,944.66 million, primarily due to the acquisition of a stake in Ningde Second Nuclear Power[10]. Shareholder Information - The number of ordinary shareholders reached 199,567, with the largest shareholder, China General Nuclear Power Corporation, holding 58.89%[11]. - China General Nuclear Power Corporation (CGN) reported a total shareholding of 29,176,641,375 shares of RMB ordinary shares[12]. - BlackRock, Inc. holds 750,885,325 shares, representing 1.49% of the total shares[12]. - Citigroup, Inc. holds 696,206,995 shares, representing 1.38% of the total shares[12]. - The total number of shares held by the top ten shareholders amounts to 29,736,876,375 shares[12]. Government and Regulatory Matters - The company received government subsidies amounting to CNY 10.03 million during the reporting period, primarily related to research projects[5]. - Approval was granted for new nuclear projects including Zhaoyuan units 1 and 2, and Lufeng units 1 and 2, along with Cangnan units 3 and 4[18]. - The company plans to issue A-share convertible bonds with a total amount not exceeding RMB 4.9 billion, aimed at funding the Guangdong Lufeng Nuclear Power Plant units 5 and 6[16]. Operational Highlights - The total electricity generated by the company's nuclear power units from January to September 2024 was approximately 166.89 billion kWh, an increase of 4.97% compared to the previous year[7]. - The construction of the Ningde 5 unit commenced on July 28, 2024, entering the civil construction phase[15]. Accounting and Reporting - The third quarter report of China General Nuclear Power Corporation for 2024 has not been audited[27]. - The company will implement new accounting standards starting in 2024, affecting the financial statements from the beginning of the year[27]. - The report was released on October 23, 2024, by the board of directors[27]. - There are no specific performance summaries, user data, or future outlooks provided in the report[27]. - The report does not disclose any financial figures or performance metrics for the third quarter[27]. - The report indicates that it is the first execution of the new accounting standards, but details are lacking[27]. - The absence of an audit may affect the reliability of the financial data presented[27].

Investment Rating - The report maintains an "Outperform" rating for China General Nuclear Power (1816 HK) with a target price raised to HK$3.8 per share, reflecting a 16% upside potential [3][19]. Core Insights - The company is experiencing operational pressure due to longer overhaul durations and declining electricity prices, with a slight increase in revenue and net profit for the first half of 2024 [2][16]. - The company has a stable growth outlook with an increase in approved and commissioned nuclear units, which is expected to enhance future capacity [18][19]. Financial Performance Summary - For the first half of 2024, the company reported operating revenue of RMB 39.38 billion, a year-on-year increase of 0.3%, and a net profit attributable to shareholders of RMB 7.11 billion, up 2.2% [2][16]. - The gross profit margin for H1 2024 was 38.6%, down 4.1 percentage points year-on-year, primarily due to a 7.7% rise in nuclear fuel costs [17]. - The company managed to maintain a net profit margin of 27.6% despite the challenges, with a net cash flow from operating activities of approximately RMB 12.79 billion, down 18.44% year-on-year [17] [19]. Growth Prospects - As of mid-2024, the company manages 28 operational nuclear units and has 10 under construction, with expectations for gradual operational commencement starting in 2025 [18]. - The company received approvals for six new nuclear units in August 2024, indicating a steady increase in its long-term capacity [18][19]. Future Projections - The forecast for operating income for FY24-26 is set at RMB 87.12 billion, RMB 91.95 billion, and RMB 97.05 billion respectively, with net profit estimates adjusted to RMB 18.70 billion, RMB 20.27 billion, and RMB 21.83 billion for the same period [3][19].

