The Zhitong Finance App learned that Anxin International released a research report stating that it maintains CGN Power's (01816) “buy” rating and predicts net profit returning to mother in 2024-2026 to 11.5 billion yuan/12.6 billion yuan/13.7 billion yuan, respectively, with a growth rate of 7.2%/9.9%/8.5%. Installed capacity increased in 24 years, power generation is expected to increase steadily year on year, and the combined dividend ratio continues to rise. The overall performance is expected to rise steadily this year, and the target price will rise to HK$2.78.

According to the report, CGN Electric Power's revenue in 2023 was 82.5 billion yuan, a slight decrease of 0.33% from the previous year, which is basically the same as last year; it achieved net profit of 10.7 billion yuan to mother, up 7.64% year on year, in line with expectations. By business type, electricity sales revenue was 62.5 billion yuan, up 7.5% year on year, and construction installation business revenue was 17.9 billion yuan, down 21% year on year. The company's main business is electricity sales, and the number of high units sold has grown steadily, and profits have continued to rise at the same frequency. Looking ahead to 24, when the overhaul of Taishan Unit 1 is completed, performance flexibility will be unleashed; the new unit, Fangchenggang 4, will be connected to the grid as scheduled this year to enhance power generation capacity. It is expected that power generation will continue to rise steadily throughout the year, and the 24-year performance is worth looking forward to.