According to the Changjiang Securities Research Report, according to the announcement on the completion of China's nuclear power generation for the first three quarters of 2026, as of September 30, 2026, the company's cumulative commercial power generation capacity was 186.660 billion kilowatt-hours, an increase of 1.25% over the previous year; feed-in electricity was 176.53 billion kilowatt-hours, an increase of 1.12% over the previous year. The restoration of existing units was compounded by the increase in Zhangzhou, and the growth of nuclear power generation accelerated in the third quarter. Taken together, although nuclear power and new energy sources still faced heavy electricity price pressure in the third quarter, electricity performance improved marginally, and considering the high income tax expenses in the same period last year, it is expected that the pressure on performance in a single quarter may ease somewhat. The acceleration in production resonates with the restoration of electricity prices, and I am optimistic about the company's long-term investment value. Furthermore, with the promotion of mechanized electricity prices and the recovery of market-based electricity prices, the profitability of the company's nuclear power business is expected to recover. According to the latest operating data, adjusted profit forecast, it is estimated that the company's corresponding EPS for 2026-2028 will be 0.37 yuan, 0.49 yuan and 0.56 yuan, respectively, and the corresponding PE will be 24.92 times, 18.69 times, and 16.29 times, respectively, maintaining the “buy” rating.

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