CGN POWER (1816) Q3 2024 earnings summary

Executive summary

• Operating revenue for the first nine months of 2024 reached RMB62.27 billion, up 4.06% year-over-year, driven by increased on-grid power generation and engineering project volume.

• Net profit attributable to shareholders for the same period was RMB9.98 billion, a 2.93% year-over-year increase, mainly due to higher total profit and reduced financial expenses.

• Total on-grid power generation by operated units was 166.89 billion kWh, up 4.97% year-over-year; holding subsidiaries contributed 130.33 billion kWh, up 5.02%.

Financial highlights

• Operating revenue for Q3 2024 was RMB22.89 billion, up 11.31% compared to Q3 2023.

• Net profit attributable to shareholders in Q3 2024 was RMB2.87 billion, up 4.87% year-over-year.

• Basic and diluted EPS for the nine months ended September 30, 2024, were both RMB0.1977, up 4.79% year-over-year.

• Net cash flows from operating activities for the nine months were RMB25.82 billion, down 4.36% year-over-year.

• Total assets at September 30, 2024, were RMB421.50 billion, up 1.51% from year-end 2023.

Outlook and guidance

• Proceeds from a proposed A-share convertible bond issuance (up to RMB4.9 billion) will fund Guangdong Lufeng Nuclear Unit 5 and 6 projects, pending regulatory approval.