中国核工业建设股份有限公司 公开发行可转换公司债券 2024 年跟踪评级报告 www.lhratings.com 1 联合〔2024〕3501 号 联合资信评估股份有限公司通过对中国核工业建设股份有限公 司主体及其相关债券的信用状况进行跟踪分析和评估，确定维持中 国核工业建设股份有限公司主体长期信用等级为 AAA，维持"核建 转债"的信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二四年六月二十日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的独立意 见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信基于相关信息 和资料对评级对象所发表的前瞻性观点，而非对评级对象的事实陈述或鉴证意见。 联合资信有充分理由保证所出具的评级报告遵循了真实、客观、公正的原则。鉴于 信用评级工作特性及受客观条件影响，本报告在资料信息获取、评级方法与模型、 未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受中国核工业建设股份有限公司（以下简称"该公 司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关系外，联 合资信 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][35]. Core Views - The company is positioned as a leading player in domestic nuclear power construction and is expected to benefit significantly from the acceleration of nuclear capital expenditures [4][9]. - The global trend towards nuclear power development is clear, with opportunities for the company to tap into the "Belt and Road" market [3][23]. - The nuclear engineering construction sector is entering a high prosperity phase, with expectations of reduced credit impairment impacts [4][24]. Summary by Sections Domestic Nuclear Power Construction Leader - The company is recognized as a domestic leader in nuclear power construction, poised to benefit from the current acceleration in nuclear capital expenditures [4][9]. - Nuclear energy is highlighted as a clean and efficient non-fossil energy source, essential for balancing renewable energy challenges [9][10]. Global Nuclear Power Development Trends - As of January 2024, there are 58 nuclear reactors under construction globally, with a total net installed capacity of 59.87 GW, of which China's external regions account for 36.14 GW [3][17]. - The report indicates that by 2030, 107 new nuclear reactors are planned in countries along the "Belt and Road," adding a total of 115 GW of nuclear capacity [23][24]. Nuclear Engineering Construction Prosperity Phase - The company's nuclear engineering revenue grew from 11.92 billion yuan in 2014 to 23.93 billion yuan in 2023, with a CAGR of 8.0% [4][24]. - The report anticipates significant revenue growth in nuclear engineering, projecting revenues of 28.71 billion yuan, 34.17 billion yuan, and 40.15 billion yuan for 2024-2026, with year-on-year growth rates of 20%, 19%, and 18% respectively [33][34]. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits attributable to shareholders of 2.40 billion yuan, 2.82 billion yuan, and 3.24 billion yuan for 2024-2026, with corresponding dynamic PE ratios of 10x, 9x, and 8x [4][35]. - The report emphasizes the company's strong market position and potential for profit elasticity due to previous credit impairment impacts [4][29].

| 证券代码：601611 | 证券简称：中国核建 公告编号：2024-042 | | --- | --- | | 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 2024 年 5 月主要经营情况公布如下，供各位投资者参 考： 截至 2024 年 5 月，公司累计实现新签合同 581.86 亿元，累计实 现营业收入 403.98 亿元。 以上数据未经审计，由于客户情况变化等各种因素，未来签约额 与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 2024 年 6 月 18 日 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于中国核工业建设股份有限公司 2023 年年度股东大会的 法律意见书 国枫律股字[2024]A0350 号 致：中国核工业建设股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2023 年年度股东大会（以下简称"本次会议"）。 本所律师根据《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》"）、《上市公司股东大会规则》（以下简 称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券 法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证 券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《中国核工业建 设股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程 序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本法 ...

| 证券代码：601611 | 证券简称：中国核建 公告编号：2024-041 | | --- | --- | | 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 2023 年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 17 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,136,692,506 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 70.7907 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 公司 2023 年年度股东大会由董事会召集，董事长陈宝智先生主持。会议的 召集、召开及表决方式符合《公司法》等法律法规及规范性文件以及《公司章程》 (一) 股东大会召开的时间：2024 年 6 月 17 日 (二) 股东大会召开的地点：上 ...

证券代码：601611 证券简称：中国核建 中国核工业建设股份有限公司投资者关系活动记录表 □特定对象调研 □分析师会议 媒体采访 投资者关系活动类别 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（电话会议） 时间 2024年6月6日 14:00-15:30 会议方式 现场会议：上海市青浦区蟠龙路500号中核科创园 董事长：陈宝智 副总经理、董事会秘书：邹禹萌 公司接待人员姓名 总会计师：赵晨曦 证券事务代表、董事会办公室总经理：张云普 财务部总经理：吴子建 中国信达、产业基金、华泰证券、中信建投、长城基金、银河证券、 参与投资者 国盛证券、国元证券、中信期货、长江证券、招商基金、汇添富基 金、国泰基金、财通资管、华泰柏瑞等机构投资者和分析师 一、说明会主要内容 本次说明会主要分为四个部分，首先播放公司宣传片，然后由 公司董事长陈宝智致欢迎辞，副总经理、董事会秘书重点介绍公司 ...

