公用事业与环保行业2025年投资策略：关注成本下行的火电、燃气及防御逻辑的水电、核电；同时关注资产整合标的

Investment Rating - The report maintains an "Outperform" rating for the nuclear power sector, highlighting strong growth potential and stable earnings for key companies in the industry [19]. Core Insights - The nuclear power industry in China is experiencing robust growth, with the number of operational nuclear units reaching 56 and a total installed capacity of 58.218 million kW, ranking third globally. The approval of new units is becoming more regular, with 46 units under construction or approved for construction, indicating strong future growth prospects [6][19]. - Despite the growth in installed capacity, nuclear power's contribution to the national electricity generation remains low at 4.86%, below the global average of nearly 10%. This suggests significant room for growth in the sector [6]. - The report notes that the performance of major nuclear companies has been affected by fluctuations in electricity prices and operational challenges, leading to a mixed performance in revenue and profit growth [9][11]. Summary by Sections Nuclear Power Development - The report emphasizes the strong momentum in nuclear power development, with a total of 56 operational units and 31 units under construction, maintaining the world's largest construction scale. The industry is recognized for its essential role as a baseload power source, with increasing confidence in global nuclear development [19]. Financial Performance of Key Companies - China Nuclear Power reported a revenue of 56.986 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.60%, while net profit decreased by 4.22% to 8.934 billion yuan. The decline in profit is attributed to lower market electricity prices and increased costs [9]. - China General Nuclear Power achieved a revenue of 62.270 billion yuan, a year-on-year growth of 4.06%, with net profit increasing by 2.93% to 9.984 billion yuan. The growth in electricity generation was primarily due to increased operational time of certain units [11]. Market Trends - The report highlights a significant decline in stock prices for nuclear power companies, with China Nuclear Power and China General Nuclear Power experiencing declines of 15.85% and 14.41%, respectively, amid market corrections and operational challenges [8]. - The report suggests that the nuclear power sector's earnings are expected to remain stable despite the pressures from electricity price fluctuations, with recommendations to focus on leading nuclear operators [19].