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]

东吴证券近日发布公用事业行业跟踪周报：2025M1-3全社会用电量2.38万亿千瓦时（同 比+2.5%），其中，第一产业、第二产业、第三产业、居民城乡用电分别同比+8.7%、 +1.9%、+5.2%、+1.5%。发电量：2025M1-3年累计发电量2.27万亿千瓦时（同比1.5%），其 中火电、水电、核电、风电、光伏分别-4.4%、+6.3%、+13.0%、+16.8%、+45.3%。 以下为研究报告摘要： 【责任编辑：杨梓安 】 投资建议：迎峰度夏关注水电、火电投资机会。1）水电：量价齐升、低成本受益市场 化。度电成本所有电源中最低，省内水电市场电价持续提升，外输可享当地电价。现金流优 异分红能力强，折旧期满盈利持续释放。重点推荐【长江电力】。2）火电：迎峰度夏建议 关注区域火电投资机会。建议关注【建投能源】【华电国际】【华能国际】【国电电力】 【申能股份】【皖能电力】。3）核电：成长确定、远期盈利&分红提升。22/23年连续两年 核准10台，24年再获11台核准，成长再提速。在建机组投运+资本开支逐步见顶。公司ROE 看齐成熟项目有望翻倍，分红同步提升。重点推荐【中国核电】【中国广核】，建议关注 【中广核 ...

安泰科技 20250428 • 安泰科技 2025 年一季度营收同比微增 0.2%，环比增长 3%，规模增长 15%，虽面临挑战，但经营目标不变。接触式泳池及非晶材料合同额同比 下降 5%，收入微增 2%，产能释放不足影响利润，但市场占有率保持稳定。 非晶和纳米晶材料合同额增长 8%，营收增长超 20%，利润增幅显著。 • 高端粉末业务中，台龙钨钼合金受外贸出口影响，合同额同比下降 2%， 但国内半导体及航空航天需求提供支撑。粉末钢受出口影响较大，营收和 合同额均下降 20%。医疗板块出口延迟影响利润，但国产替代趋势带来机 遇。 • 高速钢工具业务表现突出，合同额同比增长 10%以上，收入增长 15%- 20%，利润增幅超 30%，得益于粉末钢销量及工模具钢、特殊钢等产品 结构调整，以及下游工业结构调整和基建项目拉动。 • 公司国内市场合同额同比增长超 8%，环比增长超 20%，主要受益于国产 替代。对美出口下降，但战略性产品未变，交货周期拉长。公司正积极开 拓非美市场，包括欧洲、东南亚、中东和拉美地区。 Q&A 摘要 请介绍安泰科技 2025 年第一季度的财务表现和整体经营情况。 2025 年第一季度，安泰 ...

核电，又有新动向。 4月27日，国务院常务会议决定核准浙江三门三期工程等核电项目。 在确保安全的前提下，加快核电项目审批，传递出怎样的信号？ 审批节奏加快。 从2019年开始，国内核电审批节奏明显加快。 2019-2021年，分别核准核电机组4台、4台、5台。2022年和2023年，连续两年均核准了10台，2024年更 是一口气核准了11台，加上此次新核准的10台，近四年每年核准10台及以上。 其实，"加快"还出现在顶层文件中。2024年8月，中共中央、国务院正式对外发布《关于加快经济社会 发展全面绿色转型的意见》，出现了"加快……沿海核电等清洁能源基地建设"的表述。 为什么加快？答案很简单，核电的优势明显。 相比其他发电方式，核电机组的年发电利用小时数常年保持在7000小时以上，位居所有电源之首，而且 在生产过程中不排放二氧化硫、氮氧化物、烟尘和二氧化碳。 会议强调，发展核电必须确保安全万无一失，要压实参建单位和业主单位主体责任，按照全球最高安全 标准建设和运营核电机组，持续加强安全监管能力建设，切实兜牢核电安全保障网。 据《中国能源报》报道，此次核准涉及5个核电项目的10台机组。 2024年，我国核电发电 ...

Core Viewpoint - The Chinese government has approved several new nuclear power projects, continuing a trend of annual approvals for over ten new nuclear units, with a total of 10 new units approved in 2025, marking a significant expansion in the country's nuclear energy capacity [1][2][4]. Group 1: Project Approvals - The State Council has approved five new nuclear projects, including the third phase of the Zhejiang Sanmen project and the third phase of the Guangxi Fangchenggang project, totaling 10 new units [1][2]. - The approved units primarily utilize the "Hualong One" nuclear technology, which accounts for 80% of the new approvals [2][3]. Group 2: Capacity and Technology - The approved units include the Taishan 3 and 4 units with a capacity of 1200 MW each and the Fangchenggang 5 and 6 units with a capacity of 1208 MW each, all employing "Hualong One" technology [2]. - The Sanmen 5 and 6 units will have a capacity of 1215 MW each and are expected to generate an annual output of 20 billion kWh [2][3]. - The Haiyang 5 and 6 units will utilize the domestically developed "CAP1000" technology, with a capacity of 1300 MW each, and are projected to generate 60.9 billion kWh annually [3]. Group 3: Market Potential - The average market space for nuclear power equipment is estimated to be around 100 billion yuan annually, with each nuclear unit valued between 18 billion to 20 billion yuan [4]. - By 2030, China's operational nuclear capacity is expected to lead globally, with projections indicating a need for 200 million kW of nuclear capacity by 2040, contributing approximately 10% to the energy mix [4][5]. Group 4: Current Status and Future Developments - As of the end of 2024, China has 57 operational nuclear units with a total capacity of 59.76 million kW, ranking third globally, and 28 units under construction, maintaining the highest construction capacity worldwide [5]. - The investment in nuclear engineering reached a record high of 146.9 billion yuan in 2024, reflecting a significant increase from the previous year [5].

