Guoxin Securities·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy" [5][19]. Core Views - The company's nuclear power business shows steady growth, while construction and installation services have negatively impacted revenue. In 2023, the company achieved operating revenue of 82.549 billion yuan, a decrease of 0.33%, primarily due to a 21.14% decline in construction and design service revenue. However, the net profit attributable to shareholders increased by 7.64% to 10.725 billion yuan, driven by the commissioning of the Fangchenggang Unit 3 and the resumption of the Taishan Unit 1 [1][6][19]. - The company is expected to see a clear asset injection, with a high certainty of growth in installed capacity. The controlling shareholder, China General Nuclear Power Group, has committed to injecting projects into the listed company after meeting certain conditions. The Huizhou Taipingling Nuclear Power Station is expected to be injected in 2024, with six units planned for construction [1][12][18]. Summary by Sections Financial Performance - In 2023, the company reported operating revenue of 82.549 billion yuan, a slight decrease of 0.33%. The net profit attributable to shareholders was 10.725 billion yuan, reflecting a growth of 7.64%. The non-recurring net profit was 10.613 billion yuan, up by 8.64% [1][6][19]. - The average on-grid electricity price increased to 0.4228 yuan/kWh, up by 0.0031 yuan/kWh year-on-year. The total on-grid electricity generated by the company's managed nuclear power plants was 214.146 billion kWh, with a market transaction volume accounting for approximately 57.3% [1][6][18]. Future Projections - The company expects to achieve operating revenues of 88.481 billion yuan, 95.286 billion yuan, and 102.055 billion yuan for 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is projected to be 11.981 billion yuan, 13.124 billion yuan, and 14.422 billion yuan for the same years, with year-on-year growth rates of 12%, 6%, and 11% [19][20]. - The company has 27 operational units with a total installed capacity of 30,568 MW and an average utilization of 7,509 hours, which is expected to improve further with the resumption of the Taishan unit [1][12][18]. Dividend Information - The company declared a dividend of 0.94 yuan per share for 2023, with a total payout of 4.747 billion yuan, maintaining a payout ratio of 44.26%, similar to the previous year [2][19].