现将公司 2025 年 4 月主要经营情况公布如下，供各位投资者参考： 截至 2025 年 4 月，公司累计实现新签合同 575.60 亿元，累计实现营业收入 348.86 亿元。 以上数据未经审计，由于客观情况变化等因素，与未来签约额及营业收入并 不完全一致，特别提醒投资者注意。 特此公告。 证券代码：601611 证券简称：中国核建 公告编号：2025-032 中国核工业建设股份有限公司 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。 2025 年 5 月 17 日 中国核工业建设股份有限公司董事会 ...

为回应投资者关注，现将公司子公司近期签署的核电工程合同情况公告如下： 证券代码：601611 证券简称：中国核建 公告编号：2025-033 中国核工业建设股份有限公司 关于核电工程签约的公告 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。 | 序 | 签约单位 | 合同名称 | | | --- | --- | --- | --- | | 号 | | | | | 1 | 中国核工业二三建设有限公司 | 江苏徐圩核能供热发电厂一期 | 1、2 号机组核岛及 | | | | 其配套 BOP 安装工程合同 | | 公司将根据监管要求和项目进展及时履行信息披露义务，请广大投资者注意 投资风险，谨慎决策。 特此公告。 中国核工业建设股份有限公司董事会 2025 年 5 月 17 日 1 ...

Group 1: Financial Performance - In 2024, the company achieved total operating revenue of 113.54 billion yuan, a year-on-year increase of 3.80% [1] - The net profit attributable to shareholders was 2.064 billion yuan, a slight increase of 0.07% year-on-year, while the non-recurring net profit rose by 12.11% to 1.915 billion yuan [1] - For Q1 2025, total operating revenue was 29.549 billion yuan, up 1.77% year-on-year, but net profit decreased by 1.01% to 551 million yuan [1][2] Group 2: Order Growth and Market Expansion - The company reported steady growth in new contracts, with Q4 2024 new contracts amounting to 55.633 billion yuan, a year-on-year increase of 1.3% [2] - In Q1 2025, new contracts reached 54.175 billion yuan, showing a significant year-on-year increase of 30.68% [2] - The company successfully entered new sectors such as offshore wind power, energy storage, and pumped storage, enhancing both quantity and quality of orders [2] Group 3: Profitability and Cost Management - The overall gross profit margin for the year was 11.72%, an increase of 0.37 percentage points, while the expense ratio rose slightly to 7.12% [3] - The net profit margin for the year was 1.82%, a decrease of 0.07 percentage points, with the non-recurring net profit margin improving by 0.13 percentage points to 1.69% [3] - In Q1 2025, the gross profit margin was 8.94%, up 0.41 percentage points, but the net profit margin decreased to 1.87% [3] Group 4: Cash Flow and Financial Health - The company experienced a net cash outflow from operating activities of 3.34 billion yuan in 2024, primarily due to increased payments to downstream [4] - The cash collection ratio for 2024 was 82.77%, down 3.57 percentage points year-on-year [4] - In Q1 2025, the net cash outflow was 10.195 billion yuan, with a cash collection ratio of 76.34%, which improved by 7.04 percentage points [4] Group 5: Nuclear Power Sector Outlook - The company has received approval for more than 10 nuclear units for four consecutive years, indicating a robust nuclear construction market [5] - In April 2024, five nuclear projects were approved, totaling 10 units, with an estimated investment exceeding 200 billion yuan [5] - The long-term outlook for the nuclear power sector is positive, with expectations of high margins and low impairments driving company performance [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a total operating revenue of 1135.41 billion yuan for 2024, representing a year-on-year growth of 3.80%. The net profit attributable to the parent company was 20.64 billion yuan, a slight increase of 0.07%. The non-recurring net profit was 19.15 billion yuan, up by 12.11% year-on-year. For Q1 2025, the total operating revenue was 295.49 billion yuan, a year-on-year increase of 1.77%, while the net profit attributable to the parent company decreased by 1.01% to 5.51 billion yuan [2][8]. Summary by Sections Revenue and Orders - The company achieved stable revenue growth in 2024, with new contracts growing faster than revenue in Q1 2025. In Q4 2024, new contracts amounted to 556.33 billion yuan, a year-on-year increase of 1.3%, while Q1 2025 saw new contracts of 541.75 billion yuan, up by 30.68% year-on-year. The company successfully entered new fields such as offshore wind power and energy storage, enhancing both quantity and quality of orders [14]. Profitability and Margins - The overall profitability showed a slight decline, with the comprehensive gross margin for 2024 at 11.72%, an increase of 0.37 percentage points year-on-year. The