业绩稳健成长，每股分红稳定提升

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant profit growth in the coming years [3][9]. Core Viewpoints - The company reported a revenue of 82.55 billion RMB in 2023, a slight decrease of 0.3% year-on-year, while the net profit attributable to shareholders increased by 7.6% to 10.72 billion RMB [1]. - The company plans to distribute a cash dividend of 0.094 RMB per share for 2023, up from 0.087 RMB in 2022, with a payout ratio of 44.3% [1][2]. - The increase in electricity sales volume, driven by new power generation units, contributed positively to the company's performance, with total electricity sold reaching 214.15 billion kWh, a year-on-year increase of 7.95% [2]. - The average on-grid electricity price slightly increased to 0.423 RMB per kWh, reflecting the stability of nuclear power as a low-cost clean energy source [2]. - The company has received approvals for new nuclear power units, enhancing its growth potential in the nuclear sector [2]. - The report highlights the long-term investment value of nuclear power, anticipating improved profit margins and dividend payouts as capital expenditure peaks [2]. Summary by Sections Performance Review - In 2023, the company achieved a revenue of 82.55 billion RMB, down 0.3% year-on-year, and a net profit of 10.72 billion RMB, up 7.6% [1]. - The planned cash dividend for 2023 is 0.094 RMB per share, with a payout ratio of 44.3% [1]. Operational Analysis - The company’s electricity sales volume increased by 7.95% year-on-year, attributed to new power generation units coming online [2]. - The average on-grid electricity price rose slightly, indicating the resilience of nuclear power amidst market fluctuations [2]. - Non-electricity business revenue declined, leading to a structural improvement in gross margin, which increased to 35.97% [2]. Profit Forecast and Valuation - The company is expected to achieve net profits of 11.85 billion RMB, 12.90 billion RMB, and 13.07 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.24, 0.26, and 0.26 RMB [3][5]. - The projected P/E ratios for the next three years are 17x, 15x, and 15x, respectively [3].