CGN POWER(003816) 申万宏源证券·2025-03-29 13:42Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a slight increase in annual performance, with a total revenue of 86.804 billion yuan in 2024, representing a year-on-year growth of 5.16%. The net profit attributable to the parent company was 10.814 billion yuan, a growth of 0.83% year-on-year [7] - The company is set to benefit from the approval of convertible bonds, which will support its growth in installed capacity. The planned issuance of convertible bonds aims to raise up to 4.9 billion yuan for the construction of the Guangdong Lufeng Nuclear Power Plant [7] - The company has a total of 16 nuclear power units under construction, with several units expected to be operational in the coming years, ensuring stable growth in performance [7] Financial Data and Profit Forecast - Total revenue is projected to reach 88.092 billion yuan in 2025, with a year-on-year growth rate of 1.5%. The net profit attributable to the parent company is expected to be 11.270 billion yuan, reflecting a growth of 4.2% [6] - The average market electricity price decreased by 3.85% to 0.39 yuan per kilowatt-hour in 2024, impacting revenue growth [7] - The company’s financial expenses are expected to decrease due to lower interest rates, with a forecasted financial expense of 5.133 billion yuan in 2024, down by 5.33 billion yuan year-on-year [7]