研报掘金丨爱建证券：首予国机重装“买入”评级，有望在后续聚变项目推进中持续受益

Core Viewpoint - GuoJi Heavy Equipment is one of China's largest heavy equipment manufacturers, with a strong presence in the energy and industrial sectors, and is positioned to benefit from increasing international demand for its products [1] Group 1: Company Overview - GuoJi Heavy Equipment manufactures critical equipment such as heavy gas turbine rotors, nuclear power main pipelines, and fusion magnetic structure components [1] - The company has demonstrated significant capabilities in supplying extreme critical equipment [1] Group 2: Financial Performance - The overseas revenue share of GuoJi Heavy Equipment has increased from 20.2% in 2022 to 30.8% in 2024, indicating a strong growth trajectory in international markets [1] - The company's internationalization and gross profit levels are expected to continue improving as a result of this growth [1] Group 3: Market Opportunities - The company has secured substantial orders for key magnetic structure components in controlled nuclear fusion, leveraging its early manufacturing experience [1] - GuoJi Heavy Equipment is anticipated to benefit from ongoing developments in fusion projects [1] Group 4: Catalysts for Stock Performance - Key catalysts for stock performance include the continued rollout of overseas general contracting and gas turbine projects [1] - The approval pace for nuclear power units in China has exceeded expectations, providing additional support for the company's growth [1] - The bidding outcomes for controlled nuclear fusion projects have also surpassed expectations, further enhancing the company's prospects [1]