国盛证券研报指出，利柏特化工模块龙头拓核辟新，卡位核电模块建造趋势。公司主营化工大型模块制 造及EPFCO工程服务，下游围绕精细化工领域，积累巴斯夫、英威达、科思创等多家优质业主资源。 从盈利指标看，受益巴斯夫等大型项目结算，公司毛利率近年来持续提升，ROE显著优于同业，2020- 2024年净现比均值179%，盈利质量优异。工业模块化渗透率持续提升，化工主业需求稳健；转债募资 7.5亿投建南通基地，切入核电打造新增长点。另外，测算核电模块业务有望贡献4.6亿增量业绩。假设 土建模块化占比50%、公司市占率35%，对应增量模块化收入46亿元、业绩4.6亿元（参考转债测算给予 10%净利率），业务成长性优异。当前股价对应PE分别为28/25/17倍，后续核电业务突破有望贡献显著 业绩增量，首次覆盖给予"买入"评级。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is a leading player in chemical modular manufacturing with excellent profitability, benefiting from increased investments by core clients in China, leading to significant growth in contract signings and revenue [1][24]. - The industrial modularization penetration rate is continuously increasing, providing a stable order source for the company's main business [2]. - The company plans to raise 750 million yuan through convertible bonds to build a new base in Nantong, which will expand its capacity for large module manufacturing and tap into the nuclear power sector as a new growth point [3][4]. - The nuclear module business is projected to contribute an additional 460 million yuan in performance by 2025, driven by contracts with major nuclear power operators [4]. Summary by Sections 1. Chemical Modular Manufacturing Leader with Excellent Profitability - The company has established a full industry chain layout in chemical EPFCO, integrating design, procurement, modularization, construction, and maintenance [14]. - The company has seen rapid revenue growth due to increased investments from core clients like BASF and Invista, with a total contract amount of 4.2 billion yuan in 2022, doubling its total revenue from 2021 [24][25]. - The company's profitability is superior to its peers, with a gross margin consistently maintained between 15%-20% since 2021, and a projected gross margin of 16.1% for 2024 [30]. 2. Continuous Improvement in Industrial Modularization Penetration - Modular construction offers significant advantages over traditional methods in cost control, construction efficiency, and operational performance, leading to a stable demand for the company's main business [2]. - The company has successfully completed several benchmark large modular projects, enhancing its technical capabilities and establishing stable partnerships with multinational chemical giants [2]. 3. Fundraising for Nantong Base to Enter Nuclear Power Sector - The Nantong base is expected to significantly increase the company's large module manufacturing capacity, with an estimated annual output value of 2.1 billion yuan upon reaching full production [3]. - The nuclear power sector is projected to see substantial growth, with an average annual investment of approximately 160 billion yuan expected to be driven by the construction of new nuclear units [3]. 4. Earnings Forecast, Valuation, and Investment Recommendations - The company is forecasted to achieve net profits of 220 million yuan, 246 million yuan, and 356 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.49, 0.55, and 0.79 yuan per share [4]. - The current stock price corresponds to a P/E ratio of 28, 25, and 17 for the years 2025, 2026, and 2027, indicating potential for significant earnings growth from the nuclear business [4].

面对宁德核电项目的特殊厂址情况，利柏特首次在核电建设中采用一体化集成大模块技术。应急柴油机厂房大模块作为首个核电大模块工程，突破了传统 结构模块边界，将厂房主体施工与内部安装工作最大限度地在工厂内并行完成，能够有效减少现场作业量和交叉作业，提升工程建设效率，大幅降低安全 质量风险，为项目按期、高质量投产奠定坚实基础。 柴油机厂房大模块采用"结构+系统"一体化设计理念，将钢结构、管道等多专业、多系统高度集成于一体，实现了核电模块化建造由单一结构模块向深度 集成模块的跨越。 扬子晚报网讯(记者朱亚运通讯员陈玲丽)12月26日，宁德核电二期项目"应急柴油机厂房大模块"工程在通州湾示范区南通利柏特（605167）重工有限公司 顺利开工。这一工程开创了我国核电建设"工厂造厂房"的全新模式，标志着我国核电工程在模块化、工业化建造领域取得技术新突破。 该工程是保障宁德二期项目高水平安全推进的关键举措。本次项目的顺利启动，标志着宁德二期工程在模块化建造方面迈出关键一步，对提高项目本质安 全水平、实现降本增效，提升新一轮核电批量化建设资源保障能力具有重要意义。 利柏特集团是国家级高新技术企业、专精特新"小巨人"企业，也是国内少 ...

