Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in Q1 2024 met expectations, with revenue of 19.2 billion RMB, a year-on-year increase of 4.9%, and a net profit of 3.6 billion RMB, up 3.4% year-on-year [7] - The target price has been raised to 3.24 HKD based on a 12x PE for 2024, reflecting the company's sustainable growth potential [7] - The company is expected to see steady growth in nuclear power capacity, with an average of 1-2 units expected to be commissioned annually from 2024 to 2028 [7][11] Financial Summary - Revenue for 2023 was 82.549 billion RMB, with a slight decrease of 0.3% compared to 2022 [5] - The gross profit for 2023 was 29.691 billion RMB, with a gross margin of 39.3%, down 2.0 percentage points year-on-year [7] - The net profit for 2023 is projected to be 10.725 billion RMB for 2024, reflecting a growth of 15.5% [5][7] Project Pipeline - The company is managing 11 units under construction with a total capacity of 13.2 GW, with several units expected to be operational between 2024 and 2028 [11]
中广核电力2024年一季报点评：业绩符合预期，低波稳健成长