Core Viewpoint - The company reported a revenue of 86.804 billion yuan for 2024, reflecting a year-on-year increase of 5.16%, while the net profit attributable to shareholders was 10.814 billion yuan, up by 0.83% [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 24.534 billion yuan, representing a year-on-year growth of 8.05%, but the net profit attributable to shareholders decreased by 18.98% to 0.830 billion yuan [1] - The company's operating costs for electricity sales in 2024 were 37.186 billion yuan, an increase of 9.85%, which outpaced the revenue growth of the electricity sales business [2] Group 2: Operational Capacity - As of the end of 2024, the company managed 28 operational nuclear power units with a total capacity of 31,798 megawatts, marking a year-on-year increase of 4.02% [2] - The company’s subsidiaries and joint ventures achieved a total electricity generation of 227.284 billion kilowatt-hours in 2024, up by 6.13% year-on-year [2] Group 3: Future Growth Prospects - The company has 16 nuclear power units under construction, an increase of 5 units from the previous year, ensuring long-term capacity growth [3] - The company forecasts net profits attributable to shareholders of 10.914 billion, 11.633 billion, and 12.817 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 17.17, 16.11, and 14.62 [3]

Investment Rating - The investment rating for China General Nuclear Power Corporation (003816.SZ) is "Outperform the Market" [5]. Core Views - The company's revenue for 2024 is projected to be 86.804 billion yuan, a year-on-year increase of 5.16%, while the net profit attributable to shareholders is expected to reach 10.814 billion yuan, growing by 0.83% [8][21]. - The company is experiencing growth in power generation, with a total output of 242.181 billion kWh in 2024, reflecting a 6.08% increase, despite a decline in average on-grid electricity prices and rising costs [8][19]. - The development of nuclear power units is proceeding in an orderly manner, with a total of 16 units under construction or approved for construction by the end of 2024, indicating a high certainty for the long-term development of the nuclear power business [2][19]. Summary by Sections Financial Performance - In 2024, the company's nuclear power business revenue is expected to be 65.932 billion yuan, accounting for 75.96% of total revenue, with a year-on-year growth of 5.46% [8]. - The average on-grid electricity price for 2024 is projected to be 0.4162 yuan/kWh, a decrease of 1.57% compared to the previous year [8]. - The cost per kWh for nuclear power is estimated at 0.2077 yuan, an increase of 0.0051 yuan from the previous year [8]. Future Projections - For 2025, the company anticipates a decline in net profit to 10.473 billion yuan, a decrease of 3% year-on-year, due to expected lower electricity prices [21]. - The projected revenue for 2025 is 88.784 billion yuan, with a growth rate of 2.3% [4][21]. - The company expects to maintain a steady increase in net profit in the following years, with estimates of 11.226 billion yuan in 2026 and 12.037 billion yuan in 2027 [21]. Operational Developments - The company has received approval for five nuclear power projects, totaling 11 units, with significant progress in construction schedules [2][19]. - The operational management of nuclear power units is expected to continue to grow, with new units coming online in the coming years [2][19].

