CNNP(SH:601985) Minsheng Securities·2024-08-31 14:00Investment Rating - The report maintains a "Recommended" rating for China Nuclear Power (601985.SH) [1][2] Core Views - The company's main business performance remains stable, with a slight increase in revenue and a decrease in net profit for the first half of 2024. Revenue reached 37.441 billion yuan, up 3.15% year-on-year, while net profit attributable to shareholders was 5.882 billion yuan, down 2.65% year-on-year [1] - The company has received approval for three nuclear power units, contributing to a continuous increase in nuclear power reserves. The company currently operates 25 nuclear power units with a total installed capacity of 23.75 million kilowatts, and has 18 units under construction or approved for construction [1] - The company experienced a slight increase in power generation, with total generation reaching 105.295 billion kWh, up 4.43% year-on-year. However, nuclear power generation decreased by 1.24% due to maintenance of nuclear units [1] - The capital investment budget for 2024 has been increased to 121.553 billion yuan, a year-on-year increase of 51.91%, aimed at accelerating project construction and enhancing asset scale [1] - Profit forecasts for the years 2024, 2025, and 2026 are 11.201 billion yuan, 12.280 billion yuan, and 13.419 billion yuan respectively, with corresponding EPS of 0.59 yuan, 0.65 yuan, and 0.71 yuan [1][2] Summary by Sections Financial Performance - For the first half of 2024, the company reported a revenue of 37.441 billion yuan and a net profit of 5.882 billion yuan, with a slight decline in both gross margin and net margin [1] - The average tax-inclusive on-grid electricity price was 0.3755 yuan/kWh, down 1.56% year-on-year [1] Nuclear Power Development - The company has been approved for three new nuclear power units, contributing to a robust pipeline of future projects. It is expected that 11 new nuclear units will be put into operation from 2024 to 2029, adding a total capacity of 12.632 million kilowatts [1] Capital Investment and Financing - The company plans to raise up to 14 billion yuan through a targeted issuance of shares to support the construction of several nuclear power stations, which will alleviate funding pressure from the rapid expansion of its installed capacity [1]