Investment Rating - The report maintains a "Strong Buy" rating for China Nuclear Power (601985), expecting it to outperform the benchmark index by over 20% in the next six months [1][22]. Core Views - The report highlights a 3% year-on-year growth in net profit attributable to shareholders for Q1 2025, with new projects receiving approval, ensuring long-term growth potential [1]. - The company is expected to see a revenue increase from 77.27 billion yuan in 2024 to 84.87 billion yuan in 2025, reflecting a growth rate of 9.8% [2]. - The report emphasizes the company's robust pipeline of projects under construction, which is anticipated to support its medium to long-term growth trajectory [6]. Financial Performance Summary - **Revenue and Profit**: In 2024, the company achieved a total revenue of 77.27 billion yuan, a 3.09% increase year-on-year. The net profit attributable to shareholders was 8.77 billion yuan, down 17.4% year-on-year [6][7]. - **Quarterly Performance**: For Q1 2025, the company reported a net profit of 3.14 billion yuan, a 2.55% increase year-on-year, with revenue reaching 20.27 billion yuan, up 12.7% year-on-year [6][7]. - **Electricity Generation**: The total electricity generated in 2024 was 203.92 billion kWh, a 3.28% increase year-on-year, with a significant growth in renewable energy generation [6]. Project Pipeline and Growth Potential - The report notes that as of March 31, 2025, the company has 26 operational nuclear power units with a total capacity of 24.96 million kW and 17 units under construction or approved, with a capacity of 19.43 million kW [6]. - The recent approval of two new nuclear units at the Zhejiang Sanmen Nuclear Power Project is expected to further enhance the company's growth prospects [6]. Valuation and Price Target - The report adjusts the earnings forecast for 2025 to 10.5 billion yuan and for 2026 to 11.5 billion yuan, with a new target price set at 10.7 yuan, indicating a 15% upside from the current price of 9.33 yuan [2][6].

Investment Rating - The report maintains a "Recommended" rating for China Nuclear Power (601985.SH) with a target price of 9.33 CNY, indicating an expected price increase of over 15% relative to the benchmark index [6][12]. Core Views - The company's revenue for 2024 is reported at 77.272 billion CNY, a year-on-year increase of 3.09%, while the net profit attributable to shareholders decreased by 17.38% to 8.777 billion CNY. The basic earnings per share (EPS) is 0.463 CNY [1][5]. - The increase in income tax expenses significantly impacted the Q4 2024 performance, while the decline in profits from the renewable energy sector affected the growth rate in Q1 2025 [2]. - The company achieved a total power generation of 2,163.49 billion kWh in 2024, with nuclear power generation at 1,831.22 billion kWh, a decrease of 1.80%. However, renewable energy generation saw substantial growth, with solar power increasing by 44.81% and wind power by 39.02% [3]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 20.273 billion CNY, a year-on-year increase of 12.7%, and a net profit of 3.137 billion CNY, up 2.55% [1][2]. - The company plans to achieve a total power generation target of 2,370 billion kWh in 2025, with nuclear power expected to contribute 1,954 billion kWh, a 6.7% increase year-on-year [3]. Growth Potential - The company has 26 operational nuclear units with a total installed capacity of 24.962 million kW and 17 units under construction or awaiting approval, totaling 19.429 million kW. The approval of additional projects is expected to further enhance capacity [4]. - The dividend payout ratio reached a record high of 41.8% in 2024, with potential for future increases to 80% during mature phases without significant capital expenditures [4]. Profit Forecast - The profit forecasts for the years 2025, 2026, and 2027 are 10.328 billion CNY, 11.136 billion CNY, and 12.376 billion CNY respectively, with corresponding EPS of 0.50 CNY, 0.54 CNY, and 0.60 CNY [4][5].

Investment Rating - The report maintains a "Recommended" rating for China Nuclear Power (601985.SH) with a target price based on a PE ratio of 19/17/16 for the years 2025/2026/2027 respectively [6][4]. Core Views - The company's revenue for 2024 is reported at 77.27 billion yuan, a year-on-year increase of 3.09%, while the net profit attributable to shareholders decreased by 17.38% to 8.78 billion yuan. The basic earnings per share (EPS) is 0.463 yuan [1][4]. - The increase in income tax expenses significantly impacted the Q4 2024 performance, while the decline in profits from the new energy sector affected the growth rate in Q1 2025 [2][4]. - The company achieved a total power generation of 216.35 billion kWh in 2024, with nuclear power generation at 183.12 billion kWh, a decrease of 1.80%. However, renewable energy saw significant growth, with solar power generation increasing by 44.81% [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 20.27 billion yuan, a year-on-year increase of 12.7%, and a net profit of 3.14 billion yuan, up 2.55% [1][2]. - The total power generation for Q1 2025 was 59.74 billion kWh, a 16.93% increase year-on-year, with nuclear power contributing 49.48 billion kWh, a 13.30% increase [3][4]. Growth Prospects - The company plans to achieve a total power generation target of 237 billion kWh for 2025, with nuclear power expected to generate 195.4 billion kWh, a 6.7% increase year-on-year [3][4]. - The company has 26 operational nuclear units with a capacity of 24.96 million kW and 17 units under construction or awaiting approval, with a total capacity of 19.43 million kW [4]. Dividend Policy - The dividend payout ratio for 2024 reached a record high of 41.8%, with potential increases in future payout ratios as the company matures and capital expenditures decrease [4].

