苏州海陆重工股份有限公司 投资者关系活动记录表 编号：2025-006 投资者关系活动类 别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及人 员姓名 华西证券：王宁 华泰柏瑞基金：王林军 华夏未来资本：王钟琪 时间 2025 年 9 月 16 日 10:00-11:30 地点 董事会秘书办公室 上市公司接待人员 姓名 董事会秘书张郭一 投资者关系活动主 要内容介绍 一、公司主营业务简单介绍 公司主营业务未发生变化，为工业余热锅炉、大型 及特种材质压力容器及核安全设备的制造销售；固废、 废水等污染物处理及回收利用的环境综合治理服务；光 伏电站运营。 二、核电业务介绍 公司从 1998 年起开始核电设备的制造，经过 20 多 年在核电领域的深耕与发展，先后完成多个项目的国 际、国内首件（台）制造任务。 公司核安全设备包括：安注箱、堆内构件吊篮筒体、 堆内构件吊具、乏燃料冷却器、硼酸冷却器、冷凝液冷 却器、再生式热交换器、非能动余热排出系统、稳压器 卸压箱、硼酸贮存箱、容积控制箱、应急补水箱、柴油 | | 机主贮油罐 ...

Core Viewpoint - Harbin Electric (01133) has seen a significant stock price increase of over 325% year-to-date, with a recent rise of 5.2% to HKD 9.71, driven by strong financial performance and positive market sentiment towards nuclear power and the company's order execution capabilities [1][2]. Financial Performance - The company reported total revenue of approximately CNY 22.696 billion, representing a year-on-year growth of 31.49% [1]. - Net profit attributable to the parent company was about CNY 1.051 billion, showing a substantial year-on-year increase of 101.06% [1]. Market Outlook - UBS forecasts an average annual growth rate of 25% for gross profit from nuclear equipment in China between 2025 and 2028, with each new small modular reactor (SMR) potentially contributing around CNY 620 million in revenue for Harbin Electric [1]. - The market's confidence in the nuclear power outlook and the company's order execution capabilities suggests potential for further re-rating [1]. Business Segments - Coal Power: The company has a robust order book with improved order quality compared to the previous cycle, which is expected to enhance profits [2]. - Hydropower: Orders from pumped storage projects are entering execution phases, and new capacity is being released, with large hydropower projects benefiting from increased demand due to the Yarlung Tsangpo River hydropower project [2]. - Nuclear Power: The approval rate for nuclear projects has increased from about 5 units per year (2019-2021) to approximately 10 units per year (2022-2025), with related orders gradually entering execution phases [2]. - Modern Manufacturing Services: New policies emphasize improving operational efficiency of existing coal power units, which may drive growth in related business areas [2].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to accounting standards affecting trade business, while mining production remains stable [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 1.709 billion HKD, a year-on-year decrease of 58% [1]. - The net profit attributable to shareholders was -68 million HKD, reflecting a year-on-year decline of 160% [1]. - The trade segment incurred a loss of 262 million HKD due to the impact of accounting practices and market price fluctuations [2]. Group 2: Uranium Market Dynamics - Natural uranium prices showed a steady fluctuation in the first half of 2025, with spot prices ranging between 60-80 USD per pound, averaging 78.50 USD per pound by the end of June, a 4% increase from the beginning of the year [1]. - Long-term contract prices remained stable at 80.00 USD per pound, supporting existing uranium mine production increases and restarts [1]. - Global uranium production is expected to grow by 13% year-on-year in 2024, reaching approximately 61,600 tons, but supply challenges are anticipated post-2028 due to long project lead times and resource depletion [1]. Group 3: Sales and Contracts - The company signed new contracts for 1,910 tons of natural uranium, with 53% of sales coming from Europe, 30% from Asia, and 17% from North America [2]. - The total delivery of natural uranium reached 812 tons, generating sales revenue of 1.23 million USD (approximately 9.55 million HKD) [2]. - As of June 30, 2025, the company held 1,569 tons of natural uranium with a weighted average cost of 68.77 USD per pound, and had 4,564 tons of signed but undelivered contracts at an average price of 80.52 USD per pound [2]. Group 4: Mining Operations - The company's mining operations demonstrated strong performance, achieving an equity production of 650 tons of standard uranium in the first half of 2025 [3]. - All invested mines exceeded 100% completion rates in the second quarter of 2025, indicating robust production capacity and effective cost control [3]. - New sales framework agreements for 2026-2028 reflect confidence in the uranium market, with a pricing mechanism of "30% fixed price + 70% spot price," enhancing revenue elasticity to uranium price fluctuations [3].

