CGN POWER(003816) 每日经济新闻·2025-03-28 07:07Core 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]