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]
国证国际：中广核电力前三季度业绩稳健 看好新核准机组增长潜力