CNNP(SH:601985) Changjiang Securities·2025-04-10 09:13Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company's nuclear power generation volume in Q1 2025 is expected to increase by 13.30% year-on-year, driven by reduced maintenance days and the commissioning of the Zhangzhou Unit 1 [2][6]. - The overall electricity generation for the company in Q1 2025 is projected to grow by 16.93% year-on-year, with a significant contribution from the renewable energy sector, which saw a 38.35% increase in generation volume [2][6]. - The company has a robust project reserve in both nuclear and renewable energy sectors, ensuring long-term growth potential [2][6]. Summary by Sections Nuclear Power Performance - In Q1 2025, the company's nuclear power generation reached 494.82 billion kWh, a year-on-year increase of 13.30%, with grid-connected electricity at 463.70 billion kWh, up 13.41% [10]. - The strong performance is attributed to reduced maintenance days at the Fuqing Nuclear Power Plant and the operational start of the Zhangzhou Unit 1, which contributed 25.3 billion kWh [10][6]. - Other provinces showed varied results, with some experiencing declines due to maintenance and seasonal adjustments [10]. Renewable Energy Growth - As of the end of Q1 2025, the company had a total installed capacity of 30,691.6 MW in renewable energy, marking a 43.82% year-on-year increase [10]. - The renewable energy generation in Q1 2025 was 102.60 billion kWh, reflecting a 38.35% increase, with wind and solar power generation growing by 39.50% and 37.2% respectively [10][6]. Future Growth Potential - The company has 17 nuclear units under construction or approved, with a total capacity of 1,942.90 MW, and an additional 1,353.68 MW in renewable energy projects [10]. - The financial projections for EPS from 2024 to 2026 are 0.47, 0.52, and 0.57 yuan, with corresponding PE ratios of 19.95, 17.79, and 16.35 [10].