Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Viewpoints - The company's revenue is expected to grow steadily in 2024, driven by rapid growth in renewable energy generation. However, the net profit attributable to the parent company is projected to decrease by 17.38% year-on-year due to non-operating factors such as taxes and impairments. Excluding these non-operating factors, the adjusted profit only decreases by 0.62%, indicating that operational factors have a limited impact on performance [2][6] - In Q1 2025, revenue is expected to increase by 12.7% year-on-year, driven by significant growth in electricity generation. However, net profit attributable to the parent company is projected to be 3.137 billion yuan, a year-on-year increase of 2.55%, with nuclear power net profit growing by 11.52% and renewable energy net profit declining by 51.32% [2][6] Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of 77.272 billion yuan, a year-on-year increase of 3.09%, and a net profit attributable to the parent company of 8.777 billion yuan, a decrease of 17.38%. In Q1 2025, revenue reached 20.273 billion yuan, a year-on-year increase of 12.7%, with a net profit of 3.137 billion yuan, up 2.55% year-on-year [6][2] Operational Insights - The company's nuclear power generation decreased by 1.80% year-on-year to 183.122 billion kWh in 2024 due to increased maintenance days and external factors like typhoons. In contrast, renewable energy generation increased by 42.21% year-on-year, with a total installed capacity of 29.5962 million kW by the end of 2024 [12][11] - The average electricity price for nuclear power in 2024 was 0.4151 yuan/kWh, an increase of 0.004 yuan/kWh year-on-year, while the average price for renewable energy decreased by 0.062 yuan/kWh to 0.4203 yuan/kWh [12][11] Future Projections - The company expects EPS for 2025-2027 to be 0.53 yuan, 0.56 yuan, and 0.63 yuan, respectively, with corresponding PE ratios of 17.87, 16.72, and 14.81 [12][11]

Core Viewpoint - The profitability of China Nuclear Power is significantly impacted by the market-oriented trading of electricity, leading to strategic shifts in project acquisitions and focus areas [1][2]. Group 1: Financial Performance - China Nuclear Power reported a revenue increase of 3.09% to 77.27 billion yuan, but its net profit decreased by 17.38% to 8.78 billion yuan [1]. - China General Nuclear Power (CGN) achieved a revenue growth of 5.16% to 86.80 billion yuan, with a slight net profit increase of 0.83% to 10.81 billion yuan [1]. - Both companies experienced growth in power generation and grid-connected electricity, with China Nuclear Power's total generation reaching a historical high of 216.35 billion kWh, up 3.09% [3]. Group 2: Market Dynamics - The average settlement price for CGN decreased by approximately 3.85% to 0.3869 yuan per kWh due to the decline in market electricity prices [3][4]. - The proportion of market-based electricity transactions for CGN remained stable at around 50.94%, while the comprehensive electricity price for China Nuclear Power fell by 0.8% to 0.416 yuan per kWh [4]. Group 3: Strategic Adjustments - China Nuclear Power plans to shift its strategic focus from solar to wind energy and from the northwest to coastal provinces, pausing acquisitions in areas with high electricity curtailment rates [1][6]. - CGN aims to enhance communication with grid departments to secure favorable power generation arrangements and increase grid-connected electricity [6]. - Both companies are adapting to the evolving electricity market by optimizing their trading strategies and focusing on maintaining revenue while reducing costs [6].

| 证券代码：601985 | 证券简称：中国核电 | | | 公告编号：2025-039 | | --- | --- | --- | --- | --- | | 债券代码：138547 | 债券简称：22 | 核电 | Y2 | | 一、2025 年 4 月 28 日登记在册的公司前十大股东持股情况 | 序号 | 股东名称 | 持股数量（股） | 占总股本的比例 | | --- | --- | --- | --- | | | | | （%） | | 3 | 国新产业资本管理有限公司 | 626,212,254 | 3.04 | | 4 | 香港中央结算有限公司 | 504,978,842 | 2.46 | | 5 | 浙江浙能电力股份有限公司 | 465,574,629 | 2.26 | | 6 | 中国证券金融股份有限公司 | 465,406,674 | 2.26 | | 7 | 太平人寿保险有限公司－传统 －普通保险产品－022L-CT001 | 242,285,502 | 1.18 | | | 沪 | | | | 8 | 中国工商银行－上证 交易型 50 | 169,903,562 | 0.83 | ...

