Investment Rating - The investment rating for China Nuclear Engineering Corporation (601611.SH) is "Buy" (maintained) [3] Core Views - The company reported a revenue of 78.929 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.43%, with a net profit attributable to shareholders of 1.455 billion yuan, up 3.08% year-on-year [3] - The third quarter revenue was 24.302 billion yuan, showing a year-on-year growth of 1.17%, while the net profit for the same period was 500 million yuan, a decline of 3.47% year-on-year, primarily due to increased non-operating expenses related to litigation losses [3] - The company’s core nuclear power construction business is expected to accelerate, with projected peak revenues in the nuclear sector reaching 60-80 billion yuan next year, indicating higher profit elasticity compared to traditional businesses [4] - Future net profit forecasts for 2024-2026 are 2.429 billion, 3.057 billion, and 3.967 billion yuan respectively, with corresponding P/E ratios of 11, 8, and 6 times [4] Financial Summary - As of October 31, 2024, the closing price was 8.54 yuan, with a total market capitalization of 25,718.51 million yuan and a debt-to-asset ratio of 81.20% [2] - The company’s earnings per share (EPS) for 2024 is projected to be 0.81 yuan, with a return on equity (ROE) of 7.89% [5] - Revenue projections for 2024-2026 are 118.287 billion, 135.467 billion, and 152.882 billion yuan, with year-on-year growth rates of 8.14%, 14.52%, and 12.86% respectively [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of 10%-20% over the next six months [5][13]. Core Insights - The company demonstrated resilient operational performance with a steady revenue growth of 0.43% year-on-year, achieving a total revenue of 789.29 billion yuan for the first three quarters of 2024 [1]. - The nuclear power engineering sector is expected to continue benefiting from industry expansion, with the company poised to gain from increased project approvals and contracts [3]. - The company signed new contracts worth 1,067.32 billion yuan in the first three quarters of 2024, reflecting an 11.2% increase year-on-year, indicating strong demand in the nuclear sector [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported a net profit attributable to shareholders of 14.55 billion yuan, up 3.08% year-on-year, with a non-recurring net profit of 15.21 billion yuan, increasing by 10.55% [1]. - The gross margin for the first three quarters was 10.2%, slightly down by 0.03 percentage points year-on-year, while the third quarter gross margin was 11.05%, down 0.54 percentage points year-on-year [2]. - The cash flow from operations (CFO) for the first three quarters was -136.62 billion yuan, a reduction in outflow by 22.78 billion yuan year-on-year, with a narrower cash outflow of 20.9 billion yuan in the third quarter [2]. Financial Forecast - The company is projected to achieve revenues of 115.21 billion yuan in 2024, with a growth rate of 5.33%, and net profit attributable to shareholders is expected to reach 2.24 billion yuan, reflecting an 8.54% increase [4][9]. - The EBITDA for 2024 is forecasted at 11.13 billion yuan, with a slight decrease in the growth rate compared to previous years [4]. - The company's asset-liability ratio stands at 81.2%, indicating a slight decrease from the end of 2023 [2].

