CNNP(SH:601985) Soochow Securities·2024-10-31 18:00Investment Rating - The investment rating for China Nuclear Power (601985) is "Buy" (maintained) [1] 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 1.6%, while the net profit attributable to shareholders decreased by 4.22% to 8.934 billion yuan [1] - In Q3 2024, the company's revenue was 19.545 billion yuan, showing a year-on-year decline of 1.25% but a quarter-on-quarter increase of 0.47% [1] - The net profit for Q3 2024 was 3.052 billion yuan, down 7.10% year-on-year but up 8.10% quarter-on-quarter [1] - The nuclear power generation in Q3 2024 increased by 1.9% quarter-on-quarter, with the completion of minor repairs on Unit 4 of the Fuqing Nuclear Power Plant [1] - The company has a robust pipeline of nuclear projects and is expected to enter a phase of accelerated production [1] Financial Performance Summary - For 2024, the company expects total revenue to reach 75.901 billion yuan, with a net profit of 10.714 billion yuan, reflecting a growth of 1% and 9% respectively for 2024-2026 [1] - The earnings per share (EPS) for 2024 is projected at 0.57 yuan, with a price-to-earnings (P/E) ratio of 17.71 [1] - The company’s operating cash flow for the first three quarters of 2024 was 32.845 billion yuan, a decrease of 4.36% [1] - The capital expenditure increased significantly, with net cash flow from investment activities at -61.486 billion yuan, an increase of 47.87% year-on-year [1] - The company has a total of 1,392 MW of nuclear power units under construction and 672 MW awaiting commencement, indicating a potential growth of 87% upon completion [1]