China National Nuclear Power Co.Ltd(601985) investor communication in the first quarter of 2022
In the first quarter, the company communicated online or offline with 847 investors from many domestic and foreign investment institutions in various forms such as “one-to-one” or “one to many”; Answer the investor hotline 96 times and reply to 14 articles of SSE E interaction.
China National Nuclear Power Co.Ltd(601985) investor relations activity record
No.: 202201
Investor relations √ specific object research √ analyst meeting
Activity category □ media interview □ performance Conference
□ press conference √ Roadshow
□ site visit
√ others
Methods: telephone, network meeting and on-site investigation
Lu Tiezhong, chairman of the listed company
Name of person to be: Ma Mingze, general manager of the company
Zhang Yong, chief accountant of the company
Secretary of the board of directors Luo Xiaowei
Zeng Xun, director of marketing department
Li Zhongtao, director of Finance Department
Li xinglei, deputy director of Securities Department
Securities affairs representative Jiang Jing, et al
Q: How much of the market electricity of nuclear power is the annual long-term agreement and how much is the monthly bidding? What is the price trend of electricity in the current market?
A: The situation is different in each province. The company participates in the market electricity by means of long-term investor relations association, monthly bidding, listing and other means. The price of each transaction is also different, and the main activities are the same. The price of market electricity this year is higher than that of last year, and the transaction price of market electricity is mostly higher than the approved electricity price. The future market electricity price trend should be determined according to the actual situation of electricity trading in all provinces.
Q: How about the company’s capital expenditure in the next 2-3 years? Are there relevant guidelines for the dividend proportion? A: In recent years, the capital expenditure of the company is basically about 40-50 billion. In the future, corresponding arrangements will be made according to the approval of nuclear power units, construction progress and the construction of new energy projects. Since its listing, the company has better fulfilled the dividend commitment that the cash dividend specified in the articles of association is no less than 30% of the distributable profit realized in the current year, and the amount of dividend per share has increased year by year. The management of the company will continue to uphold the concept of returning shareholders, innovate and develop, operate steadily, and continuously improve the company’s operating performance and dividend return. Q: In the past two years, the national policies have increasingly tended to clean energy, especially photovoltaic, wind and hydropower. The company has layout in such power plants. Under the condition of obvious policy preference, will the company focus on increasing the investment in photovoltaic and wind power while maintaining the leading advantage of nuclear power? A: In recent years, China National Nuclear Power Co.Ltd(601985) while maintaining the advantages of nuclear power, has been continuously increasing the layout of wind power, photovoltaic and other new energy industries, and regarded them as an important economic growth point for the operation and development of the company. The company plans to install more than 30 million kilowatts of wind power, photovoltaic and other new energy at the end of the 14th five year plan. In the follow-up, the company will further increase resource investment, explore new energy market and strive to expand market share according to the trend of industrial policies. Q: What are the current requirements of the company for the rate of return of new energy projects and how much electricity price is used to calculate? In terms of the scale and yield of new energy projects, which does the company value more? A: At present, the company requires that the return on capital of new energy projects should not be lower than the average level of similar projects of central enterprises. At this stage, the electricity price is calculated according to the benchmark electricity price of local coal-fired thermal power, but it will be adjusted accordingly according to the local actual situation and national policies. Specifically, there is a large gap in electricity price in each province, and there is no fixed electricity price. In terms of scale and income, the projects are ranked according to the project income. In principle, the projects with better income are given priority to development. At the same time, under the background of carbon peak and carbon neutralization, the scale of new energy will continue to be expanded on the premise of meeting the requirements of yield.
Q: According to the data released by S & P global Platts, on September 15, the spot price of uranium on the New York Stock Exchange hit a new high in recent nine years. Does the company’s management have any specific measures to deal with the sharp rise in uranium price? A: We have noticed fluctuations in the uranium market. At present, the cost of fuel and other materials of the company accounts for about 20% of the cost of power generation. The company mainly purchases nuclear fuel in the form of long-term agreement. Therefore, the short-term fluctuation of uranium price has little impact on the profitability of the company. The company has participated in China uranium industry Co., Ltd., a subsidiary of the controlling shareholder, which has strengthened the protection of upstream strategic resources, which is of positive significance to build an ecosystem for nuclear power development and promote the sustainable and high-quality development of the company. The company will continue to pay attention to the changes of fuel supply cost and take comprehensive measures to ensure the reasonable supply of fuel. Q: What is the progress of the fourth generation nuclear power unit? A: The relevant technologies of the fourth generation units have been basically mature, and relevant demonstration projects such as high temperature gas cooled reactor and fast reactor are under construction. Q: The price of new energy fans has been falling recently, but the price of components is rising rapidly. The company is now developing new energy projects. Is there any adjustment to the expected rate of return of the project? Including how high the capital cost of the current development project is. A: At present, the company requires that the return on capital of new energy projects should not be lower than the average level of similar projects of central enterprises. In terms of capital cost, the company continuously optimizes the capital structure through multi-channel and diversified financing, and the capital cost is maintained at a reasonable and competitive level. Q: How about the reserve and subsequent construction of new nuclear power projects of the company? A: Nuclear power project construction needs national approval. The company continues to promote project reserve, preliminary preparation and approval application, and then starts the construction of new projects in an orderly manner according to the national approval. In the current new pattern of China’s large cycle and China’s international double cycle, nuclear energy is a zero carbon energy that meets the requirements of double carbon, green development and high-quality development
The industry also has the characteristics of long investment period and long production capacity formation cycle. It is a more appropriate industry for cross cycle regulation, which has a strong pull on equipment manufacturing, engineering construction and employment expansion. At present, several projects of the company have met the approval conditions.
Q: What are the main sites reserved by the company?
A: The company has increased the development and reserve of nuclear power plant sites in coastal provinces, including follow-up projects in xudabao, Sanmen, Cangzhou, Zhangzhou, Hebei, etc. The company has achieved remarkable results in the site development of new nuclear power projects in recent years.
Q: How is the progress of Huineng war? Will it be split in the future?
A: CNNC Huineng’s capital increase and war introduction project has achieved good response in the market. At present, it is in the selection stage. The company will issue an announcement after the specific results are determined. Please pay attention. The company has no arrangement to spin off and list China Nuclear Huineng in the near future, which will be considered as a whole according to national policies and development needs in the future.
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