CNNP(SH:601985) GUOTAI HAITONG SECURITIES·2025-05-28 11:06Investment Rating - The report maintains an "Accumulate" rating for the company [6][14]. Core Views - Short-term performance is under pressure due to non-operating factors, but long-term prospects remain positive with steady progress in new unit construction and a proposed share buyback plan by the chairman [2][14]. - The company is expected to achieve a net profit of 10.6 billion yuan in 2025, representing a year-on-year increase of 21% [14]. Financial Summary - Revenue projections for the company are as follows: - 2023: 74.957 billion yuan - 2024: 77.272 billion yuan (YOY +3.1%) - 2025: 86.127 billion yuan (YOY +11.5%) - 2026: 93.330 billion yuan (YOY +8.4%) - 2027: 108.026 billion yuan (YOY +15.7%) [4][14]. - Net profit (attributable to the parent company) is projected as follows: - 2023: 10.624 billion yuan - 2024: 8.777 billion yuan (YOY -17.4%) - 2025: 10.618 billion yuan (YOY +21.0%) - 2026: 10.938 billion yuan (YOY +3.0%) - 2027: 12.371 billion yuan (YOY +13.1%) [4][14]. - Earnings per share (EPS) estimates are: - 2023: 0.52 yuan - 2024: 0.43 yuan - 2025: 0.52 yuan - 2026: 0.53 yuan - 2027: 0.60 yuan [4][14]. Target Price - The target price for the company is set at 11.44 yuan, based on a 22x PE ratio for 2025 [7][14]. Market Data - The current price of the stock is 9.65 yuan, with a market capitalization of 198.481 billion yuan [7][14]. - The stock has a 52-week price range of 8.99 to 12.22 yuan [14]. Investment Highlights - The company is actively pursuing the construction of new nuclear power units, with 19 units currently under construction or planned [14]. - A share buyback plan of 300 to 500 million yuan is proposed, with a buyback price not exceeding 13.98 yuan per share [14]. - The company plans to invest 1 billion yuan in a nuclear fusion company, indicating a forward-looking strategy in the energy sector [14].