Investment Rating - The report maintains a "Strong Buy" rating for China Nuclear Power (601985) with a target price of 11.6 CNY, compared to the current price of 9.99 CNY [1]. Core Views - The company's performance remains stable with sufficient growth momentum, despite a slight decline in revenue and net profit in Q3 2024 compared to the previous year. The report projects a net profit of approximately 110/121/131 billion CNY for 2024 to 2026, with growth rates of +4%/+10%/+8% respectively [2][3]. Revenue and Profit Performance - In Q3 2024, the company achieved revenue of 19.545 billion CNY, a year-on-year decrease of 1.25%. For the first three quarters of 2024, revenue reached 56.986 billion CNY, reflecting a year-on-year growth of 1.6% [1]. - The net profit attributable to shareholders in Q3 2024 was 3.052 billion CNY, down 7.1% year-on-year. For the first three quarters, the net profit was 8.934 billion CNY, a decrease of 4.22% year-on-year [1]. Power Generation and Capacity - The cumulative power generation for the first three quarters was 160.388 billion kWh, an increase of 2.7% year-on-year. The on-grid power generation was 151.121 billion kWh, up 2.92% year-on-year [2]. - Nuclear power generation in the first three quarters was 135.638 billion kWh, down 2.74% year-on-year, primarily due to increased maintenance days compared to the previous year [2]. - Renewable energy generation reached 24.750 billion kWh, a significant increase of 48.19% year-on-year, driven by growth in installed capacity [2]. Installed Capacity and Future Growth - As of Q3 2024, the company operates 25 nuclear power units with a total installed capacity of 23.75 million kW and has 18 units under construction or awaiting approval with a capacity of 20.64 million kW [2]. - The company has a total installed capacity of 24.147 million kW in renewable energy, with wind and solar power capacities of 7.831 million kW and 16.316 million kW respectively [2]. Financial Projections - The report forecasts total revenue for 2024 to be 78.501 billion CNY, with a growth rate of 4.7%. The net profit is projected at 11.048 billion CNY, reflecting a growth rate of 4.0% [3]. - The earnings per share (EPS) is expected to be 0.59 CNY in 2024, with a price-to-earnings (P/E) ratio of 17 [3].

中国核能电力股份有限公司 2024 年第三次临时股东大会 会议资料 二〇二四年十一月 | | | | 1. | 2024 年第三次临时股东大会会议须知 | 1 | | --- | --- | --- | | 2. | 2024 年第三次临时股东大会会议议程 | 3 | | 3. | 关于中国核电特殊分红事项的议案 | 5 | | 4. | 关于公司注册并公开发行公司债券的议案 | 6 | 中国核能电力股份有限公司 2024 年第三次临时股东大会会议须知 为维护投资者的合法权益，确保中国核能电力股份有限公司（以 下简称"公司"）2024 年第三次临时股东大会的正常秩序和议事效 率，根据《公司法》《上市公司股东大会规则》等法律、法规和《公 司章程》的规定，现就会议须知通知如下，请参加本次会议的全体人 员自觉遵守。 一、股东大会期间，全体参会人员应以维护股东的合法权益、确 保会议的正常秩序和议事效率为原则，自觉履行法定义务。 二、为保证股东大会的正常秩序，除出席会议的股东及股东代理 人、董事、监事、高级管理人员、公司聘请的律师及公司董事会邀请 的人员以外，公司有权拒绝其他人员入场，对于干扰会议秩序、寻衅 滋事和侵犯 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [7][5][16] Core Views - The company's performance has declined due to fluctuations in electricity generation and a decrease in electricity prices, with a year-on-year decline in net profit of 4.22% for the first three quarters of 2024 [1][8] - The company has received approval for the loading of the first batch of nuclear fuel for the Zhangzhou Unit 1, marking a significant step in its operational capacity [4][15] - The company is experiencing a decline in nuclear power generation primarily due to unit maintenance and external factors such as typhoons affecting operations [2][15] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 569.86 billion yuan, a year-on-year increase of 1.60%, while net profit attributable to shareholders was 89.34 billion yuan, a year-on-year decrease of 4.22% [1][8] - In Q3 2024, the company reported operating revenue of 195.45 billion yuan, a quarter-on-quarter increase of 0.47%, but a year-on-year decrease of 1.25% [1][8] Electricity Generation - The total electricity generation for the first three quarters of 2024 was 1603.88 billion kWh, a year-on-year increase of 2.70%, while nuclear power generation was 1356.38 billion kWh, a year-on-year decrease of 2.74% [2][14] - The company’s renewable energy generation saw significant growth, with a year-on-year increase of 48.19% [2][14] Pricing and Regulatory Developments - The pricing for the Fuzhou Units 5 and 6 has been set at 0.3932 yuan/kWh, which is part of the regulatory framework established by the National Development and Reform Commission [3][15] - The company is advancing its second phase of construction for the Zhangzhou nuclear power project, with significant milestones achieved recently [4][15] Profitability and Forecasts - The company expects net profits for 2024-2026 to be 111.0 billion yuan, 120.4 billion yuan, and 130.0 billion yuan respectively, reflecting a growth rate of 4% for 2024 [5][16] - The average price-to-earnings ratio (PE) is projected to be 17.0, 15.7, and 14.5 for the years 2024, 2025, and 2026 respectively [5][16]