Core Insights - The report highlights a significant decline in fixed asset investment (FAI) in 2025, with infrastructure investment becoming a drag on the economy, prompting the economic work conference to emphasize "investment stabilization" [2][9] - Looking ahead to 2026, the report suggests that "active fiscal policies" will drive investment stabilization, with a focus on structural opportunities in the construction sector, including western infrastructure, overseas engineering, and new infrastructure [2][9] Group 1: Economic Overview - In 2025, FAI experienced a comprehensive decline, with infrastructure investment significantly dropping, particularly in the third quarter, where narrow infrastructure investment turned negative, declining by 8.7% in October [23][28] - The report notes that the actual situation of infrastructure investment may have deteriorated earlier than expected in 2024, despite apparent growth in infrastructure investment [30][34] Group 2: Structural Opportunities - The report emphasizes the importance of structural opportunities in the construction sector, particularly in western infrastructure projects, overseas engineering, and new infrastructure driven by technological advancements [45][46] - Specific recommendations include focusing on high-dividend leading companies in western regions, such as Sichuan Road and Bridge, and exploring opportunities in Xinjiang and Tibet [9][10] Group 3: Overseas Engineering - The report indicates that overseas engineering demand remains strong, driven by favorable client structures and business models of central enterprises, as well as private enterprises expanding into international markets [10][11] - Key recommendations for overseas engineering include companies like China National Materials, Jianghe Group, and Jinggong Steel Structure, which are expected to perform well in terms of earnings and dividends [10][11] Group 4: New Infrastructure - The report identifies several sectors within new infrastructure that are expected to see growth, including clean rooms, commercial aerospace, nuclear power, and low-altitude economy, driven by technological advancements and safety demands [10][11] - Specific companies recommended in these sectors include Yaxiang Integration for clean rooms and China Nuclear Engineering for nuclear power projects [10][11] Group 5: Traditional Demand - The report notes that traditional demand, particularly in real estate, remains under pressure, with new and second-hand housing demand still facing challenges [11] - It highlights the potential turning point for companies like Honglu Steel Structure, which may benefit from improved cyclical sentiment and operational efficiency [11] Group 6: Reform and Restructuring - The report discusses the need for deep reforms in the construction sector to enhance global competitiveness, focusing on identifying quality assets and new business opportunities for central enterprises [12][12] - It also emphasizes the importance of market value management and the potential for mergers and acquisitions in the construction industry [12][12]

Core Insights - The announcements highlight various corporate activities including project investments, contract wins, equity acquisitions, share buybacks, and shareholding adjustments across multiple companies in different sectors. Project Investments - Haibo Technology plans to invest 2 billion yuan in the "Haibo Intelligent Green Energy Storage Factory Project" [1] Contract Wins - Baosheng Co., Ltd. has won a contract worth approximately 1.2 billion yuan from the Singapore Power Authority for power cable projects [1] - Qianjiang Water Conservancy has secured a contract for the integrated water supply and drainage project in Qimen County, Huangshan City [1] - Ningbo Construction has won a construction contract worth 428 million yuan as part of a consortium [1] Equity Acquisitions - Shanghai Jianlong intends to acquire a 40% stake in Hanxing Energy for 200 million yuan [1] - Ningbo Port plans to acquire 100% equity of the Comprehensive Bonded Zone Terminal for 706 million yuan to enhance its competitive edge [1] - Jinko Environment aims to acquire 100% equity of Eric for 84.8 million yuan [1] Share Buybacks - Weimais plans to repurchase shares with an investment of 50 million to 100 million yuan [1] Shareholding Adjustments - Yuan Meihe, a shareholder of Oke Yi, plans to reduce his stake by up to 1.89% [2] - Biological Holdings intends to increase its stake by investing between 50 million to 100 million yuan [2] - Chang'an Trust and Zhongbao Investment No. 1 Trust plan to reduce their holdings in Unisplendour by no more than 1% [1]

