Investment Rating - The report maintains a rating of "Accumulate" for China Nuclear Power (601985) [2] Core Views - The company's performance in the first three quarters of 2024 is in line with expectations, with revenue of 56.99 billion yuan, a year-on-year increase of 1.6%, and a net profit attributable to shareholders of 8.93 billion yuan, a year-on-year decrease of 4.2% [7][8] - The decline in performance is attributed to a drop in both volume and price in the electricity business, alongside increased expenses [7] - The company has ample construction and reserve capacity, indicating potential long-term value [7] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 19.54 billion yuan, a year-on-year decrease of 1.2%, and a net profit of 3.05 billion yuan, down 7.1% year-on-year [7] - The gross margin for Q3 2024 was 46.8%, a decrease of 0.9 percentage points year-on-year [7] - The company's financial expense ratio increased to 9.3%, up 1.7 percentage points year-on-year [7] Future Outlook - As of the end of Q3 2024, the company has 18 units under construction or approved for construction, with a total capacity of 20.6 GW [7] - The Jiangsu Xuwei Phase I project has received approval for the construction of two Hualong One reactors and one high-temperature gas-cooled reactor, totaling 3.1 GW [7] - The company expects to commission five units in 2027, marking a peak in operational capacity [7] Earnings Forecast - The EPS estimates for 2024, 2025, and 2026 have been adjusted to 0.58, 0.62, and 0.66 yuan respectively, down from previous estimates of 0.62, 0.67, and 0.72 yuan [7] - The target price has been revised down to 12.40 yuan from 12.73 yuan, based on a 20x PE ratio for 2025 [7]

Financial Performance - The company's operating revenue for Q3 2024 was ¥19,544,668,743.06, a decrease of 1.25% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥3,051,686,024.54, down 7.10% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥3,044,670,098.31, a decrease of 6.44% compared to the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.161, a decline of 6.40% year-on-year[4]. - The diluted earnings per share for Q3 2024 was also ¥0.161, reflecting a decrease of 6.40% compared to the same period last year[4]. - The net profit for Q3 2024 was CNY 16,312,713,514.59, a decrease of 2.6% compared to CNY 16,749,528,175.74 in Q3 2023[24]. - The total comprehensive income for Q3 2024 was CNY 16,281,080,092.40, compared to CNY 16,749,701,810.44 in Q3 2023, indicating a decline of about 2.8%[25]. - The total profit for the first three quarters of 2024 was CNY 8,051,472,701.56, up from CNY 7,888,098,271.98 in the previous year[33]. Assets and Liabilities - The total assets at the end of the reporting period were ¥609,292,395,885.28, an increase of 12.99% from the end of the previous year[4]. - The equity attributable to shareholders at the end of the reporting period was ¥96,770,112,450.82, up 6.40% year-on-year[4]. - The total liabilities increased to CNY 422,089,476,300.94 from CNY 376,469,247,784.67, marking an increase of about 12.1%[22]. - The total non-current liabilities amounted to CNY 316,246,184,377.32, compared to CNY 278,871,268,382.23, reflecting an increase of approximately 13.4%[22]. - The total current assets amounted to approximately CNY 74.06 billion, an increase from CNY 68.24 billion at the end of 2023, representing a growth of about 8.2%[20]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥32,844,795,592.53, a decrease of 4.36% compared to the same period last year[2]. - Cash inflow from financing activities reached 574.82 million, primarily due to increased mortgage financing loans[11]. - The cash inflow from operating activities totaled CNY 65,707,604,146.85, up from CNY 64,464,540,101.78 in the same period last year[26]. - The cash flow from financing activities in the first three quarters of 2024 showed a net outflow of CNY 3,964,042,276.14, compared to a net outflow of CNY 3,448,048,165.70 in 2023[36]. Investments and Expenses - Investment income increased by 44.70% year-on-year, indicating improved returns from investments[9]. - Research and development expenses decreased to CNY 756,179,329.29 from CNY 1,036,254,322.20, reflecting a reduction of approximately 27.0% year-over-year[24]. - The company reported an increase in management expenses to CNY 244,011,875.46 in 2024 from CNY 140,392,602.48 in 2023, reflecting a rise of approximately 73.6%[32]. - The cash received from investment income rose by 97.40%, reflecting an increase in received dividends[11]. Market and Strategic Focus - The company reported a decrease in net profit due to lower market electricity prices, which resulted in revenue growth lagging behind cost increases[7]. - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[19]. - The report indicates a strategic emphasis on improving operational efficiency and exploring potential mergers and acquisitions to drive growth[19].

