CGN POWER(003816) Huafu Securities·2024-10-24 05:01Investment Rating - The report maintains a "Hold" rating for China General Nuclear Power Corporation (CGN) [2][4] Core Views - The company reported a revenue of 62.27 billion yuan for Q3 2024, 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 [1] - The company plans to issue convertible bonds to raise up to 4.9 billion yuan to support the construction of the Lufeng Nuclear Power Plant [1] - The company has a robust pipeline with 16 approved nuclear units under construction, which supports steady future performance [2] Financial Performance Summary - For the first three quarters of 2024, the company's revenue increased by 4.06% year-on-year, while net profit grew by 2.93% [1] - The company expects revenues of 88.97 billion yuan, 93.52 billion yuan, and 99.83 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 12.15 billion yuan, 12.40 billion yuan, and 13.19 billion yuan [2][3] - The projected P/E ratios for 2024, 2025, and 2026 are 17.5, 17.2, and 16.2 respectively [2][3] Operational Highlights - The company’s electricity generation increased by 5.02% year-on-year, contributing to the revenue growth [1] - The construction activities for the Huizhou and Cangnan nuclear projects have increased, positively impacting the engineering segment [1] - The company’s financial expenses have decreased, and other income and investment income have increased, contributing to the net profit growth [1]