截至2025年3月31日11:19，中证全指公用事业指数(000995)上涨0.48%，成分股龙源电力上涨5.86%，大唐发电、华电国际、申能股份、国电电力等个股跟 涨。公用事业ETF(159301)跟随涨势，最新价报0.9元，盘中成交额已达230.79万元，暂居可比ETF首位，换手率3.66%。规模方面，公用事业ETF近1月规模 增长299.65万元，新增规模位居可比基金首位。 从估值层面来看，公用事业ETF跟踪的中证全指公用事业指数最新市盈率（PE-TTM）仅15.67倍，处于近1年5.14%的分位，即估值低于近1年94.86%以上的 时间，处于历史低位。 广发证券发布研报称，公用事业板块企稳与催化信号同步显现，煤价超预期下跌及水电蓄能释放推动火电、水电业绩预期反转，叠加高股息策略和市值管理 方案密集落地，板块配置价值凸显。 公用事业ETF（159301）紧密跟踪中证全指公用事业指数，选取50只涉及电力、环保、储能等领域的股票作为指数样本，按申万三级行业来看，前四大行业 分别为水力发电、火力发电、核力发电和风力发电，合计权重近78%，具备高分红与稳健成长属性，是较为典型的红利成长资产。 | 股票代码 | ...

截至2025年3月31日 11:04，国证绿色电力指数上涨0.65%，成分股江苏新能上涨6.12%，龙源电力上涨5.99%，晓程科技上涨4.97%，明星电力上涨3.14%，大 唐发电上涨2.81%。绿色电力ETF(159625)上涨0.36%，盘中成交额已达1083.40万元。 场外投资者可通过对应的绿色电力ETF联接基金（017057）把握投资机会。 以上内容与数据，与界面有连云频道立场无关，不构成投资建议。据此操作，风险自担。 规模方面，绿色电力ETF最新规模达3.30亿元，创近1年新高。份额方面，绿色电力ETF最新份额达2.99亿份，创近1年新高。从资金净流入方面来看，绿色 电力ETF近9天获得连续资金净流入，最高单日获得1555.77万元净流入，合计"吸金"5507.36万元。 从估值层面来看，绿色电力ETF跟踪的国证绿色电力指数最新市盈率（PE-TTM）仅17.34倍，处于近1年0.4%的分位，即估值低于近1年99.6%以上的时间， 处于历史低位。 数据显示，截至2025年2月28日，国证绿色电力指数前十大权重股分别为长江电力、中国核电、三峡能源、国投电力、川投能源、中国广核、华能国际、国 电电力、 ...

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.

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a slight increase in annual performance, with a total revenue of 86.804 billion yuan in 2024, representing a year-on-year growth of 5.16%. The net profit attributable to the parent company was 10.814 billion yuan, a growth of 0.83% year-on-year [7] - The company is set to benefit from the approval of convertible bonds, which will support its growth in installed capacity. The planned issuance of convertible bonds aims to raise up to 4.9 billion yuan for the construction of the Guangdong Lufeng Nuclear Power Plant [7] - The company has a total of 16 nuclear power units under construction, with several units expected to be operational in the coming years, ensuring stable growth in performance [7] Financial Data and Profit Forecast - Total revenue is projected to reach 88.092 billion yuan in 2025, with a year-on-year growth rate of 1.5%. The net profit attributable to the parent company is expected to be 11.270 billion yuan, reflecting a growth of 4.2% [6] - The average market electricity price decreased by 3.85% to 0.39 yuan per kilowatt-hour in 2024, impacting revenue growth [7] - The company’s financial expenses are expected to decrease due to lower interest rates, with a forecasted financial expense of 5.133 billion yuan in 2024, down by 5.33 billion yuan year-on-year [7]

Investment Rating - The report maintains a "Recommendation" rating for China General Nuclear Power Corporation (CGN) [1][9] Core Views - The company is expected to have sufficient growth potential in the long term, supported by stable power generation and a strong project pipeline [9] - Revenue for Q4 2024 reached 24.534 billion, a year-on-year increase of 8.05%, while total revenue for 2024 was 86.804 billion, up 5.16% year-on-year [1] - The net profit attributable to shareholders for Q4 2024 was 0.830 billion, a decrease of 18.98% year-on-year, with a total net profit of 10.814 billion for 2024, reflecting a growth of 0.83% [1] Summary by Sections Revenue and Profitability - In 2024, the total installed capacity of the company was 31.798 GW, with total power generation of approximately 242.181 billion kWh, a year-on-year increase of 6.08% [2] - The total grid-connected power was about 227.284 billion kWh, also up 6.13% year-on-year [2] - The increase in costs, particularly in nuclear fuel, fixed asset depreciation, and provisions for spent fuel disposal, negatively impacted performance, with costs rising by 13.12%, 11.59%, and 17.43% respectively [2] Project Development - As of August 19, 2024, five nuclear power projects, including the Zhaoyuan Phase I and Lufeng Phase I projects, were approved, marking a significant step in project reserves [3] - The Huizhou Unit 1 is in the commissioning phase and is expected to be operational by 2025, while Cangnan Unit 1 and Huizhou Unit 2 are in equipment installation and commissioning stages, expected to be operational by 2026 [3] - By the end of 2024, the company had eight nuclear power units under construction with a total capacity of 9,738 MW, a year-on-year increase of 62.08% [3] Financial Projections - The financial forecast for 2024A to 2027E shows total revenue increasing from 86.804 billion in 2024 to 106.097 billion in 2027, with corresponding growth rates of 5.2%, 4.2%, 7.7%, and 8.9% [4] - The net profit attributable to shareholders is projected to grow from 10.814 billion in 2024 to 12.175 billion in 2027, with growth rates of 0.8%, 0.4%, 4.8%, and 7.0% respectively [4] - The target price is set at 4.3 yuan, with an expected upside of approximately 18% from the current price of 3.64 yuan [4][9]