expense ratio rose slightly to 7.12%, with net profit margin decreasing to 1.82%, down by 0.07 percentage points year-on-year. In Q1 2025, the comprehensive gross margin was 8.94%, up by 0.41 percentage points, while the net profit margin was 1.87%, a decrease of 0.05 percentage points year-on-year [14]. Cash Flow - The company experienced a significant increase in cash outflow from operating activities, with a net outflow of 33.40 billion yuan in 2024, primarily due to increased payments to downstream entities. The cash collection ratio for 2024 was 82.77%, down by 3.57 percentage points year-on-year. In Q1 2025, the net cash outflow was 101.95 billion yuan, with a cash collection ratio of 76.34%, up by 7.04 percentage points year-on-year [14]. Market Conditions - The company has seen a favorable market environment, with the approval of over 10 nuclear units for four consecutive years. In April 2025, five nuclear projects were approved, totaling 10 units, indicating a stable approval pace. The estimated total investment for these new units exceeds 200 billion yuan, which is expected to benefit the company significantly [14].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's operational performance is showing steady growth, with a revenue forecast of 113.5 billion yuan for 2024, representing a year-on-year increase of 3.8%. The net profit attributable to shareholders is expected to be 2.06 billion yuan, with a year-on-year growth of 12% for the non-recurring profit [1][2] - The nuclear power sector continues to benefit from a favorable industry environment, with the company being a leader in nuclear power engineering in China. The new contracts signed for nuclear power engineering in 2024 reached 55.1 billion yuan, a 44% increase year-on-year [3] Summary by Sections Financial Performance - In 2024, the company achieved a comprehensive gross margin of 11.7%, an increase of 0.37 percentage points year-on-year. The gross margins for nuclear engineering, civil engineering, and other businesses were 13.4%, 9.8%, and 17.3%, respectively [2] - The company reported a net profit margin of 1.82% for 2024, a decrease of 0.07 percentage points year-on-year. The operating cash flow showed a net outflow of 3.34 billion yuan, indicating ongoing cash flow pressure [2] Business Segments - The revenue from nuclear power engineering, civil engineering, and other businesses for 2024 is projected to be 32.2 billion yuan, 69.3 billion yuan, and 11.2 billion yuan, respectively. The nuclear power engineering segment is expected to grow rapidly [1] - The company has a robust order backlog of 277.8 billion yuan, which is 2.4 times its annual revenue, ensuring stable future profitability [1] Future Projections - The company aims to achieve new contracts worth 165.8 billion yuan in 2025, a 1.4% increase year-on-year, and revenue of 117.7 billion yuan, representing a year-on-year growth of 3.7% [1] - Forecasted net profits for 2025-2027 are 2.32 billion yuan, 2.60 billion yuan, and 2.91 billion yuan, with respective growth rates of 13%, 12%, and 12% [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is experiencing steady growth in operational performance, with a robust expansion in the nuclear power sector. For 2024, it is projected to achieve revenue of 113.5 billion yuan, a year-on-year increase of 3.8%, and a net profit attributable to shareholders of 20.6 billion yuan, reflecting a slight increase of 0.1% year-on-year [1][3] - The nuclear power engineering segment continues to thrive, with new contracts signed amounting to 163.4 billion yuan in 2024, an 8.5% increase year-on-year, and a significant backlog of orders ensuring stable future earnings [1][3] Summary by Sections Financial Performance - In 2024, the company achieved a comprehensive gross margin of 11.7%, up by 0.37 percentage points year-on-year, driven by an increase in the proportion of high-margin nuclear power business [2] - The net profit margin for the year was 1.82%, a decrease of 0.07 percentage points year-on-year, with operational cash flow showing a net outflow of 3.34 billion yuan, indicating ongoing cash flow pressure [2][4] Business Segments - The nuclear power engineering segment