CNNP(601985) 国泰君安·2024-04-28 06:02Investment Rating - The investment rating for China Nuclear Power (601985) is "Buy" with a target price of 10.72, up from the previous forecast of 8.28 [1][12]. Core Views - The report highlights that the company's performance in Q1 2024 met expectations, with profit growth primarily driven by cost improvements. The dividend payout ratio remains stable, indicating potential for sustainable growth in the future [1][12]. - The company has adjusted its nuclear power generation plan for 2024-2025, leading to a slight decrease in EPS estimates to 0.62/0.67 for 2024 and 0.73 for 2025 [1][12]. Summary by Sections Financial Performance - Q1 2024 revenue was 30.6 billion yuan, a year-on-year increase of 1.2%, while net profit was 56.5 billion yuan, up 4.5% year-on-year [1][12]. - The total power generation in Q1 2024 was 74.2 billion kWh, a 60.7% increase, benefiting from installed capacity growth [1][12]. Future Growth Potential - The company has a robust pipeline of nuclear power projects, with 15 units under construction and a total capacity of 1263.2 MW expected to come online between 2024 and 2029 [1][12][17]. - The report suggests that the company has significant long-term growth potential due to stable nuclear power utilization hours and electricity prices [1][12]. Valuation Metrics - The report provides a comparison of valuation metrics, indicating a PE ratio of 19.45 for 2023A, with expectations of a decrease to 15.06 for 2024E and 13.77 for 2025E [1][12][14]. - The company’s PB ratio is noted at 1.28, with a projected increase in future years [1][12][17].