CGN POWER(003816) 国泰君安·2025-03-28 14:45Investment Rating - The report maintains an "Accumulate" rating with a target price of 4.48, down from the previous forecast of 5.75 [6][13]. Core Insights - The company's operational performance in Q4 2024 met expectations, with significant room for installed capacity growth and notable dividend value [3][13]. - For 2024, the company is projected to achieve revenue of 86.8 billion yuan, a year-on-year increase of 5.1%, and a net profit attributable to shareholders of 10.81 billion yuan, reflecting a 0.8% increase year-on-year [13]. - The company has a robust pipeline with 16 approved nuclear power units under management, of which 7 are under construction and 9 are in the preparation stage for FCD, totaling an installed capacity of 19.4 GW [13]. Financial Summary - Revenue for 2023 was 82.549 billion yuan, with projections for 2024 at 86.804 billion yuan, indicating a growth of 5.2% [5]. - Net profit attributable to shareholders for 2023 was 10.725 billion yuan, with a slight increase to 10.814 billion yuan expected in 2024 [5]. - The earnings per share (EPS) is projected to remain stable at 0.21 yuan for 2024, with a slight increase to 0.23 yuan in 2026 and 0.25 yuan in 2027 [5][14]. Market Data - The company's current stock price is 3.65 yuan, with a 52-week price range of 3.58 to 5.21 yuan [7]. - The total market capitalization is approximately 184.32 billion yuan, with a total share capital of 50.499 billion shares [7]. Dividend Policy - The company plans to distribute a dividend of 0.095 yuan per share for 2024, resulting in a payout ratio of 44.4%, which is an increase of 0.1 percentage points year-on-year [13].