中国核电（601985）：核电盈利稳健增长，新能源持续承压

Investment Rating - The report assigns a neutral investment rating to the company, indicating a performance expectation within a range of -5% to 5% relative to the benchmark index [12]. Core Insights - The company is projected to experience revenue growth from 77,272.06 million in 2024 to 96,171.81 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 11.13% in the final year [8]. - The net profit attributable to the parent company is expected to increase from 8,777.34 million in 2024 to 11,274.38 million in 2027, with a notable growth of 12.95% in 2025 [8]. - The company's EBITDA is forecasted to rise from 47,337.91 million in 2024 to 63,532.81 million in 2027, indicating strong operational performance [8]. Financial Summary Income Statement - Revenue is projected to grow from 77,272.06 million in 2024 to 96,171.81 million in 2027, with a growth rate of 11.13% in 2027 [8]. - Operating profit is expected to increase from 22,382.02 million in 2024 to 26,157.73 million in 2027 [8]. - The net profit margin is forecasted to remain stable, with net profit margins of 11.36% in 2024 and 11.72% in 2027 [8]. Balance Sheet - Total assets are expected to grow from 659,739.17 million in 2024 to 862,466.11 million in 2027 [7]. - Total liabilities are projected to increase from 450,371.21 million in 2024 to 602,519.54 million in 2027 [7]. - The equity attributable to the parent company is expected to rise from 110,217.03 million in 2024 to 131,495.29 million in 2027 [7]. Cash Flow Statement - Operating cash flow is projected to increase from 40,720.53 million in 2024 to 55,439.92 million in 2027 [7]. - The net cash increase is expected to show a decline, with a negative cash flow of -6,860.67 million in 2025 [7]. Key Financial Ratios - The company's P/E ratio is expected to decrease from 21.25 in 2024 to 16.55 in 2027, indicating potential undervaluation [8]. - The return on equity (ROE) is projected to improve from 7.96% in 2024 to 8.57% in 2027 [8]. - The debt-to-equity ratio is expected to remain high, with a net debt ratio of 173.92% in 2024 and 196.38% in 2027 [8].