Investment Rating - The report maintains a rating of "Buy" for China General Nuclear Power (1816) [2][6] Core Views - The issuance of convertible bonds will help alleviate financial pressure, and the ongoing projects are progressing smoothly, indicating a sustainable long-term growth potential [2][6] - The target price has been adjusted to HKD 4.06 based on a 14x PE for 2025, reflecting the company's long-term growth and the scarcity of nuclear power assets in the H-share market [6] Financial Summary - Revenue for 2022 was RMB 828.2 million, with a slight decrease of 0.3% expected in 2023, followed by a projected growth of 3.0% in 2024 and 3.9% in 2025 [5] - Gross profit for 2022 was RMB 275.4 million, with an increase to RMB 296.91 million expected in 2023 [5] - Net profit for 2022 was RMB 99.6 million, with a forecasted increase to RMB 107.25 million in 2024 [5] - The PE ratio for 2023 is 8.66, projected to rise to 11.52 by 2025 [5] Project Development - The company plans to issue up to RMB 4.9 billion in convertible bonds, primarily for the Guangdong Lufeng Nuclear Power Plant units 5 and 6, which are expected to commence operations in 2027 and 2028 [6] - As of May 2024, the company has an operational capacity of 31.8 GW and is managing 10 approved and under-construction units with a total capacity of 7.2 GW [6][9] - The company anticipates steady growth in nuclear power capacity, with an average of 1 to 2 units expected to be commissioned annually from 2025 to 2028 [6]
中广核电力发行A股可转债点评：资金压力缓解，增长持续性可观