Market Overview - The Shanghai Composite Index rose by 0.05% on April 2, with 18 out of 28 sectors experiencing gains, led by textiles and apparel (1.45%) and beauty and personal care (1.01%) [1] - The sectors with the largest declines were defense and military (1.17%) and non-ferrous metals (0.87%), with public utilities ranking third in terms of decline [1] Capital Flow Analysis - The main capital flow showed a net outflow of 8.051 billion yuan across the two markets, with 9 sectors seeing net inflows [1] - The non-bank financial sector led with a net inflow of 1.787 billion yuan and a daily increase of 0.58%, followed by the telecommunications sector with a net inflow of 963 million yuan and a daily increase of 0.97% [1] - A total of 22 sectors experienced net outflows, with the pharmaceutical and biological sector leading with a net outflow of 2.759 billion yuan, followed by the electronics sector with a net outflow of 2 billion yuan [1] Public Utilities Sector Performance - The public utilities sector declined by 0.80% with a net outflow of 1.09 billion yuan, comprising 132 stocks, of which 20 rose and 106 fell [2] - Among the stocks in this sector, 44 saw net inflows, with the top three being Shaoneng Co. (39.724 million yuan), Guangdong Electric Power A (27.7136 million yuan), and Hunan Development (20.6605 million yuan) [2] - The stocks with the highest net outflows included China General Nuclear Power (1.399735 billion yuan), Qianyuan Electric Power (1.218559 billion yuan), and China Nuclear Power (1.042745 billion yuan) [2] Public Utilities Sector Capital Inflow Rankings - The top stocks by capital inflow included: - Shaoneng Co. with a rise of 3.67% and a turnover rate of 17.31%, net inflow of 39.724 million yuan [3] - Guangdong Electric Power A with a rise of 1.95% and a turnover rate of 3.20%, net inflow of 27.7136 million yuan [3] - Hunan Development with a rise of 10.00% and a turnover rate of 0.70%, net inflow of 20.6605 million yuan [3] Public Utilities Sector Capital Outflow Rankings - The stocks with the highest capital outflows included: - China General Nuclear Power with a decline of 1.89% and a turnover rate of 0.44%, net outflow of 139.9735 million yuan [4] - Qianyuan Electric Power with a decline of 4.70% and a turnover rate of 6.81%, net outflow of 121.8559 million yuan [4] - China Nuclear Power with a decline of 0.96% and a turnover rate of 0.37%, net outflow of 104.2745 million yuan [4]

Investment Rating - The investment rating for China General Nuclear Power Corporation is "Buy" (maintained) [4] Core Views - The company's performance was below expectations, with the Daya Bay unit completing capacity expansion [4] - The company reported a revenue of 86.804 billion yuan in 2024, a year-on-year increase of 5.16%, and a net profit attributable to shareholders of 10.814 billion yuan, a year-on-year increase of 0.83% [6] - The company plans to distribute a cash dividend of 0.95 yuan per 10 shares, corresponding to a dividend payout ratio of 44.36% [6] Financial Summary - Revenue projections for the upcoming years are as follows: 87.604 billion yuan in 2025, 90.547 billion yuan in 2026, and 95.866 billion yuan in 2027, with growth rates of 0.92%, 3.36%, and 5.87% respectively [5] - Net profit attributable to shareholders is projected to be 10.823 billion yuan in 2025, 11.299 billion yuan in 2026, and 11.999 billion yuan in 2027, with growth rates of 0.09%, 4.39%, and 6.20% respectively [5] - The company has 16 units under construction, ensuring long-term growth in installed capacity [6] Operational Highlights - The Daya Bay nuclear power plant has increased its capacity by 42,000 kilowatts, which may enhance profitability if it can increase electricity supply to Hong Kong [6] - The average selling price of nuclear power in 2024 was 0.4162 yuan per kilowatt-hour, a decrease of 0.0785 yuan compared to 2023 [6] - The company managed to achieve an on-grid electricity generation of 227.284 billion kilowatt-hours in 2024, a year-on-year increase of 6.13% [6]