Core Viewpoint - China Nuclear Power (601985), one of the largest nuclear power operators in China, has reported a decline in net profit despite a slight increase in revenue for 2024, indicating a significant divergence between revenue growth and profit performance [1][2]. Financial Performance - In 2024, China Nuclear Power's operating revenue increased by 3.09% year-on-year, while the net profit attributable to shareholders decreased by 17.38%, highlighting a concerning trend of revenue growth not translating into profit [2]. - The company's net cash flow from operating activities also fell by 5.58% year-on-year, marking a second consecutive year of decline in cash flow [2]. - The gross profit margin for 2024 dropped to 3.97%, the lowest level in the past decade, with the first quarter of 2024 showing a mere 1.22% gross margin [2]. Cost and Efficiency Issues - Rising electricity costs have been identified as a key factor contributing to the decline in net profit and gross margin [4]. ESG Performance - The carbon emission density increased to 0.016 tons of CO2 equivalent per ten thousand yuan of industrial output in 2024, the highest level in three years [5][6]. - The proportion of R&D personnel decreased to 20.87%, the lowest in four years, indicating potential challenges in innovation and talent retention [5]. - Employee turnover rate remained above 1% from 2022 to 2024, with 2024's rate at 1.07%, which is higher compared to peers like Yangtze Power (0.3%) and China General Nuclear Power (1.01%) [5]. Shareholder Returns and Dividends - The company has not implemented any share buybacks since 2020, despite the launch of initiatives aimed at enhancing shareholder returns [7]. - The dividend payout ratio for 2024 was 41.80%, with a cash dividend total of 36.69 billion yuan, but the dividend yield has declined for two consecutive years, reaching a low of 1.73% in 2024 [8][9]. - Cumulatively, the company has raised over 426 billion yuan since its IPO, significantly exceeding its total dividend payouts of 242.81 billion yuan, indicating a weaker commitment to shareholder returns [8].

Group 1 - The liquidity of the green power ETF showed a turnover of 2.76% with a transaction volume of 10.0083 million yuan [2] - The green power ETF experienced a significant growth in scale, increasing by 165 million yuan over the past three months [2] - In terms of shares, the green power ETF saw an increase of 18.4 million shares in the last month, indicating substantial growth [2] Group 2 - The latest net inflow of funds into the green power ETF was 9.3737 million yuan, with a total of 19.8745 million yuan accumulated over the last 18 trading days [2] - The price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is currently at 18.37, which is in the 12.08% percentile over the past three years, indicating a historical low valuation [2] - As of April 30, 2025, the top ten weighted stocks in the National Green Power Index account for 58.04% of the index, including major companies like Yangtze Power and China Nuclear Power [2] Group 3 - The domestic public bidding market for wind power in Q1 2025 saw a new bidding volume of 28.6 GW, representing a year-on-year increase of 22.7% [3] - Wind turbine exports from China reached 14.6 million USD in March, with a month-on-month increase of 86.81% and a year-on-year increase of 50.54% [3] - The international bidding volume for Chinese wind turbine manufacturers is projected to reach 27.63 GW in 2024, showing a nearly 200% year-on-year growth [3]

Market Overview - The FTSE China A50 index components showed mixed performance with insurance and liquor sectors rising, while banking and semiconductor sectors had varied results, and the power sector weakened [1][4]. Insurance Sector - China Pacific Insurance, Ping An Insurance, and China Life Insurance had market capitalizations of CNY 293.04 billion, CNY 931.09 billion, and CNY 319.74 billion respectively, with trading volumes of CNY 557 million, CNY 1.019 billion, and CNY 389 million [3]. - China Pacific Insurance rose by 2.04%, Ping An by 0.83%, and China Life by 2.41% [3]. Liquor Industry - Kweichow Moutai, Wuliangye, and Shanxi Xinghuacun Fenjiu had market capitalizations of CNY 1,950.62 billion, CNY 249.58 billion, and CNY 502.40 billion respectively, with trading volumes of CNY 1.656 billion, CNY 506 million, and CNY 1.114 billion [3]. - Kweichow Moutai increased by 0.37%, Wuliangye by 0.24%, and Shanxi Xinghuacun by 0.57% [3]. Semiconductor Sector - Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of CNY 243.10 billion, CNY 292.64 billion, and CNY 346.81 billion respectively, with trading volumes of CNY 979 million, CNY 2.570 billion, and CNY 1.077 billion [3]. - Northern Huachuang rose by 0.92%, while Cambricon Technologies fell by 0.37% and Haiguang Information increased by 0.41% [3]. Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of CNY 196.10 billion, CNY 284.33 billion, and CNY 1,095.37 billion respectively, with trading volumes of CNY 3.165 billion, CNY 192 million, and CNY 285 million [3]. - BYD increased by 2.08%, Great Wall Motors by 1.46%, while Beijing-Shanghai High-Speed Railway decreased by 0.34% [3]. Power Sector - China Yangtze Power, China Nuclear Power, and China Power had market capitalizations of CNY 713.74 billion, CNY 191.08 billion, and CNY 332.60 billion respectively, with trading volumes of CNY 1.589 billion, CNY 405 million, and CNY 4.380 billion [4]. - China Nuclear Power rose by 2.43%, while China Yangtze Power fell by 1.12% [4]. Other Sectors - Various sectors including food and beverage, electronics, and pharmaceuticals showed diverse performances with notable market capitalizations and trading volumes [4][5].

