证券研究报告·公司点评报告·电力 中国核电（601985） 2023 年报&2024 一季报点评：基荷电源业绩 2024年 05月 04日 稳健，在建项目成长确定 证券分析师 袁理 买入（维持） 执业证书：S0600511080001 021-60199782 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E yuanl@dwzq.com.cn 证券分析师 任逸轩 营业总收入（百万元） 71,286 74,957 77,430 85,222 94,686 执业证书：S0600522030002 同比（%） 13.70 5.15 3.30 10.06 11.10 renyx@dwzq.com.cn 归母净利润（百万元） 9,010 10,624 11,422 12,528 13,574 同比（%） 9.66 17.91 7.51 9.69 8.35 股价走势 EPS-最新摊薄（元/股） 0.48 0.56 0.60 0.66 0.72 中国核电 沪深300 P/E（现价&最新摊薄） 19.36 16.42 15.28 13.93 12.85 33% [ ...

证券研究报告·公司点评报告·电力 中国核电（601985） 2023 年报&2024 一季报点评：基荷电源业绩 2024年 05月 04日 稳健，在建项目成长确定 证券分析师 袁理 买入（维持） 执业证书：S0600511080001 021-60199782 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E yuanl@dwzq.com.cn 证券分析师 任逸轩 营业总收入（百万元） 71,286 74,957 77,430 85,222 94,686 执业证书：S0600522030002 同比（%） 13.70 5.15 3.30 10.06 11.10 renyx@dwzq.com.cn 归母净利润（百万元） 9,010 10,624 11,422 12,528 13,574 同比（%） 9.66 17.91 7.51 9.69 8.35 股价走势 EPS-最新摊薄（元/股） 0.48 0.56 0.60 0.66 0.72 中国核电 沪深300 P/E（现价&最新摊薄） 19.36 16.42 15.28 13.93 12.85 33% [ ...

证券研究报告 公 2024年04月30日 司 报 告 中国核电(601985) │ 行 业： 公用事业/电力 公 投资评级： 买入（维持） 司 当前价格： 9.10元 年 核电主业安稳发展，分红稳健看好长期成长 目标价格： 10.50元 报 点 事件： 评 基本数据 公司发布《2023年年度报告》和《2024年第一季度报告》，2023年公司实 18,883.28/18,883. 总股本/流通股本(百万股) 28 现营业收入 749.57亿元，同比+5.15%，实现归母净利润 106.24 亿元，同 流通A股市值(百万元) 171,837.89 比+17.91%。2024Q1公司实现营业收入179.88亿元，同比+0.53%，实现归 每股净资产(元) 4.93 母净利润30.59亿元，同比+1.18%，业绩符合预期。 ➢ 安全稳定提升上网电量，降本增效成果显著 资产负债率(%) 70.20 公司核电发展以安全为基，WANO 满分机组为 18 台，综合指数平均值全球 一年内最高/最低(元) 9.74/6.66 领先。全年完成 17 次大修，其中 16 次常规大修平均工期较 2022 年优化 股价相对走势 3.4天 ...

上 市 公 司 公用事业 2024 年04月 30 日 中国核电 (601985) 公 司 研 究 ——装机降费并行业绩符合预期 稳健成长并举巩固长期价值 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：公司发布2023年年度报告和2024年一季报。2023年公司实现营业收入749.57亿元，同比 增长5.15%，实现归母净利润106.24亿元，同比增长17.91%，符合我们的预期。公司拟分红0.195 证 市场数据： 2024年04月29日 元/股（含税）。2024年第一季度公司实现营业收入179.88亿元，同比增长0.53%，实现归母净利 券 收盘价（元） 9.1 研 一年内最高/最低（元） 9.74/6.66 润30.59亿元，同比增长1.18%，基本符合我们的预期。 究 市净率 1.8  装机空窗期核电上网电量小幅提升，一季度低发无碍全年增长。公司全年综合电价由2022年的0.4226 报 息率（分红/股价） - 告 流通A股市值（百万元） 171838 元/度降至2023年的0.4193元/度。总售电量为1974.5亿千瓦时，同比增长5.6%，其中核电机组 上证 ...

