专业工程：核电投资加码，关注中岩大地

Investment Rating - The report assigns an "Accumulate" rating for the industry, marking it as the first rating given [1]. Core Insights - Nuclear power investment is expected to accelerate, benefiting geotechnical engineering as a "pre-cycle" process. Following the Fukushima nuclear disaster in 2011, China's nuclear power sector entered an approximately 8-year cooling period. The "14th Five-Year Plan" emphasizes the development of nuclear power, with approvals for nuclear projects resuming in 2019. As of 2023, China has 93 nuclear units in operation, under construction, or approved, totaling a capacity of 10,143.794 MW, making it the global leader. The recent framework agreement between China National Nuclear Corporation and China Nuclear Industry Group indicates further investment in nuclear power construction [3][4]. Summary by Sections Nuclear Power Investment - The expected annual sales from the framework agreement for 2022-2024 are projected at 25 billion yuan, increasing to 48 billion yuan per year for 2025-2027, indicating a significant ramp-up in nuclear power investment [3]. Geotechnical Engineering Market - The geotechnical engineering market for nuclear power is estimated to reach approximately 15 billion yuan per nuclear unit, with a total market size of around 150 billion yuan if 10 units are approved annually. The increasing scarcity of quality locations for nuclear power plants drives the rapid development of geotechnical engineering in this sector [4][5]. Company Focus - The report highlights Zhongyan Dadi as a key player in the nuclear geotechnical engineering sector, noting its unique position in integrating processes, equipment, and materials. The company is expected to benefit from the ongoing construction of nuclear power plants, hydropower in the west, and port projects, potentially marking a historic turning point for the company [5][7]. Financial Projections - Zhongyan Dadi's earnings per share (EPS) are projected to increase from 0.15 yuan in 2023 to 1.22 yuan by 2026, with a price-to-earnings (PE) ratio decreasing from 160.20 in 2023 to 31.24 in 2026, indicating strong growth potential [7].