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]

公司报告 | 年报点评报告 中国核建（601611） 证券研究报告 风险提示：核电站核准及开工进度不及预期，基建地产投资增速不及预期， 应收账款减值风险，工程订单结转速度放缓。 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 109,385.02 | 113,541.28 | 120,914.42 | 130,773.84 | 141,590.88 | | 增长率(%) | 10.34 | 3.80 | 6.49 | 8.15 | 8.27 | | EBITDA(百万元) | 13,726.84 | 15,000.17 | 12,308.45 | 13,145.36 | 13,854.64 | | 归属母公司净利润(百万元) | 2,062.83 | 2,064.22 | 2,316.18 | 2,603.03 | 2,933.68 | | 增长率(%) | 17.57 | 0.07 | 12.21 | 12.38 | 12.70 | | EPS(元/股) ...

证券研究报告 中国核建 (601611 CH) 核电延续高景气，毛利率同比提升 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 建筑施工 | 公司公布 24 年及 25Q1 业绩：24 年收入/归母净利 1135.4/20.6 亿元，同比 +3.8%/+0.1%，24 年业绩低于我们预期（22.5 亿元）主要系 Q4 计提信用 减值损失较多。25Q1公司收入/归母净利 295.5/5.5亿元，同比+1.8%/-1.0%， 25 年 4 月国常会新增核准 10 台核电机组，核电投资有望延续高景气，公司 作为核电工程建设主力军有望持续受益，维持"买入"。 核电工程收入及占比快速提升，24Q4 毛利率同比+1.0pct 24 年公司核电工程/工业与民用工程收入 322.1/693.2 亿元，同比 +34.6%/-7.7%，核电工程项目快速推进带动收入快速增长，收入占比同比 +7pct 至 29%；毛利率为 13.7%/9.8%，同比-0.1/+0.3pct，毛利率维持相对 稳定但24Q4毛利率同比+1.0pct。2 ...

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% ...