Investment Rating - The report maintains a "Buy" rating for China National Nuclear Power (CNNP) with a target price of 9.67 CNY per share, based on a 16x PE multiple for 2024 [1][3] Core Views - CNNP achieved a 17.9% YoY increase in net profit attributable to shareholders in 2023, driven by stable nuclear power operations and growth in new energy projects [1] - The company's revenue grew by 5.2% YoY to 749.57 billion CNY in 2023, with net profit reaching 106.24 billion CNY [1] - CNNP plans to issue REITs with 1.12GW of new energy projects as underlying assets, aiming to raise up to 7.5 billion CNY [1] Financial Performance - In 2023, CNNP's total power generation increased by 5.3% YoY to 209.9 billion kWh, with new energy generation surging by 66.4% [1] - The company's nuclear power generation remained stable, with a 0.67% YoY increase, while new energy generation saw significant growth due to the commissioning of 5.99GW of new capacity [1] - CNNP's management and financial expenses decreased by 7.9 billion CNY (-17.1%) and 8.4 billion CNY (-10.3%) respectively, contributing to higher profitability [1] Growth Prospects - CNNP has 17.57GW of nuclear power capacity under construction and approved, with plans to reach 30GW of new energy capacity by 2025 [1] - The company's nuclear power capacity in operation, under construction, and approved stands at 23.75GW, 12.63GW, and 4.93GW respectively as of Q1 2024 [1] - CNNP's new energy capacity in operation and under construction has already exceeded its 2025 target, with 21.34GW and 14.26GW respectively [1] Valuation and Forecast - The report forecasts CNNP's net profit attributable to shareholders to reach 114.18 billion CNY, 122.85 billion CNY, and 131.67 billion CNY for 2024-2026, with corresponding PE ratios of 15.05x, 13.99x, and 13.05x [1][2] - CNNP's EPS is expected to grow from 0.60 CNY in 2024 to 0.70 CNY in 2026, reflecting steady growth in profitability [2] Industry Outlook - China's nuclear power sector is expected to grow significantly, with projections indicating a total installed capacity of 150GW by 2035, up from 57.03GW in 2023 [26] - The report highlights the acceleration of nuclear power approvals in China, with 10 units approved annually in both 2022 and 2023, signaling a favorable policy environment for the industry [25]

Investment Rating - Buy (Maintained) [1] Core Views - The company's 2023 performance met expectations, with revenue reaching RMB 749.6 billion, a 5.2% YoY increase, and net profit attributable to shareholders of RMB 106.2 billion, a 17.9% YoY increase [1] - In Q1 2024, revenue was RMB 179.9 billion, a 0.5% YoY increase, and net profit attributable to shareholders was RMB 30.6 billion, a 1.2% YoY increase, slightly below expectations [1] - The company plans to distribute a cash dividend of RMB 0.195 per share (tax included) for 2023, with a dividend payout ratio of 35.2% [1] Financial Performance - In 2023, the company's new energy installed capacity increased significantly, with 6GW added (1.7GW wind, 4.2GW solar), contributing to a 67% YoY increase in net profit for CNNC Huineng to RMB 2.94 billion [1] - Management and financial expenses decreased by RMB 790 million and RMB 840 million respectively in 2023, while other income increased by RMB 600 million, boosting profitability [1] - In Q1 2024, new energy generation increased by 63% for wind and 58% for solar, offsetting a 3.1% decline in nuclear power generation due to increased maintenance [1] Growth Prospects - The company plans a capital expenditure of RMB 121.6 billion in 2024, with an estimated 8-10GW of new energy capacity additions [1] - As of Q1 2024, the company has 14.3GW of new energy capacity under construction (3.3GW wind, 11GW solar), with 4.5GW newly started in Q1 [1] - The company has 15 nuclear power units under construction or approved, with 1 unit expected to be operational in 2024, 1 in 2025, 2 in 2026, 4 in 2027, and 1 in 2028 [1] Valuation and Forecast - The company's net profit attributable to shareholders is forecasted to be RMB 114.15 billion in 2024, RMB 124.83 billion in 2025, and RMB 132 billion in 2026, with YoY growth rates of 7.5%, 9.4%, and 5.7% respectively [1] - The current PE ratios are 16x, 14x, and 13x for 2024, 2025, and 2026 respectively (excluding perpetual bonds) [1] - Assuming a 35% dividend payout ratio, the dividend yields for 2024-2026 are projected to be 2%, 2.2%, and 2.4% respectively [1]

