CNNP(SH:601985) Soochow Securities·2024-07-14 23:00Investment Rating - The investment rating for China Nuclear Power (601985) is "Buy" (maintained) [1] Core Views - The company plans to raise a total of 14 billion yuan through a private placement, fully subscribed by the Social Security Fund and China National Nuclear Corporation, which strengthens the company's long-term growth prospects [5] - The raised funds will be allocated to multiple nuclear power projects with a total investment of 184.8 billion yuan, enhancing the company's growth certainty [5] - A strategic cooperation agreement with the Social Security Fund aims to ensure national energy security and promote sustainable development [5] - The company has a clear dividend return plan for 2024-2026, with a commitment to distribute at least 30% of the distributable profits as cash dividends [5] - The earnings forecast for 2024-2026 indicates a net profit of 11.4 billion, 12.5 billion, and 13.6 billion yuan respectively, with a consistent growth rate [5] Financial Projections - Total revenue for 2022A was 71.286 billion yuan, projected to grow to 77.430 billion yuan in 2024E, reflecting a year-on-year growth of 3.3% [1] - The net profit attributable to the parent company for 2022A was 9.010 billion yuan, expected to reach 11.422 billion yuan in 2024E, with a year-on-year growth of 7.51% [1] - The latest diluted EPS is projected to be 0.60 yuan per share in 2024E, with a P/E ratio of 18.55 [1][6] Market Data - The closing price of the stock is 11.22 yuan, with a market capitalization of approximately 211.87 billion yuan [3] - The stock has a price-to-book ratio of 2.28 [3] Basic Data - The company's net asset per share is 4.93 yuan, with a debt-to-asset ratio of 70.20% [4] - The total share capital is approximately 18.88 billion shares [4]