generated revenue of 32.2 billion yuan in 2024, a year-on-year increase of 35%, while the civil engineering segment saw a decline of 8% [1][3] - The company is positioned as a leader in the nuclear power sector, benefiting from the high demand for nuclear energy in China, with 11 new nuclear units approved in 2024 and 10 in 2025 [3] Future Projections - The company forecasts net profits of 23.2 billion yuan, 26.0 billion yuan, and 29.1 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 13%, 12%, and 12% [3][4] - The projected revenue for 2025 is 117.7 billion yuan, reflecting a year-on-year increase of 3.7% [1][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The nuclear power business remains prosperous, while traditional engineering faces pressure [6] - The company is expected to benefit from the acceleration of nuclear power approvals and the expansion of long-term installation plans in China [8] - The company is exploring advanced technologies such as nuclear fusion while maintaining its traditional nuclear power business advantages [8] Financial Summary - For 2023, the company achieved operating revenue of 109,385 million RMB, with a year-on-year growth rate of 10.34% [7] - The net profit attributable to the parent company for 2023 was 2,063 million RMB, reflecting a year-on-year increase of 17.57% [7] - The earnings per share (EPS) for 2023 was 0.68 RMB [7] - The company’s total market capitalization is approximately 25,677.87 million RMB [4] - The company’s debt-to-asset ratio stands at 82.33% [4] Revenue and Profit Forecast - Projected operating revenue for 2024 is 113,541 million RMB, with a growth rate of 3.80% [7] - The forecasted net profit for 2024 is 2,064 million RMB, with a minimal growth of 0.07% [7] - The expected EPS for 2025 is 0.72 RMB, with a projected net profit of 2,174 million RMB [8] Business Performance - In 2024, the nuclear power engineering segment is expected to generate revenue of 322.12 billion RMB, a year-on-year increase of 34.63% [8] - The industrial and civil engineering segment is projected to see a revenue decline of 7.73% to 693.19 billion RMB [8] - New contracts signed in the nuclear power sector for 2024 are expected to reach 551.44 billion RMB, a year-on-year increase of 43.61% [8] Market Position - The company is positioned as a leader in nuclear power construction in China, with a strong outlook for future orders [8] - The company is increasing its research and development investment in the nuclear power sector, reflecting its commitment to technological innovation [8]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is benefiting from a significant increase in nuclear power engineering orders and revenue, with a year-on-year growth of 44% in new orders and 35% in revenue for 2024 [1] - The company achieved a total operating revenue of 1135.41 billion yuan in 2024, representing a year-on-year increase of 3.80%, while the net profit attributable to shareholders was 20.64 billion yuan, a slight increase of 0.07% [1] - The company has signed new nuclear power orders worth 551.44 billion yuan in 2024, marking a year-on-year increase of 43.61%, indicating a robust outlook for the nuclear power sector [1] Summary by Sections Nuclear Power Engineering - In 2024, the company generated revenue of 322.12 billion yuan from nuclear power engineering, up 34.63% year-on-year, with a gross margin of 13.37% [2] - The company signed new nuclear power engineering orders totaling 551.44 billion yuan in 2024, with 14 new nuclear power unit construction projects awarded [2] Industrial and Civil Engineering - The revenue from industrial and civil engineering was 693.19 billion yuan in 2024, down 7.73% year-on-year, but the gross margin improved to 9.84% [2] - The company signed new contracts worth 1082.93 billion yuan in this segment, with renewable energy contracts accounting for 26.38% of the new orders [2] Financial Performance - The company's gross margin for 2024 was 11.7%, an increase of 0.37 percentage points year-on-year, while the net profit margin was 2.46% [3] - The cash flow from operations (CFO) showed a net outflow of 33.40 billion yuan in 2024, which was a year-on-year increase in outflow by 30.25 