Summary of China Nuclear Engineering Conference Call Company Overview - **Company**: China Nuclear Engineering Corporation (CNEC) - **Industry**: Nuclear Power Industry - **Established**: 1999, listed on Shanghai Stock Exchange in 2016 - **Main Business**: Construction, inspection and maintenance, mechanical hoisting, design and surveying, and software internet services Key Highlights - **Revenue and Profit Growth**: In the first three quarters of 2024, revenue increased by 0.43% year-on-year, while net profit attributable to shareholders grew by 3.08% [3][4][6] - **Credit Impairment Impact**: Credit impairment amounted to 260 million yuan, accounting for 18% of net profit. A reduction in credit impairment is expected to release significant profit potential in the future [3][4] Industry Insights - **Nuclear Power Capacity Growth**: By 2030, China's nuclear power installed capacity is projected to reach 131 GW, with a generation share of 10%, an increase of 8 percentage points from the end of 2024 [3][4][7] - **Global Position**: As of 2023, China's nuclear power installed capacity was 56.91 million kW, with a global share of 15%. The country holds 45% of the world's nuclear power projects under construction [3][7][8] - **Market Dominance**: CNEC holds a dominant market share in nuclear island construction, with 98% in civil engineering and 96.1% in installation [4][8] Financial Projections - **Revenue Growth Forecast**: Expected revenue growth rates for 2024 to 2026 are 0.8%, 4.1%, and 6.6%, respectively. Net profit growth rates are projected at 2.4%, 20.8%, and 16.9% [4][13] - **Earnings Per Share (EPS)**: EPS is forecasted to be 0.7 yuan, 0.85 yuan, and 0.99 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 11.65, 9.64, and 8.25 [13] Business Segments - **Nuclear Engineering**: Anticipated revenue peak from 2024 to 2026, with a stable gross margin despite slight declines [10] - **Maintenance Services**: The maintenance segment has a market share of 70% to 80%, with high gross margins around 20%. Each maintenance operation costs approximately 80 to 120 million yuan [5][10] - **Civil Engineering**: Civil engineering accounts for about 65% of the business. The company is working to improve profitability by increasing its share in municipal projects [11][12] Emerging Opportunities - **New Business Ventures**: CNEC is exploring new business areas, including mergers and acquisitions in the mining and engineering service sectors, which may provide new revenue streams [12] Risks and Challenges - **Industry Risks**: Key risks include nuclear safety concerns, project delays, policy and market fluctuations, and potential underperformance in company earnings and valuations [14]

| 证券代码：601611 | 证券简称：中国核建 公告编号：2025-008 | | --- | --- | | 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。 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： | 序 | 签约单位 | 合同名称 | | --- | --- | --- | | 号 | | | | 1 | 中国核工业第五建设有限公司 | 广西白龙核电项目 2 号机组核岛安装施工合同 | 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 3 月 11 日 1 ...

| 证券代码：601611 | 证券简称：中国核建 | 公告编号：2025-007 | | --- | --- | --- | | 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"核建转债"到期兑付暨摘牌的第三次提示性公告 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。 重要内容提示： 自2025年4月2日至2025年4月7日，"核建转债"持有人仍可以依据约定的条 件将"核建转债"转换为公司股票。 公司股票当前收盘价与转股价格（9.12元/股）存在一定差异，请投资者注意 转股可能存在的风险。 中国核工业建设股份有限公司(以下简称"公司")经中国证监会[2019]357号 文批准，于2019年4月8日通过上海证券交易所向社会公开发行299,625万元人民 币可转换公司债券，期限为6年(即2019年4月8日-2025年4月7日)，2019年4月26日 起在上海证券交易所挂牌交易，证券简称为"核建转债"，证券代码为"113024"。 根据《上市公司证券发行管理办法》《上海证券交易所股票上市规 ...

