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]

财联社1月8日讯（编辑 冯轶） 财联社为您带来今日港股重要公告 1）公司要闻 中广核电力(01816.HK)： 拟约12.04亿元收购台山第二核电100%股权。 公告称，待收购事项完成后，台山第二核电将成为该公司的全资附属公司，其财务业绩将会合并至该集 团的财务报表。 安踏体育(02020.HK)： 2024年第四季度，安踏品牌产品的零售金额同比取得高单位数的正增长；FILA 品牌产品取得高单位数的正增长；所有其他品牌产品取得50-55%的正增长。 三一国际(00631.HK)： 预计年度净利润同比减少25%至45%至约人民币13.79亿元至约人民币10.11亿 元。主要由于油气装备业务将录得商誉减值亏损，及待售物业减值亏损。 绿城管理控股(09979.HK)：2024年新拓代建项目代建费预估为93.2亿元。 中梁控股(02772.HK)： 12月累计合同销售179.3亿元，同比减少47.47%，12月销售14.9亿元，同比减少 31.65%。 宝龙地产(01238.HK)：2024年累计合同销售127.87亿元，同比减少53.54%，12月销售额10.54亿元，同比 减少4.87%。 时代中国控股(0123 ...

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].