CNNP(SH:601985) Ge Long Hui A P P·2026-01-05 08:48Group 1 - The core viewpoint of the report highlights that China Nuclear Power, a major subsidiary of China National Nuclear Corporation, is a leading company in the nuclear power sector [1] - As of September 30, 2025, the company operates 26 nuclear power units with a total installed capacity of 25 GW [1] - The cumulative electricity generation for the first three quarters of 2025 reached 151.008 billion kWh, representing a year-on-year increase of 11.33% [1] - The cumulative on-grid electricity volume was 141.283 billion kWh, with a year-on-year growth of 11.44% [1] - The average utilization hours of nuclear power units stood at 6046 hours [1] - The nuclear business achieved a net profit attributable to shareholders of 7.467 billion yuan, reflecting a year-on-year increase of 2.81% despite some disruptions in profitability due to market electricity prices [1] Group 2 - The company has 19 nuclear power units under construction or planned, with an approximate installed capacity of 21.86 GW [1] - It is expected that 1 and 2 units will be put into operation in 2025 and 2026, respectively, with a concentrated commissioning after 2027 [1] - Based on the DCF model, the target price is set at 11.44 yuan, with an initial coverage rating of "outperform the market" [1]