Financial Performance - For the first half of 2024, the company achieved operating revenue of RMB 39,376.74 million, representing a growth of 1.4% compared to RMB 39,275.82 million in the same period of 2023[7]. - The net profit attributable to shareholders was RMB 7,109.29 million, up from RMB 6,958.92 million in the same period last year, indicating a growth of approximately 2.16%[7]. - Operating revenue for the six months ended June 30, 2024, was RMB 39,376.74 million, a slight increase of 0.3% compared to RMB 39,275.82 million in 2023[17]. - Net profit attributable to shareholders of the parent company reached RMB 7,109.29 million, reflecting a 2.2% increase from RMB 6,958.92 million in the previous year[17]. - The company reported a total profit of RMB 12.96 billion for the first half of 2024, down from RMB 13.07 billion in the same period of 2023, a decline of 0.84%[98]. - Basic earnings per share for the first half of 2024 were RMB 0.141, up from RMB 0.138 in the same period of 2023, indicating a growth of 2.17%[99]. - The company reported a total comprehensive income of RMB 10.87 billion for the first half of 2024, down from RMB 11.19 billion in the same period of 2023, a decrease of 2.79%[99]. Revenue and Costs - Total operating costs increased by 7.5% to RMB 24,191.35 million, up from RMB 22,502.48 million in 2023[20]. - The company reported a decrease in electricity sales revenue to RMB 30,373.75 million, down 1.8% from RMB 30,923.92 million in 2023[19]. - The average settlement electricity price experienced a slight year-on-year decrease due to market price fluctuations, while overall economic benefits remained stable[56]. - The average market electricity price for the company's operating nuclear power units decreased by approximately 2.10% compared to the same period in 2023, influenced by a decline in overall market trading prices[58]. Assets and Liabilities - The total assets as of June 30, 2024, amounted to RMB 418,799.33 million, a slight increase from RMB 415,250.36 million at the end of 2023[8]. - The company reported a total liability of RMB 250,540.06 million, which is a marginal increase from RMB 249,946.41 million at the end of 2023[8]. - The debt-to-asset ratio decreased to 59.8% as of June 30, 2024, compared to 60.2% at the end of 2023, showing improved financial stability[16]. - The company’s total equity attributable to shareholders increased to CNY 115.67 billion from CNY 113.24 billion, a growth of 2.14%[93]. Cash Flow - The net cash inflow from operating activities for the first half of 2024 was RMB 12,789.0 million, a decrease of 18.4% compared to RMB 15,680.0 million in the same period of 2023[24]. - The net cash outflow from investing activities increased by 40.8% to RMB 4,987.4 million, up from RMB 3,541.2 million year-on-year[24]. - Cash inflow from financing activities increased significantly to RMB 50.73 billion, compared to RMB 37.33 billion in the same period last year, marking a growth of 36.5%[102]. - The net cash flow from investment activities was negative at RMB 4.99 billion, worsening from a negative RMB 3.54 billion in the previous year[101]. Shareholder Engagement - The company has a total of 166,413 registered shareholders, with 163,279 holding A-shares and 3,134 holding H-shares[9]. - The company emphasizes ongoing communication with shareholders through various channels, including quarterly earnings calls and annual general meetings[11]. - The company plans to maintain a dividend payout ratio of no less than 30% of the net profit attributable to shareholders, with a dividend of RMB 0.094 per share for the year ending December 31, 2023, approved by shareholders[10]. Operational Performance - The company operates 28 nuclear power units and has 10 units under construction, with a total installed capacity of 43,814 MW, accounting for 43.48% of the total in mainland China[6]. - The average capacity factor for the operational units in the first half of 2024 was 88.66%, down from 90.59% in the same period of 2023[45]. - The average load factor for