Group 1 - The company,融发核电, has a sufficient backlog of orders and is progressing with production plans in an orderly manner [2] - The company is actively engaging in market sales through participation in bidding and business negotiations [2]

Core Insights - The company is actively promoting its nuclear safety (1E level) cable accessories and has established partnerships with major nuclear power companies in China, including China National Nuclear Corporation, China General Nuclear Power Group, and State Power Investment Corporation [1] - The company has achieved a leading bid-winning rate in the industry and has successfully applied its products in various domestic and international nuclear power projects [1] - The company has completed the research and certification of cable accessories for nuclear power plants with an 80-year lifespan, filling an international gap and reaching an advanced level globally [1] - The ongoing promotion of nuclear power projects is expected to positively impact the company's nuclear business, and the company plans to increase R&D investment and market expansion efforts to enhance product competitiveness and seize industry opportunities [1]

Investment Rating - The investment rating for China General Nuclear Power Corporation (003816.SZ) is "Outperform the Market" [5]. Core Views - The company's revenue for 2024 is projected to be 86.804 billion yuan, a year-on-year increase of 5.16%, while the net profit attributable to shareholders is expected to reach 10.814 billion yuan, growing by 0.83% [8][21]. - The company is experiencing growth in power generation, with a total output of 242.181 billion kWh in 2024, reflecting a 6.08% increase, despite a decline in average on-grid electricity prices and rising costs [8][19]. - The development of nuclear power units is proceeding in an orderly manner, with a total of 16 units under construction or approved for construction by the end of 2024, indicating a high certainty for the long-term development of the nuclear power business [2][19]. Summary by Sections Financial Performance - In 2024, the company's nuclear power business revenue is expected to be 65.932 billion yuan, accounting for 75.96% of total revenue, with a year-on-year growth of 5.46% [8]. - The average on-grid electricity price for 2024 is projected to be 0.4162 yuan/kWh, a decrease of 1.57% compared to the previous year [8]. - The cost per kWh for nuclear power is estimated at 0.2077 yuan, an increase of 0.0051 yuan from the previous year [8]. Future Projections - For 2025, the company anticipates a decline in net profit to 10.473 billion yuan, a decrease of 3% year-on-year, due to expected lower electricity prices [21]. - The projected revenue for 2025 is 88.784 billion yuan, with a growth rate of 2.3% [4][21]. - The company expects to maintain a steady increase in net profit in the following years, with estimates of 11.226 billion yuan in 2026 and 12.037 billion yuan in 2027 [21]. Operational Developments - The company has received approval for five nuclear power projects, totaling 11 units, with significant progress in construction schedules [2][19]. - The operational management of nuclear power units is expected to continue to grow, with new units coming online in the coming years [2][19].