CGN POWER(003816) 光大证券·2025-03-31 06:14Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment returns over the next 6-12 months [6]. Core Insights - The company achieved a revenue of 868.04 billion RMB in 2024, representing a year-on-year increase of 5.16%, with a net profit attributable to shareholders of 108.14 billion RMB, up by 0.83% [1]. - The company continues to expand its nuclear power capacity, with significant growth in both operational and under-construction units, ensuring stable growth prospects [3]. - The average on-grid electricity price for 2024 was 0.416 RMB/kWh, a decrease of 1.57% year-on-year, impacting overall revenue from the electricity segment [2]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 245.34 billion RMB, an increase of 8.05% year-on-year, but a net profit of 8.30 billion RMB, which is a decline of 18.98% [1]. - The company plans to distribute a cash dividend of 0.95 RMB per share, totaling approximately 47.97 billion RMB, which is about 44.36% of the net profit for the year [1]. Operational Highlights - The total on-grid electricity generated in 2024 was 1790.12 billion kWh, an increase of 7.15% year-on-year, with notable contributions from the newly operational units [2]. - The company has a robust pipeline of new nuclear projects, with a total of 731.8 MW under construction and 2508.4 MW in operation, reflecting a year-on-year increase of 373 MW and 123 MW respectively [3]. Profitability and Valuation - The report projects a decline in net profit for 2025 and 2026, with estimates of 107.57 billion RMB and 117.33 billion RMB respectively, while introducing a new estimate for 2027 at 120.10 billion RMB [4]. - The earnings per share (EPS) are projected to be 0.21 RMB for 2025, 0.23 RMB for 2026, and 0.24 RMB for 2027, with corresponding price-to-earnings (P/E) ratios of 17, 16, and 15 [4].