Guotou Securities·2024-08-23 14:00Investment Rating - The investment rating for the company is maintained at "Buy - A" with a target price of 5.52 CNY for the next six months [4]. Core Views - The company reported a slight increase in performance with a revenue of 39.377 billion CNY in the first half of 2024, representing a year-on-year growth of 0.26%. The net profit attributable to shareholders was 7.109 billion CNY, up 2.16% year-on-year [1]. - The company has received approval for six new units, enhancing its long-term growth potential and performance stability. The total installed capacity of the newly approved units is 7.348 million kW [3]. - The company’s average settlement electricity price in the first half of 2024 was 0.37 CNY per kWh, showing a slight decline of approximately 2.1% year-on-year due to market price fluctuations [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 39.377 billion CNY, a 0.26% increase year-on-year, and a net profit of 7.109 billion CNY, reflecting a 2.16% growth [1]. - The company managed to generate 106.01 billion kWh of electricity from its operational nuclear power units, a slight increase of 0.09% year-on-year [2]. Project Development - The company has a total of 16 units under construction or planning, with a commitment to inject these assets into the listed company within five years of the official start of construction [3]. - The approval of six new units is expected to provide a solid foundation for stable growth in the company's performance [3]. Market Position - The company’s stock price as of August 23, 2024, was 4.99 CNY, with a market capitalization of approximately 251.988 billion CNY [4]. - The company is positioned as a stable asset in the current market volatility, benefiting from the steady nature of nuclear power as a quality energy source [8].