Core Viewpoint - China General Nuclear Power Corporation (CGN) reported a revenue of 86.804 billion yuan for 2024, a year-on-year increase of 5.16%, with a net profit of 10.814 billion yuan, up 0.83% [1] Financial Performance - The company plans to distribute a cash dividend of 0.95 yuan per 10 shares (including tax) [1] - The growth rate of net profit is lower than that of revenue due to a significant increase in the online electricity volume of subsidiaries with lower shareholding ratios, while those with higher ratios saw a decline [1] Operational Capacity - CGN managed a total online electricity volume of 227.284 billion kWh in 2024, accounting for 54.38% of the national nuclear power online electricity volume [2] - As of the end of 2024, CGN operated 28 nuclear power units and had 16 under construction, with installed capacities of 31,798 MW and 19,406 MW, respectively, representing 45.02% of the national total [2] - The company expects a steady increase in operational capacity as new units are commissioned, with the Huizhou units expected to be operational by 2025 and 2026 [2] Project Development - In 2024, CGN received national approval for six nuclear power units and is preparing for projects approved in 2023 and 2024 [3] - The company anticipates capital expenditures of 21.168 billion yuan in 2024, potentially doubling in 2025 if project preparations are sufficient [3] - Approximately 70% of the funding for projects will be sourced through loans, with efforts to reduce financing costs and maintain a reasonable debt ratio [3] Market Dynamics - The average market electricity price for CGN's operational nuclear units decreased by about 3.85% compared to 2023 due to overall market price declines [4] - In 2025, CGN plans to have 10 nuclear units in Guangdong participate in market trading, with an estimated market trading volume of 27.3 billion kWh [4] - The company has locked in approximately 32.1 billion kWh of monthly trading electricity in Guangdong, with market prices in Guangxi and Guangdong lower than the previous year [5]

Investment Rating - The report maintains a "Cautious Recommendation" rating for China General Nuclear Power Corporation (003816.SZ) with a current price of 3.65 yuan [6]. Core Views - The company achieved a slight increase in annual performance, with total revenue of 86.804 billion yuan in 2024, up 5.16% year-on-year, and a net profit attributable to shareholders of 10.814 billion yuan, up 0.83% year-on-year [1]. - The operational management of nuclear power units led to a year-on-year increase in electricity generation by 7.08%, although lower electricity prices and rising costs impacted profitability [2]. - The company has a sufficient pipeline of projects, with 16 approved and under construction nuclear power units, and is expected to inject managed assets into the listed company by 2025 [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 86.804 billion yuan, with a net profit of 10.814 billion yuan and basic earnings per share of 0.214 yuan [1]. - The gross profit margin was 34.03%, a decrease of 1.94 percentage points year-on-year, while the net profit margin was 20.10%, down 0.55 percentage points [1]. Operational Highlights - The total electricity generation for 2024 was approximately 1908.07 billion kWh, an increase of 7.08% year-on-year, with total grid-connected electricity of about 1790.12 billion kWh, up 7.15% [2]. - The average on-grid electricity price fell to 0.416 yuan/kWh, a decrease of 1.57% year-on-year, influenced by market price declines [2]. Future Outlook - The company has several upcoming projects, including the commissioning of the Lufeng 5 and 6 units in 2027 and 2028, and the Huizhou 1 and 2 units expected to be operational in 2025 and 2026 [3]. - Long-term growth potential remains strong due to the anticipated injection of managed assets and the commissioning of new units [4]. Profit Forecast - The profit forecast for 2025, 2026, and 2027 is 10.462 billion yuan, 11.115 billion yuan, and 11.769 billion yuan respectively, with corresponding earnings per share of 0.21 yuan, 0.22 yuan, and 0.23 yuan [5].

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6]. Core Views - The company achieved a slight increase in annual performance, with total revenue of 86.804 billion yuan, up 5.16% year-on-year, and a net profit attributable to shareholders of 10.814 billion yuan, up 0.83% year-on-year [1]. - The operational management of nuclear power units led to a year-on-year increase in electricity generation of 7.08%, although lower electricity prices and rising costs impacted profitability [2]. - The company has a sufficient pipeline of projects, with 16 approved and under construction nuclear power units, and is expected to inject managed assets into the listed company by 2025 [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 24.534 billion yuan, an increase of 8.05% year-on-year, but a net profit of 830 million yuan, down 18.98% year-on-year [1]. - The average on-grid electricity price decreased by 1.57% to 0.416 yuan/kWh, while the average market electricity price fell by approximately 3.85% [2]. Future Outlook - The company anticipates continued contributions from the newly operational Fangchenggang Unit 4, although it faces significant electricity price pressures in 2025 due to long-term contract price declines in regions like Guangdong [4]. - Profit forecasts for 2025, 2026, and 2027 are adjusted to 10.462 billion yuan, 11.115 billion yuan, and 11.769 billion yuan respectively, with corresponding EPS of 0.21, 0.22, and 0.23 yuan [4][5]. Project Pipeline - The company has received approval for six new units, with operational dates for various units planned between 2025 and 2029, indicating strong future growth potential [3].