| 证券代码：601611 | 证券简称：中国核建 | 公告编号：2025-006 | | --- | --- | --- | | 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"核建转债"到期兑付暨摘牌的第二次提示性公告 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。 根据《上市公司证券发行管理办法》《上海证券交易所股票上市规则》及公 司《公开发行可转换公司债券募集说明书》，现将"核建转债"到期兑付摘牌事项 公告如下： 一、兑付方案 根据《公开发行可转换公司债券募集说明书》，在可转债期满后五个交易 日内，公司将以本次可转债票面面值的105%（含最后一期利息）的价格向可转 债持有人赎回全部未转股的可转债。 —1— 可转债到期日和兑付登记日：2025年4月7日 兑付本息金额：105元人民币/张（含税） 兑付资金发放日：2025年4月8日 可转债摘牌日：2025年4月8日 可转债最后交易日：2025年4月1日 可转债最后转股日：2025年4月7日 二、可转债停止交易日 根据《上海证券交易所 ...

重要内容提示： 自2025年4月2日至2025年4月7日，"核建转债"持有人仍可以依据约定的条 件将"核建转债"转换为公司股票。 中国核工业建设股份有限公司(以下简称"公司")经中国证监会[2019]357号 文批准，于2019年4月8日通过上海证券交易所向社会公开发行299,625万元人民 币可转换公司债券，期限为6年(即2019年4月8日-2025年4月7日)，2019年4月26日 起在上海证券交易所挂牌交易，证券简称为"核建转债"，证券代码为"113024"。 根据《上市公司证券发行管理办法》《上海证券交易所股票上市规则》及公 司《公开发行可转换公司债券募集说明书》，现将"核建转债"到期兑付摘牌事项 公告如下： | 证券代码：601611 | 证券简称：中国核建 | 公告编号：2025-005 | | --- | --- | --- | | 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"核建转债"到期兑付暨摘牌的第一次提示性公告 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。 ...

中国核工业建设股份有限公司 截至 2025 年 1 月，公司累计实现新签合同 150.24 亿元，累计实 现营业收入 84.90 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。 中国核工业建设股份有限公司董事会 2025 年 2 月 20 日 | 证券代码：601611 | 证券简称：中国核建 公告编号：2025-004 | | --- | --- | | 转债代码：113024 | 转债简称：核建转债 | 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 2025 年 1 月主要经营情况公布如下，供各位投资者参 考： ...

Investment Rating - The report maintains an "Overweight" rating for the construction and building materials sectors [9]. Core Insights - The low-altitude and data infrastructure sectors continue to show high prosperity, with January building materials and home furnishings sales increasing year-on-year [12][20]. - The construction activity post-Spring Festival is recovering slowly due to various factors, including local investment directions and weather conditions, necessitating close monitoring of cement and steel shipments [12][13]. - The building materials home furnishings index (BHI) for January was 110.35, reflecting a month-on-month increase of 1.53 points and a year-on-year increase of 8.46 points [20]. - The report emphasizes the positive effects of the "old-for-new" policy on sales, with January sales reaching 1095.27 billion yuan, a year-on-year increase of 3.09% [20]. - Short-term recommendations focus on domestic cyclical demand and supply-constrained varieties, highlighting companies such as Shenzhen Urban Transport, Tunnel Co., China Nuclear Engineering, and others [12][20]. Summary by Sections Industry Overview - The report notes that the low-altitude economy and data infrastructure policies are being actively promoted, with significant investment expected in underground pipelines and existing infrastructure upgrades [12][13]. - The construction material sales recovery is expected to be gradual, influenced by local government investment shifts towards technology and consumption [13][20]. Market Dynamics - As of February 14, the national cement shipment rate was 11.5%, with a week-on-week increase of 5.9 percentage points [12]. - The average price of float glass was 75 yuan per weight box, showing a week-on-week increase of 0.8% but a year-on-year decrease of 30.6% [2][32]. - The report highlights a significant increase in inventory levels for float glass, with a total of 55.27 million weight boxes, a week-on-week increase of 3.9% [2][34]. Company Recommendations - The report recommends several companies for investment, including Shenzhen Urban Transport (301091 CH), Tunnel Co. (600820 CH), and China Nuclear Engineering (601611 CH), among others, with target prices and buy ratings [10][20]. - The report also identifies companies with strong performance in the past week, such as Lifan Technology and Hainan Huatie, which saw significant stock price increases [10][11]. Future Outlook - The report anticipates that the construction and building materials sectors will benefit from improved domestic investment demand in 2025, with a focus on large construction and cement as foundational investments [12][20]. - The potential for growth in the fiberglass and consumer building materials sectors is highlighted, with expectations for continued demand recovery in the coming years [12][20].

