CNNP(601985) 开源证券·2024-11-26 06:05Investment Rating - The report assigns a "Buy" rating for China Nuclear Power (601985.SH) [3] Core Views - The company is positioned as a leading player in the nuclear power sector, with a focus on expanding its clean energy portfolio through wind and solar projects, aiming to become a global clean energy giant [8][24] - The company has a stable shareholding structure, with the controlling shareholder being China National Nuclear Corporation (CNNC), which enhances long-term strategic development [28] - The company's operational performance has shown consistent growth, with revenue and net profit increasing significantly in recent years [30] Summary by Sections Section 1: High-Quality Development of Nuclear Power - China Nuclear Power is a subsidiary of CNNC, covering the entire nuclear energy industry chain, including nuclear power, natural uranium, nuclear fuel, and nuclear technology applications [22][24] - The company has actively integrated wind and solar energy into its operations, enhancing its growth potential [24] Section 2: Nuclear Power as a Key Component of Energy Transition - The approval of new nuclear power units is expected to normalize, with a steady pace of approvals from 2022 to 2024 [9] - The company has a significant share of the operational nuclear power capacity in China, controlling 25 operational units with a total capacity of 23.75 GW, representing 40.8% of the national total [37][43] Section 3: Financial Performance and Profitability - In 2023, the company achieved a revenue of 749.57 billion yuan, a year-on-year increase of 5.2%, and a net profit of 106.24 billion yuan, up 17.9% [30] - The company's gross margin was 44.6%, with a net margin of 25.9%, indicating effective cost management and profitability [34] Section 4: Investment Logic and Future Growth - The company is expected to see substantial profit release as depreciation periods end and construction loans are repaid, potentially increasing its dividend payout ratio to match that of comparable companies [9][10] - The projected revenue for 2024-2026 is 797.7 billion, 879.8 billion, and 946.3 billion yuan, with net profits of 113.1 billion, 125.3 billion, and 131.1 billion yuan respectively [8][11]