伴随中国核电建设提速，凭借三代核电主泵、四代核电主氦风机的技术优势，有望借行业增长持续获 益。 投资建议：公司是工业特种电机的行业龙头，受益能效升级与设备更新政策推动，核电领域竞争优势突 出，看好公司未来的成长空间，预计2025-2027 年归母净利润分别为3.70、4.86、5.70 亿元，EPS 分别 为0.53、0.70、0.82 元/股，P/E 分别为23、17、15 倍，维持"买入"评级。 风险提示：1、市场竞争加剧2、原材料价格波动风险3、核电发展不及预期。 二季度业绩环比改善，期间费用影响短期业绩。分业务来看，25H1 公司电动机及服务、核电产品分别 实现营收18.25/6.27 亿元，同比-2.25%/ +13.26%；毛利率分别为20.34%/ 25.49%，同比+1.25/-4.35pct。 从季度来看，25Q2 公司实现营业总收入13.41 亿元，同比+0.96%，环比+16.01%；实现归母净利润0.77 亿元，同比-6.02%，环比+40.00%；扣非归母净利润0.72 亿元，同比-1.63%，环比+75.61%，Q2 业绩环 比有明显改善。25H1 销售/管理/研发/财务费用率分别 ...

行 业 研 究 美能源部公布首批核反应堆试点计划名单，谷歌与凯罗 斯电力选定田纳西州建先进核电站 投资要点： 美能源部公布首批核反应堆试点计划名单 行 业 定 期 报 告 美国能源部公布了入选核反应堆试点计划的 10 家企业名单，标志 着 2026 年 7 月前实现试验堆投运的竞赛正式启动。该计划开创了在美 国国家实验室外授权先进反应堆建设和试验的新路径。核反应堆试点 计划的目标是通过美国能源部（DOE）授权流程，在 2026 年 7 月前完 成至少三座试验堆的建造、运行并实现临界。这十家公司属于首批入 选名单，后续还将滚动受理更多申请并授予许可。 证 2）佳电股份：产品主氦风机是四代堆-高温气冷堆一回路唯一的 动力设备，子公司哈电动装的核主泵产品在核电业务细分行业处于领 先地位； 券 3）国光电气：公司偏滤器和包层系统是 ITER 项目的关键部件； 研 4）兰石重装：覆盖核能上游核燃料系统、中游核电站设备、下游 和乏燃料后处理； 究 报 5）科新机电：承制了高温气冷堆核电产品，新燃料运输容器实现 替代进口； 告 6）海陆重工：服务堆型有三代、四代堆以及热核聚变堆（ITER） 等； 谷歌与凯罗斯电力选定田纳西 ...

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% over the next 6 months [14]. Core Insights - Serbia has established an Atomic Energy Commission to advance its nuclear program, which will serve as a core expert pool for decision-making and provide necessary scientific and technical analysis for the revival of the nuclear program [4]. - Jiadian Co., Ltd.'s subsidiary, Harbin Electric Power Equipment Co., Ltd., has won a bid for a nuclear power project with a contract value of 609 million yuan [5]. - Nuclear power is highlighted as a crucial force in promoting green energy transition due to its clean, safe, and efficient characteristics, with annual utilization hours exceeding 7000 hours, making it the most efficient energy source [6]. Company Summaries - Jiadian Co., Ltd.: The company's main helium fan is the only power device for the fourth-generation high-temperature gas-cooled reactor, and its subsidiary's nuclear main pump products lead in the nuclear power business segment [6]. - Guoguang Electric: The company's filter and cladding systems are key components of the ITER project [6]. - Lanshi Heavy Industry: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [6]. - Kexin Electromechanical: Has produced high-temperature gas-cooled reactor nuclear power products, achieving import substitution for new fuel transport containers [6]. - Haili Heavy Industry: Services include third and fourth-generation reactors as well as thermonuclear fusion reactors (ITER) [6]. - Jiangsu Shentong: Secured over 90% of orders for nuclear-grade butterfly valves and nuclear-grade ball valves for new nuclear power projects in China [6]. - Xianheng International: The company's products are applied in the operation and maintenance of nuclear energy and nuclear power [6].

