CGN POWER(003816) 中国银河·2024-10-24 06:31Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Insights - The company reported a revenue of 62.27 billion yuan for the first three quarters of 2024, a year-on-year increase of 4.06%, and a net profit attributable to shareholders of 9.98 billion yuan, reflecting a 2.93% increase year-on-year [2]. - In Q3 2024, the company achieved a revenue of 22.89 billion yuan, up 11.31% year-on-year, and a net profit of 2.87 billion yuan, which is a 4.87% increase year-on-year [2]. - The company's power generation increased significantly in Q3 2024, with a total of 51.317 billion kWh generated, marking a 15% year-on-year growth, driven by the contributions from the Fangchenggang and Taishan nuclear power plants [2][3]. Financial Performance Summary - The company’s revenue is projected to reach 86.73 billion yuan in 2024, with a growth rate of 5.07%, and net profit is expected to be 11.12 billion yuan, reflecting a growth rate of 3.71% [4]. - The gross margin for 2024 is forecasted to be 34.82%, slightly down from 35.97% in 2023 [4]. - The company’s return on equity (ROE) for Q3 2024 was 2.46%, with a slight decrease in non-recurring ROE to 2.37% [2]. Long-term Growth Potential - As of September 30, 2024, the company manages 16 approved and under-construction nuclear power units, indicating a robust project pipeline and long-term growth potential [3]. - The company is expected to commission 1, 2, 2, 1, and 1 new units from 2025 to 2029, ensuring sustained growth [3]. Future Outlook - For Q4 2024, the company anticipates continued growth in power generation due to the operational contributions from the Fangchenggang and Taishan units, with fewer major repairs planned compared to the previous year [2].