CNNP(SH:601985) Guoxin Securities·2024-09-01 07:42Investment Rating - The investment rating for the company is "Outperform the Market" [2][5][20] Core Views - The company's revenue growth is driven by its expanding renewable energy capacity, although net profit has decreased due to increased maintenance costs and a slight decline in nuclear power generation [6][19] - The company plans to issue 1.68 billion shares to raise 14 billion yuan, with the funds allocated for specific projects [4][19] - The approval of the first large-scale nuclear and petrochemical coupling project marks a significant development in the company's nuclear energy ecosystem [18][19] Financial Performance - In H1 2024, the company achieved a revenue of 37.441 billion yuan, a year-on-year increase of 3.15%, while net profit was 5.882 billion yuan, down 2.65% [6][19] - The total power generation reached 105.295 billion kWh, with a 4.43% increase, while grid-connected power generation was 99.295 billion kWh, up 4.68% [6][19] - The company’s average electricity price for renewable energy has decreased, impacting profit margins [11][19] Future Projections - The forecast for net profit from 2024 to 2026 is adjusted to 11.3 billion, 12.325 billion, and 13.305 billion yuan respectively, with expected growth rates of 6%, 9%, and 8% [20] - The projected PE ratios for the same period are 18.3, 16.8, and 15.5 [20] Renewable Energy Expansion - The company has a total installed renewable energy capacity of 22.37 million kW, with significant contributions from wind and solar power [4][19] - The company is also planning a second phase of REITs issuance, aiming to raise up to 5 billion yuan [4][19]