CNNP(SH:601985) Shenwan Hongyuan Securities·2025-10-30 03:46Investment Rating - The report maintains a "Buy" rating for China Nuclear Power (601985) [2][7] Core Views - The company reported a total revenue of 61.635 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 8.16%, while the net profit attributable to shareholders decreased by 10.42% [7] - The company plans to promote a new issuance of equity-type REITs to revitalize its renewable energy assets and address funding needs [7] - The company has a significant number of nuclear units under construction, with 19 units and a capacity of 21.859 million kilowatts, which is 87% of its operational capacity [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 10.041 billion, 10.496 billion, and 12.036 billion yuan respectively, with corresponding PE ratios of 19, 19, and 16 [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 87.532 billion yuan, with a year-on-year growth rate of 13.3% [6] - The net profit attributable to shareholders for 2025 is projected to be 10.041 billion yuan, reflecting a year-on-year increase of 14.4% [6] - The company’s gross margin is expected to be 41.5% in 2025, with a return on equity (ROE) of 8.6% [6]