CGN POWER(003816) 国金证券·2024-10-24 07:38Investment Rating - The report maintains a "Buy" rating for the company [4][12]. Core Views - The company reported a revenue of 62.27 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 4.1%, with Q3 revenue reaching 22.89 billion RMB, up 11.3% year-on-year [2]. - The net profit attributable to the parent company for the first three quarters of 2024 was 9.98 billion RMB, a 2.9% increase year-on-year, while Q3 net profit was 2.87 billion RMB, up 4.9% year-on-year, aligning with expectations [2]. - The increase in electricity generation is attributed to the operational contributions from the Fangchenggang and Taishan nuclear power plants, with a significant 52.9% year-on-year increase in electricity output for the first three quarters of 2024 [3]. Summary by Sections Financial Performance - The company is projected to achieve net profits of 11.93 billion RMB, 12.96 billion RMB, and 13.33 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.24, 0.26, and 0.26 RMB, leading to PE ratios of 18x, 16x, and 16x [4][8]. Operational Highlights - The Fangchenggang Unit 3 commenced operation in March 2023, and Unit 4 is expected to start in May 2024, contributing to the increase in electricity generation [3]. - The Huizhou Unit 1 has completed hot testing and is expected to be operational by 2025, while the Ningde Unit 5 has entered the construction phase [3]. Market Sentiment - The report indicates a strong market sentiment with a consistent "Buy" recommendation across multiple reports, reflecting confidence in the company's growth trajectory [11][12].