CGN POWER(003816) 中原证券·2024-10-02 09:00Investment Rating - The report maintains an "Accumulate" rating for China General Nuclear Power Corporation (CGN) [2][5][15] Core Views - CGN's nuclear power generation capacity is steadily increasing, with 28 operational nuclear units and 10 under construction, representing 43.48% of the national total installed capacity [2][4][5] - The company has shown stable profitability in the first half of 2024, with a revenue of 39.377 billion yuan and a net profit of 7.109 billion yuan, reflecting a year-on-year increase of 2.16% [2][5] - The dividend payout ratio has been consistently rising, with cash dividends of 4.769 billion yuan in 2023, translating to a dynamic dividend yield of 2.24% based on the closing price of 4.20 yuan per share [4][5] Financial Performance Summary - For the first half of 2024, CGN's revenue was 39.377 billion yuan, with a net profit of 7.109 billion yuan, marking a 2.16% increase year-on-year [2][5] - The company expects net profits for 2024-2026 to be 11.354 billion yuan, 12.208 billion yuan, and 12.944 billion yuan respectively, with corresponding earnings per share of 0.22, 0.24, and 0.26 yuan [5][12] - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 18.68X, 17.37X, and 16.39X respectively, indicating a favorable valuation outlook [5][12] Growth Potential - The report highlights the ongoing expansion of nuclear power projects in China, with an increasing number of approved nuclear units, suggesting a sustainable growth trajectory for CGN [5][6][12] - The company is positioned to benefit from the national push for cleaner energy sources, with nuclear power's share in the energy mix expected to rise [5][6][12]