\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 985 China National Nuclear Power Co.Ltd(601985) )
Events
China National Nuclear Power Co.Ltd(601985) released 2021 performance express
China National Nuclear Power Co.Ltd(601985) released the 2021 performance express, and the company achieved an operating revenue of 62.367 billion yuan, an increase of 19.30% over the previous year; The net profit attributable to shareholders of listed companies was 8.037 billion yuan, an increase of 34.05% over the previous year; Roe was 12.04%, an increase of 1.06 percentage points over last year. The asset liability ratio was 69.42%, 0.11 percentage points lower than that at the beginning of the year.
Brief comment
CNNC’s listed platform, the scale of nuclear power continues to grow
The company is a listed platform under China nuclear industry group. Its business scope covers the development, investment, construction, operation and management of nuclear power. It is one of the China National Nuclear Power Co.Ltd(601985) leaders. By the end of 2021, the company had 24 nuclear power units in operation, with an installed capacity of 22.549 million KW; It owns 6 nuclear power units under construction, with an installed capacity of 6.249 million KW; The holding company approved two nuclear power units to be started, with an installed capacity of 2.539 million KW. In 2021, the generating capacity of the company’s nuclear power units was 173123 billion kwh, a year-on-year increase of 16.71%; The total on grid power was 161726 billion kwh, an increase of about 17.11% over the same period last year. The average utilization hours of the company’s existing units were 7871 hours, an increase of 250 hours over the same period last year. The growth of the company’s power generation in 2021 is mainly caused by the commissioning of Fuqing No. 5 in January 2021, the commissioning of Jiangsu nuclear power units 5 and 6 in September 2020 and June 2021. In terms of the pace of subsequent nuclear power production, it is expected that Fuqing No. 6 will be put into operation in 2022, Zhangzhou No. 1 will be put into operation in 2024, Zhangzhou No. 2 will be put into operation in 2025, Tianwan No. 6 and other three units under construction will be put into operation in 2026, and the scale of the company’s nuclear power will continue to grow.
Actively distribute new energy power generation and open the second growth curve
Limited by the suspension of nuclear power audit from 2016 to 2018, the company began to actively layout the field of new energy power generation in 2017 to ensure the sustainable growth of the company. By the end of 2021, the company has 8.8733 million kw of new energy in operation and installed capacity, including 2.6347 million kw of wind power and 6.2386 million kw of photovoltaic power; The installed capacity of new energy under construction is 1.9218 million KW, including 269500 kW of wind power and 1.6523 million kw of photovoltaic power. In 2021, new energy power generation totaled 9.514 billion kwh, an increase of 68.69% over the same period last year; The on grid power consumption was 9.313 billion kwh, an increase of 69.27% over the same period last year. Among them, photovoltaic power generation was 4.965 billion kwh, an increase of 109.77% over the same period last year, and wind power generation was 4.549 billion kwh, an increase of 39.00% over the same period last year. The main reason is that after the company acquired CNNC Huineng, the installed capacity of new energy increased significantly, and a number of self built and acquired wind power and photovoltaic projects were put into operation one after another, resulting in a significant increase in power generation. Considering that CNNC group, the actual controller of the company, has a comprehensive industrial layout and has investment in many provinces, which is conducive to the company’s subsequent access to wind and light power generation resources.
The contribution elasticity of electricity price rise maintained the company’s “buy” rating
The proportion of the company’s market trading electricity in 2020 is about 40%. We believe that the market-oriented process of nuclear power will continue to advance steadily, and the company’s market-oriented trading electricity is expected to increase gradually. From the electricity price trading results in 2022, the electricity price of nuclear power long-term association in Jiangsu, Zhejiang, Fujian and other provinces has changed from discount to premium, and the increase of electricity price is expected to provide additional flexibility for the company’s performance in 2022. We predict that the net profit attributable to the parent company from 2022 to 2023 will be 10.445 billion yuan and 11.092 billion yuan respectively, maintaining the “buy” rating of the company.
Risk warning: the risk that the price rise is less than expected; Risk that the progress of new energy installation is less than expected; Risk of output fluctuation of new energy power supply.
