江苏神通现场会议 调研活动记录 会议地点：公司会议室 会议时间：2025 年 11 月 21 日 会议主持：章其强 会议记录：章其强 出席人数：3 名 一、会议开始 本次机构投资者调研由公司副总裁兼董秘章其强先生主持，首先向到公司现 场参加调研活动的研究员表示欢迎，同时强调了关于遵守承诺函的约定和上市公 司信息披露的有关规定。其次，章其强先生向投资者介绍了公司基本情况、公司 发展战略规划及近期主要生产经营工作的进展情况。 二、沟通交流 问：公司核级产品在单台核电机组中的价值量是多少？ 答：作为国内核电站建设中关键核级蝶阀、球阀等产品的领先供应商，公司不仅 巩固了其市场地位，还在产品创新与技术革新方面取得了显著进展。通过不断的 研究与开发，公司陆续推出了新产品以扩大市场份额，并成功地将多项创新成果 应用于核电行业。目前，公司为单个核电机组提供的各类阀门订单价值已经超过 了 8000 万元人民币，全资子公司无锡法兰在单个核电机组提供的核电锻件订单 也超过了 2000 万元。展望未来，公司将进一步加大研发投入，以满足国内核电 建设对阀门和法兰锻件不断增长的需求，并为国家能源发展做出更大的贡献。 问：公司与同行企业在 ...

Core Insights - The company has received orders for 18 helium turbines, primarily serving the fourth-generation nuclear technology, specifically high-temperature gas-cooled reactors (HTGR) [1][3] - The helium turbine is a critical component in the nuclear island system, responsible for circulating helium gas within the reactor's primary loop [1] - High-temperature gas-cooled reactors, which are based on completely independent intellectual property rights, have significant safety features and broad application prospects in various fields, including petrochemical coupling, repurposing of thermal power plants, inland breakthroughs, heavy oil thermal recovery, and hydrogen production from nuclear energy [1] Company Developments - The company is focusing on current demonstration projects while closely monitoring future market expansion opportunities [1] - The application of helium turbines is primarily linked to the fourth-generation nuclear technology, indicating a potential for large-scale commercial application in the future [3]

Group 1 - The company has the capability to supply complete sets of valves for second and third generation nuclear power units, as well as key valves for fourth generation nuclear power units [1] - The company also possesses the capability to supply complete sets of critical valves for nuclear fuel vacuum and enriched uranium production [1]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - The global nuclear energy sector is experiencing a revival, with significant interest in small modular reactors (SMRs) as a key solution for meeting the growing energy demands of artificial intelligence [4][5]. - China National Nuclear Corporation (CNNC) showcased its full industry chain capabilities at the 2025 World Nuclear Energy Exhibition (WNE), highlighting technologies such as "Hualong One" and "Linglong One," which have attracted global attention [3]. - The collaboration between CNNC and international partners, including Electricité de France, emphasizes the importance of SMR technology in promoting diversified applications of nuclear energy [4]. Summary by Sections Industry Overview - The report discusses the advancements in nuclear energy, particularly focusing on the development and application of small modular reactors (SMRs) [4][5]. - The exhibition highlighted CNNC's progress in small reactor construction, which has garnered interest from global corporate executives and institutional representatives [3]. Key Companies to Watch - **Jingye Intelligent**: Collaborating with Zhejiang University to establish a joint R&D center for micro-reactor/SMR technology, showing significant growth potential in the context of global AI demand and energy transition [6]. - **Jia Electric**: The main helium fan is the only power device for the primary loop of fourth-generation high-temperature gas-cooled reactors, with its subsidiary leading in nuclear pump products [6]. - **Guoguang Electric**: Key components for the ITER project, focusing on filter and cladding systems [6]. - **Lanshi Heavy Industry**: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [6]. - **Kexin Electromechanical**: Manufacturing high-temperature gas-cooled reactor products, with new fuel transport containers replacing imports [6]. - **Hailu Heavy Industry**: Services various reactor types, including third and fourth-generation reactors and thermonuclear fusion reactors (ITER) [6]. - **Jiangsu Shentong**: Secured over 90% of orders for nuclear-grade butterfly valves and ball valves for new nuclear power projects in China [6].

