CNNP(SH:601985) Zhongyuan Securities·2024-10-17 08:39Investment Rating - The report maintains an "Accumulate" investment rating for China Nuclear Power (601985) [2][6]. Core Views - The nuclear power generation volume has been affected by unit maintenance, but this does not alter the company's long-term investment value [2]. - The company reported a revenue of 37.441 billion yuan for the first half of 2024, showing a year-on-year increase, while the net profit attributable to shareholders decreased [2]. - The company is experiencing a decline in nuclear power generation due to increased maintenance days compared to the previous year, impacting overall performance [2][6]. Summary by Relevant Sections Financial Performance - In the first half of 2024, the company achieved an operating income of 37.441 billion yuan, with a year-on-year increase [2]. - The net profit attributable to shareholders for the first half of 2024 was 1.9453 billion yuan, a year-on-year decrease of 5.70% [2]. - The cumulative power generation for the third quarter reached 160.388 billion kWh, a year-on-year increase of 2.70% [2]. Operational Data - As of September 2024, the company managed 25 operational nuclear power units with a total installed capacity of 2,375 million kW, accounting for 40.89% of the national total [3]. - The company’s nuclear power generation volume for the first half of 2024 was 89.153 billion kWh, a year-on-year decrease of 1.24% [2]. Future Projections - The company forecasts net profits attributable to shareholders of 11.188 billion yuan, 12.250 billion yuan, and 13.052 billion yuan for 2024, 2025, and 2026, respectively [6]. - The expected earnings per share for 2024, 2025, and 2026 are 0.59 yuan, 0.65 yuan, and 0.69 yuan, respectively [6]. Dividend Policy - The company has consistently increased its cash dividend since its listing in 2015, with a proposed special cash dividend of 0.02 yuan per share announced on September 28, 2024 [5].