CGN POWER(003816) Huafu Securities·2024-10-15 11:00Investment Rating - The report maintains a "Hold" rating for the company [3][5][15] Core Views - The company reported a total power generation of approximately 178.07 billion kWh in the first three quarters of 2024, representing a year-on-year increase of 4.93% [2] - The company completed 10 annual refueling outages as planned, compared to 13 in the same period of 2023, contributing to the increase in power generation [2] - The performance of the Daya Bay unit was affected by longer refueling outage times, resulting in a year-on-year decrease in power generation by 20.23% in the first three quarters of 2024 [2] Summary by Sections Operational Performance - The company's nuclear power generation increased by 14.7% year-on-year in Q3 2024, primarily due to a reduction in the number of outages and contributions from the newly operational units at Fangchenggang and Taishan [2] - The Fangchenggang unit's power generation increased by 19.12% year-on-year in the first three quarters, with Q3 showing a 38% increase [2] - The Taishan unit exhibited the most significant growth, with a 52.81% increase in the first three quarters and a 90.4% increase in Q3, largely due to the annual refueling outage that began in Q1 2023 [2] Future Growth Potential - The company has received approval for 6 new units, bringing the total number of approved and under-construction nuclear power units to 16, which supports steady future performance [3] - The company’s revenue projections for 2024-2026 are estimated at 889.65 billion, 935.17 billion, and 998.30 billion CNY, with corresponding net profits of 121.50 billion, 123.98 billion, and 131.89 billion CNY [3][4] Financial Metrics - The company reported a revenue of 82.55 billion CNY in 2023, with a projected growth rate of 8% for 2024 [4][9] - The net profit for 2023 was 10.73 billion CNY, with an expected increase to 12.15 billion CNY in 2024, reflecting a growth rate of 13% [4][10] - The earnings per share (EPS) for 2023 was 0.21 CNY, projected to rise to 0.24 CNY in 2024 [4][10]