CNNP(SH:601985) Huafu Securities·2024-10-30 08:16Investment Rating - The report maintains a "Hold" rating for China Nuclear Power [2][4] Core Views - The company reported a revenue of 56.986 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.60%, while the net profit attributable to shareholders decreased by 4.22% to 8.934 billion yuan [2] - The decline in net profit is attributed to a decrease in market electricity prices, which affected revenue growth despite a 2.92% increase in electricity output [2] - The report highlights a significant increase in renewable energy output, with a 40.2% year-on-year growth in the third quarter of 2024 and a 48.2% increase for the first three quarters [2] - The company has 18 nuclear units under construction or approved, with an installed capacity of 20.64 GW, and expects improved performance in 2025 following the resolution of short-term disruptions [2] Financial Summary - For 2024, the projected revenue is 77.98 billion yuan, with net profits expected to be 10.716 billion yuan, reflecting a slight increase of 1% from the previous year [3][9] - The company's earnings per share (EPS) for 2024 is estimated at 0.57 yuan, with a price-to-earnings (P/E) ratio of 18.2 [3][9] - The financial data indicates a steady growth trajectory, with revenues projected to reach 85.723 billion yuan in 2025 and 92.860 billion yuan in 2026 [3][11]