CGN POWER (1816) H2 2024 earnings summary

Executive summary

• Core business includes design, construction, operation, and management of nuclear power plants, focusing on clean energy and stable financial performance.

• Operating revenue reached RMB 86,804.4M, up 5.16% year-over-year, with net profit attributable to shareholders at RMB 10,814M, a 0.83% increase.

• Total installed capacity reached 51.204 GW, representing 45.02% of China's nuclear power capacity as of December 31, 2024.

• On-grid power generation for 2024 was 227,284 GWh, up 6.13% year-over-year, with 28 units in operation and 16 under construction.

• The Board proposed a final cash dividend of RMB 0.095 per share, representing a payout ratio of 44.36%.

Financial highlights

• EBITDA rose to RMB 40,621M, with an EBITDA margin of 46.9%.

• ROE was 9.3% and ROA was 6.5% for 2024.

• Cost as a percentage of revenue increased to 66.0% in 2024 from 64.0% in 2023.

• Interest coverage ratio increased to 4.2 from 3.7 year-over-year.

• Net cash inflows from operating activities increased 14.8% year-over-year.

Outlook and guidance

• Plans to commence construction of 2 to 3 new units annually and maintain high-quality commercial operation of new units.

• Focus on safety, project construction, technological innovation, and market development to support growth.

• Continued investment in R&D and technology innovation platforms, with a strategic emphasis on green and low-carbon energy.