中国核工业建设股份有限公司 简式权益变动报告书 上市公司名称：中国核工业建设股份有限公司 股票上市地点：上海证券交易所 股票简称：中国核建 股票代码：601611 信息披露义务人：中央汇金投资有限责任公司 住所/通讯地址：北京市东城区朝阳门北大街1号新保利大厦 权益变动性质：股份增加、持股比例上升（无偿划转） 二〇二五年二月十四日 1 声 明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、信息披露义务人依据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司收购管理办 法》（以下简称"《收购管理办法》"）《公开发行证券的公司信息披露内容提 要与格式准则第 15 号－权益变动报告书》（以下简称"《准则 15 号》"）及其 他相关的法律、法规及部门规章的有关规定编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人内部规则中的任何条款，或与之冲突。 三、依据《证券法》《收购管理办法》《准则 15 号》的规定，本报告书已 全面披露信息披露义务人在中国核工业建设股份有限公司中拥有权益的股 ...

Investment Rating - The report gives a "Buy" rating for the company [4] Core Views - The company is a leading player in nuclear power engineering construction, benefiting from the industry's cyclical growth and its strong market position [1][2] - The company has a solid financial performance with a steady increase in revenue and net profit, driven by a higher proportion of high-margin nuclear power business [1][4] - The company is actively optimizing its business structure in civil engineering, focusing on higher-margin projects while reducing exposure to cash-intensive, low-margin segments [3] Summary by Sections Company Overview - The company is the largest and most integrated enterprise in China's nuclear power engineering construction sector, having built all operational nuclear power units in the country since 1985 [1][14] - It has a diversified business model that includes nuclear power, industrial, and civil engineering, with nuclear power accounting for 22% of revenue and civil engineering for 69% in 2023 [22][23] Nuclear Power Engineering - The nuclear power sector is entering a growth cycle, with expectations for accelerated growth in the company's nuclear business due to increasing approvals for new nuclear projects [2] - The investment scale in nuclear power is projected to exceed 200 billion annually, with the company holding a significant market share in nuclear island construction [2][4] Civil Engineering - The company is strategically reducing its civil engineering business to focus on more profitable segments, leading to improved asset quality and profitability [3] - The company aims to enhance its financial metrics through debt resolution policies, which are expected to improve cash flow and reduce impairment losses [3] Financial Forecast and Valuation - The forecasted net profits for 2024-2026 are 2.31 billion, 2.67 billion, and 3.06 billion respectively, with a compound annual growth rate (CAGR) of 14% from 2023 to 2026 [4] - The earnings per share (EPS) are projected to increase from 0.77 to 1.02 over the same period, with a decreasing price-to-earnings (P/E) ratio indicating potential undervaluation [4][5]

| 证券代码：601611 | 证券简称：中国核建 | 公告编号：2025-001 | | --- | --- | --- | | 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 可转债转股结果暨股份变动公告 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。 1.因公司实施2018年度利润分配，自2019年7月25日起，转股价格变为9.87 元/股，详见《中国核工业建设股份有限公司关于"核建转债"转股价格调整的 提示性公告》（公告编号：临2019-054）。 2.因公司股权激励计划向激励对象授予限制性股票，自2020年6月30日起， 转股价格变为9.82元/股，详见《中国核工业建设股份有限公司关于"核建转债" 转股价格调整的提示性公告》（公告编号：2020-046）。 重要内容提示： 累计转股情况：自2019年10月14日至2024年12月31日，累计共有人民币 1,018,000元核建转债转换为公司A股股份，累计转股数量为105,539股，占可转 债转股前公司已发行股份总额的0.0040%。 ...