Core Viewpoint - Macquarie expects China General Nuclear Power (01816) to experience a 10% year-on-year decline in net profit for the second quarter, primarily due to a reduction in electricity prices, although this is partially offset by a 4.6% increase in power generation [1] Group 1: Financial Performance - The estimated impact of tax refunds for the period is approximately 200 million RMB, compared to 400 million RMB in the first quarter [1] - The target price has been raised by 45% to HKD 3.7, with the rating upgraded to "outperform" [1] Group 2: Electricity Pricing - Expected electricity price declines in Guangdong and Guangxi for the second quarter are similar to those in the first quarter, with the group's mixed nuclear power grid prices dropping by 24% and 21% year-on-year, respectively, due to a high base [1] - Potential nuclear power price reforms may provide upward price movement; a 1% increase in electricity prices could lead to approximately a 3% increase in group profits [1] Group 3: Uranium Sales - China General Nuclear Mining (01164) has established a new sales framework, with average prices for 2026 and 2027 increased by about 4% [1] - Since sales to the group account for only 20% of annual procurement, the price increase is expected to have a minimal impact on the group's costs, estimated to be less than 0.1% [1]
麦格理：升中广核电力评级至“跑赢大市” 上调目标价至3.7港元