Group 1 - The company currently has a significant number of orders on hand and sufficient production capacity [1] - The delivery cycle for nuclear power ventilation products is approximately 3-4 years, with supply based on the construction progress of the awarded projects [1] - The nuclear power sector in China has maintained a regular approval pace in recent years, entering a period of positive development [1] Group 2 - The company plans to actively participate in the bidding process for related projects, laying a solid foundation for future operational performance growth [1]

Group 1 - The company currently has a significant number of orders on hand and sufficient production capacity [1] - The delivery cycle for nuclear power ventilation products is approximately 3-4 years, with supply based on the construction progress of the awarded projects [1] - The nuclear power sector in China has maintained a regular approval pace in recent years, entering a period of positive development, which the company aims to actively participate in through bidding for related projects [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, attributed to increased costs and a decrease in average market electricity prices despite an increase in nuclear power generation [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 39.167 billion yuan, a year-on-year decrease of 0.53% - The net profit attributable to shareholders was 5.952 billion yuan, down 16.30% year-on-year - In Q2 2025, revenue was 19.139 billion yuan, a decline of 5.23%, with net profit at 2.926 billion yuan, down 16.54% [1]. Operational Metrics - The total nuclear power generation for H1 2025 was 113.36 billion kWh, an increase of 6.93% year-on-year - The nuclear power generation from subsidiaries was 89.265 billion kWh, up 8.84% year-on-year, due to reduced maintenance times and the commissioning of the Fangchenggang Unit 4 in May 2025 - The average market electricity price decreased by approximately 8.23% year-on-year, impacting revenue despite increased generation [2]. Project Development - As of June 30, 2025, the company had 20 nuclear power units under construction, with various stages of progress - The company expects the Huizhou Unit 1 to be operational this year, while other units are scheduled for commissioning between 2026 and 2030 - In April 2025, the State Council approved 10 nuclear power units, including four units from the company's Taishan Phase II and Fangchenggang Phase III projects [3]. Strategic Acquisitions - In August 2025, the company announced plans to acquire 82% of Huizhou Nuclear Power and 100% of three other nuclear power companies for approximately 9.375 billion yuan - This acquisition aims to enhance the company's project reserves and support future growth in nuclear power generation and profitability [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 10.125 billion yuan, 10.577 billion yuan, and 11.391 billion yuan for 2025, 2026, and 2027, reflecting year-on-year changes of -6.37%, +4.47%, and +7.69% respectively - As of August 29, 2025, the stock price corresponds to P/E ratios of 19.15, 18.33, and 17.02 for the respective years [4].

Core Viewpoint - The company reported its 2025 mid-year results, showing a slight increase in revenue but a significant decline in net profit, indicating challenges in profitability despite stable revenue growth [1][2]. Financial Performance - For the first half of 2025, the company achieved revenue of 2.497 billion yuan, a year-on-year increase of 0.63%, while the net profit attributable to shareholders was 132 million yuan, a decrease of 24.50% [1]. - The company's net profit after deducting non-recurring items was 113 million yuan, down 30.96% year-on-year [1]. - In Q2 2025, total revenue reached 1.341 billion yuan, up 0.96% year-on-year and 16.01% quarter-on-quarter [2]. - The net profit for Q2 was 77 million yuan, a decrease of 6.02% year-on-year but an increase of 40.00% quarter-on-quarter [2]. - The company’s expense ratios for sales, management, R&D, and finance were 4.46%, 3.92%, 2.70%, and 0.62%, respectively, with sales expenses increasing by 17.27% year-on-year [2]. Business Segments - The electric motor and service segment generated revenue of 1.825 billion yuan, down 2.25% year-on-year, while the nuclear power products segment saw revenue of 627 million yuan, an increase of 13.26% [2]. - Gross margins for these segments were 20.34% and 25.49%, respectively, with year-on-year changes of +1.25 and -4.35 percentage points [2]. Industry and Policy Support - The company benefits from supportive policies aimed at promoting energy efficiency and upgrading industrial equipment, particularly in the electric motor sector [3]. - The company has made significant advancements in nuclear power technology, achieving over 70% market share domestically [4]. - The company was recognized as a "manufacturing single champion" and has received certifications for high-efficiency electric motors, enhancing its competitive edge [3]. Future Prospects - The company secured a contract for nuclear power equipment worth 609 million yuan, which is expected to positively impact future performance [4]. - The company is projected to see net profits of 370 million, 486 million, and 570 million yuan from 2025 to 2027, with corresponding EPS of 0.53, 0.70, and 0.82 yuan per share [4].

