| 证券代码：601985 | 证券简称：中国核电 | 公告编号：2024-063 | | --- | --- | --- | | 债券代码：138547 | 债券简称：22 核电 Y2 | | 中国核能电力股份有限公司 关于举办"股东开放日"活动的公告 一、活动主题：走进国家名片，感受国之光荣 二、活动时间：2024 年 9 月 25 日 上午 9:00-12:00 三、活动地点：浙江省海盐县秦山核电站 四、活动方式：现场参观+座谈交流 五、报名条件：2024 年 9 月 20 日登记在册的公司股东（活动当天需持本人 持股证明） 六、费用承担：公司负责活动当天由上海往返秦山核电站交通及午餐，其它 费用股东自理。股东如有住宿需要，公司可协助代订当地宾馆。 七、报名登记：为满足现场安全管理需要，请有意参加活动的股东于 2024 年 9 月 22 日 17:00 前通过扫描下述二维码进行预约报名，公司将以手机短信方 式反馈报名结果。因场地有限，名额仅限 40 人，以报名先后顺序为准。未报名 成功的人员不可参加本次活动。 活动预约二维码： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大 ...

公司报告 | 半年报点评 H1 收入同比+3.2%，四代核电高温气冷堆实现再突破 中国核电（601985） 证券研究报告 2024 年 09 月 11 日 投资评级 行业 公用事业/电力 6 个月评级 买入（维持评级） 当前价格 10.21 元 目标价格 元 公告：公司披露中报，2024H1 实现营业收入 374.41 亿元，同比+3.15%； 归母净利润 58.82 亿元，同比-2.65%；扣非归母净利润 58.22 亿元，同比 -1.13%。 点评： 2024H1 归母净利润同比-2.65%，或受子公司三门核电+中核汇能影响 2024H1 公司营业收入 374.41 亿元，同比+3.15%；归母净利润 58.82 亿元， 同比-2.65%。公司收入增速与利润增速迥异，从子公司的维度进行原因剖 析：①2024H1 三门核电收入同比-8.04%、净利润同比-50.68%，主要系上年 同期三门核电主泵赔款导致高基数、以及 24 年开始计提乏燃料处置金；② 2024H1 中核汇能收入同比+32.67%、净利润同比+3.20%，主要受西北部分 省份的限电以及电价策略调整的影响。 财务费用显著压降，2024H1 财务 ...

证券代码：601985 证券简称：中国核电 中国核能电力股份有限公司投资者关系活动记录表 编号：2024-04 | --- | --- | --- | |------------|--------------------------------|----------------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系 | □ 特定对象调研 | □ 分析师会议 | | 活动类别 | □ 媒体采访 √ | 业绩发布会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | （请文字说明其他活动内容） | | | | 社保基金、诺安基金、惠升基金、中欧基金、泓德基金、信达澳 | | | | 亚、长盛基金、南方基金、华商基金、恒越基金、尚正基金、富 | | | | 国基金、摩根士丹利、华夏基金、上银基金、 Pictet HK 、西部利 | | | | 得、华安基金、东兴基金、鹏 ...

上 市 公 司 证 券 研 究 报 告 - 公用事业 2024 年 09 月 01 日 中国核电 (601985) ——经营稳定降费增效 核准加速成长广阔 | --- | --- | |------------------------------|------------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 10.94 | | 一年内最高/最低（元） | 12.29/6.87 | | 市净率 息率（分红 / 股价） | 2.2 1.78 | | 流通 A 股市值（百万元） | 206,583 | | 上证指数/深证成指 | 2,842.21/8,348.48 | | | 注："息率"以最近一年已公布分红计算 | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | | | | 每股净资产（元） | 4.89 | | 资产负债率 % | 71 ...

展 证券研究报告 非金融公司|公司点评|中国核电（601985） 大修略影响发电量，在建机组充沛助发 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 公司发布 2024 年半年度报告，2024H1 公司实现营收 374.41 亿元，同比+3.15%，实现归母净 利润 58.82 亿元，同比-2.65%，2024Q2 公司实现营收 194.53 亿元，同比+5.70%，实现归母净 利润 28.23 亿元，同比-6.50%。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月04日 中国核电(601985) 大修略影响发电量，在建机组充沛助发展 | --- | --- | --- | |-------|--------------------------|---------------------| | | | | | 行 | 业： | 公用事业 / 电力 | | | 投资评级： | 买入（维持） | | | 当前价格： | 10.2 ...

