EBSCN·2024-08-23 02:08Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Corporation (003816.SZ) [3][4] Core Views - The company reported stable performance in H1 2024, with 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 [2][3] - The commissioning of the Fangchenggang Unit 4 contributed to incremental growth, while maintenance periods for units like Daya Bay were longer than in previous years [2][3] - The company has a confirmed growth trajectory with 10 approved and under-construction nuclear power units, and recently received approval for six additional units totaling 7.348 million kilowatts [3][4] Summary by Sections Financial Performance - In H1 2024, the company achieved an operating revenue of 39.377 billion yuan, with a net profit of 7.109 billion yuan [2] - The average market electricity price decreased by 2.10% year-on-year, leading to a decline in the gross margin of the electricity segment by 4.51 percentage points to 48.73% [2] - The company managed to generate 106.01 billion kWh of electricity, a slight increase of 0.09% year-on-year [2] Operational Highlights - The company completed five annual fuel replacements and four ten-year overhauls during H1 2024, which contributed to increased operational efficiency despite longer maintenance times [2] - The commissioning of Fangchenggang Unit 4 in May 2024 positively impacted the electricity output, which increased by 10.81% year-on-year [2][3] Profit Forecast and Valuation - The report slightly lowers the profit forecasts for 2024, 2025, and 2026 to 11.33 billion yuan (down 2.5%), 12.688 billion yuan (down 4.5%), and 13.924 billion yuan (down 0.2%) respectively [3][4] - Corresponding EPS estimates are 0.22, 0.25, and 0.28 yuan, with current PE ratios of 22X, 19X, and 18X [3][4]