Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase in the next 6-12 months [2][9]. Core Views - The company reported a revenue of 56.99 billion RMB for the first three quarters of 2024, a year-on-year increase of 1.6%, while the net profit attributable to shareholders was 8.93 billion RMB, a decrease of 4.2% [2]. - In Q3 2024, the company achieved a revenue of 19.55 billion RMB, down 1.3% year-on-year, and a net profit of 3.05 billion RMB, down 7.1% year-on-year [2]. - The increase in new energy installations and electricity generation is notable, with a 40.2% year-on-year increase in Q3 electricity generation from new energy sources [2]. - The company is expected to benefit from a stable pricing environment for nuclear power, despite recent declines in market prices [2]. - The company has announced plans for a private placement to raise funds for future power station developments, with significant investments from the China National Nuclear Corporation and social security funds [2]. Summary by Sections Performance Review - For the first three quarters of 2024, the company achieved a total electricity generation of 151.12 billion kWh, an increase of 2.9% year-on-year [2]. - The Q3 2024 nuclear power generation was impacted by maintenance and typhoon effects, leading to a 5.6% decrease year-on-year [2]. - The company anticipates recovery in generation capacity following the resumption of operations at the Fuqing Unit 4 [2]. Financial Forecasts - The company is projected to achieve net profits of 11.09 billion RMB, 11.77 billion RMB, and 12.67 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.59, 0.62, and 0.67 RMB [2]. - The price-to-earnings ratio (PE) is expected to be 18x, 17x, and 15x for the years 2024, 2025, and 2026 respectively [2]. Market Analysis - The report highlights the impact of market price fluctuations on profitability, particularly in the Jiangsu region where nuclear power prices have adjusted downwards [2]. - The company’s long-term growth potential is supported by its entry into a phase of continuous operation of new units [2].

Investment Rating - The report maintains a "Hold" rating for China Nuclear Power [2][4] 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 1.60%, while the net profit attributable to shareholders decreased by 4.22% to 8.934 billion yuan [2] - The decline in net profit is attributed to a decrease in market electricity prices, which affected revenue growth despite a 2.92% increase in electricity output [2] - The report highlights a significant increase in renewable energy output, with a 40.2% year-on-year growth in the third quarter of 2024 and a 48.2% increase for the first three quarters [2] - The company has 18 nuclear units under construction or approved, with an installed capacity of 20.64 GW, and expects improved performance in 2025 following the resolution of short-term disruptions [2] Financial Summary - For 2024, the projected revenue is 77.98 billion yuan, with net profits expected to be 10.716 billion yuan, reflecting a slight increase of 1% from the previous year [3][9] - The company's earnings per share (EPS) for 2024 is estimated at 0.57 yuan, with a price-to-earnings (P/E) ratio of 18.2 [3][9] - The financial data indicates a steady growth trajectory, with revenues projected to reach 85.723 billion yuan in 2025 and 92.860 billion yuan in 2026 [3][11]

Investment Rating - The report maintains a rating of "Accumulate" for China Nuclear Power (601985) [2] Core Views - The company's performance in the first three quarters of 2024 is in line with expectations, with revenue of 56.99 billion yuan, a year-on-year increase of 1.6%, and a net profit attributable to shareholders of 8.93 billion yuan, a year-on-year decrease of 4.2% [7][8] - The decline in performance is attributed to a drop in both volume and price in the electricity business, alongside increased expenses [7] - The company has ample construction and reserve capacity, indicating potential long-term value [7] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 19.54 billion yuan, a year-on-year decrease of 1.2%, and a net profit of 3.05 billion yuan, down 7.1% year-on-year [7] - The gross margin for Q3 2024 was 46.8%, a decrease of 0.9 percentage points year-on-year [7] - The company's financial expense ratio increased to 9.3%, up 1.7 percentage points year-on-year [7] Future Outlook - As of the end of Q3 2024, the company has 18 units under construction or approved for construction, with a total capacity of 20.6 GW [7] - The Jiangsu Xuwei Phase I project has received approval for the construction of two Hualong One reactors and one high-temperature gas-cooled reactor, totaling 3.1 GW [7] - The company expects to commission five units in 2027, marking a peak in operational capacity [7] Earnings Forecast - The EPS estimates for 2024, 2025, and 2026 have been adjusted to 0.58, 0.62, and 0.66 yuan respectively, down from previous estimates of 0.62, 0.67, and 0.72 yuan [7] - The target price has been revised down to 12.40 yuan from 12.73 yuan, based on a 20x PE ratio for 2025 [7]

