CGN POWER(003816) 东吴证券·2025-01-14 01:22Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Corporation (CGN) [1] Core Views - The company plans to acquire 100% equity of Taishan Second Nuclear Power from its parent company, which is expected to enhance its project reserves and expand its operations [7] - The company anticipates a 6.1% year-on-year increase in on-grid electricity in 2024, driven by significant contributions from Fangchenggang and Taishan projects [7] - The report projects steady growth in revenue and net profit, with net profit estimates of 11.8 billion, 12.3 billion, and 13.3 billion RMB for 2024, 2025, and 2026 respectively [7] Financial Summary - Total revenue for 2024 is estimated at 87.7 billion RMB, reflecting a 6.23% increase from 2023 [8] - The projected net profit for 2024 is 11.8 billion RMB, with a year-on-year growth rate of 10% [8] - The earnings per share (EPS) is expected to be 0.23 RMB in 2024, with a price-to-earnings (P/E) ratio of 15.33 [1][8]