Ge Long Hui A P P·2025-08-05 07:56Core Viewpoint - China General Nuclear Power Corporation (CGN Power) is the sole operating platform for nuclear power generation under China General Nuclear Group, showing stable profit growth in recent years [1] Group 1: Financial Performance - The company's installed capacity has been steadily increasing, leading to a gradual rise in overall power generation, which in turn drives revenue and profit expansion [1] - From 2019 to 2024, the company's revenue is expected to grow at a CAGR of 7.4%, while the net profit attributable to shareholders is projected to grow at a CAGR of 2.7% [1] Group 2: Valuation and Market Position - Compared to A-share nuclear power listed companies, CGN Power's H-share valuation has significant upside potential [1] - The estimated dividend yield for the company based on the 2024 per-share dividend is 3.50% [1] - With the improvement in liquidity in the Hong Kong stock market, it is anticipated that the A/H premium will decrease, with a conservative estimate giving the company a 16x PE for 2025 EPS, resulting in a reasonable market value of HKD 186.6 billion, corresponding to a 25.2% upside [1] - The company is initiating coverage with a "Buy" rating [1]