the operational units in the first half of 2024 was 83.77%, compared to 86.26% in the first half of 2023[45]. - The company managed 28 operational nuclear units and 10 under construction as of June 30, 2024, with all operational units running safely and stably[39]. Safety and Compliance - The company emphasizes safety management, maintaining a record of no Level 2 or above nuclear incidents in its operational history[41]. - The company maintained strict compliance with national laws and regulations regarding radioactive waste management, with no administrative penalties due to environmental issues in the first half of 2024[49]. - The company is committed to continuous improvement in its safety management system, ensuring robust operational standards across all nuclear facilities[40]. Future Plans and Investments - The company plans to invest in ongoing nuclear power plant construction and technology upgrades in the second half of 2024 to enhance operational performance[36]. - The company plans to issue A-share convertible bonds to raise up to RMB 4,900.0 million for the Guangdong Lufeng Nuclear Power Station project[30]. - The company aims to achieve an average utilization hour for its units in 2024 that is not lower than the average of the past three years[69]. Governance and Management - The company has adhered to all governance requirements set by the Hong Kong Stock Exchange during the reporting period[70]. - The company has revised its independent director and audit committee regulations to enhance governance standards[72]. - The Audit and Risk Management Committee, composed entirely of independent non-executive directors, reviewed and confirmed the interim results for the six months ended June 30, 2024[79]. Research and Development - Research and development expenses decreased significantly to RMB 312.23 million from RMB 677.53 million year-on-year, a reduction of approximately 53.92%[98]. - The company is exploring new technologies and models for comprehensive utilization of nuclear energy, aiming to enhance market competitiveness and address the economic impacts of market reforms[60]. Community Engagement - The company sold over 100 kilograms of lychees to support local farmers, demonstrating its commitment to community development[68]. - The company has established a "Science Popularization Ambassador" program to enhance public understanding of nuclear power in local communities[66].

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power (1816) [2][4]. Core Views - The company's performance showed steady growth, with a slight decline in core profitability. The issuance of convertible bonds is expected to alleviate financial pressure, while nuclear power approvals strengthen long-term growth expectations [4]. Summary by Sections Financial Performance - In 1H24, the company reported revenue of 39.4 billion RMB, a year-on-year increase of 0.3%, and a net profit attributable to shareholders of 7.11 billion RMB, up 2.2% year-on-year. However, 2Q24 revenue was 20.2 billion RMB, down 3.77% year-on-year, with a net profit of 3.51 billion RMB, an increase of 0.93% year-on-year [4]. - The company's gross margin in 2Q24 was 37.9%, a decrease of 6.1 percentage points year-on-year [4]. Future Growth Prospects - The company plans to issue up to 4.9 billion RMB in A-share convertible bonds to fund the construction of units 5 and 6 at the Lufeng Nuclear Power Plant. The capital expenditure for 2024 is projected to be 30.59 billion RMB, an increase of 16.34 billion RMB from 2023 [4]. - The company received approval for six new nuclear power units in August 2024, the highest number in recent years, which is expected to enhance long-term growth prospects [4]. Valuation - The report lowers the EPS estimates for 2024-2026 to 0.23, 0.25, and 0.26 RMB respectively, down from previous estimates of 0.25, 0.26, and 0.28 RMB. The target price is adjusted to 3.90 HKD, based on a 15x PE for 2025, reflecting the company's long-term growth potential and the scarcity of nuclear power assets in H-shares [4][8].

