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 ...

Investment Rating - The investment rating for China Nuclear Power (601985.SH) is "Buy" (maintained) [3] Core Views - The company's performance in Q3 2024 met expectations, with a revenue of 19.545 billion yuan, a year-on-year decline of 1.25%, and a net profit attributable to shareholders of 3.052 billion yuan, down 7.1% year-on-year [3] - The decline in nuclear power generation was primarily due to unexpected maintenance at the Fuqing Nuclear Power Plant, while renewable energy generation saw a significant increase of 48.2% year-on-year [3] - The company has completed 80.5% of its renewable energy installation plan, with a total installed capacity of 24.15 million kilowatts as of September 2024 [3] - The company has 18 nuclear power units under construction or planned, ensuring stable long-term growth in installed capacity [3] - The company emphasizes shareholder returns, announcing a three-year dividend plan and a special dividend proposal [3] Financial Summary - For 2024-2026, the forecasted net profit attributable to shareholders is 10.97 billion, 11.53 billion, and 11.97 billion yuan, with year-on-year growth rates of 3.2%, 5.2%, and 3.8% respectively [3] - The current stock price corresponds to a P/E ratio of 17, 17, and 16 for the years 2024, 2025, and 2026 [3] - The projected dividend yield for 2024-2026 is 2.0%, 2.1%, and 2.1% respectively, based on a historical dividend payout ratio of 35% [3][4]

Investment Rating - The investment rating for China Nuclear Power (601985) is "Buy" (maintained) [1] Core Views - The company reported a revenue of 56.986 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.6%, while the net profit attributable to shareholders decreased by 4.22% to 8.934 billion yuan [1] - In Q3 2024, the company's revenue was 19.545 billion yuan, showing a year-on-year decline of 1.25% but a quarter-on-quarter increase of 0.47% [1] - The net profit for Q3 2024 was 3.052 billion yuan, down 7.10% year-on-year but up 8.10% quarter-on-quarter [1] - The nuclear power generation in Q3 2024 increased by 1.9% quarter-on-quarter, with the completion of minor repairs on Unit 4 of the Fuqing Nuclear Power Plant [1] - The company has a robust pipeline of nuclear projects and is expected to enter a phase of accelerated production [1] Financial Performance Summary - For 2024, the company expects total revenue to reach 75.901 billion yuan, with a net profit of 10.714 billion yuan, reflecting a growth of 1% and 9% respectively for 2024-2026 [1] - The earnings per share (EPS) for 2024 is projected at 0.57 yuan, with a price-to-earnings (P/E) ratio of 17.71 [1] - The company’s operating cash flow for the first three quarters of 2024 was 32.845 billion yuan, a decrease of 4.36% [1] - The capital expenditure increased significantly, with net cash flow from investment activities at -61.486 billion yuan, an increase of 47.87% year-on-year [1] - The company has a total of 1,392 MW of nuclear power units under construction and 672 MW awaiting commencement, indicating a potential growth of 87% upon completion [1]

Investment Rating - The report maintains a "Buy" rating for China Nuclear Power (601985) [5] Core Views - The company reported a revenue of 56.99 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.60%, while the net profit attributable to shareholders decreased by 4.22% to 8.93 billion yuan [5] - The decline in profit is attributed to lower market electricity prices and a revenue growth rate that lagged behind cost increases [5] - The company completed a total electricity generation of 1,603.88 billion kWh in the first nine months of 2024, representing a year-on-year growth of 2.70% [5] - The report highlights that the company has not added any new operational nuclear power units as of September 2024, with a decrease in electricity generation in Q3 2024 due to increased maintenance activities [5] - Future growth is expected as the Fuzhou Unit 4 has restarted and the Zhangzhou Unit 1 is about to be commissioned, which will support electricity generation increases in Q4 2024 and beyond [5] - The report notes that the approval pace for nuclear power projects has accelerated, with 11 new units approved in 2024, the highest in recent years [5] - The company’s renewable energy capacity continues to grow, with a total of 24.15 GW in operation as of September 2024, contributing to significant increases in wind and solar power generation [5] - Financially, the company has seen a decrease in its debt ratio to 69.28%, and financial expenses have decreased due to interest rate cuts [5] - The profit forecast for 2024 has been adjusted down to 10.63 billion yuan, while the forecasts for 2025 and 2026 remain unchanged at 12.85 billion yuan and 13.43 billion yuan respectively [5] Summary by Sections Market Data - Closing price as of October 29, 2024, is 10.35 yuan, with a market capitalization of 195.44 billion yuan [2] - The price-to-book ratio is 2.1, and the dividend yield is 1.88% [2] Financial Summary - The company’s total revenue for 2023 was 74.96 billion yuan, with a projected revenue of 77.71 billion yuan for 2024 [6] - The net profit for 2023 was 10.62 billion yuan, with a forecast of 10.63 billion yuan for 2024 [6] - The company’s gross margin is projected to be 42.2% in 2024, with a return on equity (ROE) of 9.2% [6]

Investment Rating - The report maintains a "Recommended" rating for China Nuclear Power (601985.SH) with a target price of 10.05 CNY per share [3]. Core Views - The company reported a revenue of 56.986 billion CNY for the first three quarters of 2024, a year-on-year increase of 1.6%, while the net profit attributable to shareholders decreased by 4.22% to 8.934 billion CNY [1]. - The total power generation for Q1-Q3 2024 was 1,603.88 billion kWh, a year-on-year increase of 2.70%, but nuclear power generation declined by 2.74% due to increased maintenance days for several nuclear units [1]. - The company has a robust nuclear power reserve with 25 operational units and 18 units under construction or awaiting approval, expected to enhance performance from 2024 to 2029 [1]. - The report forecasts net profits for 2024, 2025, and 2026 to be 10.849 billion CNY, 12.150 billion CNY, and 13.315 billion CNY respectively, with corresponding EPS of 0.57 CNY, 0.64 CNY, and 0.71 CNY [2][4]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 19.545 billion CNY, a year-on-year decrease of 1.25%, while net profit was 3.052 billion CNY, down 7.1% year-on-year [1]. - The gross margin for Q3 2024 was 47.26%, a decrease of 0.97 percentage points year-on-year, and the net margin was 28.63%, down 1.24 percentage points [1]. Power Generation - The total power generation for the first three quarters of 2024 was 1,603.88 billion kWh, with nuclear power generation at 1,356.38 billion kWh, reflecting a decline due to maintenance [1]. - New energy generation saw significant growth, with solar and wind power generation increasing by 50.10% and 45.91% respectively [1]. Future Outlook - The company plans to commission 12 new nuclear units from 2024 to 2029, adding a total capacity of 12.632 million kW, which is expected to boost future earnings [1]. - Significant infrastructure investments were noted, with total construction expenditures reaching 202.596 billion CNY in the first three quarters of 2024, a year-on-year increase of 31.92% [1].