Investment Rating - The investment rating for China General Nuclear Power Corporation is "Buy" (maintained) [4] Core Views - The company's performance was below expectations, with the Daya Bay unit completing capacity expansion [4] - The company reported a revenue of 86.804 billion yuan in 2024, a year-on-year increase of 5.16%, and a net profit attributable to shareholders of 10.814 billion yuan, a year-on-year increase of 0.83% [6] - The company plans to distribute a cash dividend of 0.95 yuan per 10 shares, corresponding to a dividend payout ratio of 44.36% [6] Financial Summary - Revenue projections for the upcoming years are as follows: 87.604 billion yuan in 2025, 90.547 billion yuan in 2026, and 95.866 billion yuan in 2027, with growth rates of 0.92%, 3.36%, and 5.87% respectively [5] - Net profit attributable to shareholders is projected to be 10.823 billion yuan in 2025, 11.299 billion yuan in 2026, and 11.999 billion yuan in 2027, with growth rates of 0.09%, 4.39%, and 6.20% respectively [5] - The company has 16 units under construction, ensuring long-term growth in installed capacity [6] Operational Highlights - The Daya Bay nuclear power plant has increased its capacity by 42,000 kilowatts, which may enhance profitability if it can increase electricity supply to Hong Kong [6] - The average selling price of nuclear power in 2024 was 0.4162 yuan per kilowatt-hour, a decrease of 0.0785 yuan compared to 2023 [6] - The company managed to achieve an on-grid electricity generation of 227.284 billion kilowatt-hours in 2024, a year-on-year increase of 6.13% [6]

Core Viewpoint - The company reported a revenue of 86.804 billion yuan for 2024, a year-on-year decrease of 5.2%, while the net profit attributable to shareholders was 10.814 billion yuan, reflecting a slight increase of 0.8% year-on-year [1] Financial Performance - In Q4 2024, the company achieved a revenue of 24.534 billion yuan, an increase of 8.1% year-on-year, but the net profit attributable to shareholders was 0.830 billion yuan, a decrease of 19.0% year-on-year [1] - The company declared a cash dividend of 0.95 yuan per 10 shares for 2024, with a cash dividend payout ratio of 44.36%, slightly up from 44.26% in 2023 [1] - The operating cash flow for 2024 was 38.016 billion yuan, representing a year-on-year growth of 14.78% [3] Cost and Profitability Analysis - The company experienced a significant increase in income tax expenses and minority shareholder losses, which rose by 163.6% and 56.3% year-on-year, respectively [2] - The return on equity (ROE) for 2024 was 9.05%, a decrease of 0.42 percentage points year-on-year [2] - The sales gross margin decreased by 1.94 percentage points to 34.03%, primarily due to falling electricity prices and rising costs [2] - The company’s asset-liability ratio improved, dropping to 59.49% in 2024 [2] Operational Highlights - The company’s subsidiaries generated a total power output of 190.807 billion kWh in 2024, a year-on-year increase of 7.08% [4] - The average on-grid electricity price was 0.416 yuan/kWh, down 0.07 yuan/kWh or 1.57% year-on-year [4] - Despite a decrease in gross margin, the net profit from the power generation business remained stable at 17.245 billion yuan, nearly unchanged year-on-year [4] Future Outlook - The company plans to commission the Huizhou Unit 1, which is expected to support performance in 2025 [5] - The company anticipates achieving net profits of 10.440 billion, 11.126 billion, and 12.259 billion yuan for 2025-2027, with corresponding price-to-earnings ratios of 18.09x, 16.98x, and 15.41x [5]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [3][15]. Core Views - The company achieved an operating revenue of 86.804 billion yuan in 2024, a year-on-year increase of 5.16%, and a net profit attributable to shareholders of 10.814 billion yuan, up 0.83% year-on-year [7][15]. - The company’s average on-grid electricity price in 2024 was 0.416 yuan per kilowatt-hour, a decrease of 1.57% year-on-year, while the average market transaction price was approximately 0.3869 yuan per kilowatt-hour, down 3.85% year-on-year [8][10]. - The company managed to increase its total power generation to approximately 242.181 billion kilowatt-hours, a growth of 6.08% compared to 2023 [8][10]. - The company plans to conduct 19 major overhauls in 2025, with a total overhaul duration of approximately 713 days in 2024, which is a reduction of about 207 days from 2023 [9][10]. - The company’s financing costs have decreased, and the cash dividend ratio has been continuously improved, with a proposed dividend of 4.797 billion yuan for 2024, raising the dividend ratio to 44.36% [14][15]. Summary by Sections Financial Performance - The company’s total revenue for 2024 was 86.804 billion yuan, with a net profit of 10.814 billion yuan, reflecting stable growth despite market price fluctuations [7][8]. - The company’s financial expenses decreased by 9.40% year-on-year to 5.133 billion yuan in 2024 [14]. Power Generation and Capacity - The company operates 28 nuclear power units with a total power generation of approximately 242.181 billion kilowatt-hours, marking a 6.08% increase from the previous year [8][10]. - The company’s total installed capacity reached 43.814 million kilowatts, accounting for 45.02% of the national total for operational and under-construction nuclear power units [13][10]. Future Outlook - The company is expected to see net profits of 10.968 billion yuan, 11.688 billion yuan, and 13.215 billion yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 0.22, 0.23, and 0.26 yuan [15][16]. - The company’s market transaction electricity volume is projected to increase, which may impact the average electricity price in 2025 [15].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [33]. Core Views - The company achieved an operating revenue of 86.804 billion yuan in 2024, a year-on-year increase of 5.16%, and a net profit attributable to shareholders of 10.814 billion yuan, up 0.83% year-on-year [7][16]. - The average on-grid electricity price for the company in 2024 was 0.416 yuan per kilowatt-hour, a decrease of 1.57% compared to the previous year, while the average market transaction price fell by 3.85% to approximately 0.3869 yuan per kilowatt-hour [8][10]. - The company managed to increase its total power generation to approximately 242.181 billion kilowatt-hours, a growth of 6.08% year-on-year, with significant contributions from its subsidiaries [8][10]. - The company is in a phase of large-scale nuclear power station construction, with a total installed capacity of 43.814 million kilowatts, accounting for 45.02% of the national total [11][13]. - The company plans to increase its cash dividend to 4.797 billion yuan for 2024, raising the dividend payout ratio to 44.36% [14]. Summary by Sections Financial Performance - The company reported a total operating revenue of 86.804 billion yuan for 2024, with a net profit of 10.814 billion yuan, reflecting stable growth despite market challenges [7][16]. - The company’s financial expenses decreased by 9.40% year-on-year to 5.133 billion yuan, aided by lower debt financing costs [14]. Market Position and Growth - The company’s nuclear power generation capacity is expected to grow, with new units coming online and ongoing projects in development [10][11]. - The company’s market share in the national on-grid electricity generation reached 54.38% in 2024, highlighting its significant role in the industry [10]. Future Outlook - The company forecasts net profits of 10.968 billion yuan, 11.688 billion yuan, and 13.215 billion yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 0.22, 0.23, and 0.26 yuan [15][16]. - The anticipated decline in market electricity prices in the Guangdong and Guangxi regions may impact the company’s average electricity price in 2025, but the overall power generation volume is expected to maintain an upward trend [15].

事件： 03 月27 日，公司发布2024 年年度报告。公司2024 年实现营收868.04亿元，同比+5.16%，归母 净利润108.14 亿元，同比+0.83%。24Q4 单季度公司实现营业收入245.34 亿元，同比+8.05%，归母净利 润8.30 亿元，同比-18.98%。 2024 年公司向全体股东每 10 股派发现金红利人民币 0.95 元（含税），预计现金分红总额约为 47.97 亿 元，占本年度净利润比例约为 44.36%；公司近年股利支付率逐步提升。 2024 年在建、在运、核准均有增量，核电成长性确定。2024 年，公司控股在建及在运机组容量分别为 731.8 万千瓦及2508.4 万千瓦，同比增长373 万千瓦及123 万千瓦。控股在建机组中，1 台处于设备安装 阶段（陆丰5 号机组，预期2027年投产），2 台处于土建施工阶段（分别为陆丰6 号机组以及陆丰1 号机 组，预期2028 年及2030 年投产），3 台处于FCD 准备阶段。