Financial Performance - The group's operating revenue for the six months ended June 30, 2024, was approximately RMB 39,376.7 million, an increase of 0.3% compared to the same period in 2023[2]. - Net profit attributable to shareholders of the parent company was approximately RMB 7,109.3 million, representing a growth of 2.2% year-on-year[2]. - The total profit for the six months was approximately RMB 12,961.3 million, a slight decrease from RMB 13,070.6 million in the previous year[5]. - Basic earnings per share for the period were RMB 0.141, compared to RMB 0.138 in the same period last year[6]. - The total comprehensive income for the period was approximately RMB 10,871.9 million, down from RMB 11,185.3 million in the previous year[6]. - The company's revenue for the six months ended June 30, 2024, was RMB 39.31 billion, compared to RMB 39.16 billion for the same period in 2023, representing a year-over-year increase of approximately 0.38%[12]. - The cost of revenue for the first half of 2024 was RMB 24.15 billion, compared to RMB 22.43 billion in the same period of 2023, showing an increase of about 7.66%[12]. - The total financial expenses for the six months ended June 30, 2024, amounted to RMB 2,501,327,837.29, down 15% from RMB 2,951,525,896.26 in 2023[13]. - The company reported a significant increase in non-recurring gains of RMB 161,739.08 for the six months ended June 30, 2024, compared to a loss of RMB 11,087.20 in the same period of 2023[43]. Assets and Liabilities - As of June 30, 2024, total assets amounted to RMB 418.80 billion, an increase from RMB 415.25 billion as of December 31, 2023, reflecting a growth of approximately 0.61%[7][8]. - The total liabilities as of June 30, 2024, were RMB 250.54 billion, slightly up from RMB 249.95 billion at the end of 2023, reflecting a marginal increase of 0.24%[8]. - The company's cash and cash equivalents increased to RMB 19.04 billion from RMB 15.74 billion, marking a significant rise of approximately 20.00%[7]. - Long-term investments rose to RMB 15.79 billion from RMB 14.49 billion, indicating an increase of about 8.95%[7]. - The total equity attributable to shareholders increased to RMB 115.67 billion from RMB 113.24 billion, representing a growth of approximately 2.14%[8]. - The company reported a decrease in accounts receivable from RMB 11.83 billion to RMB 9.06 billion, a decline of about 23.06%[7]. - The company reported a significant increase in short-term borrowings, totaling RMB 16,309,954,422.66 as of June 30, 2024, compared to RMB 14,254,614,202.81 at the end of 2023, marking an increase of approximately 14.4%[26]. - The company’s total liabilities for bonds payable were RMB 2,499,149,453.41 as of June 30, 2024, with no outstanding bonds after accounting for those due within one year[33]. Nuclear Power Operations - The group managed a total of 28 operational nuclear power units with a total installed capacity of 31,756 MW as of June 30, 2024[3]. - The group has 10 nuclear power units under construction with a total installed capacity of 12,058 MW, progressing as planned[3]. - The total electricity generated by the group was 106,009.67 GWh, a slight increase of 0.09% compared to the same period in 2023, with CO2 emissions equivalent reduction of approximately 87.03 million tons[3]. - The average capacity factor for the 28 operational units in the first half of 2024 was 88.66%, down from 90.59% in the same period of 2023, while the average load factor decreased to 83.77% from 86.26%[74]. - The company completed 10 scheduled fuel replacements in the first half of 2024, totaling approximately 523 days of maintenance[73]. - The Daya Bay Nuclear Power Station reported a significant decrease in electricity generation to 5,617.98 GWh, down 32.36% from 8,306.12 GWh in the first half of 2023[71]. - The Taishan Nuclear Power Station saw a notable increase in electricity generation to 9,977.60 GWh, up 36.21% from 7,325.31 GWh in the same period of 2023[71]. - The company maintained a good safety record, with no Level 2 or above nuclear incidents reported as per the International Nuclear Event Scale (INES) during the first half of 2024[70]. Research and Development - Research and development expenses for the six months were approximately RMB 312.2 million, a significant decrease from RMB 677.5 million in the same period last year[5]. - The company plans to invest in the construction of nuclear power plants and technology upgrades in operational plants in the second half of 2024, laying a solid foundation for future development[65]. - The company is actively exploring new technologies and models for comprehensive nuclear energy utilization to enhance market competitiveness and support nuclear power business development[88]. Tax and Government Subsidies - The total income tax expense for the six months ended June 30, 2024, was RMB 2,111,993,302.83, a slight decrease from RMB 2,160,861,154.44 in 2023[18]. - The company’s effective tax rate remains at 25%, with certain subsidiaries enjoying preferential tax treatments[18]. - The company received government subsidies totaling RMB 74,695,243.28 during the six months ended June 30, 2024, compared to RMB 67,285,936.19 in the same period of 2023[14]. Community Engagement and Environmental Responsibility - The company is actively involved in community development initiatives, including rural revitalization efforts in Guangxi, Guangdong, and Fujian provinces[94]. - In March 2024, the company organized a volunteer service event in Fangchenggang, providing various community services such as health check-ups and disaster prevention education[95]. - The company is promoting nuclear energy knowledge through community engagement activities, including visits to nuclear power facilities and educational programs[93]. - The company is committed to improving its quality assurance system, with evaluations conducted to verify the effectiveness of improvements made in 2023[70]. - The company has maintained a high level of compliance with environmental regulations, with no administrative penalties due to environmental issues in the first half of 2024[79].

