Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance was below expectations, but its ongoing nuclear power projects ensure stable and continuous growth [6] - The company reported a revenue of 40.973 billion yuan for the first half of 2025, a year-on-year increase of 9.43%, while the net profit attributable to shareholders decreased by 3.66% [8] - The company plans to distribute an interim dividend of 0.02 yuan per share, totaling 410 million yuan, which represents 7.27% of the net profit for the first half of 2025 [8] - The company has 19 units under construction or approved for construction, with a total installed capacity of approximately 22 GW, which lays the foundation for long-term growth [8] - The company expects net profits for 2025-2027 to be 10.0 billion, 10.5 billion, and 11.3 billion yuan, with growth rates of 13.9%, 5.1%, and 7.4% respectively [8] Financial Summary - The company's total market capitalization is approximately 182.64 billion yuan, with a circulating market capitalization of about 167.68 billion yuan [4] - The company's earnings per share (EPS) for 2025 is projected to be 0.49 yuan, with a price-to-earnings (P/E) ratio of 18.27 [7] - The company's revenue for 2025 is estimated to be 84.544 billion yuan, reflecting a year-on-year growth rate of 9.41% [7] - The company's return on equity (ROE) for 2025 is projected to be 8.61% [7]

核电板块开盘活跃，南方路机、华银电力竞价涨停，常辅股份涨超10%，融发核电、中广核技、南风股 份等均大幅高开，消息上，2025年国内核电项目审批首次开闸：国常会核准10台新机组，拉动超2000亿 投资。 ...

Core Insights - The State Council has approved the construction of 10 new nuclear power units, marking the first approval of domestic nuclear projects in 2025, which is expected to drive over 200 billion yuan in investment [1] Investment and Economic Impact - The approved projects include the Zhejiang Sanmen Phase III project and will utilize domestically developed third-generation nuclear technology, specifically featuring 8 units of the Hualong One design [1] - Each new third-generation nuclear unit is estimated to require an investment of approximately 20 billion yuan, leading to a total investment exceeding 200 billion yuan for the newly approved units [1] Safety and Regulatory Measures - The meeting emphasized the necessity of ensuring safety in nuclear power development, mandating that construction and operational responsibilities be firmly held by participating and owning units [1] - It was highlighted that nuclear power units must be built and operated according to the highest global safety standards, with a focus on enhancing safety supervision capabilities [1]