Group 1 - The company, Nanfeng Co., Ltd. (300004.SZ), has received a bid notification from China General Nuclear Power Engineering Co., Ltd. confirming it as the winning bidder for the "BT project LOT150Ah non-nuclear wind valves, tornado valves, fire valves, and smoke exhaust valves" [1] - The total bid amount for the project is 61.57 million yuan [1]

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]

Core Viewpoint - During the International Labor Day period, China Power Construction Group Nuclear Power Engineering Co., Ltd. demonstrated commitment and responsibility by ensuring continuous operation at multiple construction sites, reflecting the "Iron Army Spirit" [1] Group 1: Project Progress and Management - At the Datang Yuncheng 630℃ National Power Demonstration Project, nearly 1,000 workers continued construction during the holiday to ensure high-standard project delivery. A technical task force was established to address issues related to the application of domestic G115 heat-resistant steel, promoting seamless design and construction integration [2] - The Huadian Longkou Phase IV project organized a party member commando team to advance the boiler water pressure test, overcoming challenges such as delayed equipment delivery and optimizing construction organization to ensure project progress [4] - The Shandong Energy Lingtai project team focused on ensuring the safe and orderly advancement of the blowing pipe work, aiming for the commissioning of the first unit, with 24-hour monitoring of key parameters to steadily progress towards the production target [4] Group 2: Team Collaboration and Leadership - The Guangdong Lianjiang Nuclear Power Project is in a peak construction period, with a focus on high-quality party building to ensure high-standard project delivery. The project team actively formed party vanguard teams and youth commando teams, enhancing team cohesion and execution through various competitions and volunteer activities [5] - The Zhejiang San'ao Nuclear Power Plant organized discussions between model workers and youth to strengthen the talent cultivation mechanism, promoting the spirit of model workers and craftsmanship among the younger generation [7] Group 3: Cultural and Skill Development - In celebration of the 100th anniversary of the All-China Federation of Trade Unions and the upcoming International Labor Day, the company held a 2025 labor union work meeting to enhance employee cohesion. The company has been cultivating a "craftsman culture" and has established national-level skill master studios to support high-quality development through talent enhancement strategies [8]