复投资者问题（上证 E 互动）11 条。详见下表： | 序号 | 沟通方式 | 数量 | | --- | --- | --- | | 1 | 接听投资者咨询热线 | 53 次 | | 2 | 回复投资者问题（上证 E 互动） | 11 条 | 中国核电 2024 年 10 月投资者沟通情况通报 2024 年 10 月，中国核能电力股份有限公司接听投资者咨询热线 53 次；回 2024 年 10 月投资者沟通情况统计表 ...

Investment Rating - The investment rating for China Nuclear Power (601985.SH) is "Buy" (maintained) [3] Core Views - The company's performance in Q3 2024 met expectations, with a revenue of 19.545 billion yuan, a year-on-year decline of 1.25%, and a net profit attributable to shareholders of 3.052 billion yuan, down 7.1% year-on-year [3] - The decline in nuclear power generation was primarily due to unexpected maintenance at the Fuqing Nuclear Power Plant, while renewable energy generation saw a significant increase of 48.2% year-on-year [3] - The company has completed 80.5% of its renewable energy installation plan, with a total installed capacity of 24.15 million kilowatts as of September 2024 [3] - The company has 18 nuclear power units under construction or planned, ensuring stable long-term growth in installed capacity [3] - The company emphasizes shareholder returns, announcing a three-year dividend plan and a special dividend proposal [3] Financial Summary - For 2024-2026, the forecasted net profit attributable to shareholders is 10.97 billion, 11.53 billion, and 11.97 billion yuan, with year-on-year growth rates of 3.2%, 5.2%, and 3.8% respectively [3] - The current stock price corresponds to a P/E ratio of 17, 17, and 16 for the years 2024, 2025, and 2026 [3] - The projected dividend yield for 2024-2026 is 2.0%, 2.1%, and 2.1% respectively, based on a historical dividend payout ratio of 35% [3][4]

