CGN POWER(003816) 申万宏源证券·2025-04-24 05:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 4.41% year-on-year increase in total revenue for Q1 2025, amounting to 20.03 billion yuan, while the net profit attributable to shareholders decreased by 16.07% to 3.03 billion yuan, primarily due to declining electricity prices and increased tax costs [6] - The company’s total power generation from nuclear units increased by 9.25% year-on-year to approximately 60.17 billion kWh in Q1 2025, with significant contributions from the Fangchenggang nuclear power plant [6] - The company is expected to release performance elasticity with the commissioning of the Huizhou Unit 1 within the year, which is anticipated to enhance overall project returns as more units are put into operation [6] - The company has adjusted its profit forecasts for 2025-2027, lowering the net profit estimates to 10.75 billion, 11.61 billion, and 12.34 billion yuan respectively, while maintaining a price-to-earnings ratio of 17, 16, and 15 times for the respective years [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 87.25 billion yuan, with a year-on-year growth rate of 0.5% [5] - The gross profit margin is expected to be 33.5% in 2025, with a return on equity (ROE) of 8.6% [5] - The company’s financial expenses for Q1 2025 were 12.80 billion yuan, with interest expenses decreasing by 1.16 billion yuan to 12.91 billion yuan [6]