Group 1 - The Ningde Nuclear Power Phase II project has successfully commenced the construction of the "Emergency Diesel Generator House Large Module" at Nantong Liebherr Heavy Industry Co., marking a new model of "factory-built power plants" in China's nuclear power construction [1][3] - Liebherr has integrated the large module technology for the first time in nuclear power construction, allowing for parallel completion of the main construction and internal installation work within the factory, significantly reducing on-site workload and enhancing construction efficiency [3] - The large module adopts a "structure + system" integrated design concept, achieving a transition from single structural modules to deeply integrated modules, which is crucial for ensuring high safety levels in the Ningde Phase II project [3] Group 2 - The successful launch of this project is a key measure to enhance the safety and efficiency of the Ningde Phase II project, contributing to cost reduction and improved resource assurance for the new round of nuclear power construction [3] - Liebherr Group is recognized as a national high-tech enterprise and a "specialized and innovative" small giant, being one of the few companies in China capable of providing a full industrial chain service in engineering design, EPC contracting, and modular research and manufacturing [3] - The Nantong project has a total investment of 5.5 billion yuan and focuses on the design, manufacturing, construction, and maintenance of large energy modules, aiming to establish a leading domestic and internationally competitive industrial module manufacturing base [3]

Group 1 - The Ningde Nuclear Power Phase II project has initiated the construction of the "Emergency Diesel Generator House Large Module" at Nantong Liebherr Heavy Industry Co., marking a new model of "factory-built plant" in China's nuclear power construction [1][3] - This project employs integrated large module technology for the first time in nuclear power construction, allowing for parallel completion of main construction and internal installation work, thereby reducing on-site workload and enhancing construction efficiency [3] - The large module adopts a "structure + system" integrated design concept, achieving a transition from single structural modules to deeply integrated modules, which is significant for improving safety levels and cost efficiency in nuclear power construction [3] Group 2 - The successful launch of this project is a key measure to ensure the high-level safety advancement of the Ningde Phase II project, contributing to the essential safety level and resource assurance for the new round of nuclear power construction [3] - Liebherr Group is recognized as a national high-tech enterprise and a "specialized, refined, distinctive, and innovative" small giant enterprise, with comprehensive capabilities in engineering design, EPC contracting, and modular research and manufacturing [3] - The total investment for the Nantong project is 5.5 billion yuan, focusing on the design, manufacturing, construction, and maintenance of large energy modules, aiming to establish a leading domestic and internationally competitive industrial module manufacturing base [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Viewpoints - The nuclear power sector is experiencing accelerated growth, with significant investment completion in the first four months of 2025 reaching 36.64% year-on-year growth, indicating a new cycle of prosperity in nuclear power construction [1][14] - The modular construction market for nuclear power is expected to expand significantly, with an estimated market size of approximately 86.4 billion yuan annually from 2025 to 2030 due to the anticipated annual commencement of around six new nuclear units [2][36] - The company is enhancing its modular production capacity through new investment projects, securing a competitive advantage in nuclear module orders [3][39] Summary by Sections Nuclear Power Market Outlook - The nuclear power investment completion in China reached 36.256 billion yuan in the first four months of 2025, with a cumulative increase of 36.64% year-on-year, and a total of 102 nuclear units in operation, under construction, or approved, with a total installed capacity of 113 million kilowatts [1][14] - The third-generation nuclear units, primarily using modular design, are expected to significantly reduce construction time from 50 months to 36 months, enhancing efficiency and safety [2][24][29] Modular Construction Capacity - The company is expanding its modular production capabilities through a new investment project, which will increase its manufacturing and transportation capacity for large modules, thereby improving production efficiency [3][39] - The company has secured a contract for the construction of modules for the Ningde Phase II project, marking its first application of modular technology in the "Hualong One" nuclear power plant [3][42] Financial Projections - The company's projected net profit for 2025-2027 is estimated at 229.17 million, 252.15 million, and 292.78 million yuan, respectively, with corresponding P/E ratios of 20.44, 18.58, and 16.00 [4][5]