从投产节奏来看，考虑公司控股、合营及 来自控股股东委托管理的在建机组投产规划，公司25-30 年新增机组分别为1（惠州1 号机组）、2（惠 州2 号机组 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment returns over the next 6-12 months [6]. Core Insights - The company achieved a revenue of 868.04 billion RMB in 2024, representing a year-on-year increase of 5.16%, with a net profit attributable to shareholders of 108.14 billion RMB, up by 0.83% [1]. - The company continues to expand its nuclear power capacity, with significant growth in both operational and under-construction units, ensuring stable growth prospects [3]. - The average on-grid electricity price for 2024 was 0.416 RMB/kWh, a decrease of 1.57% year-on-year, impacting overall revenue from the electricity segment [2]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 245.34 billion RMB, an increase of 8.05% year-on-year, but a net profit of 8.30 billion RMB, which is a decline of 18.98% [1]. - The company plans to distribute a cash dividend of 0.95 RMB per share, totaling approximately 47.97 billion RMB, which is about 44.36% of the net profit for the year [1]. Operational Highlights - The total on-grid electricity generated in 2024 was 1790.12 billion kWh, an increase of 7.15% year-on-year, with notable contributions from the newly operational units [2]. - The company has a robust pipeline of new nuclear projects, with a total of 731.8 MW under construction and 2508.4 MW in operation, reflecting a year-on-year increase of 373 MW and 123 MW respectively [3]. Profitability and Valuation - The report projects a decline in net profit for 2025 and 2026, with estimates of 107.57 billion RMB and 117.33 billion RMB respectively, while introducing a new estimate for 2027 at 120.10 billion RMB [4]. - The earnings per share (EPS) are projected to be 0.21 RMB for 2025, 0.23 RMB for 2026, and 0.24 RMB for 2027, with corresponding price-to-earnings (P/E) ratios of 17, 16, and 15 [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a slight increase in annual performance, with a total revenue of 86.804 billion yuan in 2024, representing a year-on-year growth of 5.16%. The net profit attributable to the parent company was 10.814 billion yuan, a growth of 0.83% year-on-year [7] - The company is set to benefit from the approval of convertible bonds, which will support its growth in installed capacity. The planned issuance of convertible bonds aims to raise up to 4.9 billion yuan for the construction of the Guangdong Lufeng Nuclear Power Plant [7] - The company has a total of 16 nuclear power units under construction, with several units expected to be operational in the coming years, ensuring stable growth in performance [7] Financial Data and Profit Forecast - Total revenue is projected to reach 88.092 billion yuan in 2025, with a year-on-year growth rate of 1.5%. The net profit attributable to the parent company is expected to be 11.270 billion yuan, reflecting a growth of 4.2% [6] - The average market electricity price decreased by 3.85% to 0.39 yuan per kilowatt-hour in 2024, impacting revenue growth [7] - The company’s financial expenses are expected to decrease due to lower interest rates, with a forecasted financial expense of 5.133 billion yuan in 2024, down by 5.33 billion yuan year-on-year [7]

Investment Rating - The report maintains a "Recommendation" rating for China General Nuclear Power Corporation (CGN) [1][9] Core Views - The company is expected to have sufficient growth potential in the long term, supported by stable power generation and a strong project pipeline [9] - Revenue for Q4 2024 reached 24.534 billion, a year-on-year increase of 8.05%, while total revenue for 2024 was 86.804 billion, up 5.16% year-on-year [1] - The net profit attributable to shareholders for Q4 2024 was 0.830 billion, a decrease of 18.98% year-on-year, with a total net profit of 10.814 billion for 2024, reflecting a growth of 0.83% [1] Summary by Sections Revenue and Profitability - In 2024, the total installed capacity of the company was 31.798 GW, with total power generation of approximately 242.181 billion kWh, a year-on-year increase of 6.08% [2] - The total grid-connected power was about 227.284 billion kWh, also up 6.13% year-on-year [2] - The increase in costs, particularly in nuclear fuel, fixed asset depreciation, and provisions for spent fuel disposal, negatively impacted performance, with costs rising by 13.12%, 11.59%, and 17.43% respectively [2] Project Development - As of August 19, 2024, five nuclear power projects, including the Zhaoyuan Phase I and Lufeng Phase I projects, were approved, marking a significant step in project reserves [3] - The Huizhou Unit 1 is in the commissioning phase and is expected to be operational by 2025, while Cangnan Unit 1 and Huizhou Unit 2 are in equipment installation and commissioning stages, expected to be operational by 2026 [3] - By the end of 2024, the company had eight nuclear power units under construction with a total capacity of 9,738 MW, a year-on-year increase of 62.08% [3] Financial Projections - The financial forecast for 2024A to 2027E shows total revenue increasing from 86.804 billion in 2024 to 106.097 billion in 2027, with corresponding growth rates of 5.2%, 4.2%, 7.7%, and 8.9% [4] - The net profit attributable to shareholders is projected to grow from 10.814 billion in 2024 to 12.175 billion in 2027, with growth rates of 0.8%, 0.4%, 4.8%, and 7.0% respectively [4] - The target price is set at 4.3 yuan, with an expected upside of approximately 18% from the current price of 3.64 yuan [4][9]

