JEMC(SZ:000922) Huaxin Securities·2024-11-06 10:23Investment Rating - The report assigns a "Buy" rating for the company for the first time [1]. Core Insights - The successful grid connection of the "Guohe No.1" nuclear power project marks the beginning of a new golden development period for the nuclear power industry [1]. - The company, Jiadian Co., Ltd. (000922.SZ), is positioned to benefit significantly from the growing demand in the nuclear power sector, especially with its advanced products and technologies [1][4]. - The acquisition of 51% of Harbin Electric Machinery Co., Ltd. strengthens the company's competitive advantage in the third-generation nuclear power market [1][4]. - The company is actively investing in the fourth-generation nuclear power sector, having completed the development of key components such as the main helium fan for high-temperature gas-cooled reactors [1][4]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 53.29 billion, 62.00 billion, and 70.12 billion yuan respectively, with corresponding EPS of 0.68, 0.88, and 1.08 yuan [4][6]. - The company is expected to see a revenue growth rate of 0.2% in 2024, followed by 16.4% in 2025 and 13.1% in 2026 [6]. - The net profit for 2024, 2025, and 2026 is forecasted to be 404 million, 520 million, and 640 million yuan respectively, with growth rates of 1.2%, 28.6%, and 23.1% [6]. Market Position - Jiadian Co., Ltd. is recognized as a leading manufacturer of special industrial motors in China, with a strong market share in the nuclear power sector [1][4]. - The company has developed several first-of-their-kind products in the domestic market, enhancing its influence in the nuclear motor market [4].