近日，中国核电发布2024年年报及2025年Q1业绩。 根据年报，中国核电总营业收入772.72亿元，同比增长3.09%；不过归母净利润出现了大幅下滑，为87.77亿元，同比减少17.38%。 随着电力市场化，全国新型电力系统加快建设，国内的核电市场也正经历从"政府定价、保障消纳"向市场竞争的转型。 在此背景下，主要将核能发电再将电卖给千家万户的中国核电，在市场化竞争和新能源的扩张中，正面临着利润下滑的压力。截止到5月12日，中国核电股 价为9.38元/股，总市值1927亿元。 01 激进布局新能源，增收不增利 2024年，中国核电的累计发电量为2163亿千瓦时，同比增长3.09%，上网电量为2039亿千瓦时，同比增长3.28%。 这其中，核电发电量为1831亿千瓦时，占总发电量的85%，依旧是大头，不过相比于2023年，不论是发电量还是上网电量，同比均下滑了1.8%。 | 电力品 | | 在运装机容量（万千瓦） | | | 发电量(亿千瓦B | | --- | --- | --- | --- | --- | --- | | 费 | 2024 年末 | 2023 年末 | 同比 | 2024 年 | 2023 ...

Core Viewpoint - CATL has rapidly expanded its presence in the new energy sector by establishing multiple subsidiaries across various cities in China, indicating a strong growth strategy and commitment to the electric vehicle market [1]. Group 1: Company Establishments - CATL has established four new energy companies in Beijing, Shenyang, Jinan, and Nantong recently, contributing to a total of over ten new companies formed since March this year across several provinces including Sichuan, Jiangsu, and Zhejiang [1]. - Beijing Times Electric Service Technology Co., Ltd. has a registered capital of 50 million RMB and focuses on the sales of new energy vehicles, battery swap facilities, and charging infrastructure [2]. - Shenyang Times Electric Service Technology Co., Ltd. has a registered capital of 10 million RMB and shares a similar business scope as its Beijing counterpart [4]. - Jinan Times Electric Service New Energy Technology Co., Ltd. has a registered capital of 5 million RMB and is involved in energy-efficient technology research and sales of new energy vehicles [6]. - Nantong Runshi New Energy Co., Ltd. has a registered capital of 8.74 million RMB and also focuses on energy-efficient technology and new energy vehicle sales [8]. Group 2: Ownership Structure - Beijing Times Electric Service Technology Co., Ltd. is wholly owned by Times Electric Service Technology Co., Ltd., which is a wholly-owned subsidiary of CATL [3]. - Shenyang Times Electric Service Technology Co., Ltd. is indirectly wholly owned by CATL [5]. - Jinan Times Electric Service New Energy Technology Co., Ltd. is fully owned by Times Electric Service Technology Co., Ltd. under CATL [7]. - Nantong Runshi New Energy Co., Ltd. is also fully owned by Times Electric Service Technology Co., Ltd. [9].