证券研究报告 相关研究 公用事业|电力 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 蔡思 S1350524070005 caisi@huayuanstock.com 联系人 蔡思 S1350524070005 caisi@huayuanstock.com 市场表现： -20% 0% 20% 40% 60% 80% 中国核电 沪深300 | --- | --- | |---------------------|------------------------------| | 股价数据： 2024 | 年 9 月 3 日 | | 收盘价（元） | 10.42 | | 年内最高/最低（元） | 12.3/6.8 | | 总市值（亿元） | 1968 | | 市净率 PB | 2.13 | | 基础数据： | 2024 年 6 月 30 日 | | 总股本 (亿股) | 189 | | 总资产（亿元） | 6000 | | 净资产（亿元） | 1727 | | 每股净资 ...

证券研究报告 中国核电 (601985 CH) 核电盈利平稳，绿电资产盘活 华泰研究 中报点评 投资评级(维持): 买入 目标价(人民币): 12.39 2024 年 8 月 31 日│中国内地 发电 1H24 归母净利 yoy-2.7%，维持盈利预测和目标价 中国核电发布半年报，1H24实现营收 374亿元（yoy+3.1%），归母净利 58.82 亿元（yoy-2.7%）。其中 2Q24 实现营收 195 亿元（yoy+5.7%），归母净利 28.23 亿元（yoy-6.5%）。维持盈利预测，我们预计公司 2024-2026 年归母 净利为 111/116/125 亿元，EPS 分别为 0.59/0.61/0.66 元。可比公司 2024 年 Wind 一致预期 PE 均值为 18 倍。考虑到公司核电新机组投产逐步提速、 中长期价值有望迎来重估，给予公司 2024 年 21 倍 PE，目标价 12.39 元。 维持"买入"评级。 核电：收入利润保持稳定，在手机组持续扩大 1H24 核电收入 yoy-1.5%至 307 亿元，主要是核电发电量 yoy-1.2%、核电 上网电价同比基本持平。1H24 子公司合 ...

Investment Rating - The report maintains a "Recommended" rating for China Nuclear Power [2][6] Core Views - The company reported a revenue of 37.441 billion yuan for the first half of 2024, a year-on-year increase of 3.15%, and a net profit attributable to shareholders of 5.882 billion yuan, a decrease of 2.65% year-on-year [1] - The company has a robust cash flow situation with a net cash flow from operating activities of 19.571 billion yuan, despite a year-on-year decrease of 10.81% due to increased inventory [1] - The company is expected to have a significant increase in nuclear power generation capacity with the commissioning of the Zhangzhou Unit 1 by the end of the year, contributing to a total approved and under construction nuclear power capacity of 20.641 million kilowatts [2] Financial Performance Summary - For the first half of 2024, the company's gross profit margin was 47.51%, a decrease of 1.03 percentage points year-on-year, while the net profit margin was 15.71%, down 0.94 percentage points year-on-year [1] - The company forecasts net profits of 10.918 billion yuan, 11.970 billion yuan, and 13.023 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 18.92x, 17.26x, and 15.86x [2][7] - The company’s total installed capacity for renewable energy reached 22.3704 million kilowatts by the end of June 2024, with significant contributions from wind and solar power [6] Operational Insights - The company’s total power generation for the first half of 2024 was 105.295 billion kWh, a year-on-year increase of 4.43%, with nuclear power generation slightly declining due to maintenance schedules [1] - The average on-grid electricity price for nuclear power was 0.371 yuan/kWh, a slight decrease of 0.11% year-on-year, while the price for renewable energy dropped by 13.22% to 0.385 yuan/kWh [1][2]

