核电能力因子提升，田湾供汽改造落地

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company achieved a revenue of 74.96 billion RMB in 2023, a year-on-year increase of 5.2%, and a net profit attributable to shareholders of 10.62 billion RMB, up 17.9% year-on-year [1]. - In Q1 2024, the company reported a revenue of 17.99 billion RMB, a slight increase of 0.5% year-on-year, and a net profit of 3.06 billion RMB, up 1.2% year-on-year [1]. - The company’s total electricity sales in 2023 reached 197.45 billion kWh, a year-on-year increase of 5.6%, with nuclear power sales at 174.46 billion kWh, up 0.7% [2]. - The company is currently constructing 10 nuclear units and has 14.3 GW of renewable energy projects under construction, indicating a strong growth trajectory in both nuclear and green energy sectors [2]. - The company plans to invest 121.55 billion RMB in 2024 for the development of nuclear and renewable energy projects, which is expected to drive earnings per share (EPS) growth and subsequently increase the absolute value of dividends per share [2]. Summary by Sections Performance Review - In 2023, the company reported a total revenue of 74.96 billion RMB, with a net profit of 10.62 billion RMB, reflecting a growth of 5.2% and 17.9% respectively [1]. - For Q1 2024, the revenue was 17.99 billion RMB, with a net profit of 3.06 billion RMB, showing a modest growth of 0.5% and 1.2% year-on-year [1]. Operational Analysis - The company’s nuclear power operations are stable, with an increase in capacity factor to 93.3% in 2023, while renewable energy sales (wind and solar) grew significantly by 66.6% and 66.1% respectively [2]. - The company is expected to have a significant increase in operational capacity with the commissioning of new units in 2024 and 2025, leading to a projected peak in 2027 [2]. Profit Forecast and Valuation - The company is projected to achieve net profits of 11.43 billion RMB, 12.63 billion RMB, and 13.63 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.61 RMB, 0.67 RMB, and 0.72 RMB [3]. - The price-to-earnings (PE) ratios are expected to be 15x, 14x, and 13x for the years 2024, 2025, and 2026 respectively, supporting the "Buy" rating [3].