Shenwan Hongyuan Securities·2025-08-29 08:45Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Corporation (003816) [2] Core Views - The company's performance in the first half of 2025 showed a slight decline in revenue and net profit, attributed to increased generation but decreased electricity prices, leading to reduced gross profit from electricity sales [7] - The company has a significant number of nuclear power units under construction, which is expected to support future growth, and the reduction in financing costs due to interest rate cuts will help alleviate financial pressure [7] - The planned acquisition of nuclear power assets from the group is anticipated to inject further growth momentum into the company [7] - The profit forecasts for 2025-2027 have been adjusted downward due to significant price declines in the Guangdong and Guangxi regions and the expiration of tax incentives [7] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 85,690 million, with a year-on-year decrease of 1.3% [6] - Net profit attributable to shareholders is expected to be 10,172 million in 2025, reflecting a decline of 5.9% year-on-year [6] - Earnings per share for 2025 is forecasted at 0.20 yuan, with a projected PE ratio of 19 [6] - The company managed to reduce financial expenses by 8.78% in the first half of 2025, amounting to 22.82 million [7]