| 证券代码：601985 | 证券简称：中国核电 公告编号：2024-072 | | --- | --- | | 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 第四届监事会第二十三次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中国核能电力股份有限公司（以下简称公司）第四届监事会第二十三次会议 于 2024 年 10 月 28 日以现场方式召开。本次会议的通知及相关会议材料已于 2024 年 10 月 25 日由监事会办公室提交全体监事。本次会议应参会表决监事 5 人，实际参会监事 5 人（其中委托出席监事 1 人），监事柳耀权因公无法出席， 委托监事孔玉春出席并投票表决。会议的召集召开符合《公司法》和《公司章程》 的规定，所作决议合法有效。 为进一步拓宽融资渠道，增强公司资金保障能力，持续优化资本结构，公司 拟注册并公开发行公司债券，具体如下： （一）公开发行公司债券的主要方案 1. 计划发行规模：不超过人民币 100 亿元（含 100 亿元），可一次性或分 期 ...

| 证券代码：601985 | 证券简称：中国核电 公告编号：2024-071 | | --- | --- | | 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 第四届董事会第二十五次会议决议公告 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 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中国核能电力股份有限公司（以下简称公司）第四届董事会第二十五次会议 于 2024 年 10 月 28 日以现场方式召开。本次会议的通知、补充通知及相关会议 材料已于 2024 年 10 月 18 日和 2024 年 10 月 25 日由董事会办公室提交全体董 事。本次会议应参会表决董事 12 人，实际参会董事 12 人（其中委托出席董事 4 人），董事卢铁忠因公无法出席，委托董事邹正宇出席并投票表决，董事毛延翩、 吴怡宁因公无法出席，委托董事武汉璟出席并投票表决，董事虞国平因公无法出 席，委托董事录大恩出席并投票表决。会议的召集召开符合《公司法》和《公司 章程》的规定，所作决议合法有效。 表决结果：同意票数 12 票；反对票数 0 票；弃权 ...

| 证券代码：601985 | 证券简称：中国核电 公告编号：2024-074 | | --- | --- | | 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 关于聘任总法律顾问的公告 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 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 附件：聘任的总法律顾问简历 中国核能电力股份有限公司董事会 2024 年 10 月 30 日 附件： 总法律顾问简历 张国华先生： 1970 年出生，中国国籍，无境外居留权，硕士研究生，高级经济师。现任中 国核能电力股份有限公司党委副书记。历任企业规划发展处处长、政研体改处处 长、副总经理、董事长、党委书记等。 张国华先生未持有公司股份，与本公司的董事、监事、高级管理人员、实际 控制人及持股 5%以上的股东不存在关联关系。不存在受到中国证监会、上海证 券交易所及其他有关部门处罚的情形；符合《公司法》和其他相关法规关于公司 高级管理人员任职资格的条件。 2024 年 10 月 28 日，公司召开第四届董事会第二十五次会议，审议通过了 《关于聘任公司总法 ...

证券代码：601985 证券简称：中国核电 公告编号：2024-075 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 关于召开 2024 年第三次临时股东大会的通知 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 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 14 日 14 点 30 分 召开地点：北京市海淀区玲珑路 9 号院东区 10 号楼中国核能电力股有限公 司 股东大会召开日期：2024年11月14日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024 年第三次临时股东大会 网络投票起止时间：自 2024 年 11 月 14 日 至 2024 年 11 月 14 ...

| 证券代码：601985 | 证券简称：中国核电 | 编号：2024-070 | | --- | --- | --- | | 债券代码：138547 | 核电 债券简称：22 Y2 | | 中国核能电力股份有限公司 关于控股股东增持计划完成的公告 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 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 1 本增持计划基本情况：基于对中国核能电力股份有限公司（以下简称中 国核电、公司）未来发展的信心，公司控股股东中国核工业集团有限公 司（以下简称中核集团）及其一致行动人计划自 2023 年 10 月 20 日起 至未来 12 个月内，通过上海证券交易所允许的方式（包括但不限于集 中竞价交易、大宗交易等）增持公司股份，增持金额不超过人民币 5 亿 元，资金来源为中核集团自有资金。详见公司 2023-058 号公告。 本增持计划实施结果：截至 2024 年 10 月 19 日，中核集团增持计划实 施期限已届满，中核集团采用集中竞价方式累计完成增持共计 17,775,311 股，占公司已发行总股份数的 0.09%，增持 ...

