Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company has shown steady revenue growth with an improvement in the profitability of its main business. In the first three quarters of 2024, the company achieved revenue of 1.91 billion yuan, a year-on-year increase of 5.72%. The net profit attributable to shareholders decreased by 6.90% to 227 million yuan [1] - The company's nuclear power business is experiencing a favorable trend, with significant growth in the "two-machine" business. The nuclear energy segment reported a revenue growth of 18.39% in the first half of the year, and the "two-machine" business also maintained high growth with a revenue increase of 19.65% [1] - The company is expected to continue enhancing its main business profitability, with a forecasted net profit attributable to shareholders of 310 million yuan, 393 million yuan, and 506 million yuan for 2024, 2025, and 2026 respectively [2][4] Financial Summary - For the first three quarters of 2024, the company reported a net profit of 220 million yuan after excluding non-recurring gains and losses, reflecting a year-on-year growth of 11.59% [1] - The company's operating cash flow significantly decreased by 99.24% due to slower collections, increased inventory, and reduced recovery of bill guarantees [1] - The company has been increasing its R&D investment, with R&D expenses rising by 6.91% in the first three quarters [1] Earnings Forecast - The forecast for the company's revenue is as follows: 2.685 billion yuan in 2024, 3.077 billion yuan in 2025, and 3.540 billion yuan in 2026, with growth rates of 11.32%, 14.60%, and 15.05% respectively [2][4] - The expected earnings per share (EPS) are projected to be 0.46 yuan in 2024, 0.58 yuan in 2025, and 0.74 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 30.7, 24.2, and 18.8 [2][4] Comparable Company Valuation - The company is compared with peers such as Nuoyue Co., Ltd., China Nuclear Technology, and Jiangsu Shentong, with the current valuation level being considered overvalued compared to these companies [1][2]

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Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [1] Core Views - The company has shown a robust performance with a year-on-year revenue increase of 14.65% and a net profit increase of 30.20% for the first three quarters of 2024 [1] - The increase in electricity generation, which rose by 15% year-on-year, has significantly contributed to revenue growth [1] - The company is expected to achieve its annual electricity generation target of 308.8 billion kWh [1] Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 66.331 billion yuan and a net profit of 28.025 billion yuan [1] - In Q3 2024 alone, the company achieved revenues of 31.522 billion yuan, a 17.27% increase year-on-year, and a net profit of 16.663 billion yuan, up 31.81% year-on-year [1] - The total electricity generation for the first three quarters was approximately 235.814 billion kWh, reflecting a 15.97% increase year-on-year [1] Market Data - As of November 1, 2024, the company's stock price was 27.98 yuan, with a market capitalization of approximately 2,446.82 billion yuan [1] - The company has a gross profit margin of 70.93% and a net profit margin of 53.28% in Q3 2024, both showing improvements from the previous year [1] - Financial expenses were effectively managed, resulting in a decrease of 11% year-on-year, with a financial expense ratio of 8.91% [1] Earnings Forecast - The company is projected to achieve net profits of 33.852 billion yuan, 35.675 billion yuan, and 37.014 billion yuan for the years 2024, 2025, and 2026 respectively [2] - The corresponding price-to-earnings (P/E) ratios for these years are expected to be 20.2, 19.2, and 18.5 [2] Comparable Company Valuation - The company is compared with peers such as Huaneng Hydropower, Chuanwei Energy, and Guotou Power, with its current valuation slightly above the industry average [1][3]

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 199 期，总第 1758 期（电子版） 2024 年 11 月 4 日 星期一 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3272.01 | -0.24 | | 深证成指 | 10455.5 | -1.28 | | 中小 100 | 6520.89 | -0.76 | | 创业板指 | 2123.74 | -1.88 | | 沪深 300 | 3890.02 | -0.03 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 42052.19 | 0.69 | | 纳斯达克 | 18239.92 | 0.8 | | 标普 500 | 5728.8 | 0.41 | | 英国富时 100 | 8177.15 | 0.83 | | 日经 225 | 38053.67 | -2. ...

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偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 193 期，总第 1752 期（电子版） 2024 年 10 月 25 日 星期五 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3280.26 | -0.68 | | 深证成指 | 10441.75 | -1.27 | | 中小 100 | 6478.64 | -1.48 | | 创业板指 | 2175.1 | -1.37 | | 沪深 300 | 3928.83 | -1.12 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 42374.36 | -0.33 | | 纳斯达克 | 18415.49 | 0.76 | | 标普 500 | 5809.86 | 0.21 | | 英国富时 100 | 8269.38 | 0.13 | | 日经 225 | 37910.62 | ...

| --- | --- | --- | --- | |-------|-------|------------------------------------------------------------|-------------------| | | | | | | | | | | | | | 2024 年第 194 期，总第 | 1753 期（电子版） | | | | （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） | | | | | 2024 年 10 | 月 28 日 星期一 | | --- | --- | --- | |----------------|--------------|-----------| | | | | | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3299.7 | 0.59 | | 深证成指 | 10619.85 | 1.71 | | 中小 100 | 6562.36 | 1.29 | | 创业板指 | 2238.9 | 2.93 | | 沪深 300 | 3956.42 | 0.7 | | | 海外市场指 ...

| --- | --- | --- | --- | |-------|-------|------------------------------------------------------------|--------------------| | | | | | | | | | | | | | 2024 年第 195 期，总第 | 1754 期（电子版） | | | | （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） | | | | | 2024 年 | 10 月 29 日 星期二 | | --- | --- | --- | |----------------|--------------|-----------| | | | | | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3322.2 | 0.68 | | 深证成指 | 10685.89 | 0.62 | | 中小 100 | 6604.87 | 0.65 | | 创业板指 | 2229.12 | -0.44 | | 沪深 300 | 3964.16 | 0.2 | | | 海外 ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 196 期，总第 1755 期（电子版） 2024 年 10 月 30 日 星期三 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3286.41 | -1.08 | | 深证成指 | 10543.33 | -1.33 | | 中小 100 | 6564.15 | -0.62 | | 创业板指 | 2177.31 | -2.32 | | 沪深 300 | 3924.65 | -1 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 42233.05 | -0.36 | | 纳斯达克 | 18712.75 | 0.78 | | 标普 500 | 5832.92 | 0.16 | | 英国富时 100 | 8219.61 | -0.8 | | 日经 225 | 39288.82 | 0 ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 197 期，总第 1756 期（电子版） 2024 年 10 月 31 日 星期四 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3266.24 | -0.61 | | 深证成指 | 10530.85 | -0.12 | | 中小 100 | 6567.33 | 0.05 | | 创业板指 | 2151.51 | -1.18 | | 沪深 300 | 3889.45 | -0.9 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 42141.54 | -0.22 | | 纳斯达克 | 18607.93 | -0.56 | | 标普 500 | 5813.67 | -0.33 | | 英国富时 100 | 8159.63 | -0.73 | | 日经 225 | 39070.27 ...