Huafu Securities·2024-08-22 05:31Investment Rating - The report maintains a "Hold" rating for the company [2][4]. Core Views - The company reported a slight increase in revenue and net profit for the first half of 2024, with revenue at 39.377 billion yuan, up 0.26% year-on-year, and net profit at 7.109 billion yuan, up 2.16% year-on-year [3][4]. - The company has received approval for six new nuclear power units, which supports future performance growth [4]. - The company manages 28 operational nuclear units and 10 under construction, accounting for 43.48% of the national total capacity [3][4]. Financial Summary - For 2024-2026, the company is projected to have revenues of 88.965 billion yuan, 93.517 billion yuan, and 99.830 billion yuan, respectively, with corresponding net profits of 12.150 billion yuan, 12.398 billion yuan, and 13.189 billion yuan [4][5]. - The company's earnings per share (EPS) is expected to grow from 0.24 yuan in 2024 to 0.26 yuan in 2026, with price-to-earnings (P/E) ratios decreasing from 19.6 to 18.1 over the same period [5][7]. - The company’s total assets are projected to increase from 415.25 billion yuan in 2023 to 482.95 billion yuan in 2026, with a debt-to-asset ratio decreasing from 60.2% to 58.1% [7][8].