ZHONG LUN 中倫律師事務所 特殊的普通合伙 Limited Liability Partnership 北京市中伦律师事务所 关于中国核能电力股份有限公司 控股股东增持公司股份的 二〇二四年十月 : LUN 北京市朝阳区金和东路 20 号院正大中心 22-31/F, South Tower of CP Center, 20 Jin He East Avenue, Chaoyang District, Beijing 100020, China 电话/Tel · +86 10 5957 2288 传真/Fax : +86 10 6568 1022/1838 北京市中伦律师事务所 关于中国核能电力股份有限公司 控股股东增持公司股份的 法律意见书 致:中国核能电力股份有限公司 北京市中伦律师事务所(以下简称"本所")接受中国核能电力股份有限公司 (以下简称"公司")委托,指派本所律师对公司控股股东中国核工业集团有限公 司(以下简称"中核集团")及其一致行动人增持公司股份(以下简称"本次增持") 事宜实施专项核查并出具法律意见。 本所及本所律师依据《中华人民共和国证券法》(以下简称"《证券法》")、 《律师事 ...

Investment Rating - The report maintains an "Accumulate" investment rating for China Nuclear Power (601985) [2][6]. Core Views - The nuclear power generation volume has been affected by unit maintenance, but this does not alter the company's long-term investment value [2]. - The company reported a revenue of 37.441 billion yuan for the first half of 2024, showing a year-on-year increase, while the net profit attributable to shareholders decreased [2]. - The company is experiencing a decline in nuclear power generation due to increased maintenance days compared to the previous year, impacting overall performance [2][6]. Summary by Relevant Sections Financial Performance - In the first half of 2024, the company achieved an operating income of 37.441 billion yuan, with a year-on-year increase [2]. - The net profit attributable to shareholders for the first half of 2024 was 1.9453 billion yuan, a year-on-year decrease of 5.70% [2]. - The cumulative power generation for the third quarter reached 160.388 billion kWh, a year-on-year increase of 2.70% [2]. Operational Data - As of September 2024, the company managed 25 operational nuclear power units with a total installed capacity of 2,375 million kW, accounting for 40.89% of the national total [3]. - The company’s nuclear power generation volume for the first half of 2024 was 89.153 billion kWh, a year-on-year decrease of 1.24% [2]. Future Projections - The company forecasts net profits attributable to shareholders of 11.188 billion yuan, 12.250 billion yuan, and 13.052 billion yuan for 2024, 2025, and 2026, respectively [6]. - The expected earnings per share for 2024, 2025, and 2026 are 0.59 yuan, 0.65 yuan, and 0.69 yuan, respectively [6]. Dividend Policy - The company has consistently increased its cash dividend since its listing in 2015, with a proposed special cash dividend of 0.02 yuan per share announced on September 28, 2024 [5].

Investment Rating - The report maintains a "Buy" rating for China National Nuclear Power (601985 SH) [4] Core Views - Nuclear power generation declined by 2 74% YoY in the first three quarters of 2024 due to concentrated maintenance activities which is a normal operational arrangement and fully incorporated into the annual plan [1][3] - New energy generation reached 24 75 billion kWh up 48 19% YoY helping to offset the decline in nuclear power generation [1][3] - Overall power generation increased by 2 70% YoY despite the short-term pressure from maintenance activities [1][3] - The company's new energy growth rate slowed down in Q3 due to weaker wind and solar resources [4] - The company has a strong pipeline of nuclear and green energy projects ensuring long-term growth potential [4] Financial Performance - The company's commercial power generation in the first three quarters of 2024 was 160 39 billion kWh up 2 70% YoY [3] - Nuclear power generation was 135 64 billion kWh down 2 74% YoY mainly due to maintenance at key plants such as Qinshan Sanmen Hainan and Fuqing [3] - New energy generation in Q3 was 8 61 billion kWh up 40 15% YoY but the growth rate slowed down by 6 68 percentage points compared to the previous quarter [4] - The company's installed capacity for new energy reached 24 15 GW including 7 83 GW of wind power and 16 32 GW of photovoltaic power [4] Project Pipeline - The company has 18 nuclear power units under construction or approved with a total capacity of 20 64 GW [4] - New energy projects under construction have a capacity of 15 05 GW [4] - The Jiangsu Xuyu Phase I project was approved in August 2024 which includes two Hualong One units and one high-temperature gas-cooled reactor [4] Financial Forecast - The report forecasts EPS for 2024-2026 to be 0 53 yuan 0 60 yuan and 0 66 yuan respectively [4] - The corresponding PE ratios are 20 57x 18 29x and 16 48x [4]