Investment Rating - The report maintains a "Buy" rating for the company, citing its stable performance and growth potential in both nuclear and green energy sectors [2][4] Core Views - The company reported a revenue of RMB 37.441 billion in H1 2024, a YoY increase of 3.15%, while net profit attributable to shareholders decreased by 2.65% to RMB 5.882 billion [1] - Nuclear power generation decreased by 1.24% YoY due to increased maintenance, while green energy generation surged by 52.87% YoY, driven by increased installed capacity [1] - The company is expanding its nuclear and green energy capacity through a RMB 14 billion private placement and a RMB 5 billion REITs issuance [2] - The company has 15 nuclear units under construction or approved, with a total capacity of 17.565 GW, and expects to add more units soon [2] Financial Performance - Revenue for 2024E is projected at RMB 79.75 billion, with a YoY growth of 6.39%, and net profit attributable to shareholders is expected to reach RMB 11.23 billion [3] - EPS for 2024E is forecasted at RMB 0.59, with a P/E ratio of 18X [3] - ROE (diluted) is expected to remain stable at around 11.4%-11.59% from 2024E to 2026E [3][8] Operational Highlights - Total commercial power generation in H1 2024 reached 105.295 billion kWh, a YoY increase of 4.43%, with nuclear power contributing 89.153 billion kWh and green energy contributing 16.142 billion kWh [1] - The company's green energy segment saw significant growth, with solar power generation increasing by 55.07% YoY and wind power generation increasing by 50.50% YoY [1] Capital Expenditure and Financing - The company plans to raise RMB 14 billion through a private placement to fund the construction of nuclear power plants in Liaoning, Fujian, and Jiangsu [2] - A RMB 5 billion REITs issuance is planned to support the expansion of green energy projects, with underlying assets including 741 MW of wind and solar power capacity [2] Valuation and Market Data - The company's total market capitalization is RMB 206.583 billion, with a share price of RMB 10.94 as of the report date [5] - The stock has shown strong performance, with a 1-year absolute return of 52.20% and a relative return of 65.90% [6] Future Outlook - The company is expected to benefit from accelerated nuclear power approvals and the ongoing expansion of its green energy portfolio, which will enhance profitability [2] - The report forecasts steady growth in revenue and net profit, with revenue expected to reach RMB 92.933 billion by 2026E and net profit attributable to shareholders projected at RMB 13.431 billion [3]

