证券代码：601611 证券简称：中国核建 公告编号：2025-034 （二） 活动地点：江苏省南京市南京融通华山饭店（南京市玄武区龙蟠中 路 81 号）秋菊厅、中核华兴 （三） 召开方式：现场 二、参加人员 公司董事长、其他公司领导及有关部门负责人（如遇特殊情况，参会人员将 根据实际情况进行调整）。 中国核工业建设股份有限公司（以下简称"公司"）已于 2025 年 4 月 30 日 披露公司 2024 年年度报告和 2025 年第一季度报告，为便于广大投资者更全面深 入地了解公司经营成果、财务状况等情况，公司计划于 2025 年 6 月 6 日下午参 加控股股东中国核工业集团有限公司集体投资者交流会，暨上海证券交易所"我 是股东"走进上市公司活动。现将有关事项公告如下： 中国核工业建设股份有限公司 一、举办时间、地点 关于参加中核集团集体投资者交流会 （一） 开始时间：2025 年 6 月 6 日（星期五）13:00 暨"我是股东"走进上市公司活动的公告 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。 （二）投资者可于 5 月 ...

Group 1 - The nuclear power sector is experiencing a resurgence driven by global nuclear power revival and anticipated uranium resource shortages, leading to significant stock price increases for related companies [1][2] - Companies like Zhongchao Holdings and Shangwei Co. have seen their stock prices rise for four consecutive trading days, with Zhongchao Holdings' stock price increasing by 129.78% in a single day [1][2] - Despite the bullish trend, there is a notable divergence within the sector, with large-cap stocks in midstream nuclear construction experiencing pullbacks while small-cap stocks related to upstream materials and components continue to surge [1][3] Group 2 - The recent price rebound of uranium, from $65 per pound to $71 per pound, is attributed to structural shortages in the uranium market, with Goldman Sachs predicting a shortfall of 130 million pounds by 2040 [2] - The nuclear power sector's activity is also influenced by favorable policies in the U.S. and increasing energy demands driven by AI and small modular reactors [3] - Some companies in the sector, such as Zhongchao Holdings and Shangwei Co., have reported significant losses, with Zhongchao Holdings and Shangwei Co. posting net losses of 2.02379 million yuan and 1.44943 million yuan respectively in Q1 [4][5] Group 3 - The performance of companies involved in nuclear power projects is mixed, with some reporting declining revenues and profits, such as Shangwei Co. which saw a 21.39% drop in revenue and a 20.06% decrease in net profit in 2024 [5] - The total operational and under-construction nuclear power units in China reached 102, with a total installed capacity of 113 million kilowatts, maintaining the top position globally for two consecutive years [5] - Companies like China Nuclear Engineering have shown strong growth, with their nuclear engineering revenue increasing from 10.4 billion yuan in 2020 to 32.2 billion yuan in 2024, reflecting a compound annual growth rate of 43% [5]

每经记者｜李娜 每经编辑｜彭水萍 5月26日，A股核电板块集体狂飙，尚纬股份、中核科技等近20股涨停，港股中核国际更单日暴涨近 130%，年内涨幅突破143%。全球铀价触底反弹叠加AI算力催生核电需求，多国加速核电复兴。高盛更 是认为核电迎来十年黄金周期。 5月26日，核电板块在A股市场表现亮眼。早盘，尚纬股份、锡装股份、融发核电强势涨停，哈空调、 上海电气、中国核建等相关个股纷纷跟涨。截至收盘，核电股集体爆发，瑞奇智造、中核科技等近20股 涨停。 国光电气作为板块龙头之一，截至5月26日收盘，年初以来股价累计涨幅达139.02%。海陆重工作为核 电能源龙头股之一，年内股价涨幅已超过78%，南风股份、应流股份、纽威股份等个股年内股价累计上 涨幅度也居前，分别为57.72%、48.59%、35.39%。 港股市场中，中核国际更是上演了一场惊心动魄的暴涨行情。午后2点多，中核国际股价直线拉升，涨 幅一度超过180%，成为港股市场的绝对明星。截至港股收盘，中核国际收报4.09港元/股，上涨 129.78%，成交量2043.8万股，成交额7889.97万港元，振幅185.39%，其年内涨幅也达到了143.45%。 另 ...