Financial Performance - Operating revenue for the third quarter reached CNY 24.30 billion, an increase of 1.17% year-on-year[2] - Net profit attributable to shareholders was CNY 499.95 million, a decrease of 3.47% compared to the same period last year[2] - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 487.17 million, down 6.04% year-on-year[2] - Basic earnings per share for the quarter were CNY 0.17, while diluted earnings per share were CNY 0.16, reflecting a decrease of 5.88%[4] - The net profit for the third quarter of 2024 was CNY 1,960,091,810.76, a slight increase from CNY 1,942,334,950.68 in the same period of 2023, representing a growth of approximately 0.9%[18] - The operating profit for the third quarter was CNY 2,421,091,849.93, slightly up from CNY 2,381,916,807.67 in the same quarter of 2023, reflecting a growth of approximately 1.6%[18] - The company reported a total comprehensive income of CNY 1,960,419,456.26 for the third quarter, compared to CNY 1,942,055,751.44 in the same period of 2023, marking an increase of about 0.02%[19] - The company reported a net profit margin improvement, with net profit for the first three quarters of 2024 showing a positive trend compared to the previous year[17] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 221.78 billion, an increase of 2.99% from the end of the previous year[4] - Total liabilities increased to CNY 180,088,959,138.75 from CNY 176,857,042,677.47, indicating a rise in financial obligations[15] - The company's total assets amounted to CNY 221,778,867,285.89, up from CNY 215,335,561,053.74 year-over-year[16] - The equity attributable to shareholders reached CNY 31,434,547,805.99, compared to CNY 28,684,621,269.77 in the previous year[16] - The total amount of major pending litigation has increased by ¥1.712 billion during the reporting period[12] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 13.66 billion[2] - The company's cash and cash equivalents as of September 30, 2024, amount to ¥12,462,527,047.34, a decrease from ¥20,200,781,576.57 at the end of 2023[13] - The cash flow from operating activities showed a net outflow of CNY -13,661,530,396.35 for the third quarter, an improvement from CNY -15,939,546,372.15 in the previous year[21] - The cash flow from investing activities resulted in a net outflow of CNY -827,892,429.58, slightly better than CNY -840,631,603.79 in the previous year[21] - The cash flow from financing activities generated a net inflow of CNY 7,521,226,305.45, down from CNY 12,770,820,021.53 in the same quarter of 2023[21] Shareholder Information - Shareholders' equity attributable to the parent company was CNY 31.43 billion, up 9.59% year-on-year[4] - The total number of ordinary shareholders at the end of the reporting period is 88,644[8] - The largest shareholder, China National Nuclear Corporation, holds 1,710,508,888 shares, accounting for 56.80% of the total shares[8] - The number of shares held by the top ten shareholders includes significant stakes from state-owned entities, indicating strong institutional support[9] - The company has no major changes in the relationships among the top shareholders, ensuring stability in ownership[9] Research and Development - Research and development expenses increased to CNY 2,110,361,932.35 in 2024 from CNY 1,750,034,345.75 in 2023, reflecting a focus on innovation[17] Market and Strategic Outlook - The report indicates no significant new products or technologies launched during the quarter[11] - There are no indications of market expansion or mergers and acquisitions reported in this quarter[11] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[17] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and profitability in the upcoming quarters[20] Compliance and Reporting - The company has adopted new accounting standards starting in 2024, which may affect the financial statements[22] - The report does not apply to the first-time execution of new accounting standards or interpretations affecting the financial statements[22] - The document contains a total of 13 pages, indicating a comprehensive report[22] - The company is focused on maintaining accurate financial reporting and compliance with new regulations[22] - The report emphasizes the importance of financial accuracy and strategic insights for decision-making[22] - There are no specific performance summaries or future outlooks provided in the document[22] - No new products, technologies, market expansions, or mergers and acquisitions are mentioned in the report[22]

| 证券代码：601611 | 证券简称：中国核建 公告编号：2024-079 | | --- | --- | | 转债代码：113024 | 转债简称：核建转债 | 中国核工业建设股份有限公司 第四届监事会第二十一次会议决议的公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国核工业建设股份有限公司（以下简称"公司"）第四届监事会第二十一 次会议于 2024 年 10 月 30 日以现场方式召开，会议通知于 2024 年 10 月 21 日送 达。本次会议应参会表决监事 3 人，实际参会监事 3 人（其中委托出席 1 人），监 事梁松涛委托监事王正勇出席并表决投票。会议的召集、召开程序合法有效。 本次会议由公司监事会主席王正勇先生主持，经与会监事充分审议并经过有 效表决，审议通过了以下议案： 1.通过了《关于2024年第三季度报告的议案》 同意票数3票；反对票数0票；弃权票数0票。 特此公告。 中国核工业建设股份有限公司监事会 2024 年 10 月 31 日 1 2.通过了《关于制定<负债管理办法（A版）>的议案》 ...

| 证券代码：601611 | 证券简称：中国核建 | 公告编号：2024-077 | | --- | --- | --- | | 转债代码：113024 | 转债简称：核建转债 | | 中国核工业建设股份有限公司 第四届董事会第三十一次会议决议公告 公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国核工业建设股份有限公司（以下简称"公司"）第四届董事会第三十一 次会议于2024年10月30日以现场方式召开，会议通知于2024年10月21日送达。本 次会议应参会表决董事9人，实际参会董事9人（其中委托出席2人），董事范福 平委托董事王伟潮出席并投票表决，独立董事姚辉委托独立董事马朝松出席并投 票表决，公司监事、高管列席本次会议。会议的召集、召开程序合法有效。 本次会议由公司董事长陈宝智先生主持，经与会董事充分审议并经过有效表 决，审议通过了以下议案： 一、通过了《关于 2024 年第三季度报告的议案》 同意票数 9 票；反对票数 0 票；弃权票数 0 票。 相关内容详见与本公告同时刊登的《中国核建 2024 年第三季度报告》。 ...

