中广核技（000881）：业绩短期承压，布局未来

Investment Rating - The report upgrades the investment rating of China General Nuclear Power Technology Co., Ltd. to "Strongly Recommended" [5][11]. Core Views - The company is experiencing short-term pressure on performance but is strategically positioning itself for future growth. In 2024, the company is expected to achieve a revenue of 6.168 billion yuan, a decrease of 2.9% year-on-year, while the net profit attributable to shareholders is projected to be -362 million yuan, an increase of 50.87% year-on-year [1][11]. Business Segments Summary Modified Polymer Materials - The revenue from modified polymer materials in 2024 is expected to be 4.856 billion yuan, a slight decrease of 0.9% year-on-year. The gross profit margin is expected to decline by 0.81 percentage points [1]. - The company aims to increase the sales proportion of products with a gross margin above 15% by reducing material and management costs in 2025 [2]. Accelerator Business - The accelerator business is projected to achieve a sales volume of 57 units in 2024, an increase of 29.55% year-on-year. The company has established a network of 18 irradiation centers and 62 operational electron accelerators [3]. Medical Health - The proton industry park has been completed and is operational, with the first domestically produced proton accelerator expected to be delivered. The report highlights significant growth potential in the number of proton centers in China due to the large population base [4]. Financial Forecast - The company is expected to achieve net profits of 29.37 million yuan, 87.22 million yuan, and 123.24 million yuan for the years 2025, 2026, and 2027, respectively. The corresponding EPS for these years is projected to be 0.03 yuan, 0.09 yuan, and 0.13 yuan [11][12].