Core Insights - The profitability of nuclear power companies in China is increasingly affected by the trend of market-oriented electricity trading, with both China General Nuclear Power Group (CGN) and China National Nuclear Power Co., Ltd. (CNNP) reporting declines in net profits for the first half of the year [1][2] Financial Performance - CGN's net profit for the first half of the year decreased by 16.3% to 5.952 billion yuan, marking the first decline in net profit for the same period since 2019 [1] - CNNP's net profit slightly fell by 3.66% to 5.666 billion yuan, showing a significant slowdown in growth compared to the past five years [1] - The decline in profits for both companies is attributed to falling electricity market prices due to the accelerated construction of the electricity spot market and the full entry of renewable energy [1][2] Market Dynamics - The main business of CGN and CNNP includes the construction, operation, and management of nuclear power plants, with profitability primarily derived from electricity sales [2] - The average market settlement price for CGN's operating nuclear power units decreased by approximately 8.23% compared to the same period in 2024, despite the approved electricity price remaining unchanged [2] - Both companies reported an increase in the total electricity generated by their operating nuclear units, with CNNP's total electricity generation rising by 12.13% to 93.551 billion kWh and CGN's increasing by 6.93% to 113.36 billion kWh [2] Renewable Energy Integration - CNNP's net profit from nuclear and related businesses grew by 9.48% to 5.322 billion yuan, but the overall net profit declined due to significant holdings in wind and solar energy assets [3] - The installed capacity of renewable energy held by CNNP increased by nearly 50% to 33.225 million kW, with renewable energy electricity generation rising by 35.81% to 21.553 billion kWh [3] - The decline in net profit for CNNP's subsidiary, which holds renewable assets, was 31.7% to 1.14 billion yuan, influenced by lower market settlement prices and increased depreciation [3] Strategic Responses - To address the risks associated with market price fluctuations, CGN is focusing on detailed electricity marketing strategies tailored to specific provinces and enhancing marketing efforts to attract quality customers [4][5] - CNNP plans to deepen its engagement in regional electricity markets through independent electricity sales companies and aims to optimize trading strategies while promoting the synergy between nuclear and renewable energy [4][5] - Both companies are enhancing their internal electricity marketing management systems and strengthening their talent development to adapt to the expanding market [5] Diversification Efforts - CGN is actively developing nuclear energy for heating, having established the first clean heating project in Northeast China, which has been operational for three heating seasons [5] - CNNP is expanding into industrial steam supply, with the first industrial nuclear steam supply project, "Heqi No. 1," successfully supplying over 3 million tons of steam since its launch [5]

公用事业/电力 中国核电（601985.SH） 整体经营业绩稳健，新增装机对冲电价压力 2025 年 08 月 28 日 投资评级：买入（维持） | 日期 | 2025/8/28 | | --- | --- | | 当前股价(元) | 9.03 | | 一年最高最低(元) | 12.18/8.66 | | 总市值(亿元) | 1,857.29 | | 流通市值(亿元) | 1,705.16 | | 总股本(亿股) | 205.68 | | 流通股本(亿股) | 188.83 | | 近 3 个月换手率(%) | 31.99 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 48% 2024-08 2024-12 2025-04 2025-08 中国核电 沪深300 相关研究报告 《2024 年业绩不及预期，核电核准进 入常态化阶段—公司信息更新报告》 -2025.4.30 《核电加速核准，风光多线布局，开 启新一轮成长—公司首次覆盖报告》 -2024.11.26 周磊（分析师） 黄懿轩（联系人） zhoulei1@kysec.cn 证书编号：S0790524090002 huangyi ...

Investment Rating - The report assigns a neutral investment rating to the company, indicating a performance expectation within a range of -5% to 5% relative to the benchmark index [12]. Core Insights - The company is projected to experience revenue growth from 77,272.06 million in 2024 to 96,171.81 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 11.13% in the final year [8]. - The net profit attributable to the parent company is expected to increase from 8,777.34 million in 2024 to 11,274.38 million in 2027, with a notable growth of 12.95% in 2025 [8]. - The company's EBITDA is forecasted to rise from 47,337.91 million in 2024 to 63,532.81 million in 2027, indicating strong operational performance [8]. Financial Summary Income Statement - Revenue is projected to grow from 77,272.06 million in 2024 to 96,171.81 million in 2027, with a growth rate of 11.13% in 2027 [8]. - Operating profit is expected to increase from 22,382.02 million in 2024 to 26,157.73 million in 2027 [8]. - The net profit margin is forecasted to remain stable, with net profit margins of 11.36% in 2024 and 11.72% in 2027 [8]. Balance Sheet - Total assets are expected to grow from 659,739.17 million in 2024 to 862,466.11 million in 2027 [7]. - Total liabilities are projected to increase from 450,371.21 million in 2024 to 602,519.54 million in 2027 [7]. - The equity attributable to the parent company is expected to rise from 110,217.03 million in 2024 to 131,495.29 million in 2027 [7]. Cash Flow Statement - Operating cash flow is projected to increase from 40,720.53 million in 2024 to 55,439.92 million in 2027 [7]. - The net cash increase is expected to show a decline, with a negative cash flow of -6,860.67 million in 2025 [7]. Key Financial Ratios - The company's P/E ratio is expected to decrease from 21.25 in 2024 to 16.55 in 2027, indicating potential undervaluation [8]. - The return on equity (ROE) is projected to improve from 7.96% in 2024 to 8.57% in 2027 [8]. - The debt-to-equity ratio is expected to remain high, with a net debt ratio of 173.92% in 2024 and 196.38% in 2027 [8].

