利柏特（605167）：核电景气度加速上行，模块化建造市场前景广阔

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Viewpoints - The nuclear power sector is experiencing accelerated growth, with significant investment completion in the first four months of 2025 reaching 36.64% year-on-year growth, indicating a new cycle of prosperity in nuclear power construction [1][14] - The modular construction market for nuclear power is expected to expand significantly, with an estimated market size of approximately 86.4 billion yuan annually from 2025 to 2030 due to the anticipated annual commencement of around six new nuclear units [2][36] - The company is enhancing its modular production capacity through new investment projects, securing a competitive advantage in nuclear module orders [3][39] Summary by Sections Nuclear Power Market Outlook - The nuclear power investment completion in China reached 36.256 billion yuan in the first four months of 2025, with a cumulative increase of 36.64% year-on-year, and a total of 102 nuclear units in operation, under construction, or approved, with a total installed capacity of 113 million kilowatts [1][14] - The third-generation nuclear units, primarily using modular design, are expected to significantly reduce construction time from 50 months to 36 months, enhancing efficiency and safety [2][24][29] Modular Construction Capacity - The company is expanding its modular production capabilities through a new investment project, which will increase its manufacturing and transportation capacity for large modules, thereby improving production efficiency [3][39] - The company has secured a contract for the construction of modules for the Ningde Phase II project, marking its first application of modular technology in the "Hualong One" nuclear power plant [3][42] Financial Projections - The company's projected net profit for 2025-2027 is estimated at 229.17 million, 252.15 million, and 292.78 million yuan, respectively, with corresponding P/E ratios of 20.44, 18.58, and 16.00 [4][5]