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<Research>HSBC Research: CGN POWER (01816.HK) TP Added to $4.2 on Contract for Difference Policy
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CGN POWER (01816.HK) reported weak 1Q26 results, with net profit falling 9% YoY to RMB2.741 billion, HSBC Global Research said. Although it surged 1.3x QoQ, net profit missed the expectations of the broker/ market. HSBC Global Research attributed this mainly to increased outage days for fuel replacement, grid curtailments in Guangdong and higher selling expenses to promote power sales. The broker raised its 2026/ 2027 EPS forecasts for CGN POWER by 4-7% to reflect the asset injection from the Cangnan project. Therefore, the broker added its target price from $4.1 to $4.2, with rating kept at Buy, believing that China's introduction of the nuclear power contract for difference (CFD) policy over 2026 and 2027 will provide downside protection for nuclear power tariffs, strengthening CGN POWER's defensive value. Auto-translated by AI AASTOCKS Financial News |
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