Group 1: Company Overview and Strategy - The roadshow was organized by Founder Securities, with the company's Vice President and Secretary of the Board, Mr. Zhang Qiqiang, participating to introduce the company's basic situation and development strategy [2] - The company emphasizes compliance with the commitment letter and relevant regulations on information disclosure [2] Group 2: Project Timelines and Deliverables - The ten newly approved nuclear power units are expected to complete the valve equipment bidding phase by the end of 2025 to the first quarter of 2026, with delivery to occur in 2-3 years [3] - The bidding for valves required for the 2024 approved nuclear power units is ongoing, with deliveries expected in 2026 and 2027 [4] Group 3: Financial Performance and Profitability - The gross profit margin for nuclear power valve products in 2024 is reported at 36.75%, which is within the normal fluctuation range [5] - The company has implemented effective measures for accounts receivable management to mitigate bad debt risks, ensuring overall controllable repayment risks [10] Group 4: Market Position and Product Development - The company is focusing on the development of nuclear-grade valves and has diversified its product offerings, including various types of nuclear valves and filters [9] - The company aims to establish a specialized production base for marine valves, leveraging the industrial advantages of the Nantong marine engineering base [8] Group 5: Future Growth Areas - Future growth is concentrated in nuclear power, hydrogen energy, semiconductor equipment, and marine engineering, with ongoing R&D investments to maintain technological leadership [11] - The company is also exploring opportunities in nuclear fusion technology and has committed resources to develop specialized valves for nuclear energy applications [12] Group 6: International Expansion and Market Trends - The company is actively expanding its international business, focusing on markets in the Middle East and Southeast Asia, particularly in oil refining and gas extraction [13] - The shift towards clean energy presents new opportunities for the company, which plans to enhance production efficiency and competitiveness through technological innovation and smart manufacturing projects [14]

Core Insights - The company reported a revenue of 2.143 billion yuan for 2024, a year-on-year increase of 0.48%, and a net profit attributable to shareholders of 295 million yuan, up 9.68%, meeting expectations [1] Revenue and Profit Analysis - The nuclear power sector saw a revenue increase of 7.06% year-on-year, with a gross margin of 36.75%, down 3.09 percentage points [2] - The metallurgy sector experienced a revenue growth of 13.38% year-on-year, with a gross margin of 29.12%, down 2.27 percentage points [2] - The energy services sector benefited from a rise in demand for contract energy management, with revenue increasing by 63.06% year-on-year and a gross margin of 35.86%, up 0.45 percentage points [2] - The energy sector faced a revenue decline of 38.18% year-on-year, but the gross margin improved by 5.06 percentage points to 16.97% [2] Order and Product Structure - The company secured new orders worth 2.521 billion yuan in 2024, a decrease of 13.55% year-on-year [2] - Metallurgy orders amounted to 409 million yuan, down 9.31% year-on-year, while energy orders were 193 million yuan, down 8.53% year-on-year [2] - Nuclear power orders reached 1.102 billion yuan, a significant increase of 37.24% year-on-year, accounting for 43.7% of new orders, up 16.2 percentage points [2] Research and Development - The company increased its R&D expenditure, with an R&D expense ratio of 4.71% in 2024, up 0.28 percentage points year-on-year [3] - The company is positioned to benefit from the rising domestic production rate of nuclear power valves and has a comprehensive product range in hydrogen energy [3] - Long-term investments in the semiconductor equipment sector are aimed at providing critical components for the semiconductor and photovoltaic industries [3] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 2.392 billion yuan, 2.592 billion yuan, and 2.743 billion yuan, representing year-on-year growth rates of 11.59%, 8.36%, and 5.83% respectively [4] - Net profit forecasts for the same years are 325 million yuan, 365 million yuan, and 406 million yuan, with growth rates of 10.15%, 12.31%, and 11.26% respectively [4] - Earnings per share (EPS) are projected to be 0.64 yuan, 0.72 yuan, and 0.80 yuan for 2025, 2026, and 2027 respectively [4]