CNNP(SH:601985) Huafu Securities·2025-08-28 08:34Investment Rating - The report maintains a "Hold" rating for China Nuclear Power [4] Core Views - The company's revenue for 1H2025 reached 40.973 billion yuan, a year-on-year increase of 9.43%, while the net profit attributable to shareholders decreased by 3.66% [1][2] - The decline in net profit is attributed to the impact of the renewable energy sector, where the net profit of a subsidiary decreased by 32% [2] - The nuclear power segment showed stable operations, with net profit excluding renewable energy increasing by 5% year-on-year [3] Financial Performance - In 1H2025, the nuclear power generation was 93.551 billion kWh, up 12.14% year-on-year, contributing to a revenue of 32.783 billion yuan, a 6.74% increase [3] - The gross margin for the nuclear power segment was 45.83%, slightly down by 0.12 percentage points [3] - The company plans to distribute a cash dividend of 0.02 yuan per share, totaling 411 million yuan, which is 7.27% of the net profit for the first half of 2025 [2] Future Projections - The forecasted net profits for 2025-2027 are 9.533 billion, 10.233 billion, and 11.217 billion yuan respectively, with corresponding P/E ratios of 19.6, 18.2, and 16.6 [4] - The company has exceeded its 30GW renewable energy installation target for the 14th Five-Year Plan, with operational capacity reaching 33.2249 million kW [3]