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中国广核(003816):收购台山第二核电储备项目扩张 2024年上网电量同比+6.1%

China General Nuclear Power (003816): Acquisition of Taishan No. 2 Nuclear Power Reserve Project to expand feed-in capacity +6.1% YoY in 2024

Soochow ·  Jan 13

Incident: The company announced that it intends to acquire 100% of the shares of its wholly-owned subsidiary CGN Taishan Second Nuclear Power Co., Ltd. from CGN Group. The company announced its operations for the fourth quarter of 2024.

Own capital acquired 100% of Taishan Daini Nuclear Power's shares and injected 1x PB into the Group's assets. The company plans to acquire 100% of the shares in Taishan No. 2 Nuclear Power, a wholly-owned subsidiary of CGN Group. Prior to CGN's listing, CGN Group retained a number of nuclear power-related businesses, including nuclear power-related businesses that were still in the early stages or plans. The Group made a commitment to further avoid competition among peers in this regard, and will transfer these reserved businesses to the company according to the development of the reserved business. The company enjoyed priority transfer rights and acquisition options for the Group's proposed sale of reserved businesses. This time, preparations for the nuclear power project owned by Taishan No. 2 Nuclear Power were sufficient before approval, and the Group transferred the shares of Taishan No. 2 Nuclear Power to the company. As of the evaluation reference date, the book value of Taishan No. 2 nuclear power owners' equity was 1.2 billion yuan. The transaction price was 1.204 billion yuan. The valuation was reasonable, and the reserve nuclear power project was expanded.

There are plenty of projects in progress, and they are about to enter the accelerated commissioning phase. As of 2024/12/31, the company managed 28 units in operation (including 6 units from the joint venture), with a total installed capacity of 31.798 million kilowatts of subsidiaries and joint ventures. In 2024, the company obtained approval for 6 additional units. Assuming that the ongoing project is put into operation by 2030, the definitive installed capacity (including joint operation) will increase to 51.13 million kilowatts. Judging from the pace of commissioning, the company expects to start production of 1/2/2/1/1 units in 2025-2029, with steady growth. As of 2024/12/31, Huizhou Nuclear Power and Cangnan Nuclear Power are still within the group. With Huizhou No. 1 put into operation in 2025 and Huizhou No. 2 and Cangnan No. 1 in 2026, the Group's assets were injected at an accelerated pace.

In 2024, feed-in electricity volume was +6.1%, and Fangchenggang and Taishan contributed significantly. In 2024, the feed-in capacity of subsidiaries/subsidiaries and associated businesses was approximately 179/227.3 billion kilowatt-hours, +7.1% YoY. In the fourth quarter of 2024, the feed-in capacity of subsidiaries/subsidiaries and associated businesses was about 48.7/60.4 billion kilowatt-hours, +13.3%/9.5% YoY. According to the branch, in 2024, the feed-in capacity of Daya Bay/Lingdong/Ningde/Yangjiang/Fangchenggang/ Taishan/ Hongyanhe Nuclear Power changed -2%/+4%/-7%/+1%/+0%/+20%/+52%/+3% year-on-year. Electricity capacity grew steadily. Fangchenggang No. 4 was put into commercial operation on May 25, 2024, and Taishan nuclear power was restored. The two projects contributed significantly.

Profit forecast and investment rating: We maintained the company's net profit of 11.8/12.3/13.3 billion yuan in 2024-2026 and 15.3/13.6 times PE 15.3/14.7/13.6 times (2025/01/13) in 2024-2026, respectively (2025/01/13), maintaining a “buy” rating.

Risk warning: Electricity prices fluctuate, installation progress falls short of expectations, nuclear power unit operation risks.

The translation is provided by third-party software.


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