CNNP(SH:601985) Southwest Securities·2024-04-29 11:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 74.957 billion yuan in 2023, a year-on-year increase of 5.15%, and a net profit attributable to shareholders of 10.624 billion yuan, up 17.91% year-on-year [2] - The nuclear power segment provided stable income, with revenue of 63.5 billion yuan, a slight increase of 0.1% year-on-year, although the gross margin decreased by 1.68 percentage points [2] - The wind and solar power segments showed significant growth, with wind power revenue increasing by 70.4% to 3.93 billion yuan and solar power revenue rising by 38.9% to 5.88 billion yuan [2] - The company is expanding its non-nuclear clean energy business, with a total installed capacity of 21.3 GW in renewable energy as of Q1 2024 [2][3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 74.957 billion yuan and a net profit of 10.624 billion yuan, with projected net profits for 2024, 2025, and 2026 expected to be 11.7 billion yuan, 12.7 billion yuan, and 13.5 billion yuan respectively [4][9] - The gross margin for nuclear power was 43.0%, while wind and solar power had gross margins of 56.5% and 62.2% respectively [2][4] Operational Metrics - The company operated 25 nuclear power units with a total installed capacity of 23.8 GW, and the total installed capacity for renewable energy is expected to reach 27.6 GW by 2026 [3][9] - The average electricity prices for wind and solar power were 0.369 yuan/kWh and 0.476 yuan/kWh respectively, with year-on-year changes of +2.3% and -16.4% [2] Future Outlook - The company anticipates steady growth in its nuclear business and rapid development in its renewable energy sector, leading to a positive outlook for future performance [3][4]