Investment Rating - The report assigns a "Buy" rating to China General Nuclear Power Corporation (1816.HK) with a target price of HKD 3.80, corresponding to a 2024 earnings valuation of 15.8 times [2][3]. Core Insights - The operational data for the first half of the year met expectations, with a generation volume of 113.4 billion kWh, reflecting a year-on-year increase of 0.08%. The number of major repairs and their duration increased compared to the same period last year, resulting in stable generation volume despite the addition of new units. The company anticipates performance growth in the second half of the year due to the completion of major repairs and the integration of new units [1][2]. - The company completed ten major repairs by June 30, including five annual refueling outages and four ten-year overhauls. In the third quarter, four annual refueling outages and one ten-year overhaul are planned [1][2]. Summary by Sections Operational Performance - In the first half of 2024, the company achieved a generation volume of 113.4 billion kWh, which is essentially flat compared to the previous year. The generation from subsidiaries was 87.8 billion kWh, a slight decline of 0.21%, while the generation from joint ventures was 25.5 billion kWh, an increase of 1.06% [1]. - The on-grid electricity volume was 106.0 billion kWh, up 0.09% year-on-year, with 82.0 billion kWh from subsidiaries (down 0.19%) and 24.0 billion kWh from joint ventures (up 1.03%) [1]. Future Outlook - The company expects a release of performance in the second half of the year due to the completion of major repairs and the flexible release of the Taishan nuclear power units. The total installed capacity increased to 31.75 GW with the commissioning of the Fangchenggang Unit 4 [1][2]. - Revenue forecasts for 2024-2026 are projected at RMB 88.3 billion, RMB 92.0 billion, and RMB 97.8 billion, with growth rates of 7.0%, 4.2%, and 6.3% respectively. Net profit attributable to shareholders is expected to be RMB 12.0 billion, RMB 13.4 billion, and RMB 14.9 billion, with growth rates of 12.5%, 11.2%, and 11.1% respectively [2][6].

Investment Rating - The report maintains a rating of "Buy" for China General Nuclear Power (1816) [2][6] Core Views - The issuance of convertible bonds will help alleviate financial pressure, and the ongoing projects are progressing smoothly, indicating a sustainable long-term growth potential [2][6] - The target price has been adjusted to HKD 4.06 based on a 14x PE for 2025, reflecting the company's long-term growth and the scarcity of nuclear power assets in the H-share market [6] Financial Summary - Revenue for 2022 was RMB 828.2 million, with a slight decrease of 0.3% expected in 2023, followed by a projected growth of 3.0% in 2024 and 3.9% in 2025 [5] - Gross profit for 2022 was RMB 275.4 million, with an increase to RMB 296.91 million expected in 2023 [5] - Net profit for 2022 was RMB 99.6 million, with a forecasted increase to RMB 107.25 million in 2024 [5] - The PE ratio for 2023 is 8.66, projected to rise to 11.52 by 2025 [5] Project Development - The company plans to issue up to RMB 4.9 billion in convertible bonds, primarily for the Guangdong Lufeng Nuclear Power Plant units 5 and 6, which are expected to commence operations in 2027 and 2028 [6] - As of May 2024, the company has an operational capacity of 31.8 GW and is managing 10 approved and under-construction units with a total capacity of 7.2 GW [6][9] - The company anticipates steady growth in nuclear power capacity, with an average of 1 to 2 units expected to be commissioned annually from 2025 to 2028 [6]