CNNP(SH:601985) Soochow Securities·2025-10-31 02:04Investment Rating - The report maintains a "Buy" rating for China Nuclear Power (601985) [1] Core Insights - The focus remains on nuclear power, with net profit attributable to the parent company increasing by 3% year-on-year [7] - For the first three quarters of 2025, the company achieved total revenue of 61.635 billion yuan, a year-on-year increase of 8.16%, while net profit attributable to the parent company decreased by 10.42% [7] - The report highlights that revenue from new energy increased by 21.09%, but net profit declined by 67.96% due to factors such as market dilution from previous REITs and capital increases [7] - Nuclear power revenue grew by 5.56%, with net profit attributable to the parent company increasing by 2.81% despite rising costs [7] Financial Performance Summary - The company forecasts total revenue for 2023 at 74.957 billion yuan, with a projected growth rate of 5.15% [1] - The net profit attributable to the parent company is expected to be 10.624 billion yuan in 2023, reflecting a year-on-year growth of 17.91% [1] - The report projects earnings per share (EPS) to be 0.52 yuan for 2023, with a price-to-earnings (P/E) ratio of 18.41 [1] - For 2025, the forecasted net profit attributable to the parent company is 10.044 billion yuan, with a P/E ratio of 19.47 [1] Operational Highlights - The company’s cash flow from operating activities for the first three quarters of 2025 was 30.266 billion yuan, a decrease of 7.85% year-on-year [7] - The installed capacity of renewable energy increased by 38.67% year-on-year, with wind power and solar power capacities growing by 33.97% and 40.93%, respectively [7] - The report notes that the company plans to commission 1, 2, and 4 nuclear power units in 2025, 2026, and 2027, respectively, entering an accelerated production phase [7]