Core Viewpoint - The company reported a revenue of 86.804 billion yuan for 2024, a year-on-year decrease of 5.2%, while the net profit attributable to shareholders was 10.814 billion yuan, reflecting a slight increase of 0.8% year-on-year [1] Financial Performance - In Q4 2024, the company achieved a revenue of 24.534 billion yuan, an increase of 8.1% year-on-year, but the net profit attributable to shareholders was 0.830 billion yuan, a decrease of 19.0% year-on-year [1] - The company declared a cash dividend of 0.95 yuan per 10 shares for 2024, with a cash dividend payout ratio of 44.36%, slightly up from 44.26% in 2023 [1] - The operating cash flow for 2024 was 38.016 billion yuan, representing a year-on-year growth of 14.78% [3] Cost and Profitability Analysis - The company experienced a significant increase in income tax expenses and minority shareholder losses, which rose by 163.6% and 56.3% year-on-year, respectively [2] - The return on equity (ROE) for 2024 was 9.05%, a decrease of 0.42 percentage points year-on-year [2] - The sales gross margin decreased by 1.94 percentage points to 34.03%, primarily due to falling electricity prices and rising costs [2] - The company’s asset-liability ratio improved, dropping to 59.49% in 2024 [2] Operational Highlights - The company’s subsidiaries generated a total power output of 190.807 billion kWh in 2024, a year-on-year increase of 7.08% [4] - The average on-grid electricity price was 0.416 yuan/kWh, down 0.07 yuan/kWh or 1.57% year-on-year [4] - Despite a decrease in gross margin, the net profit from the power generation business remained stable at 17.245 billion yuan, nearly unchanged year-on-year [4] Future Outlook - The company plans to commission the Huizhou Unit 1, which is expected to support performance in 2025 [5] - The company anticipates achieving net profits of 10.440 billion, 11.126 billion, and 12.259 billion yuan for 2025-2027, with corresponding price-to-earnings ratios of 18.09x, 16.98x, and 15.41x [5]

Market Overview - The Shanghai Composite Index rose by 0.38% on April 1, with 23 industries experiencing gains, led by the pharmaceutical and public utilities sectors, which increased by 3.34% and 1.78% respectively [1] - The main funds in the two markets saw a net outflow of 10.395 billion yuan, with 8 industries recording net inflows, primarily in the pharmaceutical sector, which had a net inflow of 3.402 billion yuan [1] Public Utilities Sector - The public utilities sector increased by 1.78%, with a total net inflow of 1.272 billion yuan, and out of 132 stocks in this sector, 123 rose while 6 fell [2] - The top three stocks in terms of net inflow were Guodian Power (1.72 billion yuan), China Nuclear Power (1.50 billion yuan), and Star Power (1.13 billion yuan) [2] Public Utilities Sector - Inflow and Outflow - The inflow list includes Guodian Power with a 3.60% increase and a turnover rate of 1.82%, followed by China Nuclear Power with a 1.74% increase [2] - The outflow list is led by Shaoneng Co. with a 5.93% increase but a net outflow of 40.658 million yuan, followed by Sheneng Co. and Chuan Investment Energy with net outflows of 25.416 million yuan and 23.768 million yuan respectively [4]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [3][15]. Core Views - The company achieved an operating revenue of 86.804 billion yuan in 2024, a year-on-year increase of 5.16%, and a net profit attributable to shareholders of 10.814 billion yuan, up 0.83% year-on-year [7][15]. - The company’s average on-grid electricity price in 2024 was 0.416 yuan per kilowatt-hour, a decrease of 1.57% year-on-year, while the average market transaction price was approximately 0.3869 yuan per kilowatt-hour, down 3.85% year-on-year [8][10]. - The company managed to increase its total power generation to approximately 242.181 billion kilowatt-hours, a growth of 6.08% compared to 2023 [8][10]. - The company plans to conduct 19 major overhauls in 2025, with a total overhaul duration of approximately 713 days in 2024, which is a reduction of about 207 days from 2023 [9][10]. - The company’s financing costs have decreased, and the cash dividend ratio has been continuously improved, with a proposed dividend of 4.797 billion yuan for 2024, raising the dividend ratio to 44.36% [14][15]. Summary by Sections Financial Performance - The company’s total revenue for 2024 was 86.804 billion yuan, with a net profit of 10.814 billion yuan, reflecting stable growth despite market price fluctuations [7][8]. - The company’s financial expenses decreased by 9.40% year-on-year to 5.133 billion yuan in 2024 [14]. Power Generation and Capacity - The company operates 28 nuclear power units with a total power generation of approximately 242.181 billion kilowatt-hours, marking a 6.08% increase from the previous year [8][10]. - The company’s total installed capacity reached 43.814 million kilowatts, accounting for 45.02% of the national total for operational and under-construction nuclear power units [13][10]. Future Outlook - The company is expected to see net profits of 10.968 billion yuan, 11.688 billion yuan, and 13.215 billion yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 0.22, 0.23, and 0.26 yuan [15][16]. - The company’s market transaction electricity volume is projected to increase, which may impact the average electricity price in 2025 [15].