Core Viewpoint - China General Nuclear Power (CGN Power) shares fell over 4%, with a current price of HKD 2.98, amid a report from Citigroup maintaining a "sell" rating due to the absence of power shortages in China [1] Group 1: Company Performance - CGN Power's total electricity generation increased by 2% year-on-year to 247 billion kWh, while total grid electricity increased by 2.36% year-on-year to 232.6 billion kWh [1] - The company is expected to see lower electricity prices in Guangdong province, which contributes 70-80% of its total profits, due to increased competition and the need to absorb more sales and distribution costs [1] Group 2: Future Projections - Citigroup forecasts a rise in uranium fuel costs by 2026, although the increase may be limited as only 25% of uranium fuel needs to be replaced this year [1] - CICC has raised its profit forecast for CGN Power by 2.5% to HKD 10.3 billion for this year, considering the expected contribution from the commissioning of the Huizhou nuclear power assets [1] - The profit forecast for 2027 has been introduced at HKD 11.5 billion [1]
中广核电力午后跌超4% 花旗称中国未见电力短缺 广东省电价或低于预期