CGN POWER(003816)2024-10-28 11:28Financial Performance - In the first three quarters of 2024, the company achieved a power generation of 166.89 billion kWh, representing a year-on-year increase of 4.97% [1] - Revenue reached RMB 62.27 billion, with a year-on-year growth of 4.06% [2] - Net profit attributable to shareholders was RMB 9.98 billion, reflecting a year-on-year increase of 2.93% [2] - The average utilization hours of the 28 nuclear units managed by the company were 5,700 hours, an increase of 108 hours compared to the previous year [2] Operational Efficiency - The company completed 15 major repairs as planned, with repair days totaling approximately 606 days, which is 60 days less than the same period last year [2] - The proportion of market-based trading electricity volume in the first half of the year was about 51.2%, remaining stable compared to the same period last year [2] Asset Management - As of September 30, 2024, the company managed 16 approved and under-construction units, with various stages of development [2] - The company's asset-liability ratio was 59.5%, a decrease of 0.7 percentage points from the end of 2023 [2] Cash Flow - The net cash flow from operating activities for the first three quarters was RMB 25.82 billion, down 4.4% year-on-year, indicating a stable cash flow situation [2] Research and Development - The company expects its annual R&D expenses to remain stable compared to last year, influenced by the progress of R&D projects [3] - The company is advancing the development of fourth-generation nuclear technology and is focused on the mass construction of the third-generation "Hualong One" technology [3][4] Future Outlook - The company anticipates an increase in capital expenditure due to the gradual approval of new projects, which may lead to a rise in the asset-liability ratio [4] - The expected market price for nuclear power in 2025 will be influenced by various factors, including overall market trading prices and the company's marketing strategies [3]