证券分析师 袁理 证券研究报告·公司点评报告·电力 中国核电（601985） 2024 年报&2025 一季报点评：所得税影响 24 年业绩，25Q1 核电业绩增长强劲 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 74,957 | 77,272 | 81,782 | 86,582 | 97,201 | | 同比（%） | 5.15 | 3.09 | 5.84 | 5.87 | 12.26 | | 归母净利润（百万元） | 10,624 | 8,777 | 10,044 | 10,398 | 11,591 | | 同比（%） | 17.91 | (17.38) | 14.43 | 3.52 | 11.48 | | EPS-最新摊薄（元/股） | 0.52 | 0.43 | 0.49 | 0.51 | 0.56 | | P/E（现价&最新摊薄） | 17.87 | 21.63 | 18.90 | 18.26 | ...

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 74,957 | 77,272 | 81,782 | 86,582 | 97,201 | | 同比（%） | 5.15 | 3.09 | 5.84 | 5.87 | 12.26 | | 归母净利润（百万元） | 10,624 | 8,777 | 10,044 | 10,398 | 11,591 | | 同比（%） | 17.91 | (17.38) | 14.43 | 3.52 | 11.48 | | EPS-最新摊薄（元/股） | 0.52 | 0.43 | 0.49 | 0.51 | 0.56 | | P/E（现价&最新摊薄） | 17.87 | 21.63 | 18.90 | 18.26 | 16.38 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·电力 中国核电（601985） 2024 年报&2025 一季报点评：所得 ...

Core Viewpoint - The article highlights the significant achievements and advancements of China's "Hualong One" nuclear technology over the past decade, showcasing its transition from a follower to a leader in the global nuclear power industry, with a focus on safety, efficiency, and international collaboration [1][11]. Group 1: Development and Achievements - "Hualong One" has seen the successful operation of 7 units domestically and internationally, with a total of 41 units either in operation or under construction globally [1][2]. - The first "Hualong One" unit has achieved nearly 1000 days of safe operation, generating approximately 65 billion kilowatt-hours of electricity, demonstrating its operational excellence [7][11]. - The construction of the first unit was completed in just 68.7 months, setting a global record for the construction of third-generation nuclear power plants [4]. Group 2: Technical Innovations - The "Hualong One" design features a rated power of over 1100 MWe, a lifespan of 60 years, and advanced safety measures, including the ability to withstand a magnitude 9 earthquake and protection against large aircraft impacts [2][3]. - The development process involved the establishment of a comprehensive standard system and a robust intellectual property framework, including over 700 domestic patents and 65 international patents [3]. Group 3: International Expansion - The "Hualong One" technology has been successfully implemented in the K-2/K-3 units at the Karachi Nuclear Power Plant in Pakistan, providing clean electricity for approximately 2 million people and creating over 60,000 local jobs [9][10]. - The project is recognized as a model for international energy cooperation, significantly contributing to Pakistan's energy structure and reducing carbon emissions [9]. Group 4: Talent Development - The establishment of the Hualong International Training Center aims to cultivate skilled personnel for the nuclear industry, with 538 operators and 293 senior operators trained to date [8][10]. - The training initiatives support the ongoing development and international deployment of "Hualong One" technology, enhancing the competitiveness of the Chinese nuclear industry [10].

Investment Rating - Maintain "Buy" rating for the industry [10] Core Viewpoints - The report highlights a mixed performance across various sectors within the public utility and environmental protection industry, with coal prices declining and water supply improving, reshaping the defensive value of water and coal [3] - The overall electricity consumption growth slowed down due to a warm winter and high base effects from the previous year, impacting thermal power generation negatively [4][29] - The renewable energy sector faces profit pressure due to declining utilization rates and electricity prices, despite significant installed capacity growth [4][52] - Hydropower benefits from improved water supply and reservoir management, leading to increased revenue and profit in early 2025 [5][7] - The environmental sector shows stable performance in water and solid waste operations, with a recovery in water profitability in early 2025 [5][6] Summary by Sections 1. Overview of 2024 Reports and 2025 Q1 - The electricity industry saw a 6.7% growth in consumption in 2024, driven by structural optimization and rising demand for new energy sources [16] - The environmental sector experienced a revenue decline of 2.7% and a net profit drop of 31% in 2024, with operational efficiency improvements in existing assets [16] 2. Sector Performance from 2024 to Q1 2025 2.1 Thermal Power - Thermal power generation faced pressure from electricity prices and demand, but benefited from lower coal prices, leading to a net profit increase of 6.5% in Q1 2025 [4][36][37] 2.2 Renewable Energy - The renewable energy sector's profit was under pressure due to declining utilization rates and electricity prices, despite a 15.7% increase in wind power generation in 2024 [4][52] 2.3 Hydropower - Hydropower generation increased by 11.7% in 2024, with a significant profit increase in Q1 2025 due to improved water supply [5][7] 2.4 Environmental Protection - The environmental sector showed stable performance in water and solid waste operations, with a recovery in profitability in early 2025 [5][6] 3. Key Companies in the Sector - Focus on leading companies in thermal power, hydropower, and nuclear power, such as Huadian International, Yangtze Power, and China Nuclear Power, respectively [8]