CGN POWER(003816) 东吴证券·2025-03-28 14:55Investment Rating - The investment rating for China General Nuclear Power Corporation (CGN) is "Buy" (maintained) [1] Core Views - The report highlights that CGN achieved a total revenue of 86.804 billion yuan in 2024, representing a year-on-year increase of 5.16%. The net profit attributable to shareholders was 10.814 billion yuan, up 0.83% year-on-year [7] - The nuclear power segment saw a revenue increase of 5.5% to 65.932 billion yuan, while the gross profit margin for this segment was 43.6%, down 2.3 percentage points year-on-year [7] - The report indicates a stable growth in electricity generation, with a 6.1% increase in electricity sold in 2024, significantly contributed by the Fangchenggang and Taishan projects [7] - The overall electricity price remained stable, with a slight decrease in gross profit per kilowatt-hour [7] - The company has a robust pipeline of projects, with 28 operational units and 8 units under construction, indicating a strong growth trajectory [7] - Financial expenses decreased, leading to a debt-to-asset ratio of 59.49% [7] - The report projects a net profit of 12.694 billion yuan for 2027, with corresponding P/E ratios of 18, 17, and 14 for the years 2025, 2026, and 2027 respectively [7] Summary by Sections Financial Performance - Total revenue for 2024 was 86.804 billion yuan, with a year-on-year growth of 5.16% [7] - Net profit attributable to shareholders was 10.814 billion yuan, reflecting a 0.83% increase year-on-year [7] - The gross profit margin for the nuclear power segment was 43.6%, down from the previous year [7] Electricity Generation - The total electricity sold increased by 6.1% in 2024, with significant contributions from the Fangchenggang and Taishan projects [7] - The average electricity price was 0.368 yuan per kilowatt-hour, a decrease of 2% year-on-year [7] Project Pipeline - CGN has 28 operational units and 8 units under construction, indicating a strong project pipeline and growth potential [7] Financial Health - The company reported a decrease in financial expenses, resulting in a debt-to-asset ratio of 59.49% [7] - The projected net profit for 2027 is 12.694 billion yuan, with P/E ratios of 18, 17, and 14 for the years 2025, 2026, and 2027 respectively [7]