CNNP(601985) 长江证券·2025-01-10 01:53Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to achieve a stable performance for the entire year despite short-term pressures from maintenance activities in the first three quarters. The fourth quarter is projected to show a recovery in nuclear power generation, with an estimated output of 47.484 billion kWh, a year-on-year increase of 1.00%. The overall annual generation is expected to be 216.349 billion kWh, reflecting a year-on-year growth of 3.09% [2][5]. - The company anticipates a significant increase in renewable energy generation, with a target of 33.227 billion kWh for 2024, representing a year-on-year growth of 42.21%. This growth in renewable energy is expected to alleviate the pressure from the decline in nuclear power generation [2][5]. - For 2025, the company has set a generation target of 237 billion kWh, with nuclear power contributing 195.4 billion kWh and renewable energy contributing 41.6 billion kWh. The completion of new projects is expected to support these targets [5][11]. Summary by Sections Company Overview - The company reported a total operational generation of 2,163.49 billion kWh for 2024, with a year-on-year increase of 3.09%. The 2025 generation target is set at 2,370 billion kWh [5]. Performance Analysis - The fourth quarter is expected to show a recovery in nuclear power generation, while the first three quarters faced challenges due to maintenance. The overall annual performance is projected to be stable, with a narrowing decline compared to the first three quarters [2][5]. - The renewable energy segment is expected to grow significantly, with a total installed capacity of 29.5962 million kW, including wind and solar power, which will contribute to the overall generation growth [2][5]. Financial Projections - The company forecasts earnings per share (EPS) of 0.57 yuan for 2024 and 2025, and 0.65 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 17.43, 17.46, and 15.12 respectively [11][14].