CNNP(601985)2024-07-08 08:19Group 1: Investor Relations Activities - The company communicated with 644 institutional investors and analysts through various methods, including performance briefings and roadshows [1] - The investor hotline received 164 inquiries, and 35 questions were answered via the Shanghai Stock Exchange's interactive platform [1] Group 2: Nuclear Power Projects and Future Outlook - The company currently has 15 nuclear power units under construction or approved, accounting for nearly half of the national total [4] - The approval rate for new nuclear power units may fluctuate in the short term but is expected to stabilize in the long term [4] - The company plans to invest approximately 121.5 billion yuan in 2024, with nuclear energy projects accounting for about two-thirds and renewable energy projects for one-third [18] Group 3: Fuel Supply and Cost Management - Nuclear fuel costs represent about 20% of the company's operating costs, with a 10-year supply agreement signed with China Uranium Corporation [4][12] - The pricing of uranium is based on historical averages rather than current market prices, minimizing short-term fluctuations' impact on production costs [5] Group 4: Competitive Landscape and Market Position - Nuclear energy currently accounts for less than 5% of China's power generation, indicating significant growth potential [5] - The company emphasizes its competitive advantages in research, operation, and market development, willing to collaborate with other major groups to promote the safe and orderly development of the nuclear power industry [5] Group 5: Technological Advancements and Innovations - The company is advancing research in high-temperature gas-cooled reactors and sodium-cooled fast reactors, which can significantly enhance fuel utilization efficiency [4] - The company is also focusing on digital transformation and artificial intelligence to improve operational efficiency [5] Group 6: Renewable Energy Integration - The company is actively pursuing the integration of nuclear power into the green energy system, aligning with national carbon neutrality goals [5] - The company has plans to expand its renewable energy projects while maintaining a commitment to high-quality development [5] Group 7: International Expansion and Collaboration - The company is exploring international opportunities, particularly in small modular reactor projects, to prepare for future overseas nuclear power development [6] - Collaboration with international partners, such as Electricité de France, is being considered for overseas projects [6] Group 8: Financial Performance and Shareholder Returns - The company has maintained a dividend payout ratio of over 35% since its listing, with cumulative dividends exceeding 20 billion yuan [13] - The company aims to balance project funding needs with shareholder returns, ensuring sustainable growth while rewarding investors [13]