Financial Performance - The company's operating revenue for Q3 2024 was ¥19,544,668,743.06, a decrease of 1.25% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥3,051,686,024.54, down 7.10% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥3,044,670,098.31, a decrease of 6.44% compared to the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.161, a decline of 6.40% year-on-year[4]. - The diluted earnings per share for Q3 2024 was also ¥0.161, reflecting a decrease of 6.40% compared to the same period last year[4]. - The net profit for Q3 2024 was CNY 16,312,713,514.59, a decrease of 2.6% compared to CNY 16,749,528,175.74 in Q3 2023[24]. - The total comprehensive income for Q3 2024 was CNY 16,281,080,092.40, compared to CNY 16,749,701,810.44 in Q3 2023, indicating a decline of about 2.8%[25]. - The total profit for the first three quarters of 2024 was CNY 8,051,472,701.56, up from CNY 7,888,098,271.98 in the previous year[33]. Assets and Liabilities - The total assets at the end of the reporting period were ¥609,292,395,885.28, an increase of 12.99% from the end of the previous year[4]. - The equity attributable to shareholders at the end of the reporting period was ¥96,770,112,450.82, up 6.40% year-on-year[4]. - The total liabilities increased to CNY 422,089,476,300.94 from CNY 376,469,247,784.67, marking an increase of about 12.1%[22]. - The total non-current liabilities amounted to CNY 316,246,184,377.32, compared to CNY 278,871,268,382.23, reflecting an increase of approximately 13.4%[22]. - The total current assets amounted to approximately CNY 74.06 billion, an increase from CNY 68.24 billion at the end of 2023, representing a growth of about 8.2%[20]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥32,844,795,592.53, a decrease of 4.36% compared to the same period last year[2]. - Cash inflow from financing activities reached 574.82 million, primarily due to increased mortgage financing loans[11]. - The cash inflow from operating activities totaled CNY 65,707,604,146.85, up from CNY 64,464,540,101.78 in the same period last year[26]. - The cash flow from financing activities in the first three quarters of 2024 showed a net outflow of CNY 3,964,042,276.14, compared to a net outflow of CNY 3,448,048,165.70 in 2023[36]. Investments and Expenses - Investment income increased by 44.70% year-on-year, indicating improved returns from investments[9]. - Research and development expenses decreased to CNY 756,179,329.29 from CNY 1,036,254,322.20, reflecting a reduction of approximately 27.0% year-over-year[24]. - The company reported an increase in management expenses to CNY 244,011,875.46 in 2024 from CNY 140,392,602.48 in 2023, reflecting a rise of approximately 73.6%[32]. - The cash received from investment income rose by 97.40%, reflecting an increase in received dividends[11]. Market and Strategic Focus - The company reported a decrease in net profit due to lower market electricity prices, which resulted in revenue growth lagging behind cost increases[7]. - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[19]. - The report indicates a strategic emphasis on improving operational efficiency and exploring potential mergers and acquisitions to drive growth[19].

| 证券代码：601985 | 证券简称：中国核电 公告编号：2024-072 | | --- | --- | | 债券代码：138547 | 债券简称：22 核电 Y2 | 中国核能电力股份有限公司 第四届监事会第二十三次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中国核能电力股份有限公司（以下简称公司）第四届监事会第二十三次会议 于 2024 年 10 月 28 日以现场方式召开。本次会议的通知及相关会议材料已于 2024 年 10 月 25 日由监事会办公室提交全体监事。本次会议应参会表决监事 5 人，实际参会监事 5 人（其中委托出席监事 1 人），监事柳耀权因公无法出席， 委托监事孔玉春出席并投票表决。会议的召集召开符合《公司法》和《公司章程》 的规定，所作决议合法有效。 为进一步拓宽融资渠道，增强公司资金保障能力，持续优化资本结构，公司 拟注册并公开发行公司债券，具体如下： （一）公开发行公司债券的主要方案 1. 计划发行规模：不超过人民币 100 亿元（含 100 亿元），可一次性或分 期 ...

