Summary of the Conference Call Company and Industry Overview - The conference call involved **China Nuclear Power** and discussed its performance and future outlook in the **nuclear power industry** [1][2]. Key Points and Arguments Financial Performance - For the first three quarters of 2024, the company operated **25 nuclear power units** with a total installed capacity of **23.75 million kW**, generating **135.638 billion kWh** of electricity [2]. - The average utilization hours for the units were **5,711 hours** [2]. - The company completed **16 major overhauls** ahead of schedule, contributing an additional **910 million kWh** of electricity [2]. Future Plans and Developments - The company plans to conduct **18 major overhauls** throughout 2024, with **42 minor overhauls** already completed [2]. - Ongoing projects include the construction of new nuclear power units, with significant progress reported in various projects [2]. - The company is also expanding into the **hydrogen energy sector** and has initiated the largest offshore photovoltaic project in Jiangsu [2]. Dividend Policy - The company maintains a dividend payout ratio of **not less than 30%**, typically around **35%** [5]. - Future increases in dividends are contingent upon higher profits and reduced capital expenditure as the number of operational units increases [5][6]. Renewable Energy Goals - The company aims to achieve a renewable energy installation target of **30 GW** by 2025, having already reached **24 GW** [6]. - The planned installation for the upcoming year is approximately **6 million kW** [6]. Market Dynamics - The market electricity price for nuclear power has remained stable, with **47%** of the total electricity sold being market-based [8][11]. - The average market electricity price for nuclear power in various provinces was reported, with Jiangsu experiencing a **2 cents** decrease compared to the previous year due to changes in pricing mechanisms [9][10]. Capital Expenditure - The capital expenditure for the current year is projected to exceed **120 billion**, with expectations to maintain similar levels in the coming years [13][31]. - The company is leveraging a financing model that combines **20% equity** and **80% bank loans** to support its capital needs [13]. Regulatory Environment - The company anticipates a stable approval process for new nuclear units, expecting to maintain a similar approval rate as in previous years [30][31]. - Discussions around the potential for **nuclear asset restructuring** were addressed, emphasizing that any changes would be gradual and carefully considered [25][26]. Technological Advancements - The company is exploring the development of **fourth-generation nuclear reactors**, with ongoing projects aimed at enhancing efficiency and reducing costs [34][35]. - The focus is on utilizing high-temperature gas-cooled reactors for industrial applications, particularly in the petrochemical sector [37]. Additional Important Information - The company is committed to maintaining high-quality project execution and ensuring compliance with regulatory standards [7][21]. - There is an emphasis on optimizing operational efficiency and reducing costs through various measures, including technological upgrades and process improvements [32][33]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's performance, strategic direction, and market conditions in the nuclear power industry.

Investment Rating - Buy-A rating maintained with a 6-month target price of 11.6 RMB [4][5][7] - Current stock price as of 2024-11-07 is 10.07 RMB [9] - 12-month price range: 6.89 to 12.22 RMB [12] Core Views - Short-term impact from maintenance at Fuqing Nuclear Power Plant, but strong medium-to-long-term growth potential [13] - Revenue for the first three quarters of 2024 reached 569.86 billion RMB, up 1.6% YoY, while net profit attributable to shareholders decreased by 4.22% to 8.934 billion RMB [13] - Total power generation in the first three quarters of 2024 was 160.388 billion kWh, up 2.7% YoY, with nuclear power generation down 2.74% to 135.638 billion kWh [14] - New energy power generation surged 48.19% YoY to 24.75 billion kWh, driven by new capacity additions [14] - Profit decline attributed to lower market-based electricity prices and slower revenue growth compared to cost increases [14] Nuclear Power Projects - Ample nuclear power projects under construction and planning, ensuring future growth [15] - 13 nuclear power units under construction and 5 in planning, with a total capacity of 20.641 GW [15] - Expected to commission 1/1/2/5 units in 2024/2025/2026/2027 respectively [15] - Recent approval of 5 nuclear projects with 11 units, including 3 units from the company with a total capacity of 3.076 GW [15] New Energy Development - New energy installed capacity reached 24.147 GW by Q3 2024, including 7.8312 GW of wind and 16.3158 GW of solar [16] - Under-construction new energy capacity stands at 15.0452 GW, with 3.1977 GW of wind and 11.8475 GW of solar [16] - On track to achieve the "14th Five-Year Plan" target of 30 GW new energy capacity by 2025 [16] Financial Projections - Revenue for 2024-2026 projected at 76.6/85.744/93.436 billion RMB, with growth rates of 2.2%/11.9%/9% [21] - Net profit for 2024-2026 expected to be 10.868/11.619/12.663 billion RMB, with growth rates of 2.3%/6.9%/9% [21] - EPS for 2024-2026 forecasted at 0.58/0.62/0.67 RMB [22] - P/E ratios for 2024-2026 estimated at 17.4x/16.2x/14.9x [22] Market Performance - Total market capitalization: 190.15468 billion RMB [20] - Circulating market capitalization: 190.15468 billion RMB [20] - Total shares outstanding: 18.88328 billion [20]

