CGN POWER(003816) 招商证券·2025-03-27 02:32Investment Rating - The report maintains a rating of "Add" for the company [4] Core Views - The company achieved a revenue of 86.804 billion yuan in 2024, representing a year-on-year increase of 5.16%, and a net profit attributable to shareholders of 10.814 billion yuan, up 0.83% year-on-year [1][7] - The company plans to distribute a cash dividend of 0.095 yuan per share, totaling 4.797 billion yuan, with a dividend payout ratio of 44.36% [7] - The company’s operational nuclear power generation increased by 6.13% year-on-year, contributing to a stable revenue performance despite a slight decline in average electricity prices [7] - The company is expected to benefit from the injection of nuclear power assets, with plans to add 1-2 new units annually from 2025 to 2030 [7][8] Financial Data and Valuation - The company’s total revenue is projected to grow from 88.827 billion yuan in 2025 to 101.227 billion yuan in 2027, with respective year-on-year growth rates of 2% and 8% [3][11] - The net profit attributable to shareholders is forecasted to reach 12.876 billion yuan by 2027, reflecting a growth of 11% from 2026 [8] - The company’s price-to-earnings (PE) ratio is expected to decrease from 17.2x in 2025 to 14.7x in 2027, indicating potential valuation improvement [8]