Guolonghui on October 29th | China International Capital Corporation research report pointed out that cgn power co.,ltd. (003816.SZ) 3Q24 Guangdong electricity price reduction expanded, costs and expenses slightly increased, performance in line with our expectations. The company expects the commercial operation of Huizhou Unit 1 in 2025, looking forward to the timely injection of assets. The unit completed the hot test on September 15, 2024, expecting the injection of assets to increase the company's profitability and cash flow. In addition, 3Q24 completed 5 annual material replacement overhauls as planned. In 4Q24, in addition to continuing the ongoing material replacement overhauls (including one ten-year material replacement overhaul), the company plans to carry out 3 new annual material replacement overhauls (compared to 1 new one in 4Q23). Maintain outperform industry rating and A/H stock target price unchanged, with 36%/39% upside potential from current A/H stock price.