billion yuan [3] Financial Data and Valuation - The projected operating revenue for 2025 is 1209.14 billion yuan, with a growth rate of 6.49% [4] - The estimated net profit attributable to shareholders for 2025 is 23.16 billion yuan, reflecting a growth rate of 12.21% [4]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is benefiting from a significant increase in nuclear power engineering orders and revenue, with a year-on-year growth of 44% in new orders and 35% in revenue for 2024 [1] - The company achieved an operating revenue of 1135.41 billion yuan in 2024, a year-on-year increase of 3.80%, and a net profit attributable to shareholders of 20.64 billion yuan, a slight increase of 0.07% [1] - The company has signed new nuclear power orders worth 551.44 billion yuan in 2024, reflecting a year-on-year growth of 43.61%, indicating a sustained demand in the nuclear power sector [1][2] Summary by Sections Nuclear Power Engineering - In 2024, the company generated revenue of 322.12 billion yuan from nuclear power engineering, up 34.63% year-on-year, with a gross margin of 13.37% [2] - The company has a leading market share in the domestic nuclear power sector, with 32 nuclear power units under construction and a total of 96 units built [2] Industrial and Civil Engineering - The revenue from industrial and civil engineering was 693.19 billion yuan in 2024, down 7.73% year-on-year, but the gross margin improved to 9.84% [2] - New contracts in the renewable energy sector amounted to 285.68 billion yuan, representing an 11.71% increase and accounting for 26.38% of new contracts in industrial and civil engineering [2] Financial Performance - The company's gross margin for 2024 was 11.7%, an increase of 0.37 percentage points year-on-year, while the expense ratio was 7.12% [3] - The net profit margin for 2024 was 2.46%, a slight decrease of 0.09 percentage points year-on-year, with cash flow from operations showing a net outflow of 33.40 billion yuan [3] Financial Data and Valuation - The projected operating revenue for 2025 is 1209.14 billion yuan, with a growth rate of 6.49% [4] - The estimated net profit attributable to shareholders for 2025 is 23.16 billion yuan, reflecting a growth rate of 12.21% [4]

Investment Rating - The investment rating for the company is "Buy" with a target price of 10.81 RMB [8][9]. Core Views - The company reported a revenue of 1135.4 million RMB and a net profit of 20.6 million RMB for 2024, reflecting a year-on-year increase of 3.8% and 0.1% respectively. The performance was below expectations due to significant credit impairment losses in Q4 [1]. - The company is expected to benefit from the approval of 10 new nuclear power units, which will likely sustain high investment levels in the nuclear sector [1][4]. - The revenue from nuclear engineering projects increased by 34.6% year-on-year, contributing to a 29% share of total revenue, while the gross margin for Q4 improved by 1.0 percentage points year-on-year [2]. Summary by Sections Financial Performance - In 2024, the company signed new contracts worth 1634.4 million RMB, a year-on-year increase of 8.5%, and for Q1 2025, the new contracts amounted to 541.8 million RMB, up 30.7% year-on-year [2]. - The company’s R&D expense ratio slightly increased to 2.83% in 2024, reflecting higher investments in key construction areas like nuclear power [3]. - The company recorded a credit impairment loss of 20.5 million RMB in 2024, which is a 7.3% increase year-on-year [3]. Market Outlook - The approval of 10 new nuclear power units in April 2025 is expected to further stimulate nuclear investment, with a reported 48.8% year-on-year increase in nuclear investment during the first two months of 2025 [4]. - The company has secured 14 new nuclear unit construction projects in 2024, increasing the total number of units under construction to 32 by the end of 2024 [4]. Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are 23.5 million RMB, 28.2 million RMB, and 32.4 million RMB respectively, reflecting a downward adjustment of 8% and 7% from previous estimates [5]. - The company’s target market value for 2025 is set at 326 billion RMB, with a target price of 10.81 RMB per share [5].