CGN POWER(003816) 华福证券·2025-04-24 05:59Investment Rating - The investment rating for the company is "Hold" [2][6] Core Insights - The company reported a 4.41% year-on-year increase in revenue for Q1 2025, reaching 20.028 billion yuan, while net profit attributable to shareholders decreased by 16.07% to 3.026 billion yuan [3][4] - The increase in controllable power generation was 14.06% year-on-year, which contributed to the revenue growth, although the revenue growth rate was lower than the power generation growth rate, likely due to market pricing factors [4] - The company's gross margin and net margin decreased by 2.7 percentage points and 4.27 percentage points year-on-year, respectively, to 36.58% and 23.67% [4] Financial Performance - For Q1 2025, the company completed five scheduled annual overhauls and one ten-year overhaul, with fewer overhaul days compared to the same period last year, leading to increased power generation from subsidiaries [5] - The company is managing 28 operational nuclear power units and 16 under construction, with expectations for the Huizhou 1 and 2 units to commence operations in 2025 and 2026, respectively [5] - The forecast for net profit attributable to shareholders for 2025-2027 is 10.961 billion, 11.626 billion, and 11.825 billion yuan, with corresponding P/E ratios of 16.5, 15.6, and 15.3 [6][7] Market Data - As of April 23, 2025, the closing price was 3.58 yuan, with a total market capitalization of 140.819 billion yuan [8] - The company has a debt-to-asset ratio of 59.68% and a net asset value per share of 2.43 yuan [8]