CNECC(SH:601611) Chang Jiang Shang Bao·2025-07-20 22:51Core Insights - China Nuclear Engineering Corporation (CNEC) maintains stable operations with a focus on nuclear power engineering construction, reporting a new contract signing of 87.149 billion yuan in the first half of 2025, an increase of over 10.512 billion yuan or 12.06% compared to the same period last year [1][5][9] - The company has a total of 96 nuclear power units under construction as of the end of 2024, with 64 units already in operation, showcasing its strong market competitiveness [1][13] - CNEC's revenue and net profit have consistently increased since its A-share listing in 2016, with 2024 figures reaching 1135.41 billion yuan in revenue and 20.64 billion yuan in net profit, marking growth of 173.53% and 158.32% respectively since 2016 [3][9] Financial Performance - As of the first quarter of 2025, CNEC's total assets reached 240.517 billion yuan, nearly doubling since the end of 2019 [4] - The company reported a revenue of 53.184 billion yuan in the first half of 2025, with a slight year-on-year increase in net profit to 5.51 billion yuan [1][10] - CNEC's cumulative new contract amounts have shown a steady growth trend from 2019 to 2024, with annual new contracts increasing from 97.08 billion yuan in 2019 to 163.437 billion yuan in 2024, reflecting a compound annual growth rate of approximately 8.50% [8][9] Research and Development - CNEC invested approximately 3.2 billion yuan in research and development in 2024, continuing a trend of increasing R&D expenditure from 1.635 billion yuan in 2022 to 3.215 billion yuan in 2024 [2][14] - The company employs 9,165 R&D personnel, accounting for 20.65% of its total workforce, emphasizing its commitment to innovation and technological advancement [14] Market Position - CNEC is recognized as a leading enterprise in China's nuclear power engineering sector, having constructed the largest number of nuclear power units globally and maintaining a continuous presence in nuclear construction for over 30 years [13] - The company has also expanded its capabilities into industrial and civil engineering projects, successfully undertaking significant national projects across various sectors [14]