CGN POWER(003816) 新浪财经·2025-03-27 04:36Core 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]