CGN POWER(003816) 民生证券·2025-03-28 02:23Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6]. Core Views - The company achieved a slight increase in annual performance, with total revenue of 86.804 billion yuan, 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 of 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 Q4 2024, the company reported revenue of 24.534 billion yuan, an increase of 8.05% year-on-year, but a net profit of 830 million yuan, down 18.98% year-on-year [1]. - The average on-grid electricity price decreased by 1.57% to 0.416 yuan/kWh, while the average market electricity price fell by approximately 3.85% [2]. Future Outlook - The company anticipates continued contributions from the newly operational Fangchenggang Unit 4, although it faces significant electricity price pressures in 2025 due to long-term contract price declines in regions like Guangdong [4]. - Profit forecasts for 2025, 2026, and 2027 are adjusted to 10.462 billion yuan, 11.115 billion yuan, and 11.769 billion yuan respectively, with corresponding EPS of 0.21, 0.22, and 0.23 yuan [4][5]. Project Pipeline - The company has received approval for six new units, with operational dates for various units planned between 2025 and 2029, indicating strong future growth potential [3].