According to the Guoxin Securities Research Report, China's nuclear power performance in the third quarter has been steadily restored, and we are waiting for electricity prices to pick up and increase the increase in unit production. Net profit attributable to mother for the first three quarters of 2026 was 6.066 billion yuan, a year-on-year decrease of 24.20% after retroactive adjustments. Q3 achieved net profit of 2,425 billion yuan, a year-on-year increase of 3.80% and a month-on-month increase of 53.79% after retroactive adjustments. Nuclear power units are being built in an orderly manner, and the period of intensive commissioning is approaching. The growth rate of the company's new energy installed capacity has slowed significantly, and the pressure on capital expenditure has declined. Considering the signs of a recovery in electricity prices in various provinces, the company's nuclear power profitability is expected to recover in 2027. It is estimated that in 2026-2028, the company's net profit to mother will be 75.7/99.2/109.5, a year-on-year growth rate of -19%/31%/10%. Corresponding to the current stock price PE is 26/20/18X, maintaining a “superior to the market” rating.

According to the Guoxin Securities Research Report, China's nuclear power performance in the third quarter has been steadily restored, and we are waiting for electricity prices to pick up and increase the increase in unit production. Net profit attributable to mother for the first three quarters of 2026 was 6.066 billion yuan, a year-on-year decrease of 24.20% after retroactive adjustments. Q3 achieved net profit of 2,425 billion yuan, a year-on-year increase of 3.80% and a month-on-month increase of 53.79% after retroactive adjustments. Nuclear power units are being built in an orderly manner, and the period of intensive commissioning is approaching. The growth rate of the company's new energy installed capacity has slowed significantly, and the pressure on capital expenditure has declined. Considering the signs of a recovery in electricity prices in various provinces, the company's nuclear power profitability is expected to recover in 2027. It is estimated that in 2026-2028, the company's net profit to mother will be 75.7/99.2/109.5, a year-on-year growth rate of -19%/31%/10%, corresponding to the current stock price PE of 26/20/18X, maintaining a “superior to the market” rating.