助力石化化工等高耗能产业绿色转型 中化新网讯 11月21日，海南核电"和气一号"项目正式投产运行。该项目利用已建成投产的海南核电1、 2号机组作为热源，最大供汽能力为每小时50吨，为产业园区企业提供安全稳定、清洁低碳的能源保 障。 核能供汽，是利用核电站的热量供应工业蒸汽，满足石化等高耗能产业用汽需求，是推动高耗能产业绿 色转型发展的一种途径。《2024—2025年节能降碳行动方案》明确提出，有序推进蒸汽驱动改电力驱 动，鼓励大型石化化工园区探索利用核能供汽供热。《2030年前碳达峰行动方案》明确，开展核能综合 利用示范。 中国工程院院士江亿认为，利用核电余热提供工业生产用蒸汽是实现碳中和的一项重要举措。核电余热 容量大，大规模开发利用可以降低成本，建议建设聚集的零碳用汽工业产业园，利用核能供汽提供零碳 电力和热力，满足园区内企业零碳生产需要。建议与电力部门协调，用足这一柔性负荷资源，研究统一 调度模式，确定合理的动态电价，降低接入容量费，支持核能供汽项目发展。 中国能源研究会理事长史玉波表示，要聚焦传感器精度提升、吸收耦合优化等关键技术，持续降低项目 建设和应用成本，让核能供汽技术更成熟、更可靠、更安全、更 ...

Core Insights - The Hainan Nuclear Power's steam supply project marks a significant step in China's nuclear energy comprehensive utilization, transitioning from electricity generation to industrial steam supply [1][2] Group 1: Project Overview - The project officially began supplying industrial steam on November 21, 2023, to enterprises in the China Nuclear Industry Cooperation Demonstration Zone [2] - This initiative represents Hainan Nuclear Power's shift from solely generating nuclear energy to becoming a comprehensive energy supply base [2] Group 2: Technical and Economic Aspects - The project is part of the "Harmonious One" initiative by China National Nuclear Corporation (CNNC) and features green, safe, and efficient characteristics [2] - It utilizes a three-tier energy transmission system: nuclear power units, heat exchange stations, and park enterprises, leveraging the mature technology of Hainan Nuclear Power's Units 1 and 2 [2] - The maximum steam supply capacity is 50 tons per hour, and the steam usage costs for enterprises will be reduced by approximately 30% compared to traditional supply models [2] Group 3: Future Prospects - The project is designed to seamlessly integrate with the "Linglong One" small reactor steam supply system, serving as a demonstration platform for the large-scale application of small reactor technology in industrial steam supply [2] - This initiative aims to expand the multi-purpose application scenarios of small reactors and enhance the efficiency and economic value of nuclear energy utilization [2]

Core Viewpoint - The China National Nuclear Corporation (CNNC) has officially entered the commissioning phase of the Hainan Nuclear Power Steam Supply Project, marking a significant advancement in the comprehensive utilization of nuclear energy in China, transitioning from single power generation and residential heating to industrial steam supply [1][3]. Group 1: Project Overview - The Hainan Nuclear Power Steam Supply Project relies on the Hainan Nuclear Power Units 1 and 2, utilizing a three-tier energy transmission system ("nuclear power unit - heat exchange station - park enterprises") to provide safe, clean, and stable industrial energy support for enterprises in the park, with a maximum steam supply capacity of 50 tons per hour [3][5]. Group 2: Economic Impact - Compared to traditional steam supply models, the steam usage costs for enterprises within the demonstration zone will be reduced by approximately 30% [5]. - The nuclear steam supply project is expected to seamlessly integrate with the "Linglong No. 1" small reactor steam supply system, serving as a demonstration platform for the large-scale application of small reactor technology in the industrial steam supply sector, thereby expanding the multi-purpose application scenarios of small reactors and enhancing the efficiency and economic value of nuclear energy utilization [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - Q3 performance was below expectations, but the ongoing construction of nuclear units supports long-term growth potential [5] - The company reported Q3 2025 revenue of 20.662 billion yuan, a year-on-year increase of 5.72%, while net profit attributable to shareholders decreased by 23.5% [7] - The decline in profitability is attributed to lower electricity prices and increased tax burdens, impacting both nuclear and renewable energy segments [7] - The company is actively promoting the multi-purpose use of nuclear energy, with significant projects underway that could enhance future profitability [7] - There are 19 units under construction or awaiting approval, with a total capacity of approximately 22 GW, which is expected to contribute to stable long-term growth [7] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 74.957 billion yuan (2023), 77.272 billion yuan (2024), 82.075 billion yuan (2025E), 86.317 billion yuan (2026E), and 97.042 billion yuan (2027E) [6] - Net profit attributable to shareholders is projected to be 10.624 billion yuan (2023), 8.777 billion yuan (2024), 9.189 billion yuan (2025E), 9.282 billion yuan (2026E), and 10.222 billion yuan (2027E) [6] - The company’s P/E ratios for 2025 to 2027 are projected to be 21, 20.78, and 18.87 respectively [6] - The expected dividend yield for 2024 to 2027 is around 2% to 2.2% [7]

Investment Rating - The investment rating for China Nuclear Power (601985.SH) is "Buy" (maintained) [1] Core Views - The overall operating performance of the company is stable, with new installed capacity offsetting price pressure [3] - The company achieved operating revenue of 40.973 billion yuan in H1 2025, a year-on-year increase of 9.4%, while net profit attributable to shareholders decreased by 3.66% year-on-year to 5.666 billion yuan [3][4] - Due to relaxed power supply and demand and declining market prices in multiple provinces, the profit forecast for 2025-2027 has been revised downwards [3] - The expected net profit attributable to shareholders for 2025-2027 is 9.525 billion, 10.586 billion, and 11.376 billion yuan respectively, with corresponding EPS of 0.46, 0.51, and 0.55 yuan [3] Financial Performance Summary - As of June 30, 2025, the company had a total installed capacity of 25.00 GW for nuclear power, 10.34 GW for wind power, and 22.88 GW for solar power, representing year-on-year increases of 5.3%, 36.8%, and 54.5% respectively [4] - The total power generation for H1 2025 was 99.861 billion kWh for nuclear, 10.223 billion kWh for wind, and 11.692 billion kWh for solar, with year-on-year growth of 12.0%, 34.0%, and 37.3% respectively [4] - The average electricity prices for nuclear, wind, and solar were 0.396, 0.317, and 0.438 yuan/kWh, showing a decline compared to the previous year [4] - The gross profit margins for nuclear, wind, and solar were 45.83%, 46.34%, and 44.75%, reflecting a decrease from the previous year [4] Future Growth Potential - The third-generation reactor heat supply transformation is expected to increase revenue and profit, with the first million-kilowatt commercial fast reactor in China completing preliminary design [5] - The company is expected to leverage group advantages to strengthen its core nuclear power business [5]