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 [6][13]. Core Insights - The nuclear power sector in China is showing robust performance, with a total of 58 operational nuclear units and an installed capacity of 61,007.74 MWe as of June 30, 2025. The cumulative electricity generation from nuclear power reached 230.086 billion kWh, accounting for 5.08% of the national electricity generation, reflecting a year-on-year growth of 8.06% [3][4]. - The safety standards are being met, with no significant operational incidents reported in the first half of 2025. Environmental monitoring shows no abnormalities, and several key projects have made significant progress, enhancing nuclear technology development [4][5]. - Nuclear power is recognized as a crucial force in promoting the green energy transition due to its clean, safe, and efficient characteristics. It has the highest annual utilization hours among all power sources, consistently exceeding 7,000 hours, and does not emit harmful pollutants during production [5]. Summary by Sections Operational Performance - As of June 30, 2025, China has 58 operational nuclear power units with a total installed capacity of 61,007.74 MWe. In the first half of 2025, one new unit was commissioned, and the cumulative electricity generation was 230.086 billion kWh, marking an 8.06% increase year-on-year [3]. - The average utilization hours for nuclear power units were recorded at 3,868.71 hours, with a capacity factor of 92.46% [3]. Safety and Project Development - No INES Level 1 or higher incidents occurred in the first half of 2025, and radioactive emissions were below regulatory limits. Significant advancements were made in various nuclear projects, including the completion of hot testing for the Zhangzhou Nuclear Power Unit 2 and the installation of the main pump for Hainan's "Linglong No. 1" [4]. Investment Opportunities - The report suggests focusing on several companies within the nuclear sector, including: 1. Jiadian Co., which leads in helium fan technology for fourth-generation high-temperature gas-cooled reactors [5]. 2. Guoguang Electric, a key supplier for the ITER project [5]. 3. Lanshi Heavy Industry, which covers the entire nuclear fuel cycle [5]. 4. Kexin Electromechanical, which has developed high-temperature gas-cooled reactor products [5]. 5. Hailu Heavy Industry, servicing various reactor types including third and fourth generation [5]. 6. Jiangsu Shentong, which has secured over 90% of orders for nuclear-grade valves in new nuclear projects [5]. 7. Xianheng International, whose products are used in the operation and maintenance of nuclear power [5].

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 [12]. Core Insights - The report highlights a significant advancement in China's nuclear energy strategy with the completion of the preliminary design of the CFR1000, the first fourth-generation commercial fast reactor, which is crucial for energy security and sustainable development [3]. - Nuclear power is emphasized as a key player in promoting green energy transition due to its high efficiency, safety, and minimal land use, with annual utilization hours exceeding 7000, making it the cleanest energy source [5]. - The report outlines a collaborative effort involving various stakeholders, including government officials and experts, to enhance the fast reactor industry and its technology development [4]. Company Summaries - **Jia Dian Co., Ltd.**: Focuses on helium fans, the only power equipment for the fourth-generation high-temperature gas-cooled reactor, and leads in nuclear pump products [5]. - **Guoguang Electric**: Supplies critical components for the ITER project, enhancing its position in the nuclear energy sector [5]. - **Lanshi Heavy Industry**: Engages in the entire nuclear energy supply chain, from upstream nuclear fuel systems to downstream spent fuel processing [5]. - **Kexin Electromechanical**: Produces high-temperature gas-cooled reactor products and has developed domestic alternatives for new fuel transport containers [5]. - **Hailu Heavy Industry**: Provides services for various reactor types, including third and fourth-generation reactors and fusion reactors [5]. - **Jiangsu Shentong**: Secured over 90% of orders for nuclear-grade butterfly and ball valves in new nuclear power projects [5]. - **Xianheng International**: Supplies products for the operation and maintenance of nuclear power facilities [5].

Group 1: Financial Performance and Product Profitability - The increase in gross margin for nuclear power products is attributed to cost control measures, improved production efficiency, and favorable downstream industry conditions [3][4] - The company faces pressure in its main business (explosion-proof motors) due to market demand fluctuations and price competition, but maintains core competitive advantages with certifications and advanced technology [5] Group 2: Research and Development Initiatives - The company is a leader in developing high-efficiency energy-saving products, with a range of motor specifications that meet the new national energy efficiency standards [6] - The implementation of the mandatory standard GB 30254-2024 for high-voltage three-phase asynchronous motors will take effect on September 1, 2025, and the company has already obtained certification for compliant products [6] Group 3: Mergers and Acquisitions Strategy - The company adopts a cautious and open approach to potential mergers and acquisitions, focusing on enhancing core competitiveness and shareholder value, with no current plans that meet disclosure standards [7] Group 4: Talent Acquisition and Retention - The company recruits fresh graduates annually and integrates talent strategy with business development through targeted recruitment and training programs [8][9] - A systematic training framework is established, including mentorship and project-based training, alongside long-term incentive mechanisms to enhance team cohesion and performance [9]

Economic Impact and Company Strategy - The domestic manufacturing sector faces challenges due to long cycles, with macroeconomic factors significantly impacting the company's performance [3] - The company has implemented measures to mitigate market risks and enhance profitability, particularly in energy-efficient motors and nuclear power products [4] - The company is focusing on developing first-level energy-efficient motors and has achieved certification for a new series, which is a key development priority for 2025 [7][8] Competitive Landscape - The company holds a dominant position in the helium compressor market, with only three suppliers in the domestic market [5] - The company is the fastest in delivery among competitors for its helium-related products [5] Export and Market Considerations - The company's electric motor products are primarily exported as part of larger machinery, resulting in a relatively low direct export ratio [6] - The company is exploring opportunities in the water conservancy sector, which is perceived to have more rational competition compared to the power industry [7] Future Product Development - The company is investing in R&D for new products, particularly in the nuclear power sector, where there is significant growth potential [4] - While the company has made preliminary technical preparations for servo motors used in robotics, it will continue to focus on specialized industrial motors as its main business [9] Investor Relations and Communication - The company is leveraging AI to enhance its investor relations and communication strategies, aiming to improve efficiency and quality in disseminating information [10] - Plans are in place to invite investors to visit subsidiaries for a more comprehensive understanding of the company's operations [10]

