Core Viewpoint - The company is undergoing a significant asset swap and share issuance to acquire assets from State Nuclear Power Technology Company and China Life Insurance, aiming to enhance its operational capacity in the nuclear energy sector [1][12][21]. Group 1: Transaction Overview - The transaction consists of a major asset swap, issuance of shares for asset purchase, and fundraising through the issuance of shares to no more than 35 specific investors [1][12]. - The assets being swapped include 100% equity of Electric Power Nuclear Co. from State Nuclear and 100% equity of Capital Holdings from the company [12][13]. - The transaction values the assets at approximately 57.12 billion yuan for the incoming assets and 15.11 billion yuan for the outgoing assets [13][19]. Group 2: Financial Impact - Post-transaction, the company's total assets are projected to increase from approximately 478.32 billion yuan to 1,273.24 billion yuan, while total liabilities will rise from about 180.43 billion yuan to 778.50 billion yuan [21]. - The net profit attributable to shareholders is expected to grow from approximately 10.44 billion yuan to 34.37 billion yuan, indicating a significant enhancement in profitability [21]. - The asset-liability ratio will increase from 37.72% to 61.14%, reflecting a higher leverage post-transaction [21]. Group 3: Shareholding Structure - The transaction will alter the shareholding structure, with State Nuclear becoming the controlling shareholder, holding approximately 43.80% of shares post-transaction [21]. - The company’s original major shareholder, State Power Investment Group, will see its stake reduced to about 15.50% [21]. - China Life Insurance will hold approximately 25.05% of shares after the transaction [21]. Group 4: Regulatory and Compliance - The transaction is subject to approval from relevant regulatory bodies, including the China Securities Regulatory Commission and the Shenzhen Stock Exchange [3][21]. - The company has committed to strict compliance with information disclosure obligations to protect the interests of minority investors during the transaction process [22][23]. - Independent assessments have been conducted to ensure the fairness of asset valuations and compliance with regulatory standards [23].

Core Viewpoint - The article discusses the resurgence of nuclear power globally, particularly in China, highlighting significant investments and approvals for new nuclear projects as part of a broader strategy to enhance energy security and transition to cleaner energy sources [4][8][20]. Group 1: Nuclear Power Development in China - On April 27, 2023, the Chinese government approved five nuclear power projects with a total investment exceeding 200 billion yuan, marking a significant shift in nuclear energy policy [4][5]. - The approval of 10 nuclear units in one go is unprecedented and reflects a change in the regulatory environment following the 2011 Fukushima disaster, where nuclear projects faced stringent restrictions [6][10]. - As of 2023, China has 58 operational nuclear reactors with a combined capacity of approximately 60 million kilowatts, ranking second globally, and an additional 54 reactors under construction [12][13]. Group 2: Global Trends in Nuclear Power - Other major countries are also ramping up nuclear power initiatives, with France, the UK, South Korea, and India announcing plans to build new nuclear reactors, reversing previous trends of downsizing nuclear energy [7][20]. - The shift towards nuclear power is driven by the need for stable and reliable energy sources amid global uncertainties, including geopolitical tensions and climate change [20][24]. Group 3: Advantages of Nuclear Power - Nuclear power is highlighted as having superior competitiveness compared to other energy sources, providing stable and controllable electricity generation without the carbon emissions associated with fossil fuels [22][23]. - The increasing demand for electricity, particularly from energy-intensive industries like AI, necessitates the expansion of nuclear power to meet future energy needs [26][27]. Group 4: Safety and Technological Advancements - China's nuclear power industry is noted for its strong safety record, with no significant incidents reported since 2025, and advancements in third and fourth-generation nuclear technologies enhancing safety measures [29][40]. - The construction and operational costs of Chinese nuclear projects are significantly lower than those in other countries, contributing to faster project completion and increased competitiveness in the global market [40][41].

Core Viewpoint - The report indicates that while the electric motor business of the company faced some pressure, the nuclear power business showed significant growth, leading to an overall "buy" rating for the stock [1]. Group 1: Financial Performance - In 2024, the company achieved revenue of 4.899 billion yuan, a year-on-year decrease of 7.92%, and a net profit attributable to shareholders of 256 million yuan, down 35.78% year-on-year [1]. - For Q1 2025, the company reported revenue of 1.156 billion yuan, a slight increase of 0.25% year-on-year, but a net profit attributable to shareholders of 55 million yuan, down 40.75% year-on-year [1]. - The electric motor business generated revenue of 3.901 billion yuan in 2024, a decline of 13.77% year-on-year, with a gross margin of 17.94%, down 6.11 percentage points [1]. Group 2: Nuclear Power Business - The nuclear power business generated revenue of 869 million yuan in 2024, an increase of 26.67% year-on-year, with a gross margin of 37.90%, up 17.51 percentage points [2]. - The company's subsidiary, Harbin Electric Power Equipment Co., Ltd., reported revenue of 1.557 billion yuan, a year-on-year increase of 19%, and a net profit of 155 million yuan, up 76% year-on-year [2]. - The nuclear power industry is entering an accelerated development phase, with the approval of 11 nuclear power units in China in 2024, benefiting the company's growth [2]. Group 3: Profit Forecast and Valuation - The company is expected to achieve revenues of 5.039 billion yuan, 5.497 billion yuan, and 6.190 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth of 2.85%, 9.10%, and 12.61% [3]. - The forecasted net profits for the same years are 370 million yuan, 402 million yuan, and 501 million yuan, with year-on-year growth rates of 44.36%, 8.56%, and 24.70% [3]. - The corresponding price-to-earnings ratios are projected to be 19.98, 18.40, and 14.76 for 2025, 2026, and 2027, respectively, maintaining a "buy" rating [3].

文 ｜ 华鹏伟 王喆 刘海博 付宸硕 李想 孙明新 华夏 国务院常务会议决定核准浙江三门三期工程等核电项目，共涉及1 0台三大核电机组，自2 0 2 2年以来我国连续四年年均核准1 0台 以上核电机组，核电产业发展高景气延续。我国核能领域持续发展，三四代核裂机组相继落地，核聚变装置加速发展，建议关 注产业链核心价值量环节。 ▍ 国常会核准1 0台自主三代核电机组。 据新闻联播报道，4月2 7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；据澎湃新闻进一步报道，上述获批项目分 别为广西防城港核电三期（5、6号机组），广东台山核电二期（3、4号机组），浙江三门核电三期（5、6号机组），山东海 阳核电三期（5、6号机组），福建霞浦核电一期（1、2号机组）；合计核准5个工程、1 0台新机组，上述机组均计划采用自主 三代核电技术，其中8台为华龙一号机组。经过本次国常会核准后，我国核电机组建设已经实现自2 0 2 2年以来连续四年年均核 准1 0台以上核电机组，我国核电在按照全球最高安全标准的基础上实现常态化核准建设。 ▍ 本轮核准机组预计总投资规模约2 0 0 0亿元，带动产业链订单向好。 ▍ 核能优势明显，长期发 ...