| 证券代码：601611 | 证券简称：中国核建 公告编号：2024-076 | | --- | --- | | 转债代码：113024 | 转债简称：核建转债 | 中国核工业建设股份有限公司 关于解聘及聘任副总经理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 因工作原因，杨振华先生不再担任公司副总经理职务，杨振华先生在担任公 司副总经理期间恪尽职守、勤勉尽责，坚决落实董事会各项决策，为公司高质量 发展做出突出贡献。公司董事会谨向杨振华先生表示衷心感谢！ 经公司总经理提名、董事会提名委员会审核，2024 年 10 月 17 日，公司召 开第四届董事会第三十次会议，审议通过了《关于解聘及聘任副总经理的议案》， 同意聘任李军先生为公司副总经理（简历附后），任期自董事会审议通过之日起 至第四届董事会任期届满之日止。 特此公告。 2024 年 10 月 18 日 1 附件 李军先生简历 李军，1977 年生，正高级工程师。历任华龙国际核电技术有限公司副总工程 师、科技信息部主任（兼），中国核电工程有限公司副总工程师，北京核 ...

| 证券代码：601611 | 证券简称：中国核建 公告编号：2024-074 | | --- | --- | | 转债代码：113024 | 转债简称：核建转债 | 中国核工业建设股份有限公司 以上数据未经审计，由于客观情况变化等因素，未来签约额与营 业收入并不完全一致，特别提醒投资者注意。 中国核工业建设股份有限公司董事会 2024 年 10 月 18 日 关于经营情况简报的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 现将公司 2024 年 9 月主要经营情况公布如下，供各位投资者参 考： 截至 2024 年 9 月，公司累计实现新签合同 1067.32 亿元，累计 实现营业收入 786.11 亿元。 ...

| 证券代码：601611 | 证券简称：中国核建 | 公告编号：2024-075 | | --- | --- | --- | | 转债代码：113024 | 转债简称：核建转债 | | 相关内容详见与本公告同时刊登的《中国核建关于解聘及聘任副总经理的公 告》（2024-076）。 中国核工业建设股份有限公司 中国核工业建设股份有限公司（以下简称"公司"）第四届董事会第三十次 会议于2024年10月17日以通讯方式召开，会议通知于2024年10月11日送达。本次 会议应到董事9人，实到董事9人，公司监事、高管列席本次会议。会议的召集、 召开程序合法有效。 本次会议由公司董事长陈宝智先生主持，经与会董事充分审议并经过有效表 决，审议通过了以下议案： 一、通过了《关于解聘及聘任副总经理的议案》。 同意票数9票，反对票数0票，弃权票数0票。 经公司总经理提名，董事会提名委员会审核，同意聘任李军先生为公司副总 经理，任期自董事会审议通过之日起至第四届董事会任期届满之日止。 第四届董事会第三十次会议决议公告 公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 累计转股情况：自2019年10月14日至2024年9月30日，累计共有人民币 876,000元核建转债转换为公司A股股份，累计转股数量为89,987股，占可转债转 股前公司已发行股份总额的0.0034%。 本季度转股情况：自2024年7月1日至2024年9月30日，共有人民币1000元 核建转债转换为公司A股股份，转股数量109股，占可转债转股前公司已发行股份 总额的0.000004%。 未转股可转债情况：截至2024年9月30日，尚未转股的可转债金额为 2,995,374,000元，占可转债发行总量的99.9708%。 一、可转债发行上市概况 经中国证券监督管理委员会出具的《关于核准中国核工业建设股份有限公司 公开发行可转换公司债券的批复》（证监许可[2019]357号）核准，公司于2019 年4月8日向社会公开发行29,962,500张可转换公司债券，每张面值100元，发行 总额为人民币299,625万元，期限6年。 | 证券代码：601611 | 证券简称： ...

公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国核工业建设股份有限公司（以下简称"公司"）第四届董事会第二十九 次会议于2024年9月25日以通讯方式召开。根据《公司章程》规定，如遇特殊情 况，经全体董事的过半数同意，召开临时董事会可不受董事会召开5日前通知时 限的限制，会议通知于2024年9月25日送达。本次会议应到董事9人，实到董事9 人，公司监事、高管列席本次会议。会议的召集、召开程序合法有效。 本次会议由公司董事长陈宝智先生主持，经与会董事充分审议并经过有效表 决，审议通过了以下议案： | 证券代码：601611 | 证券简称：中国核建 | 公告编号：2024-071 | | --- | --- | --- | | 转债代码：113024 | 转债简称：核建转债 | | 中国核工业建设股份有限公司 第四届董事会第二十九次会议决议公告 相关内容详见与本公告同时刊登的《中国核建关于不向下修正"核建转债" 转股价格的公告》（2024-072）。 特此公告。 1 中国核工业建设股份有限公司董事会 2024年9月26日 一、通过 ...