CGN POWER(003816) Minsheng Securities·2024-03-27 16:00Investment Rating - The report maintains a "Cautious Recommendation" rating for the company, with a target price of 4.14 CNY per share based on a PE valuation of 18.0 times for 2024 [5][12]. Core Viewpoints - The company reported a revenue of 82.549 billion CNY in 2023, a slight decrease of 0.33% year-on-year, while the net profit attributable to shareholders increased by 7.64% to 10.725 billion CNY [1][3]. - The company achieved a total power generation of 228.29 billion kWh in 2023, marking an 8.0% increase year-on-year, driven by the commissioning of the Fangchenggang Unit 3 and the expected commissioning of Unit 4 in the first half of 2024 [1][2]. - The company plans to distribute a cash dividend of 0.094 CNY per share, totaling 4.747 billion CNY, with a cash dividend payout ratio of approximately 44.34% [1]. Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 82.549 billion CNY, with a net profit of 10.725 billion CNY, and an EPS of 0.21 CNY [3][9]. - The projected EPS for 2024, 2025, and 2026 are 0.23 CNY, 0.24 CNY, and 0.26 CNY respectively, with corresponding PE ratios of 18.5, 16.9, and 16.3 [3][9]. Operational Highlights - The company completed the power generation of 1,180.52 billion kWh from its Guangdong units, a 2.8% increase, while the external units generated 1,102.38 billion kWh, a 14.3% increase [1][2]. - The commissioning of the Taishan Unit 1 on November 27, 2023, is expected to contribute positively to the company's performance in 2024 [1][2]. Future Outlook - The company has five projects under construction, with the Fangchenggang Unit 4 expected to be operational in 2024, and additional units planned for 2025 and 2026 [2][3]. - The long-term growth potential of nuclear power is highlighted, with expectations for stable revenue growth driven by increased power generation and favorable pricing conditions [2][3].