Investment Rating - The report assigns a neutral investment rating to the company, indicating a performance expectation within a range of -5% to 5% relative to the benchmark index [12]. Core Insights - The company's projected revenue for 2024 is 77,272.06 million, with an expected growth to 96,171.81 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 11.13% [8]. - The net profit attributable to the parent company is forecasted to increase from 8,777.34 million in 2024 to 11,274.38 million in 2027, indicating a growth rate of 10.37% in the final year [8]. - The company's EBITDA is expected to rise from 47,337.91 million in 2024 to 63,532.81 million in 2027, showcasing a strong operational performance [8]. Financial Summary - **Income Statement**: - Revenue is projected to grow from 77,272.06 million in 2024 to 96,171.81 million in 2027, with a gross margin decreasing from 42.91% to 39.59% over the same period [8]. - Operating profit is expected to increase from 22,382.02 million in 2024 to 26,157.73 million in 2027 [8]. - **Balance Sheet**: - Total assets are forecasted to grow from 659,739.17 million in 2024 to 862,466.11 million in 2027, with non-current assets increasing significantly [7]. - The total liabilities are expected to rise from 450,371.21 million in 2024 to 602,519.54 million in 2027, indicating a growing leverage [7]. - **Cash Flow Statement**: - Operating cash flow is projected to increase from 40,720.53 million in 2024 to 55,439.92 million in 2027, reflecting improved cash generation capabilities [7]. - The net cash increase is expected to decline from 10,247.40 million in 2024 to a negative 470.45 million in 2027, indicating potential cash flow challenges in the later years [7]. Key Financial Ratios - The report highlights a decrease in the gross margin from 42.91% in 2024 to 39.59% in 2027, while the net profit margin is expected to stabilize around 11% [8]. - The return on equity (ROE) is projected to improve from 7.96% in 2024 to 8.57% in 2027, indicating enhanced profitability relative to shareholders' equity [8]. - The price-to-earnings (P/E) ratio is expected to decrease from 21.25 in 2024 to 16.55 in 2027, suggesting a potentially more attractive valuation over time [8].

上 市 公 司 2025 年 08 月 28 日 中国核电 (601985) —— 电量同比稳步增长，绿电增资引战业绩承压 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 28 日 | | --- | --- | | 收盘价（元） | 9.03 | | 一年内最高/最低（元） | 12.18/8.66 | | 市净率 | 1.6 | | 股息率%（分红/股价） | 1.99 | | 流通 A 股市值（百万元） | 170,516 | | 上证指数/深证成指 | 3,843.60/12,571.37 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 5.51 | | 资产负债率% | 69.97 | | 总股本/流通 A 股（百万） | 20,568/18,883 | | 流通 B 股/H 股（百万） | -/- | 公用事业 一年内股价与大盘对比走势： 08-28 09-28 10-28 11-28 12-28 01-28 02-28 03-31 04- ...

| | | | 77272.06 | 81789.53 | 86537.87 | 96171.81 | | --- | --- | --- | --- | | 3.09 | 5.85 | 5.81 | 11.13 | | 8777.34 | 9913.75 | 10215.03 | 11274.38 | | -17.38 | 12.95 | 3.04 | 10.37 | | 42.91 | 41.30 | 40.35 | 39.59 | | 0.43 | 0.48 | 0.50 | 0.55 | | 21.25 | 18.82 | 18.26 | 16.55 | | 1.69 | 1.58 | 1.50 | 1.42 | | 2.41 | 2.28 | 2.16 | 1.94 | | 市场数据 | 2025-08-27 | | --- | --- | | 股票代码 | 601985 | | A 股收盘价(元) | 9.07 | | 上证指数 | 3,800.35 | | 总股本(万股) | 2,056,800 | | 实际流通 A 股(万股) | 1,888,328 | | 流通 A 股市值(亿元) | 1, ...

