证券日报网讯 1月9日，中国能建（601868）在互动平台回答投资者提问时表示，中国能建拥有电力 （含电网、水电、火电、核电等）建筑行业的成套资质，覆盖核电工程咨询和勘察设计、建筑施工、监 理等领域的成系列、高等级资质，承担了国内已投运核电90%以上常规岛勘察设计、60%以上常规岛工 程建设，如国内第一座核电站秦山核电站常规岛工程、国内第一台出口核电站巴基斯坦恰希玛核电一期 常规岛工程、"华龙一号""国和一号"等各堆型核电项目建设。此外，公司在西班牙的两家设计公司，具 备核岛和常规岛的设计能力以及核电站的总包业绩。 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨利柏特（605167.SH） [Table_Title] 核电建设加速，看好利柏特投资机会 [Table_Author] 张弛 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SFC：BUT917 请阅读最后评级说明和重要声明 报告要点 [Table_Summary] 近期利柏特受到市场较多关注。 核电建设加速是支撑增长的行业β，公司模块业务占比提升， 盈利能力有望加强，可转债项目扩产带来新的发展动能。 分析师及联系人 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 利柏特（605167.SH） cjzqdt11111 [Table_Title2] 核电建设加速，看好利柏特投资机会 [Table_Summary2] 事件描述 近期利柏特受到市场较多关注。 事件评论 ⚫ 核电建设加速是支撑增长的行业β。据《中国能源报》记者统计，从 2019 年至 2025 年， 我国核准核电机组数量分别为 6 台、4 台 ...

据观察，如此紧凑的新机组开工在史上并不多见，这一方面与中广核作为国内最大核电企业的项目储备 有关，2024年、2025年，中广核获得核准的核电新机组均领跑其他核电集团，另一方面也是国内核电建 设重回高峰的缩影。业内预测，"十五五"时期，中国有望成为全球唯一商运核电机组破百的国家。 本文源自：格隆汇 格隆汇12月22日｜港股核电股拉升上涨，其中，中广核矿业涨5.8%，中核国际涨2.28%，中广核电力涨 1%。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01164 | 中广核矿业 | 3.100 | 5.80% | | 02302 | 中核国际 | 4.940 | 2.28% | | 01816 | 中广核电力 | 2.980 | 1.71% | 消息上，临近年末、满弓紧弦，核电开工潮再起。据澎湃获悉，中广核福建宁德核电站6号机组12月16 日完成核岛第一罐混凝土浇筑（FCD），标志着该机组主体工程正式开工。11月18日、19日，位于浙江 温州的三澳核电站3号机组和位于山东烟台的招远核电站1号机组相继FCD。 ...

证券日报网讯 12月18日，中国建筑（601668）在互动平台回答投资者提问时表示，公司开展核电工程 建设业务，参与建设了广东太平岭核电厂二期、广西防城港核电厂等项目。 ...

Investment Rating - The investment rating for China Uranium Industry is "Buy" based on its strong market position and growth potential in the domestic natural uranium sector [1][5][28]. Core Insights - China Uranium Industry (001280.SZ) is the only company engaged in domestic natural uranium mining and processing, holding a dominant position in the industry. The company is expected to achieve revenue and net profit of 17.279 billion and 1.458 billion RMB respectively in 2024 [1][5]. - The company benefits from a large nuclear power market and has significant growth potential, supported by favorable government policies promoting nuclear energy development [6][20]. - The company has a stable revenue growth rate of 28.07% from 2022 to 2024, driven by consistent demand from downstream nuclear power plants [7][10]. Summary by Sections Company Overview - China Uranium Industry is a key player in ensuring the supply of natural uranium in China, with 17 mining rights in regions rich in uranium resources. The company ranks among the top ten uranium producers globally, with its Rosin uranium mine being the second-largest open-pit uranium mine in the world [5][24][25]. Business Analysis - The company primarily engages in the mining, sales, and trade of natural uranium and related radioactive minerals. Its revenue from natural uranium sales is projected to grow significantly, with a compound annual growth rate of 28.07% from 2022 to 2024 [7][10][12]. - The company has established long-term agreements with major nuclear power clients, ensuring stable demand for its products [6][10]. Industry Development and Competitive Landscape - The global natural uranium market is expected to expand steadily, driven by the transition to clean energy and increased nuclear power construction. The company is well-positioned to benefit from this growth [20][22]. - The competitive landscape is characterized by a high concentration of production among the top ten uranium producers, with China Uranium Industry being one of the three main suppliers in the domestic market [22][24]. IPO and Fundraising - The company plans to issue 24.818 million shares, raising approximately 4.11 billion RMB to expand its uranium production capacity and improve processing technologies [26][27]. - The IPO will enhance the company's ability to secure domestic uranium supply and support its growth strategy [26][27]. Comparable Company Valuation - The average price-to-earnings (PE) ratio for comparable companies in the industry is 26.21 for 2024, with projected ratios of 18.96 and 15.75 for 2025 and 2026 respectively [28][29].

