Market Performance - The controllable nuclear fusion concept sector declined by 0.87%, ranking among the top losers in the concept sector, with *ST Lihang hitting the limit down [1] - Among the stocks in this sector, 27 stocks saw price increases, with Xinhongye, Yingliu Co., and HuoDuan Intelligent leading the gains at 6.83%, 3.70%, and 3.20% respectively [1] Capital Flow - The controllable nuclear fusion concept sector experienced a net outflow of 277 million yuan, with 35 stocks seeing net outflows, and 16 stocks with outflows exceeding 10 million yuan [1] - The stock with the highest net outflow was XueRen Co., with a net outflow of 47.1 million yuan, followed by LanShi Heavy Industry, China Energy Construction, and China Nuclear Power with net outflows of 40.3 million yuan, 36.3 million yuan, and 32.4 million yuan respectively [1] Top Gainers and Losers - The top gainers in the controllable nuclear fusion concept sector included Shanghai Electric, HaiLu Heavy Industry, and Yingliu Co., with net inflows of 50.2 million yuan, 31.7 million yuan, and 28.6 million yuan respectively [1][3] - The top losers included XueRen Co. (-3.24%), LanShi Heavy Industry (-5.64%), and China Energy Construction (-0.45%) [2][3]

证券研究报告 中国核电 (601985 CH) 净利或已触底，核电投产有望提速 华泰研究 年报点评 2025 年 4 月 29 日│中国内地 发电 中国核电发布业绩，2024 年实现营收 772.72 亿元（yoy+3%），归母净利 87.77 亿元（yoy-17%），扣非净利 85.69 亿元（yoy-18%），归母净利低于 华泰预测（111 亿元），主要是所得税费用高于预期；公司 1Q25 实现营收 202.73 亿元（yoy+13%），归母净利 31.37 亿元（yoy+2.6%）。2025 年有 望受益于核电新机组投产。2024 年公司 DPS 为 0.18 元/股，派息率升至 42%。维持"买入"评级。 核电：所得税费上升致净利承压，2025 年有望受益于新机组投产 截至 2025 年 4 月 28 日，公司核电在运机组合计 26 台、装机容量 24.96GW， 在建机组 12 台、装机容量 13.92GW，核准待建机组 7 台、装机容量 7.94GW， 公司开展前期准备工作的核电机组仍超过 10 台，为后续核准奠定基础。 4Q24/1Q25核电发电量yoy+1.0%/+13.3%，得益于漳州1号机 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：601985 公司简称：中国核电 中国核能电力股份有限公司2024年年度报告摘要 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、未出席董事情况 ■ 4、立信会计师事务所为本公司出具了标准无保留意见的审计报告。 2．全国2024年电力装机及发电情况 据国家能源局、中国电力企业联合会统计数据，截至2024年12月31日，全国累计发电装机容量约33.5亿 千瓦，同比增长14.6%。其中，核电约6,083万千瓦，占全部装机容量的1.81%，同比增长约6.9%；风电 约5.2亿千瓦，占全部装机容量的15.5%，同比增长约18%；太阳能发电约8.9亿千瓦，占全部装机容量的 26.4%，同比增长约45.2%。全国6,000千瓦及以上电厂发电设备利用小时3,442小时，核电设 ...

Investment Rating - The report maintains a "Buy" rating for China Nuclear Power [6] Core Views - The net profit for 2024 is expected to be 8.777 billion RMB, a year-on-year decrease of 17%, primarily due to higher-than-expected income tax expenses [1][2] - The company is projected to benefit from the commissioning of new nuclear power units in 2025, which is anticipated to drive net profit growth [1][2] - The company plans to distribute a dividend of 0.18 RMB per share for 2024, with a payout ratio increasing to 42% [1] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 77.272 billion RMB, a year-on-year increase of 3% [1] - The first quarter of 2025 saw revenue of 20.273 billion RMB, reflecting a year-on-year growth of 13% [1] - The net profit for 2025 is projected to be 9.403 billion RMB, with an expected year-on-year growth of 7.13% [11] Nuclear Power Segment - As of April 2025, the company has 26 operational nuclear units with a total installed capacity of 24.96 GW, and 12 units under construction with a capacity of 13.92 GW [2] - The company expects to commission 2.42 GW, 1.39 GW, and 5.04 GW of new nuclear capacity in 2025, 2026, and 2027 respectively [2] Renewable Energy Segment - The company has 30.69 GW of operational renewable energy capacity, with 20.68 GW from solar and 10.01 GW from wind [3] - The renewable energy segment's net profit is expected to stabilize in 2025 after a decline of 14% in 2024 due to falling electricity prices [3] Profit Forecast Adjustments - The profit forecasts for 2025 and 2026 have been revised down by 19% and 14% respectively, with the new estimates being 9.403 billion RMB and 10.740 billion RMB [4] - The target price has been adjusted to 10.12 RMB per share, down from a previous estimate of 12.81 RMB [4]

