CGN POWER (1816) H2 2024 earnings summary

Executive summary

• Operating revenue reached RMB86,804.4 million, up 5.2% year-over-year, with net profit attributable to shareholders at RMB10,813.9 million, a 0.8% increase from 2023.

• Excluding non-recurring items, net profit attributable to shareholders was RMB10,712.8 million, up 0.9% year-over-year.

• The Board proposed a final cash dividend of RMB0.095 per share, representing a payout ratio of 44.36%.

• 28 nuclear power units in operation and 16 under construction, with total on-grid power generation up 6.13% year-over-year.

Financial highlights

• EBITDA margin was 46.8%, net profit margin 20.1%, and return on equity (excl. non-controlling interests) 9.3%.

• Operating costs increased 8.3% year-over-year, mainly due to higher nuclear fuel and depreciation expenses.

• Finance costs decreased by 9.4% year-over-year, reflecting lower interest expenses.

• Other gains rose 29.9% due to higher VAT refunds; investment income increased 20.5% from higher associate contributions.

• Basic and diluted EPS were RMB0.214, up from RMB0.212 in 2023.

Outlook and guidance

• Plans to conduct 19 refuelling outages in 2025 and maintain average utilization hours at or above the three-year average.

• Focus on safety, project construction, technological innovation, and market development to support growth.

• Continued investment in new nuclear projects and R&D, with a strategic emphasis on green and low-carbon energy.