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1、 Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securitie

2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 35 to 37.Analyst Certification on page 33.Price Objective Basis/Risk on page 33.12890018 CGN Power(H/A)Unclear nuclear boost in the near term,initiate at Underperform PO:2.60 HKD|Price:3.19 HKD Initiate at Underperform,-18%downside potential We initiate

4、 CGN Power,Chinas largest nuclear power operator,at Underperform for both H/A share.Capacity under construction will likely surge dragging free cash flow,at a time when earnings is struggling to grow on headwinds from power tariff and fuel.We think risk/reward is unattractive with hefty valuation di

5、sconnecting with fundamentals.Our DCF-based PO of HKD2.6(A share PO at RMB3.2)implies 12x 2026E PE,still 1SD above history.We expect negative catalysts from upcoming earnings,power tariff and fuel contracts in the coming months.Capacity and capex set to surge dragging cash flow CGNs nuclear projects

6、 under construction will reach 16(including 4 for acquisition)in 2026 vs just 4 in 2024.We expect free cash flow to turn negative from 2026E,flipping from a strong cash generator in the past 7 years,and further deteriorate to-11%of market cap in 2028E.While debt to capital is relatively low at 54%,w