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]

Investment Rating - The report maintains a "Cautious Recommendation" rating for China General Nuclear Power Corporation (003816.SZ) with a current price of 3.65 yuan [6]. Core Views - The company achieved a slight increase in annual performance, with total revenue of 86.804 billion yuan in 2024, up 5.16% year-on-year, and a net profit attributable to shareholders of 10.814 billion yuan, up 0.83% year-on-year [1]. - The operational management of nuclear power units led to a year-on-year increase in electricity generation by 7.08%, although lower electricity prices and rising costs impacted profitability [2]. - The company has a sufficient pipeline of projects, with 16 approved and under construction nuclear power units, and is expected to inject managed assets into the listed company by 2025 [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 86.804 billion yuan, with a net profit of 10.814 billion yuan and basic earnings per share of 0.214 yuan [1]. - The gross profit margin was 34.03%, a decrease of 1.94 percentage points year-on-year, while the net profit margin was 20.10%, down 0.55 percentage points [1]. Operational Highlights - The total electricity generation for 2024 was approximately 1908.07 billion kWh, an increase of 7.08% year-on-year, with total grid-connected electricity of about 1790.12 billion kWh, up 7.15% [2]. - The average on-grid electricity price fell to 0.416 yuan/kWh, a decrease of 1.57% year-on-year, influenced by market price declines [2]. Future Outlook - The company has several upcoming projects, including the commissioning of the Lufeng 5 and 6 units in 2027 and 2028, and the Huizhou 1 and 2 units expected to be operational in 2025 and 2026 [3]. - Long-term growth potential remains strong due to the anticipated injection of managed assets and the commissioning of new units [4]. Profit Forecast - The profit forecast for 2025, 2026, and 2027 is 10.462 billion yuan, 11.115 billion yuan, and 11.769 billion yuan respectively, with corresponding earnings per share of 0.21 yuan, 0.22 yuan, and 0.23 yuan [5].

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6]. Core Views - The company achieved a slight increase in annual performance, with total revenue of 86.804 billion yuan, up 5.16% year-on-year, and a net profit attributable to shareholders of 10.814 billion yuan, up 0.83% year-on-year [1]. - The operational management of nuclear power units led to a year-on-year increase in electricity generation of 7.08%, although lower electricity prices and rising costs impacted profitability [2]. - The company has a sufficient pipeline of projects, with 16 approved and under construction nuclear power units, and is expected to inject managed assets into the listed company by 2025 [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 24.534 billion yuan, an increase of 8.05% year-on-year, but a net profit of 830 million yuan, down 18.98% year-on-year [1]. - The average on-grid electricity price decreased by 1.57% to 0.416 yuan/kWh, while the average market electricity price fell by approximately 3.85% [2]. Future Outlook - The company anticipates continued contributions from the newly operational Fangchenggang Unit 4, although it faces significant electricity price pressures in 2025 due to long-term contract price declines in regions like Guangdong [4]. - Profit forecasts for 2025, 2026, and 2027 are adjusted to 10.462 billion yuan, 11.115 billion yuan, and 11.769 billion yuan respectively, with corresponding EPS of 0.21, 0.22, and 0.23 yuan [4][5]. Project Pipeline - The company has received approval for six new units, with operational dates for various units planned between 2025 and 2029, indicating strong future growth potential [3].

Financial Performance - In 2024, the company achieved a total electricity generation of 227.284 billion kWh, a year-on-year increase of 6.13% [2] - The total revenue for 2024 was RMB 86.804 billion, reflecting a growth of 5.16% compared to the previous year [2] - The net profit attributable to shareholders was RMB 10.814 billion, up by 0.83% year-on-year, while the net profit after deducting non-recurring gains and losses was RMB 10.713 billion, an increase of 0.94% [2] - The EBITDA for 2024 was RMB 40.621 billion, representing a growth of approximately 5.32% [4] - The return on equity (ROE) was 9.3%, and the operating net cash flow was RMB 38.016 billion, up by 14.8% [4] - The company proposed a cash dividend of RMB 0.095 per share (including tax), with a payout ratio of 44.36% [2] Operational Highlights - The average utilization hours for the 28 operational nuclear units were 7,710 hours, showing an improvement from 2023 [2] - The company conducted 20 major overhauls in 2024, with a total downtime of approximately 713 days, which is a decrease from 2023 [2] - The marketization ratio was approximately 50.94%, remaining stable compared to 2023 [2] Project Development - As of the end of 2024, the company managed 16 units under construction, including five newly approved nuclear projects [3] - The "Hualong One" demonstration project was fully completed and began operations on May 25, 2024 [3] Future Plans - In 2025, the company plans to conduct 19 major overhauls and enhance market development efforts to secure more electricity generation and favorable market prices [4] - The company aims to maintain stable overall operational performance while advancing the construction of ongoing projects and preparing for new project approvals [4] Market and Pricing - The average market transaction price for electricity was approximately RMB 0.3869 per kWh, which has decreased compared to 2023 due to regional market price declines [2] - The company expects to participate in market transactions for over 32 billion kWh of electricity in 2025, an increase from 2024 [5] Shareholder Engagement - The company emphasizes shareholder returns and plans to balance capital expenditures with dividend policies, ensuring stable and predictable cash dividends [6] - A comprehensive value management system has been established to enhance communication with the capital market and improve long-term company value [7]