中国核工业建设股份有限公司 2023 年年度股东大会 会议资料 中国核工业建设股份有限公司 2023 年年度股东大会----会议资料 议案 1 关于 2023 年董事会工作报告的议案 二〇二四年六月 中国核工业建设股份有限公司 2023 年年度股东大会----会议资料 目录 | 议案 | 1：关于 2023 | | 年董事会工作报告的议案 3 | | --- | --- | --- | --- | | 议案 | 2：关于 2023 | | 年监事会工作报告的议案 10 | | 议案 | 3：关于 | 2023 | 年独立董事年度述职报告的议案 18 | | 议案 | 4：关于 | 2023 | 年财务决算报告的议案 19 | | 议案 | 5：关于 | 2023 | 年利润分配预案的议案 21 | | 议案 | 6：关于 年度报告及其摘要的议案 | 2023 | 22 | | 议案 | 7：关于董事 2023 年薪酬及 2024 年薪酬方案的议案 | | 23 | | 议案 | 8：关于购买董监事及高级管理人员责任险的议案 | | 25 | | 议案 | 9：关于注销限制性股票并减少注册资本的议案 | | 2 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4][7]. Core Views - The company is a leading player in China's nuclear power engineering construction, benefiting from a significant upturn in the nuclear power sector, which is expected to drive substantial growth in its financial performance [4][14]. - The nuclear power sector is entering a historic boom phase, with expectations of exceeding previous forecasts for engineering construction [4][29]. - The report highlights that the company's potential profitability is underestimated due to significant impairment losses, which are expected to normalize, leading to substantial earnings growth in the coming years [4][9]. Summary by Sections 1. Company Overview - The company is the only global entity that has continuously engaged in nuclear power construction for over 30 years, representing the highest level of nuclear engineering in China [4][14]. - It has undertaken the majority of nuclear power units and island engineering projects in China [4][14]. 2. Market Dynamics - The nuclear power sector is positioned as a key baseload energy source in the new energy system, essential for addressing the challenges of carbon neutrality [4][29]. - China's nuclear power generation currently accounts for less than 5% of total energy production, indicating significant growth potential compared to the global average of 9% and over 20% in developed countries [4][37]. 3. Financial Performance - The company has shown robust revenue growth, with nuclear engineering revenue increasing by 15.03%, 39.99%, and 42.86% from 2021 to 2023 [4][24]. - The report forecasts substantial earnings growth, with net profit expected to increase by over 150% in 2024 if credit impairments are excluded [4][9]. 4. Valuation Metrics - The current price-to-earnings (PE) ratios are significantly lower than comparable companies, with projected PE ratios of 10x, 8x, and 6x for 2024 to 2026 [4][7]. - The report estimates potential net profits of 52.01 billion, 58.68 billion, and 68.69 billion yuan for 2024 to 2026, indicating strong growth prospects [4][7]. 5. Risk Assessment - The report notes that the market has overestimated the risks associated with the company's non-nuclear construction business, particularly in traditional real estate, which has been under pressure [4][9].

Investment Rating - The report indicates a positive outlook for the company, highlighting a new growth cycle for nuclear power due to government policies [2][11]. Core Insights - The company is experiencing steady performance improvements, particularly in nuclear power construction, which is expected to grow significantly [2][4]. - The demand for nuclear power projects is increasing, with a notable rise in international market opportunities under the Belt and Road Initiative [2][8]. Company Overview and Performance - The company primarily operates in engineering construction, divided into nuclear power engineering and industrial & civil engineering sectors [3]. - In 2023, the company reported total revenue of 109.39 billion, a year-on-year increase of 10.34%, and a net profit of 2.06 billion, up 16.07% [4][5]. - The nuclear power engineering segment achieved revenue of 23.93 billion, reflecting a 42.9% growth, while the industrial and civil engineering segment saw a slight decline of 0.1% [4]. Market Dynamics - As of April 2024, there are 26 nuclear power projects under construction in China, with a planned investment exceeding 121.55 billion, marking a 52% year-on-year increase [8]. - The company holds a dominant market share, responsible for 97% of operational and under-construction nuclear island installations and 94% of nuclear island civil engineering projects [8]. Strategic Developments - The government’s 2024-2025 energy plan emphasizes the development of non-fossil energy sources, including nuclear power, which is expected to enhance the company's growth prospects [11]. - The company is actively expanding its international presence, particularly in key markets along the Belt and Road Initiative, which is projected to require significant nuclear power infrastructure [10][11].

中国核工业建设股份有限公司 关于核电工程签约的公告 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。 | 证券代码：601611 | 证券简称：中国核建 公告编号：2024-040 | | --- | --- | | 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董事会 2024年6月5日 1 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： 序号 签约单位 合同名称 1 中国核工业第二二建设有限公司 浙江金七门核电厂 1、2 号机组核岛及其配套 BOP 土建工程施工合同 2 中国核工业二三建设有限公司 福建漳州核电厂 3、4 号机组核岛及其配套安装 工程施工合同 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。 ...