On June 24th, Guotai Junan's research report pointed out that under the background of the construction of multiple units at the same time, CGN Power (1816.HK) still shows an expanding trend in capital expenditures; issuing convertible bonds will help ease the company's financial pressure and lay the foundation for sustainable growth. As of the end of May 2024, the company's installed capacity was 31.8 GW; managing 10 approved and under-construction units, the installed capacity totaled 7.2 GW. According to the company's project progress, the company's nuclear power installed capacity will steadily increase from 2025 to 2028 (an average of 1-2 units put into operation each year). At the same time, considering that nuclear power is entering a normalized approval stage (5/10/10 nuclear power units were approved respectively in 2021-2023), it is believed that the company still has room for increasing the reserve installed capacity and has considerable sustainable growth potential. Considering the company's long-term sustainable growth and the scarcity of H-share nuclear power, a target price of HKD 4.06, which is 14 times the PE ratio in 2025, is given, and the rating is maintained as "shareholding".