CGNNT(SZ:000881)2024-05-10 01:00Investment Rating - The investment rating for Cgn Nuclear Technology Development is "Neutral (Hold)" as of March 31, 2024 [7]. Core Viewpoints - The company experienced a significant decline in net profit attributable to shareholders, down 469.33% year-on-year in 2023, with a net loss of 737 million yuan [50][51]. - The company is actively developing proton oncology treatment projects and focuses on enhancing its nuclear technology application industry [19]. - The company maintains a leading market share in the domestic industrial electron accelerator market and is expanding its sales channels overseas [46]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved operating income of 6.353 billion yuan, a decrease of 8.53% year-on-year, and a recurring net loss of 961 million yuan, down 1,351.27% year-on-year [51]. - For Q1 2024, the company reported operating income of 1.310 billion yuan, a year-on-year increase of 6.81%, primarily due to growth in the new materials segment [51]. Business Development - The company has deepened its layout around four major businesses and is committed to the development of proton oncology treatment projects [19]. - The company has a design capacity of 90 electron accelerators per year and a new materials design capacity of 737,000 tonnes per year [19]. Market Position - The company has maintained a leading domestic market share and has signed orders for 13 sets of overseas accelerators, achieving sales in Russia and Vietnam [46]. - In the irradiation processing field, the company has been recognized for its cooperation project in Indonesia, which was awarded as a model project for peaceful uses of nuclear technology [46]. Innovation and R&D - The company emphasizes innovation-driven development and is focused on high-end transformation and upgrading of its new materials business [48]. - The company is also working on the localization of proton therapy systems and the establishment of mainstream medical isotope supply capacity [48].