CGN POWER(003816)2025-01-07 13:10Group 1: Operational Performance - In 2024, the company achieved a total electricity generation of 227.84 billion kWh, representing a year-on-year growth of 6.13% [2] - The average utilization hours for 28 operational units were approximately 7,710 hours, an increase of 201 hours compared to the previous year [2] - The company conducted 20 major fuel replacements in 2024, totaling approximately 713 days, which is a reduction of about 207 days from 2023 [2] Group 2: Market Transactions - In 2024, the company settled approximately 115.79 billion kWh of market-based electricity, accounting for about 50.9% of total electricity, which is a slight decrease year-on-year [2] - The average tax-inclusive electricity price for market-based transactions decreased compared to the same period last year due to price fluctuations in different regions [2] Group 3: Future Plans - In Q1 2025, the company plans to conduct 5 fuel replacements, including 1 ten-year overhaul and 4 annual overhauls [3] - The company has signed market-based electricity contracts in various regions, including approximately 32 billion kWh in Guangdong, 19.7 billion kWh in Fujian, and 32.4 billion kWh in Liaoning, with expected participation in future monthly and spot transactions [3] Group 4: Financial Outlook - The company's interest expenses are expected to gradually decrease as the interest rates for existing and new loans are linked to the 5-year LPR, which is projected to decline [4] - The overall market-based electricity price in 2025 is anticipated to decrease compared to 2024 based on the trading plans released in the respective regions [4] Group 5: Project Management - The company currently manages 16 approved and under-construction units, with various stages of development including commissioning, equipment installation, and civil construction [2] - The company is actively preparing for project approvals and has advanced preparations for multiple units in its planned nuclear power bases [4] Group 6: Shareholder Engagement - The company is working on asset injection arrangements from its controlling shareholder to avoid competition, aiming to complete relevant work within the stipulated timeframe [4]