三季度净利齐跌，核电双雄应对“电力市场化提速”

Core Viewpoint - The profitability of nuclear power companies in China is significantly impacted by the acceleration of market-oriented electricity trading, leading to a decline in net profits for both China Nuclear Power and China General Nuclear Power in the third quarter of 2023 [4][6]. Financial Performance - In the first three quarters of 2023, China Nuclear Power's net profit attributable to shareholders decreased by 10.42% to 8 billion yuan, while China General Nuclear Power's net profit fell by 14.14% to 8.576 billion yuan [6]. - In Q3 2023, China Nuclear Power's net profit dropped by 23.45% to 2.336 billion yuan, and China General Nuclear Power's net profit decreased by 8.81% to 2.624 billion yuan [6]. Market Impact - The decline in profitability is attributed to the increased participation in market-oriented electricity trading, which has led to a decrease in market electricity prices [6][7]. - The average market electricity price has fallen due to the accelerated construction of a unified national electricity market and increased competition from renewable energy sources [7]. Future Outlook - The transition from planned electricity to market electricity is expected to continue, with market trading volume projected to increase, leading to greater price volatility [9]. - The cancellation of the value-added tax refund policy for newly approved nuclear power units starting in November 2023 may increase tax burdens and cash flow pressures for companies, potentially affecting new project construction and R&D investments [9][10]. Strategic Responses - Nuclear power companies are preparing for market challenges by optimizing their nuclear energy operations and electricity sales [10]. - China Nuclear Power plans to track and study new market trading rules and implement various measures to secure favorable trading conditions [10]. - The company is focusing on cost control in the upstream nuclear fuel supply chain to ensure stable power generation efficiency [10].