莱茵生物：控制权拟变更拟购买北京金康普80%股权；石大胜华（603026）、伯特利（603596）筹划赴 港上市；宁波华翔：下属子公司获得机器人关节订单；震裕科技：拟发行可转债募资不超18.8亿元；宁 波港：拟7.06亿元收购舟山港综保区码头100%股权；胜通能源：公司不涉及机器人相关业务；华新建 材：股东华新集团拟以2亿至4亿元增持公司股份…… 今日看点 ▼聚焦一：莱茵生物：控制权拟变更 拟购买北京金康普80%股权 2025年12月22日，公司控股股东、实际控制人秦本军与广州德福营养投资合伙企业（有限合伙）（以下 简称"广州德福营养"）签署《控制权变更框架协议》《股份转让协议》《表决权放弃协议》，约定秦本 军向广州德福营养协议转让其所持公司6000万股股份（占公司总股本比例为8.09%），放弃1.89亿股股 份表决权（占公司总股本比例为25.5%），保留2224.83万股股份表决权（占公司总股本比例为3%）。 本次协议转让完成股份过户且公司董事会完成换届后，广州德福营养将成为公司控股股东，侯明女士和 LI ZHENFU先生（双方为夫妻关系）将成为公司共同实际控制人。 公司同时披露发行股份购买资产并募集配套资 ...

（编辑 王雪儿） 证券日报网讯 12月23日，利柏特发布公告称，公司股票交易于2025年12月19日、12月22日、12月23日 连续三个交易日内日收盘价格涨幅偏离值累计达20%。根据《上海证券交易所交易规则》的有关规定， 属于股票交易异常波动情形。 ...

今日晚间重要公告抢先看——8连板胜通能源称公司不涉及机器人相关业务，收购方不存在未来十二个 月内的资产重组计划；2连板利柏特称公司不涉及可控核聚变业务；珠免集团已完成格力房产100%股权 交割，交易价格为55.18亿元。 【重大事项】 8连板胜通能源：公司不涉及机器人相关业务收购方不存在未来十二个月内的资产重组计划 胜通能源（001331）公告，公司股票自12月12日以来连续8个交易日涨停，累计涨幅达到114.44%，属 于股票交易严重异常波动的情形。公司控股股东、实际控制人签署了《关于胜通能源股份有限公司之股 份转让协议》。公司不涉及机器人相关业务，公司主营业务仍为液化天然气采购、运输及销售，未发生 重大变化，收购方不存在未来十二个月内的资产重组计划，收购方不存在未来12个月内对上市公司及其 子公司的资产和业务进行出售、合并、与他人合资或合作的计划，或上市公司拟购买或置换资产的重组 计划，收购方不存在未来36个月内通过上市公司借壳上市的计划或安排。收购方七腾机器人参与本次收 购的资金来源为自有资金及自筹资金，截至目前，自筹资金的申请仍在审批阶段，是否可以申请成功尚 存在不确定性，敬请广大投资者注意投资风险， ...

上交所公开信息显示，当日该股因日涨幅偏离值达9.97%上榜，机构专用席位净买入2072.35万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.88亿元，其中，买入成交额为1.18亿 元，卖出成交额为6917.98万元，合计净买入4918.50万元。 具体来看，今日上榜的营业部中，共有1家机构专用席位现身，即买四，合计净买入2072.35万元。 利柏特(605167)今日涨停，全天换手率12.36%，成交额7.30亿元，振幅15.23%。龙虎榜数据显示，机构 净买入2072.35万元，营业部席位合计净买入2846.15万元。 资金流向方面，今日该股主力资金净流入7821.75万元，其中，特大单净流入8186.08万元，大单资金净 流出364.33万元。近5日主力资金净流入1.51亿元。 10月31日公司发布的三季报数据显示，前三季度公司共实现营业收入19.83亿元，同比下降23.44%，实 现净利润1.78亿元，同比下降11.15%。（数据宝） 利柏特12月23日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- ...

智通财经APP讯，利柏特(605167.SH)发布股价异动公告称，针对市场将本公司列为"可控核聚变概念 股"、"核电概念股"，公司经核实后作如下澄清：公司主营业务为工业模块设计和制造及工程服务相关 业务，截至目前，公司不涉及可控核聚变业务，公司主营业务未发生改变。公司核电领域业务主要 为"5BDA、7BUG模块建造安装工程及临时泊位工程项目"，合同额为2.26亿元，占2024年度经审计营业 收入的6.48%，规模较小，相关合同正在执行中且盈利尚未确定。上述事项对公司当前主营业务的开展 无实质影响，敬请广大投资者审慎决策、理性投资。 ...