Investment Rating - The investment rating for China Nuclear Power (601985) is "Buy" (maintained) [1] Core Views - The company reported a revenue of 56.986 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.6%, while the net profit attributable to shareholders decreased by 4.22% to 8.934 billion yuan [1] - In Q3 2024, the company's revenue was 19.545 billion yuan, showing a year-on-year decline of 1.25% but a quarter-on-quarter increase of 0.47% [1] - The net profit for Q3 2024 was 3.052 billion yuan, down 7.10% year-on-year but up 8.10% quarter-on-quarter [1] - The nuclear power generation in Q3 2024 increased by 1.9% quarter-on-quarter, with the completion of minor repairs on Unit 4 of the Fuqing Nuclear Power Plant [1] - The company has a robust pipeline of nuclear projects and is expected to enter a phase of accelerated production [1] Financial Performance Summary - For 2024, the company expects total revenue to reach 75.901 billion yuan, with a net profit of 10.714 billion yuan, reflecting a growth of 1% and 9% respectively for 2024-2026 [1] - The earnings per share (EPS) for 2024 is projected at 0.57 yuan, with a price-to-earnings (P/E) ratio of 17.71 [1] - The company’s operating cash flow for the first three quarters of 2024 was 32.845 billion yuan, a decrease of 4.36% [1] - The capital expenditure increased significantly, with net cash flow from investment activities at -61.486 billion yuan, an increase of 47.87% year-on-year [1] - The company has a total of 1,392 MW of nuclear power units under construction and 672 MW awaiting commencement, indicating a potential growth of 87% upon completion [1]

Investment Rating - The report maintains a "Buy" rating for China Nuclear Power (601985) [5] Core Views - The company reported a revenue of 56.99 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.60%, while the net profit attributable to shareholders decreased by 4.22% to 8.93 billion yuan [5] - The decline in profit is attributed to lower market electricity prices and a revenue growth rate that lagged behind cost increases [5] - The company completed a total electricity generation of 1,603.88 billion kWh in the first nine months of 2024, representing a year-on-year growth of 2.70% [5] - The report highlights that the company has not added any new operational nuclear power units as of September 2024, with a decrease in electricity generation in Q3 2024 due to increased maintenance activities [5] - Future growth is expected as the Fuzhou Unit 4 has restarted and the Zhangzhou Unit 1 is about to be commissioned, which will support electricity generation increases in Q4 2024 and beyond [5] - The report notes that the approval pace for nuclear power projects has accelerated, with 11 new units approved in 2024, the highest in recent years [5] - The company’s renewable energy capacity continues to grow, with a total of 24.15 GW in operation as of September 2024, contributing to significant increases in wind and solar power generation [5] - Financially, the company has seen a decrease in its debt ratio to 69.28%, and financial expenses have decreased due to interest rate cuts [5] - The profit forecast for 2024 has been adjusted down to 10.63 billion yuan, while the forecasts for 2025 and 2026 remain unchanged at 12.85 billion yuan and 13.43 billion yuan respectively [5] Summary by Sections Market Data - Closing price as of October 29, 2024, is 10.35 yuan, with a market capitalization of 195.44 billion yuan [2] - The price-to-book ratio is 2.1, and the dividend yield is 1.88% [2] Financial Summary - The company’s total revenue for 2023 was 74.96 billion yuan, with a projected revenue of 77.71 billion yuan for 2024 [6] - The net profit for 2023 was 10.62 billion yuan, with a forecast of 10.63 billion yuan for 2024 [6] - The company’s gross margin is projected to be 42.2% in 2024, with a return on equity (ROE) of 9.2% [6]

