业绩符合预期,发电能力提升,释放业绩弹性
2024-04-02 16:00

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power (1816.HK) with a target price raised to HKD 2.78 [1][2][3] Core Views - The company's 2023 performance met expectations, with revenue of RMB 82.5 billion, a slight decrease of 0.33% year-on-year, and a net profit attributable to shareholders of RMB 10.7 billion, an increase of 7.64% year-on-year [1][2] - The report anticipates stable growth in earnings for 2024, driven by the completion of maintenance on the Taishan Unit 1 and the addition of the Fangchenggang Unit 4, which will enhance power generation capacity [1][2] - Financial expenses have decreased, and the debt structure has been optimized, with a debt-to-asset ratio of 60.2%, down 1.2% year-on-year [1][2] Financial Performance Summary - Revenue for 2023 was RMB 82.5 billion, with a growth rate of -0.33% compared to 2022 [2][8] - Net profit attributable to shareholders for 2023 was RMB 10.7 billion, reflecting a growth rate of 7.62% [2][8] - The company reported a gross margin of 35.97% for 2023, with an expected increase in gross margin to 36.19% in 2024 [2][8] Future Projections - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is RMB 11.5 billion, RMB 12.6 billion, and RMB 13.7 billion, respectively, with growth rates of 7.2%, 9.9%, and 8.5% [2][8] - The expected dividend per share for 2023 is RMB 0.094, with a payout ratio of 44.26%, which is an increase from the previous year [1][2] Project Pipeline - As of December 31, 2023, the company has 11 units under construction and a robust pipeline of future projects, indicating strong growth potential [1][2]

CGN POWER-业绩符合预期,发电能力提升,释放业绩弹性 - Reportify