CNNP(601985) 华福证券·2025-01-09 00:20Investment Rating - The investment rating for China Nuclear Power is "Hold" [2][6]. Core Views - The company reported a 3.09% year-on-year increase in total operational power generation for 2024, with a total of 216.349 billion kWh, and a target of 237 billion kWh for 2025, representing a growth of 9.55% [3][4]. - The nuclear power generation for 2024 was 183.122 billion kWh, a decrease of 1.80% year-on-year, while renewable energy generation saw a significant increase of 42.21% to 33.227 billion kWh [4][5]. - The company aims to exceed its 30 GW renewable energy installation target during the 14th Five-Year Plan period, with current operational capacity at 29.60 GW and an additional 14.36 GW under construction [5][6]. Summary by Sections Operational Performance - In 2024, the cumulative operational power generation was 2163.49 billion kWh, with a year-on-year growth of 3.09% and grid-connected power generation at 2039.23 billion kWh, up 3.28% [3][4]. - The 2025 target includes 195.4 billion kWh from nuclear power (6.70% growth) and 41.6 billion kWh from renewable sources (25.20% growth) [4]. Financial Forecasts - The projected net profits for 2024, 2025, and 2026 are 9.836 billion, 11.099 billion, and 11.707 billion yuan respectively, with corresponding P/E ratios of 19.6, 17.3, and 16.4 [6][7]. - Revenue is expected to grow from 76.19 billion yuan in 2024 to 90.055 billion yuan in 2026, reflecting an increase of 11% in 2025 [7][10]. Capacity and Infrastructure - As of December 31, 2024, the company had 25 operational nuclear units with a total capacity of 23.75 GW, which will increase to 24.96 GW with the commissioning of the Zhangzhou Nuclear Power Plant Unit 1 on January 1, 2025 [5][6]. - The company has 17 nuclear units under construction or awaiting approval, corresponding to 19.43 GW of additional capacity [5].