Minsheng Securities·2024-10-24 01:10Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [4][6]. Core Views - The company has demonstrated stable performance with sufficient long-term growth potential, as evidenced by its revenue and profit growth in the first three quarters of 2024 [3][4]. - The company has received approval for six new nuclear power units, which, along with the management of additional units, is expected to enhance future growth prospects [4][5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 62.27 billion yuan, a year-on-year increase of 4.06%, and a net profit attributable to shareholders of 9.98 billion yuan, up 2.93% year-on-year [3]. - The basic earnings per share (EPS) for the same period was 0.1977 yuan, reflecting a growth of 2.92% year-on-year [3]. - The gross profit margin was 36.72%, down 8.15 percentage points year-on-year, while the net profit margin was 24.89%, a decrease of 2.70 percentage points year-on-year [3]. Operational Highlights - The company's installed capacity reached 31.76 million kilowatts by the end of Q3 2024, marking a year-on-year increase of 3.89% [3]. - The total power generation managed by the company from January to September 2024 was approximately 178.07 billion kWh, up 4.93% year-on-year [3]. - In Q3 2024, the company generated 64.69 billion kWh of electricity, with a year-on-year increase of 14.7% [3]. Future Growth Potential - The company is set to operate additional units, including the newly operational Fangchenggang Unit 4 and the recovery of Taishan Unit 1, which are expected to contribute to stable growth in electricity generation [4]. - The company has a significant number of units awaiting operation, and the potential injection of managed assets from the parent group is anticipated to further expand the company's asset scale [4][5]. Earnings Forecast - The forecasted net profits for the company for 2024, 2025, and 2026 are 11.83 billion yuan, 12.26 billion yuan, and 12.42 billion yuan, respectively, with corresponding EPS of 0.23 yuan, 0.24 yuan, and 0.25 yuan [4][5].