CNNP(SH:601985) Minsheng Securities·2025-04-30 03:23Investment Rating - The report maintains a "Recommended" rating for China Nuclear Power (601985.SH) with a target price of 9.33 CNY, indicating an expected price increase of over 15% relative to the benchmark index [6][12]. Core Views - The company's revenue for 2024 is reported at 77.272 billion CNY, a year-on-year increase of 3.09%, while the net profit attributable to shareholders decreased by 17.38% to 8.777 billion CNY. The basic earnings per share (EPS) is 0.463 CNY [1][5]. - The increase in income tax expenses significantly impacted the Q4 2024 performance, while the decline in profits from the renewable energy sector affected the growth rate in Q1 2025 [2]. - The company achieved a total power generation of 2,163.49 billion kWh in 2024, with nuclear power generation at 1,831.22 billion kWh, a decrease of 1.80%. However, renewable energy generation saw substantial growth, with solar power increasing by 44.81% and wind power by 39.02% [3]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 20.273 billion CNY, a year-on-year increase of 12.7%, and a net profit of 3.137 billion CNY, up 2.55% [1][2]. - The company plans to achieve a total power generation target of 2,370 billion kWh in 2025, with nuclear power expected to contribute 1,954 billion kWh, a 6.7% increase year-on-year [3]. Growth Potential - The company has 26 operational nuclear units with a total installed capacity of 24.962 million kW and 17 units under construction or awaiting approval, totaling 19.429 million kW. The approval of additional projects is expected to further enhance capacity [4]. - The dividend payout ratio reached a record high of 41.8% in 2024, with potential for future increases to 80% during mature phases without significant capital expenditures [4]. Profit Forecast - The profit forecasts for the years 2025, 2026, and 2027 are 10.328 billion CNY, 11.136 billion CNY, and 12.376 billion CNY respectively, with corresponding EPS of 0.50 CNY, 0.54 CNY, and 0.60 CNY [4][5].