Libert(SH:605167) Changjiang Securities·2026-01-06 04:45Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Viewpoints - The acceleration of nuclear power construction is a key industry driver for growth, with the company's modular business share increasing, which is expected to enhance profitability. The expansion of the convertible bond project will bring new development momentum [2][6] Summary by Relevant Sections Industry Overview - The nuclear power construction in China is accelerating, with a total of 28 new nuclear power projects approved over the past seven years, totaling 56 units. The number of approved and under-construction nuclear power units has reached 54, maintaining China's position as the world leader in nuclear power [7] Company Analysis - The company has a competitive advantage in modular manufacturing, which allows for the prefabrication and pre-assembly of large, complex devices, leading to cost and quality control benefits. Recent contracts, such as the 226 million yuan project for the Ningde Phase II modules, highlight this advantage [12] - The company's shareholder, China General Nuclear Power Group, may facilitate positive changes, such as an increase in modularization and progress in nuclear qualifications [12] - The company's nuclear gas separation devices contribute to its valuation and thematic flexibility, with significant involvement in fusion energy projects [12] Financial Performance - In the first three quarters, the company reported a revenue of 1.983 billion yuan, a year-on-year decrease of 23.44%, and a net profit of 178 million yuan, down 11.15%. However, the decline in profit was less than that of revenue, attributed to improved gross margins and reduced credit impairment losses [12] - The company is expanding its modular production capacity significantly, with the new convertible bond project covering an area of 487,800 square meters, which is 3.17 times the size of its main production base [12]