CNNP(SH:601985) Chang Jiang Shang Bao·2025-04-28 23:42Core Viewpoint - The approval of new nuclear power projects by major players in the industry indicates a significant acceleration in nuclear power development in China, with a focus on enhancing energy capacity and contributing to carbon neutrality goals [2][3][4]. Group 1: Project Approvals and Developments - China National Nuclear Corporation (中国核电) announced the approval of two new "Hualong One" pressurized water reactor units at the Zhejiang Sanmen nuclear power project, increasing its total number of under-construction and approved units to 19 [2][3]. - As of March 2025, China National Nuclear Corporation operates 26 nuclear units with a total installed capacity of 24.96 million kW, and has 17 units under construction or approved, totaling 19 units with an overall capacity of 44.39 million kW [3][4]. - China General Nuclear Power Group (中国广核) also received approvals for four new units, further indicating the industry's growth momentum [3]. Group 2: Performance Metrics - In Q1 2025, China National Nuclear Corporation reported a total electricity generation of 59.742 billion kWh, a year-on-year increase of 16.93%, with nuclear units contributing 49.482 billion kWh, accounting for 82.83% of total generation [2][5]. - The company’s renewable energy generation increased from 14.52% in Q1 2024 to 17.17% in Q1 2025, with total renewable generation reaching 10.26 billion kWh, a growth of 38.35% [5][6]. - The company achieved a revenue of 20.273 billion yuan and a net profit of 3.137 billion yuan in Q1 2025, reflecting year-on-year growth of 12.70% and 2.55%, respectively [6]. Group 3: Technological Advancements - The "Hualong One" technology, which is fully owned by China, is a third-generation pressurized water reactor design that emphasizes safety and efficiency, with a design life of 60 years [4]. - The Chinese nuclear power industry has reached a total of 102 operational, under-construction, and approved nuclear units, with a combined capacity of 113 million kW, making it the largest in the world [4].