Guoxin Securities·2024-04-26 03:00Investment Rating - The investment rating for China General Nuclear Power Corporation (003816.SZ) is "Buy" [1][4][17]. Core Views - The company's revenue for Q1 2024 reached 19.182 billion yuan, a year-on-year increase of 4.88%, primarily driven by growth in construction and design services [1][5]. - The total profit for Q1 2024 was 6.341 billion yuan, up 2.35% year-on-year, while the net profit attributable to shareholders was 3.604 billion yuan, reflecting a growth of 3.38% [1][5]. - The company completed six major overhauls in Q1 2024, which contributed to a slowdown in growth due to increased maintenance activities [1][5]. - The Taishan Unit 1 has resumed normal operations, with a significant increase in electricity generation, achieving 6.6 billion kWh, a 51.24% year-on-year growth [1][11]. - The Fangchenggang Unit 3 has reached full production capacity, and Unit 4 is expected to commence operations in the first half of 2024 [1][11]. Financial Summary - The company plans to invest a total of 30.59 billion yuan in 2024, a 7.2% increase year-on-year, with 25.21 billion yuan allocated for fixed asset investments [2][17]. - Revenue forecasts for 2024-2026 are projected at 88.481 billion yuan, 95.286 billion yuan, and 102.055 billion yuan, respectively, with net profits expected to be 11.981 billion yuan, 13.124 billion yuan, and 14.422 billion yuan [2][17]. - The earnings per share (EPS) are forecasted to be 0.24 yuan, 0.26 yuan, and 0.29 yuan for 2024, 2025, and 2026, respectively [2][17]. - The current price-to-earnings (PE) ratios are projected to be 17.4x, 16.1x, and 14.4x for the years 2024, 2025, and 2026 [2][17].