baccarat| Research report Nuggets 丨 Shen Wan Hongyuan: China General Nuclear Power's performance is both stable and growth, maintaining a "buy" rating

Shen Wan Hongyuan's research report pointed outbaccarat, China General Nuclear Power (003816)(003816baccarat.SZ) Net profit attributable to shareholders of listed companies in the first quarter was 3.604 billion yuan, a year-on-year increase of 3.38%. The performance was in line with our expectations. On April 9, Unit 4 of Guangxi Fangchenggang Nuclear Power Station successfully achieved its first grid-connected power generation, indicating that the unit has power generation capacity and is expected to be put into operation in the first half of the year. The annual capacity factor of Unit 3 of Fangchenggang Nuclear Power Station in 2023 will reach 98.2%. It is optimistic that Unit 4 will maintain high operating efficiency after being put into operation, driving the company's performance to continue to grow. The company has entered a period of intensive construction and installation, and has reduced the pressure on corporate financial costs during the period of high capital expenditure under the background of interest rate cuts. The current stock price corresponds to PE of 18, 17 and 16 times respectively. Nuclear power consumption is stable, the company's performance is stable and growth, and the "Buy" rating is maintained.

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