CNNP(SH:601985) Hua Yuan Zheng Quan·2025-09-04 11:27Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance was below expectations, but its ongoing nuclear power projects ensure stable and continuous growth [6] - The company reported a revenue of 40.973 billion yuan for the first half of 2025, a year-on-year increase of 9.43%, while the net profit attributable to shareholders decreased by 3.66% [8] - The company plans to distribute an interim dividend of 0.02 yuan per share, totaling 410 million yuan, which represents 7.27% of the net profit for the first half of 2025 [8] - The company has 19 units under construction or approved for construction, with a total installed capacity of approximately 22 GW, which lays the foundation for long-term growth [8] - The company expects net profits for 2025-2027 to be 10.0 billion, 10.5 billion, and 11.3 billion yuan, with growth rates of 13.9%, 5.1%, and 7.4% respectively [8] Financial Summary - The company's total market capitalization is approximately 182.64 billion yuan, with a circulating market capitalization of about 167.68 billion yuan [4] - The company's earnings per share (EPS) for 2025 is projected to be 0.49 yuan, with a price-to-earnings (P/E) ratio of 18.27 [7] - The company's revenue for 2025 is estimated to be 84.544 billion yuan, reflecting a year-on-year growth rate of 9.41% [7] - The company's return on equity (ROE) for 2025 is projected to be 8.61% [7]