Investment Rating - The report maintains a "Buy" rating for the company, citing its stable performance and growth potential in both nuclear and green energy sectors [2][4] Core Views - The company reported a revenue of RMB 37.441 billion in H1 2024, a YoY increase of 3.15%, while net profit attributable to shareholders decreased by 2.65% to RMB 5.882 billion [1] - Nuclear power generation decreased by 1.24% YoY due to increased maintenance, while green energy generation surged by 52.87% YoY, driven by increased installed capacity [1] - The company is expanding its nuclear and green energy capacity through a RMB 14 billion private placement and a RMB 5 billion REITs issuance [2] - The company has 15 nuclear units under construction or approved, with a total capacity of 17.565 GW, and expects to add more units soon [2] Financial Performance - Revenue for 2024E is projected at RMB 79.75 billion, with a YoY growth of 6.39%, and net profit attributable to shareholders is expected to reach RMB 11.23 billion [3] - EPS for 2024E is forecasted at RMB 0.59, with a P/E ratio of 18X [3] - ROE (diluted) is expected to remain stable at around 11.4%-11.59% from 2024E to 2026E [3][8] Operational Highlights - Total commercial power generation in H1 2024 reached 105.295 billion kWh, a YoY increase of 4.43%, with nuclear power contributing 89.153 billion kWh and green energy contributing 16.142 billion kWh [1] - The company's green energy segment saw significant growth, with solar power generation increasing by 55.07% YoY and wind power generation increasing by 50.50% YoY [1] Capital Expenditure and Financing - The company plans to raise RMB 14 billion through a private placement to fund the construction of nuclear power plants in Liaoning, Fujian, and Jiangsu [2] - A RMB 5 billion REITs issuance is planned to support the expansion of green energy projects, with underlying assets including 741 MW of wind and solar power capacity [2] Valuation and Market Data - The company's total market capitalization is RMB 206.583 billion, with a share price of RMB 10.94 as of the report date [5] - The stock has shown strong performance, with a 1-year absolute return of 52.20% and a relative return of 65.90% [6] Future Outlook - The company is expected to benefit from accelerated nuclear power approvals and the ongoing expansion of its green energy portfolio, which will enhance profitability [2] - The report forecasts steady growth in revenue and net profit, with revenue expected to reach RMB 92.933 billion by 2026E and net profit attributable to shareholders projected at RMB 13.431 billion [3]

Investment Rating - The investment rating for China Nuclear Power (601985) is "Buy" (maintained) [1] Core Views - The report highlights that the company's revenue for the first half of 2024 was 37.441 billion yuan, a year-on-year increase of 3.15%, while the net profit attributable to shareholders was 5.882 billion yuan, a decrease of 2.65% [5] - The report emphasizes stable profitability in nuclear power generation, with a projected growth of 87% from ongoing and planned projects [5] - The company is expected to maintain a net profit growth of 8% to 10% from 2024 to 2026, with a price-to-earnings ratio (P/E) of 18.2, 16.6, and 15.3 for the respective years [5] Financial Performance - Total revenue for 2022 was 71.286 billion yuan, with a year-on-year growth of 13.70%, and a projected revenue of 77.430 billion yuan for 2024, reflecting a growth of 3.30% [1] - The net profit attributable to shareholders for 2022 was 9.010 billion yuan, with a year-on-year increase of 9.66%, and is expected to reach 11.422 billion yuan in 2024, a growth of 7.51% [1] - The earnings per share (EPS) for 2024 is projected to be 0.60 yuan, with a P/E ratio of 18.19 [1] Operational Highlights - The company’s nuclear power generation capacity as of June 30, 2024, was 23.75 million kilowatts, with a total generation of 89.153 billion kilowatt-hours, a slight decrease of 1.24% year-on-year [5] - The average on-grid electricity price (excluding tax) was 0.368 yuan per kilowatt-hour, showing a decrease of 0.27% [5] - The company has ongoing projects with a total capacity of 13.92 million kilowatts and planned projects of 6.72 million kilowatts, indicating a significant growth potential [5] New Energy Sector - The report notes that the installed capacity for renewable energy reached 22.37 million kilowatts, with a total generation of 16.142 billion kilowatt-hours, marking a substantial increase of 52.87% [5] - Wind power and solar power generation increased by 50.50% and 55.07%, respectively, contributing to the overall growth in the renewable energy segment [5] - The company plans to issue REITs and engage in market-oriented debt-to-equity swaps to optimize its renewable energy assets and reduce its debt ratio [5]