Investment Rating - The report initiates coverage with a "Buy" rating for China General Nuclear Power Corporation (CGN Power) [2][8] Core Views - CGN Power is the sole operating platform for nuclear power generation under China General Nuclear Group, showing stable profit growth in recent years. The company was established in March 2014 and listed on the Hong Kong Stock Exchange and Shenzhen Stock Exchange in December 2014 and August 2019, respectively. The controlling shareholder is China General Nuclear Group, which held a combined stake of 58.89% in A-shares and H-shares by the end of 2024 [7][23]. - Nuclear power is crucial for achieving carbon neutrality goals, with China accelerating its nuclear power development. The company has seen a compound annual growth rate (CAGR) of 7.4% in revenue and 2.7% in net profit from 2019 to 2024 [7][24]. - The company is entering a phase of intensive construction and commissioning of nuclear power units, with 20 units under management as of June 2025, representing a potential increase of approximately 76% over the current operational capacity of 31.80 GW [7][33]. - Financial costs have been decreasing due to lower domestic interest rates, and the company has a robust cash flow to support capital expenditures and dividends. The operating cash flow net amount for 2024 is projected to be 38 billion yuan, a year-on-year increase of 14.8%, fully covering investment expenditures and dividends [7][8]. - The report forecasts earnings per share (EPS) of 0.21, 0.23, and 0.24 yuan for 2025-2027, with corresponding price-to-earnings (PE) ratios of 13, 12, and 11 times. The estimated reasonable market value for the H-shares is 186.6 billion HKD, indicating a potential upside of 25.2% [8][24]. Financial Data and Profit Forecast - Revenue (in million yuan) is projected to be 82,549 in 2023, 86,804 in 2024, and 87,245 in 2025, with growth rates of 0%, 5%, and 1% respectively. Net profit attributable to shareholders is expected to be 10,725 million in 2023, 10,814 million in 2024, and 10,753 million in 2025, with growth rates of 8%, 1%, and -1% respectively [6]. - The company’s dividend per share has increased from 0.0578 HKD in 2016 to 0.1032 HKD in 2024, with a dividend payout ratio consistently above 40% for six consecutive years [7][8]. Key Assumptions - Installed capacity is expected to reach 32.92 million kW, 35.24 million kW, and 37.64 million kW for 2025-2027. The on-grid electricity volume is projected to be 234.8 billion kWh, 243.9 billion kWh, and 255.5 billion kWh for the same period [9]. - The on-grid electricity price is anticipated to be 0.401, 0.3994, and 0.3987 yuan per kWh for 2025-2027 [9].

Core Viewpoint - China General Nuclear Power Corporation (CGN) has successfully listed its A-share convertible bonds, known as "CGN Convertible Bonds," which is the second-largest convertible bond issuance this year, slightly smaller than the previous 5 billion yuan issuance by Yiwei Lithium Energy [1][2] Group 1: Company Overview - CGN's convertible bonds have a credit rating of AAA, with the company's main credit rating also at AAA. The initial conversion price is set at 3.67 yuan per share, and the company will redeem unconverted bonds at 106% of face value within five trading days after maturity [1] - The top ten holders of the CGN Convertible Bonds include the controlling shareholder, large investment institutions, and individual investors. The controlling shareholder, China General Nuclear Group Co., Ltd., subscribed to 3 billion yuan, accounting for 61.22% of the total issuance [1] Group 2: Project Funding and Future Plans - The funds raised from the convertible bond issuance will be used for the construction of Units 5 and 6 at the Guangdong Lufeng Nuclear Power Station, both utilizing China's self-developed third-generation nuclear technology "Hualong One," with a single unit capacity of 1,200 megawatts. These units are expected to be operational in 2027 and 2028 [2] - The internal rate of return on the project's capital is expected to reach 9%, which will enhance CGN's installed capacity and market competitiveness [2] - The Lufeng project is a key part of CGN's strategic layout during the 14th Five-Year Plan period, aligning with the national strategy for the "active, safe, and orderly development of nuclear power" [2] - Currently, nuclear power accounts for about 5% of China's electricity generation, with projections indicating an increase to 10% by 2035. The country has approved more than ten units annually for four consecutive years, indicating a normalization of nuclear project approvals [2]

Group 1: Current Orders and Production - The company currently has a sufficient order backlog, but both orders and operational status have decreased compared to the same period last year [2] - The company actively engages in market sales through bidding and business negotiations [2] Group 2: Revenue Recognition and Financials - Revenue is recognized when the company fulfills its contractual obligations, with specific methods depending on the product type [3] - The delivery cycle for nuclear power products varies, generally taking around 3 years, with a manufacturing cycle of over 2 years [3] - The gross margin of nuclear power products may fluctuate due to various factors, but prices remain relatively stable [4] Group 3: Future Development and Strategy - The company will continue to focus on nuclear power equipment manufacturing and diversify products in energy, petrochemicals, and machinery sectors [5] - The company is involved in the ITER project for nuclear fusion technology, which is a long-term endeavor [6] - Plans to increase R&D investment in non-nuclear products and new materials while expanding market share [7] Group 4: Competitive Landscape and Market Expansion - The competitive landscape is stable, with high entry barriers for new competitors due to licensing requirements [8] - The company aims to strengthen its brand recognition and expand into new regional markets while maintaining existing customer relationships [9]