601985.SH · A-shares
601985.SH CNNC Power: H1'26 capacity growth
CNNC Power H1'26 revenue ¥42.85B (+7.1%), parent NI ¥5.02B (+8.3%). Approval pace and reactor construction progress anchor growth.
Cite a section with a deep link, e.g. /en/r/cnnc-power-601985-research#thesis
Snapshot
- Price
- CNY 9.8
- Mkt cap
- CNY 185.0B
- Revenue
- CNY 85.7B
- H1 parent NI
- CNY 5.0B
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
CNNC Power H1'26 revenue ¥42.85B (+7.1%), parent NI ¥5.02B (+8.3%). Nuclear ops + capacity growth; approval pace and reactor construction anchor growth.
Business
Model: nuclear power generation. Flagships: operating/under-construction reactors. Edge: clean baseload + SOE backing. Strategy: CAP1000 batch approvals.
Value chain
Nuclear ops downstream. Upstream: fuel/equipment; downstream: grid. Risks: approval pace, fuel cost.
Valuation
A-share ~¥9.8; growth vs dividend balance.
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| P/E（TTM 约） | 约 16x | 行情示意；以最新 EPS 为准 |
| P/B | 约 1.6x | 净资产口径随季报更新 |
| 盈利收益率 | 约 6.2% | 1/PE 近似 |
| 现价读法 | 约 9.8 CNY | 截至 2026-08-26 包内 KPI |
~3y valuation/return series (PE, PB, dividend yield, trailing 1Y ann. return):
Valuation & return · ~3y
Interactive chart available in the reader.
~3y share price (quarterly close, split-adjusted approx.):
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ:
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
OCF and leverage per latest filings.
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 稳健 | 公用事业：现金流稳定、杠杆可控 |
| 经营现金流 | 见最新中报 | 发电量 / 电价驱动 |
| 资产负债率 | 中等 | 在建机组资本开支期需跟踪 |
| 分红 / 流动性 | 高股息配置逻辑 | payout 政策是核心 |
| 审计意见 | 无保留（常规预期） | 以最新年报为准 |
Operations
H1 NI +8.3%; track operating/under-construction units and approvals.
Key financial points
| Item | Value | YoY | Note |
|---|---|---|---|
| 2026H1 营收 | 428.5 亿 | +7.1% | 装机驱动 |
| 2026H1 归母 | 50.2 亿 | +8.3% | ROE 跟踪 |
| 在运/在建 | 见最新披露 | 机组表 | 核准节奏 |
Competition
Market share vs peers (illustrative):
Peer comparison
| Company | Position | Margin | Strength | Weakness |
|---|---|---|---|---|
| 中国核电 601985 | 国内核电运营前列 | GM ~34% | 在运机组+核准管线 | 建设周期长、资本开支重 |
| 中国广核 003816 | 核电双寡头之一 | 相近 | 机组规模与运营经验 | 同样长周期审批 |
| 华能国际 600011 | 火电+新能源 | 低于核电 | 装机多元化 | 煤电燃料成本波动 |
| 大唐发电 601991 | 综合发电 | 偏低 | 区域电源布局 | 盈利稳定性弱于核电 |
Management
Core management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长 | 卢铁忠（以最新公告为准） | 披露任职 | 期间无重大披露变动（以公告为准） |
| 总经理 | 见年报董事高管 | 披露任职 | 期间无重大披露变动（以公告为准） |
| 财务负责人 | 见年报 | 披露任职 | 期间无重大披露变动（以公告为准） |
Stability: SOE governance; stable management.
Outlook
Approval pace, CAP1000 rollout, fuel cost, dividend vs CapEx.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
| Risk | Severity | Note |
|---|---|---|
| 需求/指引不及预期 | 高 | 核准延迟、建设超支、燃料、电价。 |
| 竞争加剧 | 中 | 同业扩产或降价挤压份额与毛利 |
| 供应链约束 | 中 | 关键零部件或产能瓶颈 |
| 估值与流动性 | 中 | 主题退潮或解禁带来回撤 |
| 政策与合规 | 低 | 出口管制、监管或审计关注 |
Tracking list
Verify on next earnings:
- Operating / under-construction reactor progress
- Approval pace and CAP1000 rollout
- H1'26 revenue and ROE
- Fuel cost and market pricing
- Dividend vs CapEx balance
References
- CNINFO 601985 — https://www.cninfo.com.cn/new/disclosure/stock?stockCode=601985
- Annual / interim reports and IR
- Cross-links in body
Not investment advice; defer to latest company filings.
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