东兴证券：东兴晨报-20250210

Group 1: Company Overview - The report highlights China General Nuclear Power Technology Co., Ltd. (CGN Tech) as a leader in non-power nuclear technology and the first company in this sector in China [1][2] - CGN Tech's revenue in 2021 increased by 20.25% year-on-year to 7.999 billion yuan, but faced declines of 13.18% and 8.53% in 2022 and 2023 respectively due to market demand [1][2] - The company is undergoing a transformation towards high-end materials, with traditional product sales expected to grow by approximately 5.5% in the first half of 2024, while "three new" market sales are projected to increase by 51.8% [2] Group 2: Business Development - CGN Tech has introduced proton therapy equipment, marking a significant advancement in accelerator technology, with the first commercial multi-room proton therapy equipment production base in China expected to supply 3 to 4 systems annually [3] - The company is also developing a 5.0 MeV electron accelerator combined with X-ray conversion target equipment, which is anticipated to enhance its capabilities in high-value sterilization services [4][8] Group 3: Market Potential - The report estimates that the market size for proton therapy systems in China during the 14th Five-Year Plan period could reach approximately 30.7 billion yuan, indicating substantial growth potential [3] - The medical device sterilization market is expected to double in the next decade, with electron beam and X-ray applications projected to increase from 5% to 35% of the market share [4] Group 4: Financial Projections - The forecast for CGN Tech's net profit for 2024-2026 is projected to be -313 million yuan, 120 million yuan, and 190 million yuan respectively, with corresponding EPS of -0.33, 0.13, and 0.20 yuan [8]