年报显示，2024年全年，中国核电累计商运发电量2163.49亿千瓦时，同比增长3.09%；上网电量为 2039.23亿千瓦时，同比增长3.28%。 "2025年，公司全年发电量目标为2370亿千瓦时，其中核电计划发电量为1954亿千瓦时，新能源计划发 电量为416亿千瓦时。"中国核电有关负责人告诉记者。 核电业务安全当先，稳健运行。据这位负责人介绍，截至2024年底，中国核电控股商运核电机组共计25 台，总装机容量2375万千瓦，全年核电机组发电量1831.22亿千瓦时；2024年全年在运机组非停率为0.04 次／堆年（全年1次），全年22台机组WANO（世界核运营者协会）综合指数满分，平均分达到99.13 分，达到历史最优，设备可靠性指标达到97.68分。 新华财经北京4月29日电（记者安娜）中国核能电力股份有限公司（以下简称"中国核电"）29日发布的 2024年年报显示，2024年，公司实现营业收入772.72亿元，利润总额225.64亿元，归母净利润87.77亿 元，资产负债率压降至68.27%，净资产收益率9.44%。报告期内，公司相继进入"上证50"和"富时中国 50"指数，获得国内外专业投资者的 ...

Core Viewpoint - China Nuclear Power Co., Ltd. reported a steady growth in its nuclear power business and accelerated expansion in its renewable energy sector, leading to a solidified competitive advantage and optimized asset structure in the first quarter of 2025 [2][3]. Group 1: Financial Performance - In Q1 2025, the company achieved an operating revenue of 20.273 billion yuan, a year-on-year increase of 12.70% [3]. - The net profit attributable to shareholders was 3.137 billion yuan, up 2.55% year-on-year, while the net profit excluding non-recurring items was 3.133 billion yuan, reflecting a 2.95% increase [3]. - The nuclear power segment demonstrated strong performance with a revenue growth of 10.46% and a net profit growth of 11.52% [3]. Group 2: Renewable Energy Expansion - The renewable energy segment saw a significant revenue increase of 24.64% year-on-year, becoming a key driver for overall revenue growth [4]. - Despite a 51.32% decline in net profit attributable to shareholders in the renewable sector, this was attributed to the dilution effects from two REITs projects and market-based debt-to-equity swaps, rather than operational decline [4]. - The company is focusing on a dual strategy of "nuclear power + renewable energy," which is expected to enhance long-term growth potential [4][6]. Group 3: Asset and Capital Management - As of the end of the reporting period, total assets reached 687.7 billion yuan, a 4.24% increase from the beginning of the year, with equity attributable to shareholders at 113.6 billion yuan, up 3.11% [7]. - The company has a substantial construction project pipeline, with ongoing projects valued at 207.8 billion yuan, which is expected to support revenue growth in the medium to long term [7]. - The company maintains a strong liquidity position with cash reserves of 22.668 billion yuan, despite a 39.50% year-on-year decline in operating cash flow, which is considered a normal phase in capital expenditure [7][8]. Group 4: Strategic Outlook - The company aims to enhance its global influence and valuation support by progressing towards becoming a world-class clean energy listed company, focusing on safety, green transformation, and high-quality development [8]. - The strategic initiatives include optimizing capital structure and improving funding efficiency through various financing tools, which will help mitigate financial pressures from large-scale construction investments [7][8].

放眼世界，百年未有之大变局加速演进，不确定不稳定性因素持续增多，国际政治、经济形势风云变 幻，对国内冲击逐步增强。如此境况，优势龙头国企所发挥的定心骨作用，对资本市场乃至整个国家经 济来说愈加重要。 2025年4月29日，中国核电年报发布。作为我国核电领域的龙头企业，中国核电2024年实现营业收入 772.72亿元，利润总额225.64亿元，归母净利润87.77亿元，资产负债率压降至68.27%，净资产收益率 9.44%，稳增长发展基础更加坚实的同时，资产质量、经营水准进一步提升。 报告期内，公司相继进入"上证50"和"富时中国50"指数，获得国内外专业投资者的进一步认可。2025年 初，中国核电140亿元定增完成，除控股股东中核集团外，社保基金会出资近120亿元认购股份。 去年底，社保基金副理事长武建力曾表示，社保基金会作为典型的长期资金、耐心资本，愿携手中央企 业，通过建立常态交流机制、合作开展专题调研、共同培育挖掘优质投资项目等多种方式，全面加强与 中央企业合作，凝聚发展新质生产力强大合力，助推中国式现代化建设。 安全高效，发电量稳健上升 2024年全年，中国核电累计商运发电量2,163.49亿千瓦时， ...