Investment Rating - The investment rating for China General Nuclear Power Corporation (CGN) is "Buy" (maintained) [1] Core Views - The report highlights that CGN achieved a total revenue of 86.804 billion yuan in 2024, representing a year-on-year increase of 5.16%. The net profit attributable to shareholders was 10.814 billion yuan, up 0.83% year-on-year [7] - The nuclear power segment saw a revenue increase of 5.5% to 65.932 billion yuan, while the gross profit margin for this segment was 43.6%, down 2.3 percentage points year-on-year [7] - The report indicates a stable growth in electricity generation, with a 6.1% increase in electricity sold in 2024, significantly contributed by the Fangchenggang and Taishan projects [7] - The overall electricity price remained stable, with a slight decrease in gross profit per kilowatt-hour [7] - The company has a robust pipeline of projects, with 28 operational units and 8 units under construction, indicating a strong growth trajectory [7] - Financial expenses decreased, leading to a debt-to-asset ratio of 59.49% [7] - The report projects a net profit of 12.694 billion yuan for 2027, with corresponding P/E ratios of 18, 17, and 14 for the years 2025, 2026, and 2027 respectively [7] Summary by Sections Financial Performance - Total revenue for 2024 was 86.804 billion yuan, with a year-on-year growth of 5.16% [7] - Net profit attributable to shareholders was 10.814 billion yuan, reflecting a 0.83% increase year-on-year [7] - The gross profit margin for the nuclear power segment was 43.6%, down from the previous year [7] Electricity Generation - The total electricity sold increased by 6.1% in 2024, with significant contributions from the Fangchenggang and Taishan projects [7] - The average electricity price was 0.368 yuan per kilowatt-hour, a decrease of 2% year-on-year [7] Project Pipeline - CGN has 28 operational units and 8 units under construction, indicating a strong project pipeline and growth potential [7] Financial Health - The company reported a decrease in financial expenses, resulting in a debt-to-asset ratio of 59.49% [7] - The projected net profit for 2027 is 12.694 billion yuan, with P/E ratios of 18, 17, and 14 for the years 2025, 2026, and 2027 respectively [7]

Investment Rating - The report maintains an "Accumulate" rating with a target price of 4.48, down from the previous forecast of 5.75 [6][13]. Core Insights - The company's operational performance in Q4 2024 met expectations, with significant room for installed capacity growth and notable dividend value [3][13]. - For 2024, the company is projected to achieve revenue of 86.8 billion yuan, a year-on-year increase of 5.1%, and a net profit attributable to shareholders of 10.81 billion yuan, reflecting a 0.8% increase year-on-year [13]. - The company has a robust pipeline with 16 approved nuclear power units under management, of which 7 are under construction and 9 are in the preparation stage for FCD, totaling an installed capacity of 19.4 GW [13]. Financial Summary - Revenue for 2023 was 82.549 billion yuan, with projections for 2024 at 86.804 billion yuan, indicating a growth of 5.2% [5]. - Net profit attributable to shareholders for 2023 was 10.725 billion yuan, with a slight increase to 10.814 billion yuan expected in 2024 [5]. - The earnings per share (EPS) is projected to remain stable at 0.21 yuan for 2024, with a slight increase to 0.23 yuan in 2026 and 0.25 yuan in 2027 [5][14]. Market Data - The company's current stock price is 3.65 yuan, with a 52-week price range of 3.58 to 5.21 yuan [7]. - The total market capitalization is approximately 184.32 billion yuan, with a total share capital of 50.499 billion shares [7]. Dividend Policy - The company plans to distribute a dividend of 0.095 yuan per share for 2024, resulting in a payout ratio of 44.4%, which is an increase of 0.1 percentage points year-on-year [13].