Core Viewpoint - The controllable nuclear fusion sector is experiencing significant growth, with Hailu Heavy Industry's stock price increasing over 172% from its year-low, driven by industry advancements and strong financial performance [1][3]. Company Summary - Hailu Heavy Industry's stock price reached 14.38 CNY per share, with a market capitalization of 11.95 billion CNY [1]. - The company has been involved in the nuclear power sector since 1998 and is a core supplier of nuclear power equipment in China, with a diverse range of products for various nuclear reactor types [3]. - The company's nuclear power business has become a key growth driver, with revenue from this segment reaching 83.24 million CNY in the first half of the year, a staggering increase of 891.35% year-on-year [3]. Financial Performance - For the first three quarters of the year, Hailu Heavy Industry reported total revenue of 1.685 billion CNY, a decrease of 5.27% year-on-year, while net profit increased by 32.67% to 320 million CNY [4]. - In the third quarter alone, revenue was 653 million CNY, reflecting a year-on-year increase of 4.23%, and net profit was 128 million CNY, up 13.13% year-on-year [4]. Industry Developments - The recent surge in Hailu Heavy Industry's stock price is attributed to favorable industry developments, including the successful operation of a 2 MW liquid fuel thorium-based molten salt experimental reactor, which is the only one globally to achieve thorium fuel conversion [3]. - The thorium-based molten salt reactor is expected to reduce reliance on imported uranium resources, leveraging China's abundant thorium resources [3].

Group 1 - The company has technology reserves related to thermal management of nuclear power equipment and has provided liquid cooling products for third-generation nuclear power inverters [1] - This segment currently accounts for a small proportion of the company's overall revenue and will not have a significant impact on the company's overall operations [1] - The company will continue to monitor industry trends and actively seek related opportunities in line with its business layout and technological advantages [1]

Core Viewpoint - Jiangsu Shentong (002438) emphasizes the continuous improvement of nuclear energy application technology and safety performance in China, leading to higher performance requirements for nuclear power ball valves and butterfly valves [1] Group 1: Technology Advancements - The company is actively following advancements in nuclear energy application technology, particularly in the development of ball valves and butterfly valves for third and fourth generation nuclear power [1] - Significant investments in human and financial resources have been made to track the technological routes for these valves [1] Group 2: Product Testing and Validation - Jiangsu Shentong has successfully passed the testing and certification for the ball valves and butterfly valves used in the Hualong One nuclear reactor [1] - This achievement lays a solid foundation for the company's future market applications in new project constructions [1]

Core Viewpoint - Chongde Technology (301548.SZ) has announced its development of sliding bearings for fourth-generation nuclear power, specifically for the "Fourth Generation Nuclear Sodium Pump Fast Reactor Sliding Bearing Project" [1] Group 1 - The company has confirmed that its dynamic pressure oil film sliding bearings can be utilized in fourth-generation nuclear power [1] - The company is actively engaged in the research and manufacturing of sliding bearings for advanced nuclear technology [1]

Core Viewpoint - The company is involved in the thorium-based molten salt experimental reactor project, indicating a commitment to advanced nuclear technology [1] Group 1 - The company successfully passed the acceptance test for the 2MWt liquid fuel thorium-based molten salt experimental reactor (TMSR-LF1) safety device, specifically the residual heat exchange device [1] - The acceptance was conducted by an expert group from the Shanghai Institute of Applied Physics, Chinese Academy of Sciences, highlighting the project's credibility and technical validation [1]

Core Points - Jiangsu Shentong's wholly-owned subsidiary, Wuxi Flange Forging Co., Ltd., received approval from the National Nuclear Safety Administration to change its scope of manufacturing licenses for civil nuclear safety equipment [1][2] - The approval indicates that Wuxi Flange meets the necessary conditions for manufacturing civil nuclear safety equipment, enhancing its competitive edge in the nuclear flange and forging sector [2] Summary by Sections Company Developments - Wuxi Flange has been granted a change in its manufacturing license scope, which will allow it to supply a wider range of nuclear power products [2] - The company aims to leverage this approval to contribute more high-quality and reliable flanges and forgings for national nuclear power engineering projects [2] Industry Impact - The approval reflects the growing demand and diversification in the nuclear power sector, positioning Wuxi Flange favorably for future market expansion [2]