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [33]. Core Views - The company achieved an operating revenue of 86.804 billion yuan in 2024, a year-on-year increase of 5.16%, and a net profit attributable to shareholders of 10.814 billion yuan, up 0.83% year-on-year [7][16]. - The average on-grid electricity price for the company in 2024 was 0.416 yuan per kilowatt-hour, a decrease of 1.57% compared to the previous year, while the average market transaction price fell by 3.85% to approximately 0.3869 yuan per kilowatt-hour [8][10]. - The company managed to increase its total power generation to approximately 242.181 billion kilowatt-hours, a growth of 6.08% year-on-year, with significant contributions from its subsidiaries [8][10]. - The company is in a phase of large-scale nuclear power station construction, with a total installed capacity of 43.814 million kilowatts, accounting for 45.02% of the national total [11][13]. - The company plans to increase its cash dividend to 4.797 billion yuan for 2024, raising the dividend payout ratio to 44.36% [14]. Summary by Sections Financial Performance - The company reported a total operating revenue of 86.804 billion yuan for 2024, with a net profit of 10.814 billion yuan, reflecting stable growth despite market challenges [7][16]. - The company’s financial expenses decreased by 9.40% year-on-year to 5.133 billion yuan, aided by lower debt financing costs [14]. Market Position and Growth - The company’s nuclear power generation capacity is expected to grow, with new units coming online and ongoing projects in development [10][11]. - The company’s market share in the national on-grid electricity generation reached 54.38% in 2024, highlighting its significant role in the industry [10]. Future Outlook - The company forecasts net profits of 10.968 billion yuan, 11.688 billion yuan, and 13.215 billion yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 0.22, 0.23, and 0.26 yuan [15][16]. - The anticipated decline in market electricity prices in the Guangdong and Guangxi regions may impact the company’s average electricity price in 2025, but the overall power generation volume is expected to maintain an upward trend [15].

事件： 03 月27 日，公司发布2024 年年度报告。公司2024 年实现营收868.04亿元，同比+5.16%，归母 净利润108.14 亿元，同比+0.83%。24Q4 单季度公司实现营业收入245.34 亿元，同比+8.05%，归母净利 润8.30 亿元，同比-18.98%。 2024 年公司向全体股东每 10 股派发现金红利人民币 0.95 元（含税），预计现金分红总额约为 47.97 亿 元，占本年度净利润比例约为 44.36%；公司近年股利支付率逐步提升。 2024 年在建、在运、核准均有增量，核电成长性确定。2024 年，公司控股在建及在运机组容量分别为 731.8 万千瓦及2508.4 万千瓦，同比增长373 万千瓦及123 万千瓦。控股在建机组中，1 台处于设备安装 阶段（陆丰5 号机组，预期2027年投产），2 台处于土建施工阶段（分别为陆丰6 号机组以及陆丰1 号机 组，预期2028 年及2030 年投产），3 台处于FCD 准备阶段。从投产节奏来看，考虑公司控股、合营及 来自控股股东委托管理的在建机组投产规划，公司25-30 年新增机组分别为1（惠州1 号机组）、2（惠 州2 号机组 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment returns over the next 6-12 months [6]. Core Insights - The company achieved a revenue of 868.04 billion RMB in 2024, representing a year-on-year increase of 5.16%, with a net profit attributable to shareholders of 108.14 billion RMB, up by 0.83% [1]. - The company continues to expand its nuclear power capacity, with significant growth in both operational and under-construction units, ensuring stable growth prospects [3]. - The average on-grid electricity price for 2024 was 0.416 RMB/kWh, a decrease of 1.57% year-on-year, impacting overall revenue from the electricity segment [2]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 245.34 billion RMB, an increase of 8.05% year-on-year, but a net profit of 8.30 billion RMB, which is a decline of 18.98% [1]. - The company plans to distribute a cash dividend of 0.95 RMB per share, totaling approximately 47.97 billion RMB, which is about 44.36% of the net profit for the year [1]. Operational Highlights - The total on-grid electricity generated in 2024 was 1790.12 billion kWh, an increase of 7.15% year-on-year, with notable contributions from the newly operational units [2]. - The company has a robust pipeline of new nuclear projects, with a total of 731.8 MW under construction and 2508.4 MW in operation, reflecting a year-on-year increase of 373 MW and 123 MW respectively [3]. Profitability and Valuation - The report projects a decline in net profit for 2025 and 2026, with estimates of 107.57 billion RMB and 117.33 billion RMB respectively, while introducing a new estimate for 2027 at 120.10 billion RMB [4]. - The earnings per share (EPS) are projected to be 0.21 RMB for 2025, 0.23 RMB for 2026, and 0.24 RMB for 2027, with corresponding price-to-earnings (P/E) ratios of 17, 16, and 15 [4].