| 证券代码：601985 | 证券简称：中国核电 公告编号：2024-071 | | --- | --- | | 债券代码：138547 | 债券简称：22 核电 Y2 | 中国核能电力股份有限公司 第四届董事会第二十五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中国核能电力股份有限公司（以下简称公司）第四届董事会第二十五次会议 于 2024 年 10 月 28 日以现场方式召开。本次会议的通知、补充通知及相关会议 材料已于 2024 年 10 月 18 日和 2024 年 10 月 25 日由董事会办公室提交全体董 事。本次会议应参会表决董事 12 人，实际参会董事 12 人（其中委托出席董事 4 人），董事卢铁忠因公无法出席，委托董事邹正宇出席并投票表决，董事毛延翩、 吴怡宁因公无法出席，委托董事武汉璟出席并投票表决，董事虞国平因公无法出 席，委托董事录大恩出席并投票表决。会议的召集召开符合《公司法》和《公司 章程》的规定，所作决议合法有效。 表决结果：同意票数 12 票；反对票数 0 票；弃权 ...

| 证券代码：601985 | 证券简称：中国核电 公告编号：2024-074 | | --- | --- | | 债券代码：138547 | 债券简称：22 核电 Y2 | 中国核能电力股份有限公司 关于聘任总法律顾问的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 附件：聘任的总法律顾问简历 中国核能电力股份有限公司董事会 2024 年 10 月 30 日 附件： 总法律顾问简历 张国华先生： 1970 年出生，中国国籍，无境外居留权，硕士研究生，高级经济师。现任中 国核能电力股份有限公司党委副书记。历任企业规划发展处处长、政研体改处处 长、副总经理、董事长、党委书记等。 张国华先生未持有公司股份，与本公司的董事、监事、高级管理人员、实际 控制人及持股 5%以上的股东不存在关联关系。不存在受到中国证监会、上海证 券交易所及其他有关部门处罚的情形；符合《公司法》和其他相关法规关于公司 高级管理人员任职资格的条件。 2024 年 10 月 28 日，公司召开第四届董事会第二十五次会议，审议通过了 《关于聘任公司总法 ...

证券代码：601985 证券简称：中国核电 公告编号：2024-075 债券代码：138547 债券简称：22 核电 Y2 中国核能电力股份有限公司 关于召开 2024 年第三次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 14 日 14 点 30 分 召开地点：北京市海淀区玲珑路 9 号院东区 10 号楼中国核能电力股有限公 司 股东大会召开日期：2024年11月14日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024 年第三次临时股东大会 网络投票起止时间：自 2024 年 11 月 14 日 至 2024 年 11 月 14 ...

| 证券代码：601985 | 证券简称：中国核电 | 编号：2024-070 | | --- | --- | --- | | 债券代码：138547 | 核电 债券简称：22 Y2 | | 中国核能电力股份有限公司 关于控股股东增持计划完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 1 本增持计划基本情况：基于对中国核能电力股份有限公司（以下简称中 国核电、公司）未来发展的信心，公司控股股东中国核工业集团有限公 司（以下简称中核集团）及其一致行动人计划自 2023 年 10 月 20 日起 至未来 12 个月内，通过上海证券交易所允许的方式（包括但不限于集 中竞价交易、大宗交易等）增持公司股份，增持金额不超过人民币 5 亿 元，资金来源为中核集团自有资金。详见公司 2023-058 号公告。 本增持计划实施结果：截至 2024 年 10 月 19 日，中核集团增持计划实 施期限已届满，中核集团采用集中竞价方式累计完成增持共计 17,775,311 股，占公司已发行总股份数的 0.09%，增持 ...

ZHONG LUN 中倫律師事務所 特殊的普通合伙 Limited Liability Partnership 北京市中伦律师事务所 关于中国核能电力股份有限公司 控股股东增持公司股份的 二〇二四年十月 : LUN 北京市朝阳区金和东路 20 号院正大中心 22-31/F, South Tower of CP Center, 20 Jin He East Avenue, Chaoyang District, Beijing 100020, China 电话/Tel · +86 10 5957 2288 传真/Fax : +86 10 6568 1022/1838 北京市中伦律师事务所 关于中国核能电力股份有限公司 控股股东增持公司股份的 法律意见书 致:中国核能电力股份有限公司 北京市中伦律师事务所(以下简称"本所")接受中国核能电力股份有限公司 (以下简称"公司")委托,指派本所律师对公司控股股东中国核工业集团有限公 司(以下简称"中核集团")及其一致行动人增持公司股份(以下简称"本次增持") 事宜实施专项核查并出具法律意见。 本所及本所律师依据《中华人民共和国证券法》(以下简称"《证券法》")、 《律师事 ...