CGN POWER(003816) 民生证券·2025-03-28 02:25Investment Rating - The report maintains a "Cautious Recommendation" rating for China General Nuclear Power Corporation (003816.SZ) with a current price of 3.65 yuan [6]. Core Views - The company achieved a slight increase in annual performance, with total revenue of 86.804 billion yuan in 2024, up 5.16% year-on-year, and a net profit attributable to shareholders of 10.814 billion yuan, up 0.83% year-on-year [1]. - The operational management of nuclear power units led to a year-on-year increase in electricity generation by 7.08%, although lower electricity prices and rising costs impacted profitability [2]. - The company has a sufficient pipeline of projects, with 16 approved and under construction nuclear power units, and is expected to inject managed assets into the listed company by 2025 [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 86.804 billion yuan, with a net profit of 10.814 billion yuan and basic earnings per share of 0.214 yuan [1]. - The gross profit margin was 34.03%, a decrease of 1.94 percentage points year-on-year, while the net profit margin was 20.10%, down 0.55 percentage points [1]. Operational Highlights - The total electricity generation for 2024 was approximately 1908.07 billion kWh, an increase of 7.08% year-on-year, with total grid-connected electricity of about 1790.12 billion kWh, up 7.15% [2]. - The average on-grid electricity price fell to 0.416 yuan/kWh, a decrease of 1.57% year-on-year, influenced by market price declines [2]. Future Outlook - The company has several upcoming projects, including the commissioning of the Lufeng 5 and 6 units in 2027 and 2028, and the Huizhou 1 and 2 units expected to be operational in 2025 and 2026 [3]. - Long-term growth potential remains strong due to the anticipated injection of managed assets and the commissioning of new units [4]. Profit Forecast - The profit forecast for 2025, 2026, and 2027 is 10.462 billion yuan, 11.115 billion yuan, and 11.769 billion yuan respectively, with corresponding earnings per share of 0.21 yuan, 0.22 yuan, and 0.23 yuan [5].