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 recent breakthrough in the "Xuanlong-50U" spherical toroidal hydrogen-boron fusion device by Xin'ao Energy Research Institute marks the first successful achievement of a plasma current discharge of 1 million amperes, establishing a foundation for the commercialization of hydrogen-boron fusion [3][4]. - Nuclear power is recognized as a crucial force in promoting the green transition of energy due to its cleanliness, safety, efficiency, and minimal land use, with annual utilization hours exceeding 7000 hours, the highest among all power sources [5]. Summary by Sections Breakthroughs and Developments - The "Xuanlong-50U" device underwent an upgrade in 2023, achieving its first plasma discharge on January 24, 2024, and exceeding expected plasma current indicators on August 15, 2024. The focus for 2025 will be on high-parameter hydrogen-boron plasma discharge research [4]. Investment Opportunities - Recommended companies for investment include: 1. **Jia Dian Co., Ltd.**: Leading in nuclear main pumps and helium fans for fourth-generation high-temperature gas-cooled reactors [5]. 2. **Guoguang Electric**: Key components for the ITER project [5]. 3. **Lanshi Heavy Industry**: Covers upstream nuclear fuel systems to downstream spent fuel processing [5]. 4. **Kexin Electromechanical**: Producing high-temperature gas-cooled reactor products and replacing imports [5]. 5. **Hailu Heavy Industry**: Services for third and fourth-generation reactors and thermal nuclear fusion reactors (ITER) [5]. 6. **Jiangsu Shentong**: Secured over 90% of orders for nuclear-grade valves in new nuclear power projects [5]. 7. **Xianheng International**: Products applied in the operation and maintenance of nuclear energy [5].

Summary of Nuclear Power Industry Conference Call Industry Overview - The nuclear power industry in China has seen a gradual recovery in approvals since 2015, with a stable growth trend post-2021, driven by the maturity of third-generation reactor technology [1][3][8] - The global nuclear fusion development goals have been accelerated, with countries like the US, Japan, and South Korea intensifying their commercialization efforts [1][6] Key Points Nuclear Power Approvals and Growth - The number of approved nuclear power units has consistently exceeded 10 annually for the past three years, indicating increased attention and investment in the sector [3][10] - The approval volume for nuclear power has significantly increased from 2022 to 2024, driven by the need for stable base-load power sources amid energy structure adjustments [1][10] Capital Expenditure Trends - Capital expenditures in the nuclear energy sector are rapidly increasing, with China National Nuclear Corporation's capital expenditure projected to reach 121.6 billion yuan in 2024, a year-on-year increase of approximately 50% [1][11] - The average annual investment in nuclear fusion projects is around 18 billion yuan, with total investments exceeding 110 billion yuan across various projects [1][5] Market Dynamics - The nuclear power equipment market is characterized by stable competition, with high gross margins for nuclear island equipment. However, previous zero-approval policies have limited capacity expansion [2][12] - The delivery peak for nuclear power equipment is expected in 2025 and 2026, as the industry gradually improves capacity release [2][14] Fusion Technology Developments - China is actively constructing several key fusion projects, including EAST and BEST, with significant investments and frequent tender activities indicating rising capital expenditures [1][4][5] - Global competition in fusion technology is intensifying, with companies like Helion and CES setting ambitious targets for commercial fusion power plants [6] Mixed Reactor Projects - China is advancing mixed reactor projects, including collaborations between China National Nuclear Corporation and Jiangxi, as well as the Chengdu Z-pinch project, with total investments expected to be in the hundreds of billions of yuan [1][7] Financial Performance of Key Companies - China National Nuclear Technology Company reported a revenue of 840 million yuan in 2024, a 35% increase year-on-year, while Jiangsu Shentong's revenue for the same year was 740 million yuan, reflecting stable growth [16][18] - Key suppliers like Jiadian Co. and its parent company Harbin Electric Power are significant players in the third and fourth-generation reactor markets, with Jiadian holding a 70% market share in main pumps for fourth-generation reactors [18][19] Investment Distribution - In a 200 billion yuan investment for a nuclear power unit, 50% is allocated to equipment, with 60% of that for nuclear island equipment, highlighting the importance of various equipment types in overall investment [20][21] Additional Insights - The nuclear power sector's shift towards a more positive and orderly development approach reflects a broader recognition of nuclear energy's role in achieving energy stability and sustainability [10][9]