Investment Rating - The investment rating for China Nuclear Power (601985) is "Buy" (maintained) [1] Core Views - The report highlights that the company's revenue for the first half of 2024 was 37.441 billion yuan, a year-on-year increase of 3.15%, while the net profit attributable to shareholders was 5.882 billion yuan, a decrease of 2.65% [5] - The report emphasizes stable profitability in nuclear power generation, with a projected growth of 87% from ongoing and planned projects [5] - The company is expected to maintain a net profit growth of 8% to 10% from 2024 to 2026, with a price-to-earnings ratio (P/E) of 18.2, 16.6, and 15.3 for the respective years [5] Financial Performance - Total revenue for 2022 was 71.286 billion yuan, with a year-on-year growth of 13.70%, and a projected revenue of 77.430 billion yuan for 2024, reflecting a growth of 3.30% [1] - The net profit attributable to shareholders for 2022 was 9.010 billion yuan, with a year-on-year increase of 9.66%, and is expected to reach 11.422 billion yuan in 2024, a growth of 7.51% [1] - The earnings per share (EPS) for 2024 is projected to be 0.60 yuan, with a P/E ratio of 18.19 [1] Operational Highlights - The company’s nuclear power generation capacity as of June 30, 2024, was 23.75 million kilowatts, with a total generation of 89.153 billion kilowatt-hours, a slight decrease of 1.24% year-on-year [5] - The average on-grid electricity price (excluding tax) was 0.368 yuan per kilowatt-hour, showing a decrease of 0.27% [5] - The company has ongoing projects with a total capacity of 13.92 million kilowatts and planned projects of 6.72 million kilowatts, indicating a significant growth potential [5] New Energy Sector - The report notes that the installed capacity for renewable energy reached 22.37 million kilowatts, with a total generation of 16.142 billion kilowatt-hours, marking a substantial increase of 52.87% [5] - Wind power and solar power generation increased by 50.50% and 55.07%, respectively, contributing to the overall growth in the renewable energy segment [5] - The company plans to issue REITs and engage in market-oriented debt-to-equity swaps to optimize its renewable energy assets and reduce its debt ratio [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][5][20] Core Views - The company's revenue growth is driven by its expanding renewable energy capacity, although net profit has decreased due to increased maintenance costs and a slight decline in nuclear power generation [6][19] - The company plans to issue 1.68 billion shares to raise 14 billion yuan, with the funds allocated for specific projects [4][19] - The approval of the first large-scale nuclear and petrochemical coupling project marks a significant development in the company's nuclear energy ecosystem [18][19] Financial Performance - In H1 2024, the company achieved a revenue of 37.441 billion yuan, a year-on-year increase of 3.15%, while net profit was 5.882 billion yuan, down 2.65% [6][19] - The total power generation reached 105.295 billion kWh, with a 4.43% increase, while grid-connected power generation was 99.295 billion kWh, up 4.68% [6][19] - The company’s average electricity price for renewable energy has decreased, impacting profit margins [11][19] Future Projections - The forecast for net profit from 2024 to 2026 is adjusted to 11.3 billion, 12.325 billion, and 13.305 billion yuan respectively, with expected growth rates of 6%, 9%, and 8% [20] - The projected PE ratios for the same period are 18.3, 16.8, and 15.5 [20] Renewable Energy Expansion - The company has a total installed renewable energy capacity of 22.37 million kW, with significant contributions from wind and solar power [4][19] - The company is also planning a second phase of REITs issuance, aiming to raise up to 5 billion yuan [4][19]

Investment Rating - The report maintains a "Recommended" rating for China Nuclear Power (601985.SH) [1][2] Core Views - The company's main business performance remains stable, with a slight increase in revenue and a decrease in net profit for the first half of 2024. Revenue reached 37.441 billion yuan, up 3.15% year-on-year, while net profit attributable to shareholders was 5.882 billion yuan, down 2.65% year-on-year [1] - The company has received approval for three nuclear power units, contributing to a continuous increase in nuclear power reserves. The company currently operates 25 nuclear power units with a total installed capacity of 23.75 million kilowatts, and has 18 units under construction or approved for construction [1] - The company experienced a slight increase in power generation, with total generation reaching 105.295 billion kWh, up 4.43% year-on-year. However, nuclear power generation decreased by 1.24% due to maintenance of nuclear units [1] - The capital investment budget for 2024 has been increased to 121.553 billion yuan, a year-on-year increase of 51.91%, aimed at accelerating project construction and enhancing asset scale [1] - Profit forecasts for the years 2024, 2025, and 2026 are 11.201 billion yuan, 12.280 billion yuan, and 13.419 billion yuan respectively, with corresponding EPS of 0.59 yuan, 0.65 yuan, and 0.71 yuan [1][2] Summary by Sections Financial Performance - For the first half of 2024, the company reported a revenue of 37.441 billion yuan and a net profit of 5.882 billion yuan, with a slight decline in both gross margin and net margin [1] - The average tax-inclusive on-grid electricity price was 0.3755 yuan/kWh, down 1.56% year-on-year [1] Nuclear Power Development - The company has been approved for three new nuclear power units, contributing to a robust pipeline of future projects. It is expected that 11 new nuclear units will be put into operation from 2024 to 2029, adding a total capacity of 12.632 million kilowatts [1] Capital Investment and Financing - The company plans to raise up to 14 billion yuan through a targeted issuance of shares to support the construction of several nuclear power stations, which will alleviate funding pressure from the rapid expansion of its installed capacity [1]