Core Viewpoint - The U.S. nuclear power sector is experiencing a rise in stock prices, driven by government plans to finance new nuclear power plants to meet the energy demands of AI development [1] Group 1: Market Reaction - Oklo (OKLO.US) shares increased by over 10% [1] - NANO Nuclear Energy (NNE.US) shares rose nearly 5% [1] - Energy Fuels (UUUU.US) shares gained over 3% [1] - NuScale Power (SMR.US) shares climbed over 2% [1] Group 2: Government Initiatives - The Trump administration plans to allocate hundreds of billions of dollars in national funds to finance new nuclear power plants [1] - The U.S. Department of Energy will direct most of the loan funds to support nuclear power construction [1] - The goal is to initiate the construction of dozens of nuclear power plants within three years to address a funding gap of up to trillions of dollars in energy infrastructure [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved operating revenue of 73.938 billion yuan in the first three quarters, a year-on-year decrease of 6.32%. The net profit attributable to shareholders was 1.106 billion yuan, down 23.96% year-on-year, and the net profit after deducting non-recurring gains and losses was 1.082 billion yuan, a decrease of 28.82% year-on-year [5][11] - In Q3 alone, the operating revenue was 20.466 billion yuan, a year-on-year decrease of 15.78%, with a net profit of 309 million yuan, down 38.25% year-on-year [5][11] - The company’s gross margin improved, with a comprehensive gross margin of 10.39% for the first three quarters, an increase of 0.86 percentage points year-on-year. In Q3, the gross margin was 11.91%, also up 0.86 percentage points year-on-year [11] - The company signed new contracts worth 112.962 billion yuan in the first three quarters, a year-on-year increase of 5.84%, but the new contracts in Q3 were 25.813 billion yuan, down 14.23% year-on-year [11] - The operating cash flow showed a net outflow of 15.452 billion yuan in the first three quarters, an increase of 1.791 billion yuan in outflow year-on-year, with a cash collection ratio of 86.06%, up 13.86 percentage points year-on-year [11] Summary by Sections Financial Performance - The company reported total operating revenue of 113.541 billion yuan for 2024A, with projected revenues of 109.880 billion yuan for 2025E and 111.943 billion yuan for 2026E [15] - The net profit attributable to shareholders is projected to be 2.064 billion yuan for 2024A, decreasing to 1.832 billion yuan in 2025E [15] Market Position - The company has benefited from the approval of 10 nuclear power units for four consecutive years, indicating a stable approval rhythm for nuclear projects in China [11] - The recent approval of five nuclear power projects, totaling 10 units, is expected to generate an investment exceeding 200 billion yuan, providing a significant market opportunity for the company [11]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Insights - The company is positioned to benefit from the dual growth of liquid cooling and nuclear power, with significant growth potential under favorable policies [1][5] - The company reported a revenue of 1.717 billion yuan for Q3 2025, a year-on-year increase of 6.88%, and a net profit of 162 million yuan, up 13.54% year-on-year [3][4] Summary by Sections Business Performance - In Q3 2025, the company achieved a revenue of 1.717 billion yuan, representing a 6.88% increase year-on-year, and a net profit of 162 million yuan, which is a 13.54% increase year-on-year [3][4] Market Positioning - The company has established a strong brand recognition in the domestic high-end data center cooling equipment market, having served major projects such as the National Supercomputing Center in Guangzhou and China Mobile's data center in Guizhou [4] - The company is actively expanding into strategic emerging sectors, aligning with national "dual carbon" strategies and marine economic development plans [5] Technological Advancements - The company has developed innovative technologies for nuclear power cooling and energy utilization, including a series of cooling systems and heat recovery solutions [6][7] - The company’s subsidiary has over 20 years of experience in nuclear power services and has contributed to the drafting of national standards for refrigeration equipment [7] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 7.502 billion yuan, 8.503 billion yuan, and 9.740 billion yuan respectively, with corresponding EPS of 0.71 yuan, 0.84 yuan, and 1.03 yuan [8][10] - The current stock price corresponds to a PE ratio of 21.2, 18.1, and 14.7 for the years 2025, 2026, and 2027 respectively [8][10]

Core Viewpoint - The company Ice Wheel Environment has shown resilience in its financial performance despite a slight decline in year-to-date revenue and net profit, while its recent quarterly results indicate growth in revenue and net profit compared to the previous year [2][3]. Financial Performance - For Q3 2025, the company achieved revenue of 1.72 billion, representing a year-on-year increase of 6.88%, and a net profit attributable to shareholders of 160 million, up 13.54% year-on-year [2]. - For the first three quarters of 2025, the company reported revenue of 4.83 billion, a year-on-year decline of 2.45%, and a net profit of 428 million, down 9.68% year-on-year [2]. Business Operations and Product Offerings - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchange devices that manage thermal energy across a temperature range of -271°C to 200°C [3]. - The product lineup includes various types of compressors, industrial heat pumps, vacuum freeze-drying equipment, and marine refrigeration equipment, showcasing significant technological advantages and market performance [3]. Market Applications - The company's products are widely used in sectors such as food processing, cold chain logistics, industrial cooling systems, commercial air conditioning, and special industrial air conditioning [4]. - Specific applications include data centers, nuclear power plants, and energy recovery systems, indicating a diverse market presence [4]. Data Center Solutions - The company’s subsidiaries provide cooling equipment for data centers, including liquid cooling systems, with products recognized in the national green data center technology directory [5][6]. - Successful projects include collaborations with major data centers across China and partnerships with local integrators in North America, Australia, Southeast Asia, and the Middle East [5]. Nuclear Power Industry Engagement - The company is actively involved in the nuclear power sector, focusing on core applications such as nuclear island cooling and heat recovery, with innovative technologies developed for safe and efficient operation [6][7]. - Recent projects include serving multiple nuclear power stations in China and winning contracts for floating small reactor cooling systems [7].

Group 1 - The company operates in the nuclear power equipment manufacturing industry [1] - The recent steady progress in the batch construction of nuclear power in China is creating a development period for the nuclear equipment materials market [1] - The company plans to seize opportunities and actively expand its market to secure more orders as the construction of "Hualong One" and "High-Temperature Gas-Cooled Reactor" types of nuclear power progresses [1]