Core Viewpoint - The State Council of China has approved five new nuclear power projects, indicating a significant step in the country's nuclear energy development strategy [1][2]. Group 1: Project Details - The approved projects include the Zhejiang Sanmen Phase III, Fujian Xiapu Units 1 and 2, Shandong Haiyang Phase III, Guangdong Taishan Phase II, and Guangxi Fangchenggang Phase III, contributing to a total nuclear power capacity exceeding 120 million kilowatts [1][2]. - The Taishan and Fangchenggang projects are under China General Nuclear Power Group, with Taishan featuring two EPR units and Fangchenggang utilizing the "Hualong One" technology for its new units [1][2]. - The Sanmen project in Zhejiang plans to build six units with a total capacity of 7.4 million kilowatts, while the Xiapu project in Fujian will have five units with a total investment exceeding 110 billion yuan [2]. Group 2: Industry Impact - The nuclear power sector is expected to significantly reduce coal consumption and carbon emissions, with projections indicating a reduction of approximately 14 million tons of coal and 37 million tons of CO2 emissions in 2024 [3]. - China aims to enhance its nuclear safety culture and adhere to the highest global safety standards in nuclear power operations, ensuring the safety and efficiency of its nuclear projects [3]. - The government is also focusing on the development of advanced nuclear technologies, including fourth-generation reactors and small modular reactors, to optimize energy structure and address climate change [3].

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 国常会新核准核电 10 台核电成长性加强 2025 年 04 月 28 日 行业走势 -13% -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 2024/4/29 2024/8/27 2024/12/25 2025/4/24 公用事业 沪深300 相关研究 增持（维持） [Table_Tag] [投资要点 Table_Summary ] 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 唐亚辉 执业证书：S0600520070005 tangyh@dwzq.com.cn 《新一代煤电升级专项行动实施方案 印发，3 月份全社会用电量同增 4.8%》 2025-04-21 《关税引发经济衰退担忧美国气价大 跌，关税暂缓欧洲气价回升，国内气 价平稳》 2025-04-21 东吴证券研究所 1 / 21 请务必阅读正文之后的免责声明部分 ◼ 本周核心观点：1）国常会决定核准 2025 年核电项目。2025 年 4 月 27 日，国常会决定核准 202 ...

行业点评报告 · 公用事业行业 国常会核准 10 合机组、看好核电长期成长性 "国务院常务会议审议决定核准一批核电项目"点评 核心观点 0 事件:4月27日,国务院常务会议审议决定核准一批核电项目。 2024 年 4 月 28 日 公用事业 推荐 维持评级 分析师 陶贻功 ☎：010-80927673 网: taoyigong_yj@chinastock.com.cn 分析师登记编码：S0130522030001 梁悠南 ☎：010-80927656 网: liangyounan_yj@chinastock.com.cn 分析师登记编码：S0130523070002 研究助理:马敏 区: mamin_yj@chinastock.com.cn 相对沪深 300 表现图 2024-04-25 公用事业 沪深300 请务必阅读正文最后的中国银河证券股份有限公司免责声明 2022-2025年,我国连续4年核准核电机组数量≥10 台。2011 年日本福 0 岛核泄漏后,国内核电审批速度放缓乃至暂停。2019年,核电审批重启, 2019-2024 年每年新核准核电机组 4、4、5、10、10、11 台。2025 年 4 ...

Core Viewpoint - The nuclear power industry in China is expected to experience significant growth, with a strong investment rating maintained by Zhongyuan Securities, highlighting the importance of nuclear power in future energy supply [1][3] Group 1: Project Approvals - On April 27, 2025, the State Council approved five nuclear power projects, totaling ten nuclear units, with China General Nuclear Power Group (CGN) and China National Nuclear Power (CNNP) being the primary beneficiaries [1] - CGN received approval for four units, including two units in Guangdong and two in Guangxi, all utilizing Hualong One technology, with capacities of 1.2 million kW and 1.208 million kW respectively [1] - CNNP was approved for two units in the Zhejiang Sanmen project, also using Hualong One technology, with a capacity of 1.215 million kW each [2] Group 2: Industry Growth and Capacity - Nuclear power is recognized as a stable energy source in China's new power system, with a utilization hour rate of 7,805.74 hours in 2024, contributing 4.73% to the national power generation [3] - The "14th Five-Year Plan" aims for a nuclear power installed capacity of approximately 70 million kW by 2025, with a focus on coastal projects [3] - As of April 27, 2025, China has approved 28 new nuclear projects since 2022, with a total of 102 operational, under construction, and approved units, making it the world's largest nuclear power capacity at 113 million kW [3] Group 3: Regional Developments - Currently, there are no nuclear projects approved or under construction in Henan Province, which is not included in the national nuclear construction plan due to cautious evaluation policies for inland nuclear development [4]