CNNP(SH:601985) Minsheng Securities·2025-04-30 03:03Investment Rating - The report maintains a "Recommended" rating for China Nuclear Power (601985.SH) with a target price based on a PE ratio of 19/17/16 for the years 2025/2026/2027 respectively [6][4]. Core Views - The company's revenue for 2024 is reported at 77.27 billion yuan, a year-on-year increase of 3.09%, while the net profit attributable to shareholders decreased by 17.38% to 8.78 billion yuan. The basic earnings per share (EPS) is 0.463 yuan [1][4]. - The increase in income tax expenses significantly impacted the Q4 2024 performance, while the decline in profits from the new energy sector affected the growth rate in Q1 2025 [2][4]. - The company achieved a total power generation of 216.35 billion kWh in 2024, with nuclear power generation at 183.12 billion kWh, a decrease of 1.80%. However, renewable energy saw significant growth, with solar power generation increasing by 44.81% [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 20.27 billion yuan, a year-on-year increase of 12.7%, and a net profit of 3.14 billion yuan, up 2.55% [1][2]. - The total power generation for Q1 2025 was 59.74 billion kWh, a 16.93% increase year-on-year, with nuclear power contributing 49.48 billion kWh, a 13.30% increase [3][4]. Growth Prospects - The company plans to achieve a total power generation target of 237 billion kWh for 2025, with nuclear power expected to generate 195.4 billion kWh, a 6.7% increase year-on-year [3][4]. - The company has 26 operational nuclear units with a capacity of 24.96 million kW and 17 units under construction or awaiting approval, with a total capacity of 19.43 million kW [4]. Dividend Policy - The dividend payout ratio for 2024 reached a record high of 41.8%, with potential increases in future payout ratios as the company matures and capital expenditures decrease [4].