China National Nuclear Power (601985) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was RMB 19.54 billion, down 1.25% compared to the same quarter last year; net profit attributable to shareholders was RMB 3.05 billion, down 7.10% year-over-year.

• For the first nine months, revenue reached RMB 56.99 billion, up 1.60% year-over-year, while net profit attributable to shareholders was RMB 8.93 billion, down 4.22%.

• The decline in profit was mainly due to lower market-based electricity prices and cost increases outpacing revenue growth.

Financial highlights

• Operating cash flow for the first nine months was RMB 32.84 billion, down 4.36% year-over-year.

• Basic and diluted EPS for Q3 was RMB 0.161, down 6.40% year-over-year; for the nine months, EPS was RMB 0.472, down 2.88%.

• Total assets at quarter-end were RMB 609.29 billion, up from RMB 539.27 billion at the end of last year.

• Net assets attributable to shareholders were RMB 96.77 billion, up 6.40% from year-end.

Outlook and guidance

• Revenue growth was supported by higher power generation, but profit pressure is expected to persist if market-based electricity prices remain low and costs continue to rise.