CGN POWER(003816) 新浪财经·2025-04-03 06:39Core Insights - The company reported a revenue of 86.804 billion yuan for 2024, representing a year-on-year increase of 5.16% [1] - The net profit attributable to shareholders was 10.814 billion yuan, up 0.83% year-on-year, while the net profit excluding non-recurring items was 10.713 billion yuan, an increase of 0.94% [1] - In Q4 2024, the company achieved a revenue of 24.534 billion yuan and a net profit of 0.830 billion yuan, with year-on-year changes of +8.05% and -18.98% respectively [1] Revenue Breakdown - The company's revenue from nuclear power, construction installation, design services, labor provision, merchandise sales, and other businesses were 65.9 billion, 18.6 billion, 1.4 billion, 0.7 billion, and 0.2 billion yuan respectively, with year-on-year changes of +5.46%, +3.74%, -1.76%, +42.92%, and -3.80% [2] - The nuclear power sales business saw steady revenue growth, but the gross margin decreased by 2.25 percentage points compared to the previous year [2] - The installed capacity for nuclear power reached 25.084 million kilowatts, a year-on-year increase of 5.16%, and the nuclear power sales volume was 179.012 billion kilowatt-hours, up 7.15% year-on-year [2] Cost and Pricing Factors - The average market electricity price in 2024 decreased by approximately 3.85% compared to 2023, impacting revenue growth [2] - The operating costs for the nuclear power sales business increased by 9.85% year-on-year, primarily due to increased electricity generation and rising costs of nuclear fuel and depreciation [2] Future Capacity and Projects - As of December 31, 2024, the company managed 16 nuclear power units under construction, with several projects at various stages of development, expected to be operational between 2025 and 2030 [3] - The company anticipates further increases in operational capacity with the addition of new projects [3] Cash Flow and Dividends - The company's cash flow improved, with net cash flows from operating, investing, and financing activities changing by +14.78%, +61.19%, and -5.84% respectively [3] - A cash dividend of 0.95 yuan per 10 shares (before tax) was declared, totaling 4.797 billion yuan, which represents 44.36% of net profit, maintaining stability compared to 2023 [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 10.9 billion, 11.3 billion, and 12.1 billion yuan for 2025-2027, with year-on-year changes of +0.35%, +3.74%, and +7.29% respectively [4] - The corresponding price-to-earnings ratios for April 2, 2025, are estimated to be 16.94, 16.33, and 15.22 times [4]