Investment Rating - The investment rating for China Nuclear Power (601985) is "Buy" with a target price of 12.73, up from the previous forecast of 10.54 [3][8]. Core Views - The company's main business shows steady growth, with significant long-term growth potential. In 2Q24, the company reported a revenue of 194.5 billion yuan, a year-on-year increase of 5.7%, and a net profit of 28.2 billion yuan, a year-on-year decrease of 6.5% [8][9]. - The company is experiencing a decrease in capital expenditure pressure, with a planned fundraising of up to 14 billion yuan for nuclear power station construction, which is expected to alleviate capital expenditure burdens [8][9]. Summary by Sections Financial Performance - In 1H24, the company achieved a revenue of 374.4 billion yuan, a year-on-year increase of 3.1%, and a net profit of 58.8 billion yuan, a year-on-year decrease of 2.7% [8]. - The company's revenue for 2024 is projected to be 78.168 billion yuan, with a net profit of 11.623 billion yuan, reflecting a growth of 4.3% and 9.4% respectively compared to 2023 [8][11]. Operational Highlights - In 2Q24, the total power generation reached 542 billion kWh, a year-on-year increase of 6.0%. Nuclear power generation was 455 billion kWh, up 0.7%, while renewable energy generation surged by 46.8% to 87 billion kWh, driven by an increase in installed capacity [8][9]. - The company’s installed renewable energy capacity reached 22.4 GW, a year-on-year increase of 54.8% [8]. Capital Expenditure and Growth Potential - The company plans to increase its capital expenditure to 121.6 billion yuan in 2024, an increase of 81.1% from 2023, which is expected to support its growth strategy [8][9]. - The approval of three new nuclear power units with a total capacity of 3.1 GW is expected to enhance the company's future growth prospects [8][9].

Investment Rating - The investment rating for the company is "Hold" [5][12]. Core Views - The company reported a revenue of 37.441 billion yuan for the first half of 2024, a year-on-year increase of 3.15%, while the net profit attributable to shareholders decreased by 2.65% to 5.882 billion yuan [2]. - The company has a robust reserve of 18 approved nuclear power units, which corresponds to a total capacity of 20.64 GW, indicating strong long-term growth potential [2]. - The company is expected to exceed its renewable energy targets for the 14th Five-Year Plan, with an operational capacity of 22.37 GW in renewable energy as of June 30, 2024 [3]. Summary by Sections Financial Performance - In 1H2024, the company's operating income increased by 3.15% year-on-year to 37.441 billion yuan, while net profit decreased by 2.65% to 5.882 billion yuan [2]. - The gross margin was 47.51%, down by 1.03 percentage points year-on-year, and the net margin was 28.95%, down by 0.89 percentage points [2]. - The company expects revenues of 79.875 billion yuan, 86.663 billion yuan, and 93.782 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 11.464 billion yuan, 12.411 billion yuan, and 13.455 billion yuan [4][8]. Nuclear Power Development - The company has 25 operational nuclear power units with a total installed capacity of 23.75 GW and 18 approved units under construction [2]. - The Jiangsu Xuwei Nuclear Heating Power Plant, which includes two "Hualong One" pressurized water reactors and a high-temperature gas-cooled reactor, was approved in August 2024 [2]. Renewable Energy Expansion - The company has achieved a significant increase in renewable energy output, with a total of 158.70 billion kWh generated in 1H2024, marking a 52.87% year-on-year growth [3]. - The company has secured renewable energy indicators totaling 5.7756 million kW, with 1.6 million kW from wind and 4.1756 million kW from solar [3].

