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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 10.81 [8][9]. Core Views - The company reported revenues and net profits for 2024 of RMB 113.54 billion and RMB 2.06 billion, respectively, reflecting a year-on-year increase of 3.8% and 0.1% [1][2]. - The approval of 10 new nuclear power units in April 2025 is expected to sustain high investment levels in the nuclear sector, benefiting the company as a key player in nuclear engineering construction [1][4]. - The company’s nuclear engineering revenue increased by 34.6% year-on-year, contributing to a revenue share of 29% [2][4]. Summary by Sections Financial Performance - In 2024, the company’s nuclear engineering and industrial construction revenues were RMB 322.1 billion and RMB 693.2 billion, respectively, with the nuclear segment growing significantly [2]. - The gross margin for nuclear engineering was reported at 13.7%, with a slight year-on-year increase in Q4 [2]. - The company signed new contracts worth RMB 1,634.4 billion in 2024, indicating strong future growth potential [2]. Research and Development - The R&D expense ratio increased slightly to 2.83% in 2024, reflecting the company's commitment to enhancing capabilities in key construction areas like nuclear power [3]. Market Outlook - The approval of additional nuclear projects is expected to further stimulate investment in the nuclear sector, with a reported 48.8% year-on-year increase in nuclear investment in early 2025 [4]. - The company has secured 14 new nuclear construction projects in 2024, with a total of 32 units under construction by the end of the year [4]. Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are RMB 2.35 billion, RMB 2.82 billion, and RMB 3.24 billion, respectively, with a downward adjustment of 8% and 7% for 2025 and 2026 due to expected declines in civil construction orders [5]. - The company is valued using a segmented approach, with nuclear engineering assigned a PE ratio of 15.4x and civil construction at 5.0x for 2025 [5].

中国核工业建设股份有限公司 第四届监事会第二十四次会议决议的公告 证券代码：601611 证券简称：中国核建 公告编号：2025-029 中国核工业建设股份有限公司（以下简称"公司"）第四届监事会第二十四 次会议于 2025 年 4 月 28 日以现场方式召开，会议通知于 2025 年 4 月 18 日送达。 本次会议应参会表决监事 3 人，实际参会监事 3 人。会议的召集、召开程序合法 有效。 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。 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 年计提减值准备的议案》 同意票数 3 票；反对票数 0 票；弃权票数 0 票。 2.通过了《关于 2024 年财务决算报告的议案》 同意票数 3 票；反对票数 0 票；弃权票数 0 票。 3.通过了《关于 2024 年利润分配预案及 2025 年中期分红计划的议案》 同意票数 3 票；反对票数 0 票；弃权票数 0 票。 4.通过了《关于 2024 年非经营性资金 ...

表决结果：同意票数 9 票；反对票数 0 票；弃权票数 0 票。 证券代码：601611 证券简称：中国核建 公告编号：2025-024 中国核工业建设股份有限公司 第四届董事会第三十六次会议决议公告 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"）第四届董事会第三十六次 会议于2025年4月28日以现场方式召开，会议通知于2025年4月18日送达。本次会 议应参会表决董事9人，实际参会董事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，经与会董事审议，形成决议如下： 一、通过了《关于 2024 年计提减值准备的议案》 本议案经公司第四届董事会审计与风险委员会审议通过，同意提交董事会审 议。 相关内容详见与本公告同时刊登的《中国核建关于计提减值准备的公告》 （2025-025）。 二、通过了《关于 2024 年财务决算报告的议案》 本议案经公司第四届董事会审计与风险委员会审议通过，同意提交董事会审 议。 表决结果：同意票数 9 票 ...

证券代码：601611 证券简称：中国核建 公告编号：2025-026 中国核工业建设股份有限公司 关于 2024 年度利润分配方案及 2025 年中期分红计划公告 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。 重要内容提示： 每股分配比例：每股派发现金红利0.094元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。在实施权益分派的股权登记日前公司总股本发 生变动的，拟维持每股分配比例不变，相应调整分配总额，并将在相关公告中披 露。 未触及《上海证券交易所股票上市规则（2024年4月修订）》（以下简称 《股票上市规则》）第9.8.1条第一款第（八）项规定的可能被实施其他风险警 示的情形。 一、利润分配方案内容 1.公司拟向全体股东每股派发现金红利 0.094 元（含税）。截至 2025 年 4 月 7 日，公司总股本 3,013,834,212 股，以此计算合计拟派发现金红利 283,300,415.93 元（含税），占本年度归属于上市公司股东净利润的比例为 13.72% ...

国泰海通证券股份有限公司 关于中国核工业建设股份有限公司 2022 年度非公开发行 A 股股票之保荐总结报告书 | 保荐机构名称： | 国泰海通证券股份有限公司 | | --- | --- | | 保荐机构编号： | Z29131000 | 经中国证券监督管理委员会以证监许可[2022]2967 号《关于核准中国核工业 建设股份有限公司非公开发行股票的批复》核准，中国核工业建设股份有限公司 （以下简称"中国核建"、"发行人"或"公司"）向控股股东中国核工业集团 有限公司等十二名特定投资者非公开发行 371,639,466 股人民币普通股，每股面 值 1 元，每股发行价格为 6.75 元，募集资金总额为 2,508,566,395.50 元，扣除各 项发行费用合计 11,392,822.59 元，实际募集资金净额为 2,497,173,572.91 元。本 次发行的新增股份已于 2023 年 1 月 11 日在中国证券登记结算有限责任公司上 海分公司办理完成登记托管手续。 原国泰君安证券股份有限公司担任其持续督导保荐机构，持续督导期间至 2024 年 12 月 31 日。鉴于原国泰君安证券股份有限公司换股吸收合 ...