Investment Rating - The report assigns a "Buy" rating to China General Nuclear Power Corporation (1816.HK) with a target price of HKD 3.80, corresponding to a 2024 earnings valuation of 15.8 times [2][3]. Core Insights - The operational data for the first half of the year met expectations, with a generation volume of 113.4 billion kWh, reflecting a year-on-year increase of 0.08%. The number of major repairs and their duration increased compared to the same period last year, resulting in stable generation volume despite the addition of new units. The company anticipates performance growth in the second half of the year due to the completion of major repairs and the integration of new units [1][2]. - The company completed ten major repairs by June 30, including five annual refueling outages and four ten-year overhauls. In the third quarter, four annual refueling outages and one ten-year overhaul are planned [1][2]. Summary by Sections Operational Performance - In the first half of 2024, the company achieved a generation volume of 113.4 billion kWh, which is essentially flat compared to the previous year. The generation from subsidiaries was 87.8 billion kWh, a slight decline of 0.21%, while the generation from joint ventures was 25.5 billion kWh, an increase of 1.06% [1]. - The on-grid electricity volume was 106.0 billion kWh, up 0.09% year-on-year, with 82.0 billion kWh from subsidiaries (down 0.19%) and 24.0 billion kWh from joint ventures (up 1.03%) [1]. Future Outlook - The company expects a release of performance in the second half of the year due to the completion of major repairs and the flexible release of the Taishan nuclear power units. The total installed capacity increased to 31.75 GW with the commissioning of the Fangchenggang Unit 4 [1][2]. - Revenue forecasts for 2024-2026 are projected at RMB 88.3 billion, RMB 92.0 billion, and RMB 97.8 billion, with growth rates of 7.0%, 4.2%, and 6.3% respectively. Net profit attributable to shareholders is expected to be RMB 12.0 billion, RMB 13.4 billion, and RMB 14.9 billion, with growth rates of 12.5%, 11.2%, and 11.1% respectively [2][6].
中广核电力：上半年运营数据符合预期，期待业绩稳健增长