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 ...

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2024 年 11 月 03 日 | --- | |---------------------------------------------| | | | 证券分析师 | | 查浩 | | SAC：S1350524060004 zhahao@huayuanstock.com | | 刘晓宁 | | SAC：S1350523120003 | | liuxiaoning@huayuanstock.com 蔡思 | | SAC：S1350524070005 | | caisi@huayuanstock.com | | --- | --- | |-------------------------------|------------| | | | | 收盘价（元） | 10.09 | | 一 年 内 最 高 / 最 低 （元） | 12.29/6.87 | | 总市值（百万元） | 190,532.34 | | 流通市值（百万元） | 190,532.34 | | 总股本（百万股） | 18,883.28 | | 资产负债率（%） | ...

证券研究报告·公司点评报告·电力 中国核电（601985） 2024 三季报点评：三季度业绩环比+8%，福 清 4 号小修完成四季度释放 2024 年 10 月 30 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 71286 | 74957 | 75901 | 82929 | 89409 | | 同比（ % ） | 13.70 | 5.15 | 1.26 | 9.26 | 7.81 | | 归母净利润（百万元） | 9010 | 10624 | 10714 | 11679 | 12718 | | 同比（ % ） | 9.66 | 17.91 | 0.85 | 9.00 | 8.90 | | EPS- 最新摊薄（元 / 股） | 0.48 | 0.56 | 0.57 ...

上 市 公 司 证 券 研 究 报 告 - 公用事业 2024 年 10 月 30 日 中国核电 (601985) ——三季度核电发电承压 新增核准保障长期成长 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 29 日 | | 收盘价（元） | 10.35 | | 一年内最高 / 最低（元） | 12.29/6.87 | | 市净率 | 2.1 | | 息率（分红/股价） | 1.88 | | 流通 A 股市值（百万元） | 195,442 | | 上证指数/深证成指 | 3,286.41/10,543.33 | | --- | --- | |---------------------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 5.07 | | 资产负债率 % ...

中国核电（601985.SH）2024 年三季报点评 检修影响 Q3 发电量，在建机组持续推进 2024 年 10 月 30 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：2024 年 10 月 29 日，公司发布 2024 三季报，2024 前三季度实现 收入 569.86 亿，同比增加 1.6%；归母净利润 89.34 亿，同比下降 4.22%；扣 非归母净利润 88.66 亿，同比下降 3.02%。基本每股收益 0.472 元，同比下降 2.88%。单季度来看，24Q3 公司收入 195.45 亿，同比下降 1.25%，环比增加 0.47%；归母净利润 30.52 亿，同比下降 7.1%，环比增加 8.1%；扣非归母净利 润 30.45 亿，同比下降 6.44%，环比增加 9.59%。盈利能力方面，24Q3 毛利率 为 47.26%，同比下降 0.97pcts，净利率为 28.63%，同比下降 1.24pcts；费用 率方面，24Q3 期间费用率为 15.13%，同比下降 0.45pcts；财务/管理/研发/销 售费用率分别为 9.28%/4.45%/1.33%/0.08%，同比下降 ...