Financial Performance - In 2024, the company achieved a total electricity generation of 227.284 billion kWh, a year-on-year increase of 6.13% [2] - The total revenue for 2024 was RMB 86.804 billion, reflecting a growth of 5.16% compared to the previous year [2] - The net profit attributable to shareholders was RMB 10.814 billion, up by 0.83% year-on-year, while the net profit after deducting non-recurring gains and losses was RMB 10.713 billion, an increase of 0.94% [2] - The EBITDA for 2024 was RMB 40.621 billion, representing a growth of approximately 5.32% [4] - The return on equity (ROE) was 9.3%, and the operating net cash flow was RMB 38.016 billion, up by 14.8% [4] - The company proposed a cash dividend of RMB 0.095 per share (including tax), with a payout ratio of 44.36% [2] Operational Highlights - The average utilization hours for the 28 operational nuclear units were 7,710 hours, showing an improvement from 2023 [2] - The company conducted 20 major overhauls in 2024, with a total downtime of approximately 713 days, which is a decrease from 2023 [2] - The marketization ratio was approximately 50.94%, remaining stable compared to 2023 [2] Project Development - As of the end of 2024, the company managed 16 units under construction, including five newly approved nuclear projects [3] - The "Hualong One" demonstration project was fully completed and began operations on May 25, 2024 [3] Future Plans - In 2025, the company plans to conduct 19 major overhauls and enhance market development efforts to secure more electricity generation and favorable market prices [4] - The company aims to maintain stable overall operational performance while advancing the construction of ongoing projects and preparing for new project approvals [4] Market and Pricing - The average market transaction price for electricity was approximately RMB 0.3869 per kWh, which has decreased compared to 2023 due to regional market price declines [2] - The company expects to participate in market transactions for over 32 billion kWh of electricity in 2025, an increase from 2024 [5] Shareholder Engagement - The company emphasizes shareholder returns and plans to balance capital expenditures with dividend policies, ensuring stable and predictable cash dividends [6] - A comprehensive value management system has been established to enhance communication with the capital market and improve long-term company value [7]

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Corporation (003816.SZ) [1] Core Views - The company reported a revenue of 86.804 billion yuan for 2024, a year-on-year increase of 5.2%, and a net profit attributable to shareholders of 10.814 billion yuan, reflecting a growth of 0.8% [3] - The company is expected to benefit from the upcoming commissioning of the Huizhou Unit 1, which is anticipated to support performance in 2025 [3] - The report forecasts net profits for 2025, 2026, and 2027 to be 10.440 billion yuan, 11.126 billion yuan, and 12.259 billion yuan respectively, with corresponding P/E ratios of 18.09x, 16.98x, and 15.41x [3][4] Financial Performance Summary - In Q4 2024, the company achieved a revenue of 24.534 billion yuan, up 8.1% year-on-year, but the net profit decreased by 19.0% to 830 million yuan [3] - The average on-grid electricity price for 2024 was 0.416 yuan/kWh, a decrease of 1.57% year-on-year [3] - The company’s operating cash flow for 2024 was 38.016 billion yuan, an increase of 14.78% year-on-year [3] Operational Highlights - The total electricity generation for 2024 was 1,908.07 billion kWh, a year-on-year increase of 7.08%, primarily due to the commissioning of the Fangchenggang Unit 4 and the resumption of operations at Taishan Unit 1 [3] - The company plans to conduct 19 refueling overhauls in 2025, including two ten-year overhauls and one first-time overhaul [3] Financial Projections - Revenue is projected to slightly decline to 86.782 billion yuan in 2025, followed by growth to 92.257 billion yuan in 2026 and 99.473 billion yuan in 2027 [4][6] - The gross margin is expected to decrease to 31.45% in 2025, with a gradual recovery to 31.80% by 2027 [6]

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported a revenue of 86.8 billion yuan for 2024, reflecting a year-on-year increase of 5.2%, and a net profit attributable to shareholders of 10.81 billion yuan, up 0.8% year-on-year [1] Operational Analysis - The company achieved a total nuclear power generation of 227.28 billion kWh in 2024, representing a year-on-year growth of 6.1%, primarily driven by the increased output from the Fangchenggang power plant, which saw a 19.99% rise in generation [2] - The Taishan nuclear power plant's recovery and reduced maintenance downtime contributed to a significant 52.3% increase in its output [2] - The Daya Bay 2 unit has received an updated license, increasing its installed capacity from 984 MW to 1026 MW [2] - Operating costs were impacted by the provision for spent fuel disposal, with nuclear fuel costs rising by 13.1%, depreciation by 11.6%, and spent fuel disposal provisions by 17.4% [2] Project Development - The company has a robust project pipeline, with expectations to commission a total of 4 units at Huizhou and Cangnan sites between 2025 and 2027, and 3 units at Lufeng and Ningde sites between 2027 and 2029 [3] - The company announced the acquisition of the Taishan II nuclear plant, which is expected to enhance its future development capabilities [3] - Projected net profits for 2025, 2026, and 2027 are estimated at 11.11 billion yuan, 11.29 billion yuan, and 13.01 billion yuan respectively, with corresponding EPS of 0.22, 0.22, and 0.26 yuan, and PE ratios of 17, 17, and 15 [3]

