Stock 601985 CHINA NATIONAL NUCLEAR POWER CO., LTD.
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Financials China National Nuclear Power Co., Ltd.

Equities

601985

CNE1000022N7

Independent Power Producers

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-05-19 pm EDT 		5-day change 1st Jan Change
9.37 CNY +1.96% Intraday chart for China National Nuclear Power Co., Ltd. +2.29% +24.93%
06:13am China National Nuclear Power Begins Construction of 9.88 Billion Yuan Solar Farm MT
Apr. 27 China National Nuclear Power Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 77,827 85,884 145,389 113,102 141,625 176,936 - -
Enterprise Value (EV) 1 287,496 292,207 362,388 353,235 444,479 508,445 554,927 176,936
P/E ratio 17.2 x 13.4 x 19.5 x 12.8 x 13.5 x 15.4 x 14 x 13.2 x
Yield 2.44% 2.64% 1.81% 2.83% 2.6% 2.3% 2.58% 2.61%
Capitalization / Revenue 1.69 x 1.64 x 2.33 x 1.59 x 1.89 x 2.23 x 2.04 x 1.93 x
EV / Revenue 6.24 x 5.59 x 5.81 x 4.96 x 5.93 x 6.42 x 6.41 x 1.93 x
EV / EBITDA 10.1 x 11.7 x 11.8 x 8.59 x 11.4 x 10.9 x 10.2 x 3.19 x
EV / FCF 188 x 40.6 x 34.3 x -93.2 x -18.6 x -16.3 x -16.6 x -5.59 x
FCF Yield 0.53% 2.47% 2.91% -1.07% -5.37% -6.15% -6.02% -17.9%
Price to Book 1.55 x 1.42 x 2.2 x 1.37 x 1.57 x 1.79 x 1.65 x 1.52 x
Nbr of stocks (in thousands) 15,565,430 17,456,016 17,516,773 18,850,402 18,883,285 18,883,285 - -
Reference price 2 5.000 4.920 8.300 6.000 7.500 9.370 9.370 9.370
Announcement Date 4/23/20 4/26/21 3/8/22 4/26/23 4/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 46,067 52,276 62,367 71,286 74,957 79,219 86,573 91,739
EBITDA 1 28,523 25,070 30,841 41,118 39,141 46,696 54,313 55,416
EBIT 1 10,255 13,226 16,474 19,645 22,646 24,666 27,201 29,068
Operating Margin 22.26% 25.3% 26.41% 27.56% 30.21% 31.14% 31.42% 31.69%
Earnings before Tax (EBT) 1 10,349 13,179 16,559 19,570 22,981 24,931 27,388 29,297
Net income 1 4,613 5,995 8,038 9,010 10,624 11,475 12,610 13,502
Net margin 10.01% 11.47% 12.89% 12.64% 14.17% 14.49% 14.57% 14.72%
EPS 2 0.2900 0.3670 0.4250 0.4670 0.5540 0.6088 0.6714 0.7100
Free Cash Flow 1 1,528 7,203 10,561 -3,789 -23,848 -31,277 -33,433 -31,637
FCF margin 3.32% 13.78% 16.93% -5.32% -31.82% -39.48% -38.62% -34.49%
FCF Conversion (EBITDA) 5.36% 28.73% 34.25% - - - - -
FCF Conversion (Net income) 33.12% 120.15% 131.39% - - - - -
Dividend per Share 2 0.1220 0.1300 0.1500 0.1700 0.1950 0.2158 0.2419 0.2450
Announcement Date 4/23/20 4/26/21 3/8/22 4/26/23 4/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 16,246 - 17,473 18,131 18,583 17,893 - 19,791 18,868 17,988 19,359 20,087 20,679 20,268 20,811
EBITDA 1 - - 11,084 11,137 - - - - - - 12,662 12,928 9,928 14,198 13,718
EBIT 2,736 - 5,319 5,617 2,218 - - - - - - - - - -
Operating Margin 16.84% - 30.44% 30.98% 11.94% - - - - - - - - - -
Earnings before Tax (EBT) 1 2,850 - 5,326 5,565 2,190 - - - - - 6,732 7,366 4,192 7,824 7,292
Net income 1 1,531 - 2,553 2,594 978.9 - - 3,285 - - 3,096 3,467 1,923 3,459 3,368
Net margin 9.43% - 14.61% 14.31% 5.27% - - 16.6% - - 15.99% 17.26% 9.3% 17.06% 16.18%
EPS 2 0.0900 - 0.1290 0.1300 0.0500 - - - - - 0.1640 0.1836 0.1018 0.1832 0.1784
Dividend per Share 2 0.1500 - - - 0.1700 - - - 0.1950 - - - 0.2231 - -
Announcement Date 3/8/22 5/26/22 8/26/22 10/27/22 4/26/23 4/26/23 10/26/23 10/26/23 4/26/24 4/26/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 209,669 206,323 216,999 240,133 302,854 331,509 377,991 -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 7.351 x 8.23 x 7.036 x 5.84 x 7.737 x 7.099 x 6.96 x -
Free Cash Flow 1 1,528 7,203 10,561 -3,789 -23,848 -31,277 -33,433 -31,637
ROE (net income / shareholders' equity) 9.55% 11% 12% 11.4% 12.2% 11.8% 11.5% 11.2%
ROA (Net income/ Total Assets) 1.37% 1.62% 1.99% 2.06% - 1.86% 2.07% 1.96%
Assets 1 335,559 369,861 404,107 437,264 - 616,941 610,346 688,903
Book Value Per Share 2 3.220 3.460 3.770 4.380 4.760 5.230 5.670 6.150
Cash Flow per Share 2 1.670 1.780 2.030 2.480 2.280 2.480 2.660 2.780
Capex 1 24,541 23,924 25,047 50,487 66,974 63,762 70,851 64,556
Capex / Sales 53.27% 45.77% 40.16% 70.82% 89.35% 80.49% 81.84% 70.37%
Announcement Date 4/23/20 4/26/21 3/8/22 4/26/23 4/26/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China National Nuclear Power Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
9.37 CNY
Average target price
10.87 CNY
Spread / Average Target
+15.99%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Nuclear IPPs

1st Jan change Capi.
CHINA NATIONAL NUCLEAR POWER CO., LTD. Stock China National Nuclear Power Co., Ltd.
+24.93% 24.03B
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