业绩简评 8 月 30 日晚间公司披露 24 年半年报，1H24 公司实现营收 374.4 亿元，同比+3.1%；实现扣非归母净利润 58.2 亿元，同 比-1.1%。其中，单 Q2 实现营收 194.5 亿元，同比+5.7%；实 现归母净利润 27.8 亿元，同比-3.2%。 经营分析 换料大修安排增多+福清 4 号机组小修影响核电电量；新能源 电量维持高增。1H24 公司总售电量为 992.95 亿千瓦时，同比 +4.7%。（1）核电售电量为 834.3 亿千瓦时，同比-1.3%，主 因秦山/三门核电大修安排多于去年同期，福清4号机组小修。 （2）风电/光伏发电量分别为 76.3/85.1 亿千瓦时，分别同 比+50.5%/+55.1%。 核电电价调整符合预期，新能源利润正向贡献。1H24 核电板 块营收同比-1.5%，我们判断主因煤电容量机制出台后，前期 市场化电价上浮情况较好的江苏田湾核电电价有所回调；其 他机组电价基本稳定，体现核电作为清洁基荷电源较强的市 场参与能力。子公司中核汇能 1H24 净利润同比+3.2%，在新 能源市场交易竞争激烈的背景下、保持了正向贡献。 在建核电及新能源规模可观，定增 ...

中信证券股份有限公司 关于 中国核能电力股份有限公司 2024 年度向特定对象发行 A 股股票 之 发行保荐书 保荐人（主承销商） 10 中信证券股份有限公司 © CITIC Securities Company Limited 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二零二四年八月 中国核能电力股份有限公司 2024 年度向特定对象发行 A 股股票申请文件 发行保荐书 目 录 | 第一节 本次证券发行基本情况 | | --- | | 一、保荐人名称… | | 二、保荐代表人、项目协办人及其他项目组成员情况… | | 三、本次保荐的发行人证券发行的类型… | | 四、发行人情况… | | 五、保荐人与发行人存在的关联关系 | | 六、保荐人内部审核程序和内核意见… | | 第二节 保荐人承诺事项 | | 第三节 关于有偿聘请第三方机构和个人等相关行为的核查 ……………………………………19 | | 第四节 对本次证券发行上市的推荐意见 ………………………………………………………………………………………………………………………20 | | 一、本次证券发行决策程序…………………………………… ...

股票简称：中国核电 股票代码：601985 中国核能电力股份有限公司 2024 年度向特定对象发行 A 股股票 募集说明书 （申报稿） 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二四年八月 中国核能电力股份有限公司 2024 年度向特定对象发行 A 股股票募集说明书（申报稿） 声 明 本公司及全体董事、监事、高级管理人员承诺本募集说明书内容真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承担相应的法律 责任。 本公司控股股东承诺本募集说明书内容真实、准确、完整，不存在虚假记载、误导 性陈述或重大遗漏，按照诚信原则履行承诺，并承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务会计资 料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意见，均 不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相 反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营 ...

北京市中伦律师事务所 关于中国核能电力股份有限公司 2024 年度向特定对象发行 A 股股票的 法律意见书 二〇二四年八月 | 一、本次向特定对象发行的批准和授权 5 | | --- | | 二、发行人本次向特定对象发行的主体资格 6 | | 三、本次向特定对象发行的实质条件 6 | | 四、发行人的设立 10 | | 五、发行人的独立性 10 | | 六、发行人的股东及实际控制人 11 | | 七、发行人的股本及演变 11 | | 八、发行人的业务 11 | | 九、关联交易及同业竞争 12 | | 十、发行人的主要财产 13 | | 十一、发行人的重大债权债务 14 | | 十二、发行人重大资产变化及收购兼并 14 | | 十三、发行人章程的制定与修改 14 | | 十四、发行人股东大会、董事会、监事会议事规则及规范运作 15 | | 十五、发行人董事、监事和高级管理人员及其变化 15 | | 十六、发行人的税务 16 | | 十七、发行人的环境保护和产品质量、技术等标准 16 | | 十八、发行人募集资金的运用 16 | | 十九、发行人的业务发展目标 17 | | 二十、诉讼、仲裁或行政处罚 17 | ...