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]

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]