CGN POWER (1816) Q3 2024 earnings summary

Executive summary

• On-grid power generation reached 166,890 GWh in the first three quarters of 2024, up 4.97% year-over-year; holding subsidiaries contributed 130.33 billion kWh, up 5.02%.

• Revenue for the period was RMB 62,270 million, a 4.06% increase compared to the same period last year, driven by increased power generation and engineering project volume.

• Net profit attributable to shareholders was RMB 9,984 million, up 2.93% year-over-year, mainly due to higher total profit and reduced financial expenses.

• The company continues to focus on nuclear power generation, with 28 units in operation and 16 under construction, representing 45% of China's total nuclear installed capacity.

• Basic and diluted EPS for the nine months ended September 30, 2024, were both RMB0.1977, up 4.79% year-over-year.

Financial highlights

• Revenue rose to RMB 62,270 million, a 4.06% year-over-year increase.

• Net profit attributable to shareholders reached RMB 9,984 million, up 2.93% year-over-year.

• Excluding non-recurring gains or losses, net profit was RMB 9,738 million, up 0.91% year-over-year.

• Net cash flows from operating activities for the nine months were RMB 25,820 million, down 4.36% year-over-year.

• Total assets at September 30, 2024, were RMB421.50 billion, up 1.51% from year-end 2023.

Outlook and guidance

• Focus on maintaining safe and stable operation of in-service units and timely completion of refueling outages.

• Push forward construction and commissioning of new units and approved projects.

• Enhance power marketing for 2025 and implement lean management to reduce costs and improve efficiency.

• Closely monitor policy and financial environment changes to ensure stable development.

• Proceeds from a proposed A-share convertible bond issuance (up to RMB4.9 billion) will fund Guangdong Lufeng Nuclear Unit 5 and 6 projects, pending regulatory approval.