2024-08-22 06:39Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Corporation (003816) [5] Core Views - The company reported a stable performance in the first half of 2024, with operating revenue of 39.377 billion yuan, a year-on-year increase of 0.26%, and a net profit attributable to shareholders of 7.109 billion yuan, up 2.16% year-on-year [5] - The increase in profits is attributed to the reversal of impairment provisions for receivables, contributing an additional 1.11 billion yuan [5] - The company is entering a period of intensive construction with 10 nuclear power units under management, which is expected to enhance long-term returns as construction experience accumulates [5] - The approval of 6 new units is expected to boost the company's long-term growth prospects in nuclear power [5] Summary by Sections Market Data - Closing price: 4.89 yuan - Market capitalization: 192.348 billion yuan - Dividend yield: 1.92% [2] Financial Data - As of June 30, 2024, the company had a net asset value per share of 2.29 yuan and a debt-to-asset ratio of 59.82% [3] Performance Metrics - The company achieved a basic earnings per share of 0.141 yuan in the first half of 2024, reflecting a year-on-year growth of 2.17% [5] - The total power generation in the first half of 2024 was approximately 113.378 billion kWh, a slight increase of 0.08% year-on-year [5] - The average market electricity price decreased by approximately 2.10% compared to the same period in 2023 [5] Profit Forecasts - The forecast for net profit attributable to shareholders for 2024-2026 has been revised to 12.196 billion, 12.907 billion, and 13.978 billion yuan respectively [5] - The corresponding price-to-earnings ratios are projected to be 20, 19, and 18 times [5]