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].

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% ...