Investment Rating - The report maintains a "Recommended" rating for China Nuclear Power (601985.SH) with a target price of 10.05 CNY per share [3]. Core Views - The company reported a revenue of 56.986 billion CNY for the first three quarters of 2024, a year-on-year increase of 1.6%, while the net profit attributable to shareholders decreased by 4.22% to 8.934 billion CNY [1]. - The total power generation for Q1-Q3 2024 was 1,603.88 billion kWh, a year-on-year increase of 2.70%, but nuclear power generation declined by 2.74% due to increased maintenance days for several nuclear units [1]. - The company has a robust nuclear power reserve with 25 operational units and 18 units under construction or awaiting approval, expected to enhance performance from 2024 to 2029 [1]. - The report forecasts net profits for 2024, 2025, and 2026 to be 10.849 billion CNY, 12.150 billion CNY, and 13.315 billion CNY respectively, with corresponding EPS of 0.57 CNY, 0.64 CNY, and 0.71 CNY [2][4]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 19.545 billion CNY, a year-on-year decrease of 1.25%, while net profit was 3.052 billion CNY, down 7.1% year-on-year [1]. - The gross margin for Q3 2024 was 47.26%, a decrease of 0.97 percentage points year-on-year, and the net margin was 28.63%, down 1.24 percentage points [1]. Power Generation - The total power generation for the first three quarters of 2024 was 1,603.88 billion kWh, with nuclear power generation at 1,356.38 billion kWh, reflecting a decline due to maintenance [1]. - New energy generation saw significant growth, with solar and wind power generation increasing by 50.10% and 45.91% respectively [1]. Future Outlook - The company plans to commission 12 new nuclear units from 2024 to 2029, adding a total capacity of 12.632 million kW, which is expected to boost future earnings [1]. - Significant infrastructure investments were noted, with total construction expenditures reaching 202.596 billion CNY in the first three quarters of 2024, a year-on-year increase of 31.92% [1].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase in the next 6-12 months [2][9]. Core Views - The company reported a revenue of 56.99 billion RMB for the first three quarters of 2024, a year-on-year increase of 1.6%, while the net profit attributable to shareholders was 8.93 billion RMB, a decrease of 4.2% [2]. - In Q3 2024, the company achieved a revenue of 19.55 billion RMB, down 1.3% year-on-year, and a net profit of 3.05 billion RMB, down 7.1% year-on-year [2]. - The increase in new energy installations and electricity generation is notable, with a 40.2% year-on-year increase in Q3 electricity generation from new energy sources [2]. - The company is expected to benefit from a stable pricing environment for nuclear power, despite recent declines in market prices [2]. - The company has announced plans for a private placement to raise funds for future power station developments, with significant investments from the China National Nuclear Corporation and social security funds [2]. Summary by Sections Performance Review - For the first three quarters of 2024, the company achieved a total electricity generation of 151.12 billion kWh, an increase of 2.9% year-on-year [2]. - The Q3 2024 nuclear power generation was impacted by maintenance and typhoon effects, leading to a 5.6% decrease year-on-year [2]. - The company anticipates recovery in generation capacity following the resumption of operations at the Fuqing Unit 4 [2]. Financial Forecasts - The company is projected to achieve net profits of 11.09 billion RMB, 11.77 billion RMB, and 12.67 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.59, 0.62, and 0.67 RMB [2]. - The price-to-earnings ratio (PE) is expected to be 18x, 17x, and 15x for the years 2024, 2025, and 2026 respectively [2]. Market Analysis - The report highlights the impact of market price fluctuations on profitability, particularly in the Jiangsu region where nuclear power prices have adjusted downwards [2]. - The company’s long-term growth potential is supported by its entry into a phase of continuous operation of new units [2].

Investment Rating - The report maintains a "Hold" rating for China Nuclear Power [2][4] Core Views - The company reported a revenue of 56.986 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.60%, while the net profit attributable to shareholders decreased by 4.22% to 8.934 billion yuan [2] - The decline in net profit is attributed to a decrease in market electricity prices, which affected revenue growth despite a 2.92% increase in electricity output [2] - The report highlights a significant increase in renewable energy output, with a 40.2% year-on-year growth in the third quarter of 2024 and a 48.2% increase for the first three quarters [2] - The company has 18 nuclear units under construction or approved, with an installed capacity of 20.64 GW, and expects improved performance in 2025 following the resolution of short-term disruptions [2] Financial Summary - For 2024, the projected revenue is 77.98 billion yuan, with net profits expected to be 10.716 billion yuan, reflecting a slight increase of 1% from the previous year [3][9] - The company's earnings per share (EPS) for 2024 is estimated at 0.57 yuan, with a price-to-earnings (P/E) ratio of 18.2 [3][9] - The financial data indicates a steady growth trajectory, with revenues projected to reach 85.723 billion yuan in 2025 and 92.860 billion yuan in 2026 [3][11]