Investment Rating - The report maintains a rating of "Add" for the company [4] Core Views - The company achieved a revenue of 86.804 billion yuan in 2024, representing 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 [1][7] - The company plans to distribute a cash dividend of 0.095 yuan per share, totaling 4.797 billion yuan, with a dividend payout ratio of 44.36% [7] - The company’s operational nuclear power generation increased by 6.13% year-on-year, contributing to a stable revenue performance despite a slight decline in average electricity prices [7] - The company is expected to benefit from the injection of nuclear power assets, with plans to add 1-2 new units annually from 2025 to 2030 [7][8] Financial Data and Valuation - The company’s total revenue is projected to grow from 88.827 billion yuan in 2025 to 101.227 billion yuan in 2027, with respective year-on-year growth rates of 2% and 8% [3][11] - The net profit attributable to shareholders is forecasted to reach 12.876 billion yuan by 2027, reflecting a growth of 11% from 2026 [8] - The company’s price-to-earnings (PE) ratio is expected to decrease from 17.2x in 2025 to 14.7x in 2027, indicating potential valuation improvement [8]

2024年，中国广核管理的核电站总上网电量为2272.84亿千瓦时，占全国核电机组上网电量的54.38%。 公司在运核电机组的上网电价分为计划电价和市场电价两类，其中计划电价由有关政府部门核准批复， 市场电价通过市场化交易方式形成。2024年，由于电力市场整体交易价格有所下降，公司平均市场电价 较2023年下降约3.85%。 截至2024年末，中国广核管理28台在运核电机组和16台在建核电机组（含公司控股股东委托管理的8台 机组），装机容量分别为31798兆瓦和19406兆瓦，占全国在运及在建核电总装机容量的45.02%。2024 年，中国广核旗下多个项目投运或获得核准。 据中电联《2024年全国电力工业统计快报》，截至2024年12月31日，中国内地在运核电机组装机规模约 为6083万千瓦，占全部装机容量的1.8%。核电在我国能源结构中的占比仍然很低。 未来几年，核电将迎来更多机遇。2024年12月15日，在2025年全国能源工作会议上，国家能源局党组书 记、局长王宏志表示，目前我国核电在运在建规模升至世界第一。2025年，我国将核准开工一批条件成 熟的沿海核电项目，稳步推进在建核电工程建设。到2025年底 ...

| 法国电力国际公司及其子公司 | | | | 预付款项 | 32,411.68 | | | --- | --- | --- | --- | --- | --- | --- | | 34,816.28 | - | 33,706.94 | 33,521.02 备件采购款 | | 经营性往来 | | | | | 响的少数股东 | | | | | | 中国能源建设集团广东省电力设计研究院 | | 对 | 子 公 司 | 有 重 大 影 | | | | | | | 预付款项 | 5.89 | | | | 456.06 | - | 5.89 | 456.06 工程款 | | 经营性往来 | | | 有限公司 | | 响的少数股东 | | | | | | 总计 | | | | 3,422,625.34 | 64,235,975.66 | 25,772.82 | | 64,241,270.53 | 3,443,103.29 | | | | | | | | | | | 第 3 页 | | | | (本页为签字页，无正文) | | | | | | | | 此汇总表已于 2025 年 | 3 月 | 26 日获董事会批准。 | ...

金额 合计贷款金额 合计还款 | 中广核财务有限责任公司 | | | 受同一集团控制，与本 | 2024.1.1-2024.12.31： | 2.25%-3.45% | 11,856,170,880.37 | 24,916,306,530.02 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 23,677,542,927.99 | | 13,094,934,482.40 | | | | | | | | | | 公司存在关联关系的企 | 40,000,000,000.00 | | | | | | | 业集团财务公司 | | | | | | | | | | 关联方 | | | 关联关系 | | 业务类型 | | 总 | | | 额 | | 实际发生额 | | | | | | | | 中广核财务有限责任公司 | | | | 受同一集团控制，与本公司存在关联 | | 金融服务手续费 | | 2024.1.1- | | 2024.12.31： | | 1,383,883.72 | | | | | | | | | | | 关系的企业集团财务公司 ...