公用事业/电力 中国核电（601985.SH） 2024 年业绩不及预期，核电核准进入常态化阶段 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 9.33 | | 一年最高最低(元) | 12.29/8.66 | | 总市值(亿元) | 1,918.99 | | 流通市值(亿元) | 1,761.81 | | 总股本(亿股) | 205.68 | | 流通股本(亿股) | 188.83 | | 近 3 个月换手率(%) | 28.98 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 2024-04 2024-08 2024-12 中国核电 沪深300 相关研究报告 《核电加速核准，风光多线布局，开 启新一轮成长—公司首次覆盖报告》 -2024.11.26 周磊（分析师） zhoulei1@kysec.cn 证书编号：S0790524090002 公司发布 2024 年报&2025 一季报，2024 年计提大量所得税导致业绩不及预期 2024 年公司实现营业收入 772. ...

Investment Rating - The investment rating for China Nuclear Power (601985.SH) is "Buy" (maintained) [4] Core Views - The company's 2024 performance fell short of expectations due to significant income tax provisions, with a reported revenue of 77.27 billion yuan, a year-on-year increase of 3.1%, and a net profit of 8.78 billion yuan, a year-on-year decrease of 17.38% [4] - The report anticipates a downward adjustment in profit forecasts for 2025-2026, with new profit projections for 2027 introduced, estimating net profits of 10.82 billion yuan (previously 12.53 billion yuan), 11.71 billion yuan (previously 13.11 billion yuan), and 12.70 billion yuan for 2025-2027 respectively [4] - The report highlights the company's strong position in the nuclear power industry and robust technical capabilities, justifying the "Buy" rating despite the challenges faced [4] Financial Summary - In 2024, the company achieved a revenue of 77.27 billion yuan, with a year-on-year growth of 3.1%, and a net profit of 8.78 billion yuan, reflecting a year-on-year decline of 17.38% [4][7] - The gross margin and net margin for 2024 were 42.9% and 21.4%, respectively, both showing a decline compared to the previous year [4] - For 2025, the estimated revenue is projected to be 83.23 billion yuan, with a year-on-year growth of 7.7%, and a net profit of 10.82 billion yuan, indicating a recovery with a year-on-year increase of 23.3% [7] Industry Insights - The approval of nuclear power projects has entered a normalization phase, with the State Council approving five nuclear power projects comprising ten nuclear units, including eight units utilizing the "Hualong One" technology [5] - As of April 2025, there are 54 nuclear units approved for construction or awaiting construction in China, with 33 units based on the Hualong One technology [5] - The report anticipates a continued approval pace of 8-10 million kilowatt nuclear units annually during the 14th Five-Year Plan period, maintaining the trend of normalized approvals [5]

Group 1 - The approval of 10 new nuclear power units reflects China's support and confidence in the nuclear power sector, indicating a growing importance of nuclear energy in the country's energy structure [1][2] - The new projects, which include five nuclear power projects with a total of 10 units, are expected to drive over 200 billion yuan in investments, showcasing the potential for industry growth [2][4] - China has maintained a consistent approval pace for nuclear power projects, approving 10 or more units annually for four consecutive years, which is expected to have a strong positive impact on the national economy [4] Group 2 - China's nuclear power capacity and generation continue to grow, with the country holding the largest operational and under-construction nuclear power capacity globally, totaling 60.96 million kilowatts [3] - The global natural uranium supply is facing a significant gap, with 2022 production at 49,355 tons and demand at 65,651 tons, indicating a long-term upward trend in uranium prices due to increasing demand from the nuclear sector [5]

