Investment Rating - The report maintains a "Buy" rating for China Nuclear Power (601985.SH) [5] Core Views - The company demonstrates robust profitability in nuclear power and has initiated a mid-term dividend for the first time, reflecting management's confidence in long-term value [9][10] - The growth in revenue is driven by an increase in operational nuclear power units and a significant rise in electricity generation from renewable energy sources [3][4] Financial Summary - For 2023A, the company expects revenue of 74,957 million yuan, with a year-on-year growth rate of 5.2%. By 2027E, revenue is projected to reach 97,135 million yuan, reflecting a growth rate of 10.4% [1] - The net profit attributable to the parent company is forecasted to be 10,624 million yuan in 2023A, with a growth rate of 17.9%. By 2027E, it is expected to increase to 11,230 million yuan, with a growth rate of 9.7% [1] - The company reported a diluted EPS of 0.52 yuan in 2023A, projected to rise to 0.55 yuan by 2027E [1] Operational Performance - In the first half of 2025, the company achieved a revenue of 40,973 million yuan, a year-on-year increase of 9.43%. The net profit attributable to the parent company was 5,666 million yuan, a decrease of 3.66% year-on-year [1][2] - The operational efficiency of nuclear power units is highlighted, with an average utilization of approximately 4,000 hours, surpassing the national average of 3,882 hours [3] Business Segments - The nuclear power segment showed resilience with a profit of 53,220 million yuan in the first half of 2025, up 9.48% year-on-year, despite challenges in the renewable energy segment [4] - The renewable energy segment's profit declined due to lower market prices for wind and solar power, impacting overall net profit [4] Future Growth Prospects - The company has a strong pipeline with 19 nuclear units under construction or approved, ensuring a solid foundation for long-term growth [9] - The report anticipates revenue growth of 7.7%, 5.8%, and 10.4% for the years 2025 to 2027, respectively, alongside net profit growth of 11.1%, 5.0%, and 9.7% [10]

Investment Rating - The report maintains a "Hold" rating for China Nuclear Power [4] Core Views - The company's revenue for 1H2025 reached 40.973 billion yuan, a year-on-year increase of 9.43%, while the net profit attributable to shareholders decreased by 3.66% [1][2] - The decline in net profit is attributed to the impact of the renewable energy sector, where the net profit of a subsidiary decreased by 32% [2] - The nuclear power segment showed stable operations, with net profit excluding renewable energy increasing by 5% year-on-year [3] Financial Performance - In 1H2025, the nuclear power generation was 93.551 billion kWh, up 12.14% year-on-year, contributing to a revenue of 32.783 billion yuan, a 6.74% increase [3] - The gross margin for the nuclear power segment was 45.83%, slightly down by 0.12 percentage points [3] - The company plans to distribute a cash dividend of 0.02 yuan per share, totaling 411 million yuan, which is 7.27% of the net profit for the first half of 2025 [2] Future Projections - The forecasted net profits for 2025-2027 are 9.533 billion, 10.233 billion, and 11.217 billion yuan respectively, with corresponding P/E ratios of 19.6, 18.2, and 16.6 [4] - The company has exceeded its 30GW renewable energy installation target for the 14th Five-Year Plan, with operational capacity reaching 33.2249 million kW [3]