Core Viewpoint - UBS has upgraded China General Nuclear Power (01816) from "Sell" to "Neutral" due to its favorable position in accelerating the deployment of Small Modular Reactors (SMR) in China and potential benefits from advancements in nuclear fusion technology [1] Summary by Categories Company Positioning - China General Nuclear Power is well-positioned to benefit from the rapid deployment of SMR technology in China [1] - The company may also gain from breakthroughs in nuclear energy technology in the long term [1] Financial Outlook - UBS has raised the target price for China General Nuclear Power from HKD 2.3 to HKD 3.4, indicating a reasonable current valuation with limited downside [1] - Despite the upgrade, UBS remains cautious about the company's short-term outlook due to risks associated with declining market electricity prices and rising uranium procurement costs [1] Earnings Forecast - UBS anticipates continued pressure on earnings until 2026, with its earnings per share forecast for 2025 to 2027 being approximately 11% lower than the market consensus [1]
瑞银：升中广核电力(01816)评级至“中性” 目标价上调至3.4港元