CGN MINING(01164) 招银国际·2025-03-14 02:23Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Group (1164 HK) with a target price of HKD 2.36, representing a potential upside of 55.5% from the current price of HKD 1.52 [4][5][25] Core Insights - The profit warning issued by China General Nuclear Power Group indicates a projected net profit decline of HKD 130-180 million for 2024, primarily due to one-off items such as dividend withholding tax and fair value changes from stock exchanges [1][2] - Excluding these one-off factors, the pre-tax profit from ongoing operations is expected to grow by HKD 230-280 million in 2024, reflecting a year-on-year increase of 41-50%, slightly above previous forecasts [1][2] - The company reported a significant increase in income tax expenses for the first half of 2024, attributed to changes in Kazakhstan's tax policy regarding dividend withholding tax [1] Financial Summary - Revenue is projected to grow from HKD 7,363 million in FY23A to HKD 10,992 million in FY24E, representing a year-on-year growth rate of 49.3% [3][12] - Adjusted net profit is expected to decline from HKD 497.1 million in FY23A to HKD 443.4 million in FY24E, a decrease of 10.8% [3][12] - The company’s earnings per share (adjusted) is forecasted to decrease from HKD 6.54 in FY23A to HKD 5.83 in FY24E [3][12] Shareholder Structure - China General Nuclear Power Group holds a 56.9% stake in the company, with China Chengtong Holdings holding 10.0% [5] Stock Performance - The stock has experienced a decline of 2.6% over the past month and 7.9% over the past three months [6]