INDUSTRIAL SECURITIES·2024-08-27 10:46Investment Rating - The report maintains an "Overweight" rating for China General Nuclear Power Corporation (CGN) [1][2] Core Views - In the first half of 2024, CGN achieved 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 [1] - The company’s operational management of nuclear power units resulted in a total power generation of 113.378 billion kWh, which is flat compared to the previous year, influenced by the commissioning of Fangchenggang Unit 4 and maintenance schedules [1] - The company has received approval for six new nuclear power units in 2024, enhancing future growth certainty, with a total of 16 units approved for construction, amounting to approximately 19.406 million kW [1][2] Financial Summary - Revenue for 2023 is projected at 82.549 billion yuan, with a slight decline of 0.3% year-on-year, while 2024 revenue is expected to increase by 2.7% to 84.767 billion yuan [2][3] - Net profit attributable to shareholders is forecasted to grow from 10.725 billion yuan in 2023 to 11.649 billion yuan in 2024, reflecting an 8.6% increase [2][3] - The gross profit margin is expected to improve slightly from 36.0% in 2023 to 36.6% in 2024, indicating stable profitability [2][3] - The price-to-earnings (PE) ratio is projected to decrease from 23.0 in 2023 to 21.2 in 2024, suggesting a more attractive valuation over time [2][3]