On June 13, Guolong News reported that China National Nuclear Power (601985.SH), backed by China National Nuclear Corporation, has a complete nuclear technology industrial system as its controlling shareholder, providing a strong backing for the company's development. The company has a clear industrial layout, with nuclear energy as its main business, vigorously developing new energy markets (acquiring China National Nuclear Power in 20 years to enter new energy), and actively exploring strategic emerging industries. The company's revenue structure is mainly in nuclear power, accounting for 86.61% of the revenue of the power sector in 2023; new energy revenue has shown a rapid growth trend, with a CAGR of up to 204% from 2018 to 2023. It is expected that in the future, as equipment depreciation expires, profits are expected to increase, and short-term fluctuations in uranium prices will have a limited impact on the company's production costs. The company's operating income is growing well, and its performance continues to grow. In 2023, the net income attributable to shareholders increased by 17.91% year-on-year. The profit margin is steadily increasing, and the profitability continues to grow. Based on comparable company situations, using PE valuation, a 2024 valuation of 18.0 times is given, with a corresponding market value of 206.343 billion yuan, and a target price of 10.93 yuan is given for the company. The first coverage is given a "hold" rating.