CGN POWER(003816) 华源证券·2025-04-02 09:29Investment Rating - The investment rating for China General Nuclear Power Corporation is "Buy" (maintained) [4] Core Views - The company's performance was below expectations, with the Daya Bay unit completing capacity expansion [4] - The company reported a revenue of 86.804 billion yuan in 2024, a year-on-year increase of 5.16%, and a net profit attributable to shareholders of 10.814 billion yuan, a year-on-year increase of 0.83% [6] - The company plans to distribute a cash dividend of 0.95 yuan per 10 shares, corresponding to a dividend payout ratio of 44.36% [6] Financial Summary - Revenue projections for the upcoming years are as follows: 87.604 billion yuan in 2025, 90.547 billion yuan in 2026, and 95.866 billion yuan in 2027, with growth rates of 0.92%, 3.36%, and 5.87% respectively [5] - Net profit attributable to shareholders is projected to be 10.823 billion yuan in 2025, 11.299 billion yuan in 2026, and 11.999 billion yuan in 2027, with growth rates of 0.09%, 4.39%, and 6.20% respectively [5] - The company has 16 units under construction, ensuring long-term growth in installed capacity [6] Operational Highlights - The Daya Bay nuclear power plant has increased its capacity by 42,000 kilowatts, which may enhance profitability if it can increase electricity supply to Hong Kong [6] - The average selling price of nuclear power in 2024 was 0.4162 yuan per kilowatt-hour, a decrease of 0.0785 yuan compared to 2023 [6] - The company managed to achieve an on-grid electricity generation of 227.284 billion kilowatt-hours in 2024, a year-on-year increase of 6.13% [6]