CNNP(SH:601985) Xin Lang Cai Jing·2025-05-01 00:27Core Insights - The company reported a revenue of 77.272 billion yuan for 2024, a year-on-year increase of 3.09%, while the net profit attributable to shareholders was 8.777 billion yuan, a decrease of 17.38% [1] - In Q1 2025, the company achieved a revenue of 20.273 billion yuan, a year-on-year increase of 12.70%, and a net profit attributable to shareholders of 3.137 billion yuan, an increase of 2.55% [1] Revenue and Profit Analysis - The average on-grid electricity prices for nuclear, solar, and wind power in 2024 were approximately 0.4151, 0.4466, and 0.3885 yuan per kilowatt-hour, respectively, with changes of +0.4, -0.09, and -0.03 yuan compared to 2023 [2] - The company's income tax expenses for 2024 were 6.011 billion yuan, a significant year-on-year increase of 68.34%, primarily due to the provision for value-added tax refunds affecting income tax expenses [2] Power Generation and Capacity - The total on-grid electricity for 2024 was 203.923 billion kilowatt-hours, a year-on-year increase of 3.28%, with nuclear power generation at 171.260 billion kilowatt-hours, a decrease of 1.83% [1] - The company has 18 nuclear power units under construction or awaiting approval as of December 31, 2024, with a total installed capacity of 20.641 million kilowatts [3] Future Growth Prospects - The company plans to commission the Zhangzhou Nuclear Power Unit 2 in 2025, with additional units expected to come online in 2026 and 2027, indicating strong growth potential [3] - The company forecasts net profits of 9.6 billion, 10.3 billion, and 11.4 billion yuan for 2025 to 2027, representing year-on-year growth rates of 9.42%, 7.32%, and 10.77%, respectively [3]