Investment Rating - The investment rating for China General Nuclear Power Corporation (CGN) is "Buy" (maintained) [1] Core Views - The report highlights that CGN achieved a total revenue of 86.804 billion yuan in 2024, representing a year-on-year increase of 5.16%. The net profit attributable to shareholders was 10.814 billion yuan, up 0.83% year-on-year [7] - The nuclear power segment saw a revenue increase of 5.5% to 65.932 billion yuan, while the gross profit margin for this segment was 43.6%, down 2.3 percentage points year-on-year [7] - The report indicates a stable growth in electricity generation, with a 6.1% increase in electricity sold in 2024, significantly contributed by the Fangchenggang and Taishan projects [7] - The overall electricity price remained stable, with a slight decrease in gross profit per kilowatt-hour [7] - The company has a robust pipeline of projects, with 28 operational units and 8 units under construction, indicating a strong growth trajectory [7] - Financial expenses decreased, leading to a debt-to-asset ratio of 59.49% [7] - The report projects a net profit of 12.694 billion yuan for 2027, with corresponding P/E ratios of 18, 17, and 14 for the years 2025, 2026, and 2027 respectively [7] Summary by Sections Financial Performance - Total revenue for 2024 was 86.804 billion yuan, with a year-on-year growth of 5.16% [7] - Net profit attributable to shareholders was 10.814 billion yuan, reflecting a 0.83% increase year-on-year [7] - The gross profit margin for the nuclear power segment was 43.6%, down from the previous year [7] Electricity Generation - The total electricity sold increased by 6.1% in 2024, with significant contributions from the Fangchenggang and Taishan projects [7] - The average electricity price was 0.368 yuan per kilowatt-hour, a decrease of 2% year-on-year [7] Project Pipeline - CGN has 28 operational units and 8 units under construction, indicating a strong project pipeline and growth potential [7] Financial Health - The company reported a decrease in financial expenses, resulting in a debt-to-asset ratio of 59.49% [7] - The projected net profit for 2027 is 12.694 billion yuan, with P/E ratios of 18, 17, and 14 for the years 2025, 2026, and 2027 respectively [7]

Investment Rating - The report maintains an "Accumulate" rating with a target price of 4.48, down from the previous forecast of 5.75 [6][13]. Core Insights - The company's operational performance in Q4 2024 met expectations, with significant room for installed capacity growth and notable dividend value [3][13]. - For 2024, the company is projected to achieve revenue of 86.8 billion yuan, a year-on-year increase of 5.1%, and a net profit attributable to shareholders of 10.81 billion yuan, reflecting a 0.8% increase year-on-year [13]. - The company has a robust pipeline with 16 approved nuclear power units under management, of which 7 are under construction and 9 are in the preparation stage for FCD, totaling an installed capacity of 19.4 GW [13]. Financial Summary - Revenue for 2023 was 82.549 billion yuan, with projections for 2024 at 86.804 billion yuan, indicating a growth of 5.2% [5]. - Net profit attributable to shareholders for 2023 was 10.725 billion yuan, with a slight increase to 10.814 billion yuan expected in 2024 [5]. - The earnings per share (EPS) is projected to remain stable at 0.21 yuan for 2024, with a slight increase to 0.23 yuan in 2026 and 0.25 yuan in 2027 [5][14]. Market Data - The company's current stock price is 3.65 yuan, with a 52-week price range of 3.58 to 5.21 yuan [7]. - The total market capitalization is approximately 184.32 billion yuan, with a total share capital of 50.499 billion shares [7]. Dividend Policy - The company plans to distribute a dividend of 0.095 yuan per share for 2024, resulting in a payout ratio of 44.4%, which is an increase of 0.1 percentage points year-on-year [13].

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 Viewpoint - China General Nuclear Power Corporation (CGN) reported a revenue of 86.804 billion yuan for 2024, a year-on-year increase of 5.16%, with a net profit of 10.814 billion yuan, up 0.83% [1] Financial Performance - The company plans to distribute a cash dividend of 0.95 yuan per 10 shares (including tax) [1] - The growth rate of net profit is lower than that of revenue due to a significant increase in the online electricity volume of subsidiaries with lower shareholding ratios, while those with higher ratios saw a decline [1] Operational Capacity - CGN managed a total online electricity volume of 227.284 billion kWh in 2024, accounting for 54.38% of the national nuclear power online electricity volume [2] - As of the end of 2024, CGN operated 28 nuclear power units and had 16 under construction, with installed capacities of 31,798 MW and 19,406 MW, respectively, representing 45.02% of the national total [2] - The company expects a steady increase in operational capacity as new units are commissioned, with the Huizhou units expected to be operational by 2025 and 2026 [2] Project Development - In 2024, CGN received national approval for six nuclear power units and is preparing for projects approved in 2023 and 2024 [3] - The company anticipates capital expenditures of 21.168 billion yuan in 2024, potentially doubling in 2025 if project preparations are sufficient [3] - Approximately 70% of the funding for projects will be sourced through loans, with efforts to reduce financing costs and maintain a reasonable debt ratio [3] Market Dynamics - The average market electricity price for CGN's operational nuclear units decreased by about 3.85% compared to 2023 due to overall market price declines [4] - In 2025, CGN plans to have 10 nuclear units in Guangdong participate in market trading, with an estimated market trading volume of 27.3 billion kWh [4] - The company has locked in approximately 32.1 billion kWh of monthly trading electricity in Guangdong, with market prices in Guangxi and Guangdong lower than the previous year [5]