CGN POWER(003816) 申万宏源·2024-10-24 08:38Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. 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%, with a net profit attributable to shareholders of 9.98 billion yuan, up 2.93% [5]. - The company's power generation increased significantly, with a total generation of approximately 178.07 billion kWh for the first nine months of 2024, representing a 4.93% year-on-year growth [5]. - The company has received approval for six new nuclear units, entering a phase of intensive construction and commissioning, which is expected to support stable growth in future earnings [5]. - Financial costs have decreased due to interest rate cuts, with financial expenses for the first nine months of 2024 amounting to 3.88 billion yuan, a reduction of 348 million yuan year-on-year [5]. Summary by Sections Market Data - Closing price: 4.22 yuan - One-year high/low: 5.25/2.91 yuan - Market capitalization: 165,994 million yuan [2]. Financial Data - Net asset per share: 2.35 yuan - Debt-to-asset ratio: 59.45% - Total shares: 50,499 million [3]. Earnings Forecast - Projected net profit for 2024-2026: 12.20 billion, 12.91 billion, and 13.98 billion yuan respectively, with corresponding PE ratios of 17, 17, and 15 [6][7].