CGN POWER(003816) 光大证券·2024-08-23 02:08Investment Rating - The report maintains a "Buy" rating for the company [3][4] Core Views - The company achieved stable performance in H1 2024, with revenue of 39.377 billion yuan, a year-on-year increase of 0.26%, and a net profit attributable to shareholders of 7.109 billion yuan, up 2.16% year-on-year [2] - The company is entering a peak period for new approvals and production, which is expected to accelerate growth [2][3] - The average market electricity price decreased by 2.10% year-on-year, impacting the gross margin of the power segment, which fell by 4.51 percentage points to 48.73% [2][3] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 20.195 billion yuan, a decrease of 3.77% year-on-year, and a net profit of 3.505 billion yuan, an increase of 0.93% year-on-year [2] - The total on-grid electricity generated was 1060.10 billion kWh in H1 2024, a slight increase of 0.09% year-on-year [2] - The company completed five annual refueling overhauls and four ten-year overhauls during the same period [2] Growth Potential - As of H1 2024, the company manages 10 approved and under-construction nuclear power units, with recent approvals for six new units totaling 7.348 million kW [3] - The company’s growth trend is confirmed with the increase in the scale of under-construction and approved units [3] Profit Forecast and Valuation - The report slightly lowers the profit forecasts for 2024, 2025, and 2026 to 11.330 billion yuan (down 2.5%), 12.688 billion yuan (down 4.5%), and 13.924 billion yuan (down 0.2%) respectively [3][4] - Corresponding EPS for these years are projected at 0.22, 0.25, and 0.28 yuan, with current PE ratios of 22X, 19X, and 18X [3][4]