[Table_StockInfo] 买入 2024年 04月 27日 （维持） 证券研究报告•2023年年报点评 当前价： 9.28元 中国核电（601985） 公用事业 目标价： ——元（6个月） 风光装机大幅新增，盈利释放显著 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年报&2024年一季报。2023年实现营收 749.57亿元， [分Ta析bl师e_：Au池th天or惠] 同比增长 5.15%；实现归母净利润 106.24亿元，同比增长 17.91%；24Q1实 执业证号：S1250522100001 现营收179.9亿元，同比增长0.53%，实现归母净利润30.59亿元，同比+1.18%。 电话：13003109597  核电贡献稳定收入，毛利率同比下滑 1.68pp。2023 年公司核能发电实现收入 邮箱：cth@swsc.com.cn 635亿元，同比增加0.1%，毛利率 43.0%，同比下降1.68pp；截至期末公司在 分析师：刘洋 运核电机组25台，合计控股装机容量达23.8GW，报告期内发电量/售电量同比 执业证号：S12505230700 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company achieved a revenue of 74.96 billion RMB in 2023, a year-on-year increase of 5.2%, and a net profit attributable to shareholders of 10.62 billion RMB, up 17.9% year-on-year [1]. - In Q1 2024, the company reported a revenue of 17.99 billion RMB, a slight increase of 0.5% year-on-year, and a net profit of 3.06 billion RMB, up 1.2% year-on-year [1]. - The company’s total electricity sales in 2023 reached 197.45 billion kWh, a year-on-year increase of 5.6%, with nuclear power sales at 174.46 billion kWh, up 0.7% [2]. - The company is currently constructing 10 nuclear units and has 14.3 GW of renewable energy projects under construction, indicating a strong growth trajectory in both nuclear and green energy sectors [2]. - The company plans to invest 121.55 billion RMB in 2024 for the development of nuclear and renewable energy projects, which is expected to drive earnings per share (EPS) growth and subsequently increase the absolute value of dividends per share [2]. Summary by Sections Performance Review - In 2023, the company reported a total revenue of 74.96 billion RMB, with a net profit of 10.62 billion RMB, reflecting a growth of 5.2% and 17.9% respectively [1]. - For Q1 2024, the revenue was 17.99 billion RMB, with a net profit of 3.06 billion RMB, showing a modest growth of 0.5% and 1.2% year-on-year [1]. Operational Analysis - The company’s nuclear power operations are stable, with an increase in capacity factor to 93.3% in 2023, while renewable energy sales (wind and solar) grew significantly by 66.6% and 66.1% respectively [2]. - The company is expected to have a significant increase in operational capacity with the commissioning of new units in 2024 and 2025, leading to a projected peak in 2027 [2]. Profit Forecast and Valuation - The company is projected to achieve net profits of 11.43 billion RMB, 12.63 billion RMB, and 13.63 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.61 RMB, 0.67 RMB, and 0.72 RMB [3]. - The price-to-earnings (PE) ratios are expected to be 15x, 14x, and 13x for the years 2024, 2025, and 2026 respectively, supporting the "Buy" rating [3].

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 公用事业 ＃investSuggestion＃ ＃ ＃d中yCo国mpa核ny＃电 （ 601985 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ ange＃ 费用节约贡献利润增量，中核汇能拟发行权益性并表类 REITs ＃createTime1＃ 2024年4月28日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry＃：中国核电公告2023年报及2024年一季报。2023年，公司实现营 收749.57亿元，同比（调整后）+5.15%；实现归母净利润106.24亿元， 日期 2024/4/26 同比（调整后）+17.91%；实现基本每股收益0.554元/股，同比（调整后） 收盘价（元） 9.28 +18.38%。2024年第一季度，公司实现营收179.88亿元，同比+0.53%； 总股本（百万股） 18,883.28 实现归母净利润30.59亿元，同比+1.18%。公司同时公告2023年度利润 流通股本（百万股） 18,883.28 分配方案，拟每股派发现金红利0.195元（含税），共 ...

Investment Rating - The investment rating for China Nuclear Power (601985) is "Buy" with a target price of 10.72, up from the previous forecast of 8.28 [1][12]. Core Views - The report highlights that the company's performance in Q1 2024 met expectations, with profit growth primarily driven by cost improvements. The dividend payout ratio remains stable, indicating potential for sustainable growth in the future [1][12]. - The company has adjusted its nuclear power generation plan for 2024-2025, leading to a slight decrease in EPS estimates to 0.62/0.67 for 2024 and 0.73 for 2025 [1][12]. Summary by Sections Financial Performance - Q1 2024 revenue was 30.6 billion yuan, a year-on-year increase of 1.2%, while net profit was 56.5 billion yuan, up 4.5% year-on-year [1][12]. - The total power generation in Q1 2024 was 74.2 billion kWh, a 60.7% increase, benefiting from installed capacity growth [1][12]. Future Growth Potential - The company has a robust pipeline of nuclear power projects, with 15 units under construction and a total capacity of 1263.2 MW expected to come online between 2024 and 2029 [1][12][17]. - The report suggests that the company has significant long-term growth potential due to stable nuclear power utilization hours and electricity prices [1][12]. Valuation Metrics - The report provides a comparison of valuation metrics, indicating a PE ratio of 19.45 for 2023A, with expectations of a decrease to 15.06 for 2024E and 13.77 for 2025E [1][12][14]. - The company’s PB ratio is noted at 1.28, with a projected increase in future years [1][12][17].