CNNP(SH:601985) Feng Huang Wang Cai Jing·2025-05-12 11:34Core Viewpoint - China Nuclear Power reported a total operating revenue of 77.272 billion yuan in 2024, a year-on-year increase of 3.09%, but the net profit attributable to shareholders dropped significantly to 8.777 billion yuan, a decrease of 17.38% [1] Group 1: Financial Performance - The cumulative power generation in 2024 was 2,163 billion kWh, up 3.09% year-on-year, while the grid-connected power generation was 2,039 billion kWh, an increase of 3.28% [2] - The nuclear power generation accounted for 1,831 billion kWh, representing 85% of total generation, but both generation and grid-connected power saw a decline of 1.8% compared to 2023 [2][3] - The average capacity factor for nuclear power units in 2024 was 91.11%, down from 93.30% in 2023, and the average utilization hours decreased by 142 hours to 7,710 hours [5] - The comprehensive electricity price for 2024 was 0.4160 yuan/kWh, a decrease of 0.8% from 2023, while the nuclear power comprehensive price increased by 1% to 0.4151 yuan/kWh [7][8] Group 2: Market Dynamics - The marketization of electricity trading increased, with nuclear power's market trading volume rising from 42.65% in 2023 to 50.78% in 2024, while renewable energy's market trading volume increased from 59.12% to 66.43% [5][7] - The increase in renewable energy generation was significant, growing from 23.3 billion kWh in 2023 to 33.2 billion kWh in 2024, a year-on-year increase of 42% [5] Group 3: Investment and Financing - The net cash flow from investment activities showed a significant outflow, expanding from -71.7 billion yuan in 2023 to -94.9 billion yuan in 2024, a 32.4% increase [13] - The financing activities generated a net cash flow of 64.49 billion yuan in 2024, a substantial increase of 188% from 22.33 billion yuan in 2023, primarily from loans and equity financing [15][18] - Short-term borrowings rose from 19.86 billion yuan in 2023 to 29.08 billion yuan in 2024, a 46% increase, while long-term borrowings increased from 244.85 billion yuan to 304.3 billion yuan, a 24% rise [19] Group 4: Profitability and Shareholder Returns - The gross profit margin for the electricity business decreased by 1.94% to 43.34% in 2024, influenced by rising operating costs in renewable energy [8] - The dividend payout for 2024 was 3.669 billion yuan, accounting for 41.92% of the net profit, marking a new high since the company's listing [20] - The basic earnings per share, excluding non-recurring gains and losses, fell from 0.542 yuan in 2023 to 0.452 yuan in 2024, the lowest in three years [20]