CGNNT(000881) 浙商证券·2024-12-13 08:10Investment Rating - Buy rating (first coverage) with a target price of 10.76 RMB, implying a 33% upside from the current price [2][16] Core Views - The company is a rare player in the non-power nuclear technology application sector, with strong backing from its parent company, CGN, and is expected to benefit from state-owned enterprise reforms and industry policy support [2][11] - The non-power nuclear technology industry in China is poised for rapid growth, driven by top-level policy design and domestic substitution opportunities, particularly in high-end applications like medical and environmental protection [2][11] - The company has a diversified layout in nuclear technology applications, with significant progress in electronic accelerators, modified materials, and nuclear medical businesses, supported by technological innovation and market-oriented strategies [2][11] Company Overview - The company is a leading platform for non-power nuclear technology applications under CGN, with a focus on electronic accelerators, modified materials, and nuclear medical businesses [2][10] - It has a strong market position in electronic accelerators, with a domestic market share leader in industrial electronic accelerators and a design capacity of 90 units/year [2] - The modified materials business contributes nearly 80% of revenue, with a leading position in optical communication materials and significant potential in nuclear and renewable energy sectors [2] - The nuclear medical business is a key growth driver, with the first domestic commercial multi-room proton therapy equipment production base starting operations in November 2024 [2] Industry Overview - Non-power nuclear technology plays a crucial role in national defense and the economy, with the government issuing the "Three-Year Action Plan for High-Quality Development of Nuclear Technology Application Industry (2024-2026)" to promote domestic substitution and industry growth [2][11] - The industry is expected to see rapid development in high-end applications such as medical, environmental protection, and nuclear agriculture, with domestic companies likely to benefit from policy support and technological advancements [2][11] Financial Forecast - Revenue is projected to grow from 7 billion RMB in 2024 to 9.9 billion RMB in 2026, with net profit turning positive in 2025 and reaching 409 million RMB in 2026 [2][16] - The company is expected to achieve a compound annual growth rate (CAGR) of 18% in revenue from 2024 to 2026, driven by its diversified business layout and policy support [2][16] Key Growth Drivers - Expansion of electronic accelerator applications in new fields such as environmental protection and EB curing [2][92] - Growth in high-value-added modified materials, particularly in nuclear and renewable energy sectors [2][11] - Progress in nuclear medical equipment commercialization and isotope production [2][14] Competitive Advantages - Strong technological and market advantages in electronic accelerators, with products exported to 12 countries [2][95] - Leading position in modified materials, with a comprehensive product portfolio and extensive customer base [2][100] - Strategic focus on high-end nuclear medical equipment and isotope production, supported by CGN's resources [2][11]