JEMC(SZ:000922) Huafu Securities·2025-08-16 12:15Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next 6 months [14]. Core Insights - Serbia has established an Atomic Energy Commission to advance its nuclear program, which will serve as a core expert pool for decision-making and provide necessary scientific and technical analysis for the revival of the nuclear program [4]. - Jiadian Co., Ltd.'s subsidiary, Harbin Electric Power Equipment Co., Ltd., has won a bid for a nuclear power project with a contract value of 609 million yuan [5]. - Nuclear power is highlighted as a crucial force in promoting green energy transition due to its clean, safe, and efficient characteristics, with annual utilization hours exceeding 7000 hours, making it the most efficient energy source [6]. Company Summaries - Jiadian Co., Ltd.: The company's main helium fan is the only power device for the fourth-generation high-temperature gas-cooled reactor, and its subsidiary's nuclear main pump products lead in the nuclear power business segment [6]. - Guoguang Electric: The company's filter and cladding systems are key components of the ITER project [6]. - Lanshi Heavy Industry: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [6]. - Kexin Electromechanical: Has produced high-temperature gas-cooled reactor nuclear power products, achieving import substitution for new fuel transport containers [6]. - Haili Heavy Industry: Services include third and fourth-generation reactors as well as thermonuclear fusion reactors (ITER) [6]. - Jiangsu Shentong: Secured over 90% of orders for nuclear-grade butterfly valves and nuclear-grade ball valves for new nuclear power projects in China [6]. - Xianheng International: The company's products are applied in the operation and maintenance of nuclear energy and nuclear power [6].