CNNP(601985) 光大证券·2024-09-03 07:08Investment Rating - The report maintains a "Buy" rating for the company, citing its stable performance and growth potential in both nuclear and green energy sectors [2][4] Core Views - The company reported a revenue of RMB 37.441 billion in H1 2024, a YoY increase of 3.15%, while net profit attributable to shareholders decreased by 2.65% to RMB 5.882 billion [1] - Nuclear power generation decreased by 1.24% YoY due to increased maintenance, while green energy generation surged by 52.87% YoY, driven by increased installed capacity [1] - The company is expanding its nuclear and green energy capacity through a RMB 14 billion private placement and a RMB 5 billion REITs issuance [2] - The company has 15 nuclear units under construction or approved, with a total capacity of 17.565 GW, and expects to add more units soon [2] Financial Performance - Revenue for 2024E is projected at RMB 79.75 billion, with a YoY growth of 6.39%, and net profit attributable to shareholders is expected to reach RMB 11.23 billion [3] - EPS for 2024E is forecasted at RMB 0.59, with a P/E ratio of 18X [3] - ROE (diluted) is expected to remain stable at around 11.4%-11.59% from 2024E to 2026E [3][8] Operational Highlights - Total commercial power generation in H1 2024 reached 105.295 billion kWh, a YoY increase of 4.43%, with nuclear power contributing 89.153 billion kWh and green energy contributing 16.142 billion kWh [1] - The company's green energy segment saw significant growth, with solar power generation increasing by 55.07% YoY and wind power generation increasing by 50.50% YoY [1] Capital Expenditure and Financing - The company plans to raise RMB 14 billion through a private placement to fund the construction of nuclear power plants in Liaoning, Fujian, and Jiangsu [2] - A RMB 5 billion REITs issuance is planned to support the expansion of green energy projects, with underlying assets including 741 MW of wind and solar power capacity [2] Valuation and Market Data - The company's total market capitalization is RMB 206.583 billion, with a share price of RMB 10.94 as of the report date [5] - The stock has shown strong performance, with a 1-year absolute return of 52.20% and a relative return of 65.90% [6] Future Outlook - The company is expected to benefit from accelerated nuclear power approvals and the ongoing expansion of its green energy portfolio, which will enhance profitability [2] - The report forecasts steady growth in revenue and net profit, with revenue expected to reach RMB 92.933 billion by 2026E and net profit attributable to shareholders projected at RMB 13.431 billion [3]