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Utilities

China National Nuclear Power Co., Ltd.

Company Background

China National Nuclear Power is a major state-owned nuclear power generation company. Its parent enterprise is China National Nuclear Corp., which is directly controlled by the Chinese government and is one of China's big three nuclear power generation companies along with China General Nuclear Power and State Power Investment.

 

The predecessor of CNNC was the Ministry of Nuclear Industry, which oversaw China's nuclear power plant projects. Since it built China's first nuclear power plant, Qinshan Nuclear Power Plant Phase I, which went into operation in 1994, CNNC has led a nuclear power plant construction race in China by aggressively absorbing advanced technologies from its Japanese, U.S. and European counterparts. CNNP, traded on the Shanghai stock market, is the core subsidiary of CNNC.

 

Within China, CNNP is pushing ahead with nuclear power plant projects in the provinces of Zhejiang, home to Qinshan Nuclear Power Plant, Fujian, Jiangsu and Hainan, among some others. With the Xi Jinping leadership emphasizing infrastructure exports, the company is poised to accelerate overseas expansion together with the government. Enjoying the backing of the Asian Infrastructure Investment Bank set up at the initiative of China, CNNP's forte is the national support it enjoys.

 

As part of its overseas expansion, the company is stepping up efforts to export the Hualong One third-generation nuclear power reactor, which it says it developed with CGN Power. Based on an agreement between the Chinese and French governments, CNNC plans to acquire a stake in Areva of France, showing an eagerness to introduce cutting-edge foreign technologies. CNNC and CNNP are viewed as playing a central role in China's nuclear power plant export strategy. The question is the safety of the plants. With no track record of building and operating a nuclear power plant in an inland area, the companies face the challenge of winning confidence in Chinese-made nuclear power plants.

 

Business Summary

China National Nuclear Power Co., Ltd. engages in the electricity sales business. It provides nuclear power related technical services and consulting services. Its business includes development, investment, construction, operation, and management of nuclear power projects; investment and development of clean energy projects; transmission and distribution project investment, and investment management; research on nuclear power operation safety technology, and related technical services and consulting services; and sale of electricity. The company was founded on January 21, 2008 and is headquartered in Beijing, China.

Financial Highlights

Dec 2019 CNYUSD
Revenue45,515.58M6,587.05M
Gross Profit18,422.18M2,666.07M
Operating income17,003.53M2,460.76M
Income before tax10,177.19M1,472.85M
Net income4,612.55M667.53M
EBITDA28,138.73M4,072.26M
Diluted EPS0.280.04
Dividends Per Share0.120.01
Total Assets347,638.93M49,907.24M
Total liabilities258,025.06M37,042.23M
Total equity48,929.54M7,024.35M
Operating cash flow25,755.31M3,727.33M
Currency in CNYCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 25,807.95M 29,457.18M 33,266.59M 38,790.29M 45,515.58M
Gross Profit 11,058.87M 11,608.63M 12,745.02M 15,650.49M 18,422.18M
Operating income 11,974.91M 12,793.54M 13,548.59M 15,315.46M 17,003.53M
Income before tax 8,119.61M 9,114.23M 9,357.52M 9,894.25M 10,177.19M
Net income 3,781.15M 4,488.67M 4,533.31M 4,736.86M 4,612.55M
EBITDA 15,768.56M 17,477.28M 21,764.57M 25,057.29M 28,138.73M
Diluted EPS 0.24 0.28 0.29 0.30 0.28
Dividends Per Share 0.09 0.11 0.11 0.12 0.12
Total Assets 263,222.94M 282,046.62M 303,507.05M 323,129.59M 347,638.93M
Total liabilities 197,858.25M 210,220.02M 225,461.26M 239,910.44M 258,025.06M
Total equity 37,594.65M 40,677.38M 43,606.74M 46,188.19M 48,929.54M
Operating cash flow 16,739.34M 17,753.80M 19,235.55M 22,943.84M 25,755.31M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 4,106.19M 4,433.94M 4,922.38M 5,862.20M 6,587.05M
Gross Profit 1,759.53M 1,747.35M 1,885.85M 2,365.19M 2,666.07M
Operating income 1,905.28M 1,925.70M 2,004.75M 2,314.55M 2,460.76M
Income before tax 1,291.87M 1,371.89M 1,384.61M 1,495.27M 1,472.85M
Net income 601.60M 675.64M 670.78M 715.86M 667.53M
EBITDA 2,508.87M 2,630.71M 3,220.45M 3,786.79M 4,072.26M
Diluted EPS 0.03 0.04 0.04 0.04 0.04
Dividends Per Share 0.01 0.01 0.01 0.01 0.01
Total Assets 40,535.74M 40,585.16M 46,607.34M 47,064.33M 49,907.24M
Total liabilities 30,469.73M 30,249.66M 34,622.42M 34,943.33M 37,042.23M
Total equity 5,789.49M 5,853.28M 6,696.36M 6,727.38M 7,024.35M
Operating cash flow 2,663.32M 2,672.33M 2,846.24M 3,467.40M 3,727.33M

Valuation Measures

Dec 2019
PER16.87
ROA1.37%
ROE9.69%
Operating margin37.35%
Profit margin10.13%

Key executives

  • Director & Staff Director: Jian Hua Zhao
  • Chief Accountant: Yong Zhang
  • Securities Representative: Xing Lei Li
  • Board Secretary: Xiao Wei Luo

Shareholders

  • China State-Owned Assets Supervision & Admn Commission (69.8%)
  • China Securities Finance Corp. Ltd. (2.9%)
  • Zhejiang State-Owned Asset Sup. & Admin. Commission (2.8%)
  • Bosera Asset Management Co., Ltd. (0.7%)
  • China Asset Management Co., Ltd. (0.2%)
  • Harvest Fund Management Co., Ltd. (0.2%)
  • The Vanguard Group, Inc. (0.1%)
  • GF Fund Management Co., Ltd. (0.1%)
  • BlackRock Fund Advisors (0.1%)
  • HuaAn Fund Management Co., Ltd. (0.1%)

Contact Details

  • Website:http://www.cnnp.com.cn
  • Address: No. 1 Lane 4, Sanlihe South, Xicheng District, Beijing, 100045, China
  • Phone: +86.10.8357.6866

Related Companies

  • Zhonghe Shandong Energy Co., Ltd.
  • China National Nuclear Power Shandong Energy Co., Ltd.
  • Liaoning Nuclear Power Co., Ltd.

Competitors

  • Berkeley Energia Limited
Last Updated on 20 Oct, 2020

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