Investment Rating - Industry rating is maintained as "Outperform the Market" [5] Core Viewpoints - Continued optimism for infrastructure investment in central and western regions, with a focus on the subsequent realization of physical workload [1][13] - Infrastructure investment remains a key focus for future policy efforts, with significant growth in narrow and broad infrastructure investments offsetting declines in real estate [2][13] - The construction sector is expected to benefit from improved physical workload conversion due to rising orders from central and state-owned enterprises [3][18] Summary by Sections Infrastructure Investment - In the first four months of 2025, national fixed asset investment increased by 4% year-on-year, with real estate development down by 10.3%, narrow infrastructure up by 5.8%, broad infrastructure up by 10.9%, and manufacturing up by 8.8% [2][13] - Narrow infrastructure growth outpaced overall investment growth by 1.8%, contributing 32.6% to total investment growth, an increase of 2.3 percentage points from Q1 [2][13] - Significant regional investment growth was observed in Beijing (+21.2%), Inner Mongolia (+18.8%), Xinjiang (+17.2%), and Tibet (+16.5%) [14][17] Market Performance - The construction index fell by 1.11% from May 19 to May 23, underperforming the CSI 300 index, which decreased by 0.07% [4][22] - Notable stock performances included Palm Holdings (+31.82%), ST Lingnan (+27.61%), and Zhengzhong Design (+22.78%) [4][22] Investment Recommendations - Focus on cyclical opportunities arising from improvements in physical workload, particularly in water conservancy, railways, and aviation sectors [26] - Recommendations include regional state-owned enterprises with high growth potential such as Sichuan Road and Bridge, Zhejiang Communications, and Anhui Construction [26][27] - Emphasis on emerging business directions such as AI-driven computing power and cleanroom sectors, with specific recommendations for companies like Hainan Huatie and Baicheng [28][29]

证券研究报告 建筑与工程 行业开启深度整合，关注结构性机遇 华泰研究 24 年板块营收下滑、归母净利遭遇多重冲击，25Q1 复工偏慢拖累产值利润 24 年 CS 建筑板块营收 YoY-4.10%，系行业 2015-2024 年间首次出现年度 营收同比下滑，归母净利润 YoY-14.4%，主要系受房地产施工下滑、传统基 建投资增速放缓导致收入承压，而费用刚性、回款压力增加导致账期拉长， 企业计提减值压力增大，进一步影响盈利能力。归母净利率及周转率降低， 使得板块 ROE（摊薄）同比下滑 1.49pct。25Q1 政策尚未完全发力，收入、 归母净利高基数下分别同比-6.0%/-8.8%，我们判断短期随着政策逐步落地， 叠加基数走低，板块业绩有望迎来逐季上行改善，长期或进入深度整合阶段。 24 年板块财务费用、减值增加拖累净利率，24Q4 化债政策初见成效 2025 年 5 月 19 日│中国内地 专题研究 24 年板块毛利率同比+0.05pct，归母净利率同比-0.23pct。24 年板块销售/ 管理/研发/财务费用率同比变化+0.05/+0.06/持平/+0.11pct，地产客户减值压 力犹存，基建项目账期拉长 ...

Group 1 - China State Construction signed new contracts totaling 1.52 trillion yuan from January to April, representing a year-on-year increase of 2.8% [1] - Yongpu Medical's subsidiary obtained a medical device business license valid until May 7, 2030, allowing it to engage in medical device retail and wholesale [1] - Ningbo Maritime received a government subsidy of 4.42 million yuan, which will impact its net profit for the fiscal year 2025 [1] Group 2 - Mingpu Optoelectronics obtained a patent for a magnetic powder core and its preparation method, enhancing its capabilities in magnetic materials technology [1] - Digital Zhitong plans to establish a wholly-owned subsidiary in Beijing with a registered capital of 5 million yuan [1] - Zhongmin Energy's shareholder plans to reduce its stake by up to 0.28% of the company's total shares [1][6] Group 3 - Tunnel Holdings' controlling shareholder intends to increase its stake in the company by investing between 250 million to 500 million yuan [1] - China Telecom appointed Liu Guiqing as the new President and COO [1] - Datang Power completed the issuance of 3 billion yuan in medium-term notes, with proceeds aimed at repaying debt and supplementing working capital [1] Group 4 - *ST Weihai won a bid for a flood control project worth 182 million yuan, accounting for 7.35% of its audited revenue for 2024 [1] - Huijin Tong announced a cash dividend of 0.0868 yuan per share, totaling 29.44 million yuan [1] - Xinkai Energy's shareholders plan to reduce their holdings by a combined total of 4% of the company's shares [1][39] Group 5 - Xinhuan Group's subsidiary won a 1.02 billion yuan nuclear power project contract [1] - Southern Airlines reported a 12.14% year-on-year increase in passenger turnover for April [1] - Xinjiang Torch plans to acquire 100% equity of Yushan Litai for 125 million yuan [1]

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].