Libert(SH:605167) Tianfeng Securities·2025-06-05 10:20Investment 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 [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 introduction of third-generation nuclear technology [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, marking a 36.64% year-on-year increase [1] - As of April 27, 2025, there are 102 nuclear power units in operation, under construction, or approved for construction, with a total installed capacity of 113 million kilowatts [14] - The third-generation nuclear power units are expected to enter a peak construction phase, with a focus on modular design to significantly reduce construction time from 50 months to 36 months [2][24] Modular Construction Advantages - The modular construction approach allows for a more efficient building process, with the potential to reduce construction costs and improve safety and quality control [28][29] - The average construction cost for a typical dual-unit third-generation nuclear power project is around 40 billion yuan, with engineering costs accounting for approximately 60% of the total project cost [35] - 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 a third-generation nuclear power plant [3][42] Company Growth and Financial Projections - The company is expanding its production capacity through a new investment project that will enhance its ability to manufacture and transport large modules [39][41] - Financial projections indicate a net profit attributable to the parent company of 229.17 million yuan in 2025, with a corresponding PE ratio of 20.44 [5][4] - The company has a strong background in modular construction, having served numerous international clients and accumulated extensive project experience [43]