中国核电 20250429 摘要 • 中国核电 2025 年第一季度累计发电 597 亿度，同比增长 16.93%，实现 营业收入 202 亿元，同比增长 12.7%。核电业务收入 167 亿元，同比增 长 10.46%；新能源业务收入 35 亿元，同比增长 24.64%。归母净利润 31 亿元，同比增长 2.55%，其中核电贡献 29 亿元，同比增 11.52%；新 能源贡献 2 亿元，同比下降 51%。 • 截至 2025 年 3 月底，中国核电控股的非核清洁能源装机容量达到 3,069 万千瓦，提前完成十四五规划目标。公司积极发展风能和光伏项目，并推 动钙钛矿产业取得阶段性成果，小型组件效率达到行业领先水平。此外， 公司探索新型储能及相关产业协同开发，推动新能源与储能产业协同发展。 • 2025 年一季度核电综合电价与 2024 年同比略有下降，下降幅度约为一 分左右，整体仍维持在每度电 0.4 元左右，总体较为平稳。江苏地区市场 用电量从 271 度提升至 310 度，反映出当地经济发展带来的用电需求增 长。 • 2025 年的大修计划包括 17 次大修，公司已发布详细公告，包括全年大修 次数及具体季 ...

Core Viewpoint - China National Nuclear Corporation (CNNC) has approved a share repurchase plan, with a maximum limit of 500 million yuan and a minimum of 300 million yuan, aimed at stock incentive programs [1][2] Group 1: Policy Context - Recent regulatory policies have been introduced to promote stable development in the capital market, including a notification in October last year that established a stock repurchase and increase loan program to support listed companies [1] - The implementation plan for promoting medium- and long-term capital market entry this year encourages listed companies to increase share repurchase efforts and utilize repurchase and increase loan tools [1] Group 2: Company Strategy - As a leading enterprise in the nuclear power sector, CNNC has developed a feasible share repurchase plan based on confidence in its core competitiveness and strategic assessment of future development [1] - The share repurchase reflects CNNC's commitment to supporting the stability of the A-share market and protecting the interests of all shareholders [1] Group 3: Impact on Stakeholders - The unanimous approval of the repurchase plan by CNNC's board sends a strong signal of the company's recognition of its value [2] - The repurchase is seen as a powerful measure to optimize the capital structure, improve decision-making efficiency, and enhance corporate governance [2] - For minority shareholders, the repurchase signifies tangible benefits and stabilizes investor sentiment, helping the stock price return to a reasonable value range [2] Group 4: Future Outlook - CNNC emphasizes an "investor-centric" philosophy and is committed to enhancing shareholder rights [2] - The company plans to use the repurchase as an opportunity to continuously optimize its governance structure, deepen internal reforms, and improve operational efficiency [2] - The goal is to strengthen value management practices and create greater returns for shareholders, achieving mutual growth for the company and its investors [2]

2025 年 04 月 29 日 中国核电 (601985) ——Q1 盈利保持正增长 再获批新项目保障成长 | 报告原因：有业绩公布需要点评 | | --- | | 买入（维持） | | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 9.39 | | 一年内最高/最低（元） | 12.29/8.66 | | 市净率 | 2.0 | | 息率（分红/股价） | 2.29 | | 流通 A 股市值（百万元） | 177,314 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："息率"以最近一年已公布分红计算 | | 上 市 公 司 | 基础数据: | 2025 年 03 月 31 日 | | | --- | --- | --- | | 每股净资产（元） | | 5.48 | | 资产负债率% | | 68.48 | | 总股本/流通 A 股（百万） | 20,568/18,883 | | | 流通 B 股/H 股（百万） | | -/- | 公用事业 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-2 ...

Market Performance - The controllable nuclear fusion concept sector declined by 0.87%, ranking among the top losers in the concept sector, with *ST Lihang hitting the limit down [1] - Among the stocks in this sector, 27 stocks saw price increases, with Xinhongye, Yingliu Co., and HuoDuan Intelligent leading the gains at 6.83%, 3.70%, and 3.20% respectively [1] Capital Flow - The controllable nuclear fusion concept sector experienced a net outflow of 277 million yuan, with 35 stocks seeing net outflows, and 16 stocks with outflows exceeding 10 million yuan [1] - The stock with the highest net outflow was XueRen Co., with a net outflow of 47.1 million yuan, followed by LanShi Heavy Industry, China Energy Construction, and China Nuclear Power with net outflows of 40.3 million yuan, 36.3 million yuan, and 32.4 million yuan respectively [1] Top Gainers and Losers - The top gainers in the controllable nuclear fusion concept sector included Shanghai Electric, HaiLu Heavy Industry, and Yingliu Co., with net inflows of 50.2 million yuan, 31.7 million yuan, and 28.6 million yuan respectively [1][3] - The top losers included XueRen Co. (-3.24%), LanShi Heavy Industry (-5.64%), and China Energy Construction (-0.45%) [2][3]