Group 1 - The company achieved an operating revenue of 40.973 billion yuan in the first half of 2025, representing a year-on-year growth of 9.43% [2] - The company has 26 nuclear power units in operation with a total installed capacity of 25 million kilowatts, generating 99.861 billion kilowatt-hours of electricity, a year-on-year increase of 12.01% [2] - The company is actively developing nuclear energy projects, with the approval of the Zhejiang Sanmen Nuclear Power Units 5 and 6, and is coordinating with local governments to report site applications to the National Energy Administration [2] Group 2 - The company has 19 units under construction or approved for construction, with an installed capacity of 21.859 million kilowatts, and successfully completed the hot functional test for the Zhangzhou Unit 2 [2] - In the renewable energy sector, the company generated 21.915 billion kilowatt-hours from its renewable energy units, a year-on-year increase of 35.76% [2] - The company is focusing on strategic emerging industries, including the establishment of a fully automated production line for rigid perovskite and the launch of the "Hefei No. 1" isotope brand [3]

Investment Rating - The report maintains a "Hold" rating for China Nuclear Power [4] Core Views - The company's revenue for 1H2025 reached 40.973 billion yuan, a year-on-year increase of 9.43%, while the net profit attributable to shareholders decreased by 3.66% [1][2] - The decline in net profit is attributed to the impact of the renewable energy sector, where the net profit of a subsidiary decreased by 32% [2] - The nuclear power segment showed stable operations, with net profit excluding renewable energy increasing by 5% year-on-year [3] Financial Performance - In 1H2025, the nuclear power generation was 93.551 billion kWh, up 12.14% year-on-year, contributing to a revenue of 32.783 billion yuan, a 6.74% increase [3] - The gross margin for the nuclear power segment was 45.83%, slightly down by 0.12 percentage points [3] - The company plans to distribute a cash dividend of 0.02 yuan per share, totaling 411 million yuan, which is 7.27% of the net profit for the first half of 2025 [2] Future Projections - The forecasted net profits for 2025-2027 are 9.533 billion, 10.233 billion, and 11.217 billion yuan respectively, with corresponding P/E ratios of 19.6, 18.2, and 16.6 [4] - The company has exceeded its 30GW renewable energy installation target for the 14th Five-Year Plan, with operational capacity reaching 33.2249 million kW [3]

Group 1 - The core viewpoint of the articles highlights the positive performance of the new energy sector, with the China Securities New Energy Index rising by 0.70% and significant gains in key stocks such as Jiejia Weichuang and Zhengtai Electric [1][4] - The New Energy ETF (159875) has shown a weekly average trading volume of 65.82 million yuan and a net asset value increase of 8.81% over the past six months, indicating strong investor interest and market activity [1] - The top ten weighted stocks in the China Securities New Energy Index account for 43.41% of the index, with notable companies including Ningde Times and Sunshine Power [4] Group 2 - The National Energy Administration and the National Development and Reform Commission are advancing the construction of the electricity market, aiming for equal market participation for new energy storage and the establishment of a provincial-level electricity spot market by the end of 2025 [3] - The "2025 Energy Work Guidance Opinion" emphasizes the need for a coordinated approach to new energy development and consumption systems, suggesting that policy improvements may lead to marginal enhancements in new energy consumption and pricing [4]

Investment Rating - The report maintains a rating of "Add" for the company, indicating a positive outlook for the stock price in the near term [3]. Core Views - The company's revenue for the first half of 2025 reached 40.973 billion yuan, a year-on-year increase of 9.43%, while the net profit attributable to shareholders decreased by 3.66% to 5.666 billion yuan, primarily due to a decline in the equity stake in a subsidiary [1][6]. - The nuclear power segment showed strong performance with a 12.01% increase in electricity generation, totaling 99.861 billion kWh, benefiting from reduced maintenance losses and new unit commissioning [6]. - The renewable energy segment experienced a significant increase in electricity generation by 35.81% to 21.553 billion kWh, although rising costs impacted profitability [6]. Financial Data and Valuation - The company is projected to achieve total revenue of 79.913 billion yuan in 2025, with a year-on-year growth of 3% [2]. - The net profit attributable to shareholders is expected to reach 10.031 billion yuan in 2025, reflecting a 14% increase [2]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 18.6x for 2025, with projections of 17.1x and 15.4x for 2026 and 2027, respectively [7]. Performance Summary - The company has a total market capitalization of 186.6 billion yuan, with a circulating market value of 171.3 billion yuan [3]. - The return on equity (ROE) stands at 7.5%, and the debt-to-asset ratio is 70% [3]. - The company has 19 nuclear units under construction or approved, with a total installed capacity of 21.859 million kW, indicating strong growth potential [6].