Group 1 - The Ministry of Foreign Affairs stated that there have been no recent negotiations or discussions between China and the US regarding tariffs [2] - The Ministry of Foreign Affairs welcomed more foreign visitors to China, highlighting a 173% year-on-year increase in inbound travel orders for the upcoming holiday [2] - The Ministry of Industry and Information Technology (MIIT) released key points for automotive standardization work for 2025, focusing on accelerating the development of automotive chip standards [3][4] Group 2 - The Shanghai State-owned Assets Supervision and Administration Commission held a meeting to discuss the collaborative development between state-owned and private enterprises [5] - Chengdu introduced 20 policies to enhance its electricity supply capacity, aiming to build a modern first-class power grid [6] - The National Medical Products Administration emphasized the importance of smart regulation in the pharmaceutical sector during a recent conference [7] Group 3 - The China Securities Regulatory Commission is seeking opinions on guidelines for managing the investment behavior of securities practitioners [8] - The Ministry of Industry and Information Technology initiated a recommendation process for energy-saving and carbon-reduction technologies in key industries for 2025 [9] - The National Data Bureau called for the acceleration of public data development and utilization policies to enhance economic and social development [11] Group 4 - The Henan Provincial Government issued a development plan for the electric vehicle industry cluster, aiming to enhance the local economy [12] - Companies such as Zhaosheng Microelectronics and Huayang Group reported significant growth in their respective product lines and production capabilities [14] - Securities firms are focusing on industries less affected by external demand and those benefiting from macroeconomic policies, such as essential consumption and urban renewal projects [15][16]

Core Viewpoint - The approval of new nuclear power projects by major players in the industry indicates a significant acceleration in nuclear power development in China, with a focus on enhancing energy capacity and contributing to carbon neutrality goals [2][3][4]. Group 1: Project Approvals and Developments - China National Nuclear Corporation (中国核电) announced the approval of two new "Hualong One" pressurized water reactor units at the Zhejiang Sanmen nuclear power project, increasing its total number of under-construction and approved units to 19 [2][3]. - As of March 2025, China National Nuclear Corporation operates 26 nuclear units with a total installed capacity of 24.96 million kW, and has 17 units under construction or approved, totaling 19 units with an overall capacity of 44.39 million kW [3][4]. - China General Nuclear Power Group (中国广核) also received approvals for four new units, further indicating the industry's growth momentum [3]. Group 2: Performance Metrics - In Q1 2025, China National Nuclear Corporation reported a total electricity generation of 59.742 billion kWh, a year-on-year increase of 16.93%, with nuclear units contributing 49.482 billion kWh, accounting for 82.83% of total generation [2][5]. - The company’s renewable energy generation increased from 14.52% in Q1 2024 to 17.17% in Q1 2025, with total renewable generation reaching 10.26 billion kWh, a growth of 38.35% [5][6]. - The company achieved a revenue of 20.273 billion yuan and a net profit of 3.137 billion yuan in Q1 2025, reflecting year-on-year growth of 12.70% and 2.55%, respectively [6]. Group 3: Technological Advancements - The "Hualong One" technology, which is fully owned by China, is a third-generation pressurized water reactor design that emphasizes safety and efficiency, with a design life of 60 years [4]. - The Chinese nuclear power industry has reached a total of 102 operational, under-construction, and approved nuclear units, with a combined capacity of 113 million kW, making it the largest in the world [4].

Core Insights - The 2025 Spring International Forum on Sustainable Development of Nuclear Energy and the 16th China International Nuclear Power Industry Exhibition took place in Beijing, gathering representatives from international organizations, governments, research institutions, and the industry to discuss global nuclear energy opportunities and challenges [1] Group 1: China's Nuclear Power Development - As of now, China has 102 nuclear power units in operation, under construction, and approved for construction, with a total installed capacity of 113 million kilowatts, making it the world's largest nuclear power producer [3][4] - The Chinese government has approved five new nuclear projects, totaling ten new units, following a similar approval of five projects and eleven units last year [3] - China has the capability to construct over 40 units simultaneously, with an annual equipment manufacturing capacity exceeding ten sets [3] Group 2: Technological Advancements - China has made significant breakthroughs in various nuclear technology fields, establishing independent brands such as "Hualong One" and "Guohe One" [4] - The "Linglong One" small reactor is expected to be operational by 2026, and the thorium molten salt experimental reactor has achieved full power operation [4] Group 3: Global Nuclear Energy Trends - The global nuclear power landscape is witnessing a resurgence, with 417 operational nuclear units expected by 2024, generating a record 2.8 trillion kilowatt-hours, accounting for 9% of global electricity generation [5] - Major nuclear countries are accelerating their nuclear power projects, with the U.S. planning to commercialize advanced nuclear energy by 2030 and Russia aiming to commission 12 new units by 2035 [5][6] - Emerging countries, including Poland, Turkey, and Saudi Arabia, are also announcing new nuclear construction plans, indicating a broader acceptance of nuclear energy [6] Group 4: Small Modular Reactors and Future Technologies - The development of small modular reactors (SMRs) is being promoted as a solution for countries with limited technical and financial resources to harness nuclear technology [7] - Micro-reactors, typically ranging from 1 to 10 megawatts, are being explored for remote areas and specific applications, such as mining operations and offshore platforms [7][8] - The "artificial sun" concept, focusing on nuclear fusion, is gaining attention, with significant advancements reported in various fusion projects, including ITER [9]