CGN POWER(003816) 东吴证券·2024-10-25 03:30Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Corporation (CGN) [1] Core Views - The company achieved a revenue of 62.27 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 4.06%. The net profit attributable to shareholders was approximately 9.984 billion yuan, up 2.93% year-on-year [1] - Significant growth in electricity generation was noted, with total electricity generation from operational nuclear units reaching approximately 1668.90 billion kWh, a year-on-year increase of 4.97% [1] - New project approvals are accelerating growth, with the Ningde Unit 5 project commencing full construction. By June 30, 2024, the company managed 28 operational units and 10 under construction [1] - The company plans to conduct 18 major overhauls throughout the year, with an accelerated pace compared to the previous year [1] - Cost control measures have been effective, with total expenses decreasing by 7.67% year-on-year to 6.575 billion yuan [1] Summary by Sections Revenue and Profit Growth - In Q3 2024, the company reported a revenue of 22.893 billion yuan, an increase of 11.31% year-on-year, and a net profit of 2.874 billion yuan, up 4.87% year-on-year [1] - The increase in revenue was primarily driven by a rise in electricity generation and reduced financial expenses [1] Project Development - The company received approval for six new units, enhancing its growth trajectory, with a projected nuclear power capacity of 51.13 million kW by 2030, a 67% increase from 2023 [1] - The construction of Ningde Unit 5 is expected to contribute to performance growth from 2025 to 2029 [1] Maintenance and Overhaul - The company completed 10 annual refueling overhauls and plans to initiate three additional overhauls in Q4 2024 [1] Financial Management - The company reported a decrease in total expenses, with a reduction in the expense ratio by 1.34 percentage points to 10.56% [1] - The report forecasts net profits of 11.797 billion yuan for 2024, with a price-to-earnings ratio (P/E) of 18 times [1]