Core Viewpoint - Citi maintains a "Sell" rating on China General Nuclear Power (01816) despite a more optimistic global outlook for nuclear power investments, primarily due to the lack of power shortages in China. The target price is set at HKD 2.6 [1] Group 1: Company Analysis - China General Nuclear Power's profitability is heavily reliant on Guangdong Province, which contributes 70-80% of its total earnings [1] - The electricity prices in Guangdong may be lower than expected due to increased competition, leading the company to incur higher sales and distribution costs [1] - The unit cost of uranium fuel is expected to rise year-on-year by 2026, although the increase may be limited as only 25% of uranium fuel needs to be replaced this year [1] Group 2: Investment Recommendations - For investors looking to capitalize on the growth in electricity demand in the U.S., Citi recommends Hyundai Electric (267260.KS) and LS Electric (010120.KS) [1] - For those interested in capturing the growth in nuclear power capital expenditure in China, Citi favors Dongfang Electric (01072) [1]
花旗：维持中广核电力(01816)“沽售”评级 内地未见电力短缺情况