行 华福证券 AI 的尽头是算力，算力的尽头是电力，这已成为科技行业的共识。 根据中国信通院，2024 年我国数据中心用电量达到 1660 亿千瓦时，占 全社会用电量比例达到 1.68%，又根据华为近日发布的《智能世界 2035》报告预测，2035 年全社会的算力总量将增长 10 万倍，则彼时我 国数据中心用电量占比或将大幅增加，对电力的需求也有望急剧增长。 SMR 具有科学固有安全，重视国内领先布局企业 机械设备 2025 年 10 月 11 日 业 研 究 机械设备 美股 Oklo 持续大涨，SMR 或比聚变更早落地，成为满 足 AI 能源需求的关键解决方案 投资要点： Oklo 持续大涨，SMR 有望加速落地 行 业 定 期 报 告 美股 Oklo 9 月上涨 51.59%，10 月份截止目前的 8 个交易日上涨 31.83%。美国 Oklo 公司是小型模块化反应堆（Small Modular Reactor, SMR）领域的积极参与者，Open AI 首席执行官 Sam Altman 曾担任公 司 CEO，其曾表示"裂变是满足人工智能日益增长的能源需求的关键 解决方案"。科技巨头正联合 SMR 及核聚 ...

Group 1 - The successful production and delivery of the main helium fan by Harbin Electric Group Jiamusi Electric Machine Co., Ltd. marks a significant milestone in China's nuclear power sector, showcasing the achievement of independent intellectual property rights in the fourth-generation nuclear technology core equipment [1] - The main helium fan is a critical component for high-temperature gas-cooled reactors, playing a vital role in promoting green and low-carbon energy transition [1] - The main helium fan has undergone extensive testing, including a 100-hour full-power continuous operation test and various type tests under different helium gas conditions, confirming its safety, reliability, and performance exceeding technical specifications [1] Group 2 - The core objective of the industrialization project is not only product delivery but also the establishment of a complete, mature, and scalable production line, incorporating digital design, intelligent manufacturing, and lean management [2] - The industrialization ensures effective quality control and significantly reduces production cycles, providing stable, reliable, and economical core equipment support for future high-temperature gas-cooled reactor construction in China [2] - Jiamusi City has prioritized optimizing the business environment and nurturing the real economy, implementing tailored service strategies to assist enterprises in overcoming challenges in technological innovation and industrialization [2] Group 3 - The company plans to leverage technological innovation, industrial support, and safety assurance to continuously promote nuclear power technology upgrades and industry progress [2] - There is an emphasis on expanding new application scenarios for high-temperature gas-cooled reactors, contributing to the high-quality development of China's nuclear power sector and the implementation of energy strategies [2]

Investment Rating - The industry rating is "Outperform the Market" [7][16] Core Insights - Oklo, a key player in the Small Modular Reactor (SMR) sector, saw a significant stock increase of 63.5% over the week, driven by a surge in investment interest in SMR technology [3][4] - The demand for energy is expected to rise dramatically, with projections indicating that by 2035, the total computing power in society may increase by 100,000 times, leading to a substantial rise in electricity consumption from data centers [4] - SMRs are characterized by their inherent safety, lower investment requirements, rapid returns, flexible deployment, and wide application scenarios, making them a promising energy solution for the growing needs of data centers and AI [5] Summary by Sections Investment Opportunities - Companies to watch include: 1. Jingye Intelligent: Collaborating with Zhejiang University on micro-reactor/SMR technology, showing significant growth potential in the context of global AI demand and energy transition [5] 2. Jiadian Co.: Leading in the nuclear power sector with its helium fan as the only power device for the fourth-generation high-temperature gas-cooled reactor [5] 3. Guoguang Electric: Key components for the ITER project [5] 4. Lanshi Heavy Industry: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [5] 5. Kexin Electromechanical: Producing high-temperature gas-cooled reactor products and replacing imports with new fuel transport containers [5] 6. Hailu Heavy Industry: Services for various reactor types including third and fourth generation reactors [5] 7. Jiangsu Shentong: Secured over 90% of orders for nuclear-grade valves in new nuclear power projects [5]

Core Viewpoint - The company reported its 2025 mid-year results, showing a slight increase in revenue but a significant decline in net profit, indicating challenges in profitability despite stable revenue growth [1][2]. Financial Performance - For the first half of 2025, the company achieved revenue of 2.497 billion yuan, a year-on-year increase of 0.63%, while the net profit attributable to shareholders was 132 million yuan, a decrease of 24.50% [1]. - The company's net profit after deducting non-recurring items was 113 million yuan, down 30.96% year-on-year [1]. - In Q2 2025, total revenue reached 1.341 billion yuan, up 0.96% year-on-year and 16.01% quarter-on-quarter [2]. - The net profit for Q2 was 77 million yuan, a decrease of 6.02% year-on-year but an increase of 40.00% quarter-on-quarter [2]. - The company’s expense ratios for sales, management, R&D, and finance were 4.46%, 3.92%, 2.70%, and 0.62%, respectively, with sales expenses increasing by 17.27% year-on-year [2]. Business Segments - The electric motor and service segment generated revenue of 1.825 billion yuan, down 2.25% year-on-year, while the nuclear power products segment saw revenue of 627 million yuan, an increase of 13.26% [2]. - Gross margins for these segments were 20.34% and 25.49%, respectively, with year-on-year changes of +1.25 and -4.35 percentage points [2]. Industry and Policy Support - The company benefits from supportive policies aimed at promoting energy efficiency and upgrading industrial equipment, particularly in the electric motor sector [3]. - The company has made significant advancements in nuclear power technology, achieving over 70% market share domestically [4]. - The company was recognized as a "manufacturing single champion" and has received certifications for high-efficiency electric motors, enhancing its competitive edge [3]. Future Prospects - The company secured a contract for nuclear power equipment worth 609 million yuan, which is expected to positively impact future performance [4]. - The company is projected to see net profits of 370 million, 486 million, and 570 million yuan from 2025 to 2027, with corresponding EPS of 0.53, 0.70, and 0.82 yuan per share [4].

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 [13]. Core Insights - The U.S. Department of Energy has announced the first batch of companies selected for the nuclear reactor pilot program, marking the official start of the competition to achieve operational test reactors by July 2026 [3][4]. - The pilot program aims to authorize the construction and testing of at least three experimental reactors by July 2026, creating a new pathway for advanced reactor development outside of U.S. national laboratories [3]. - Google and Kairos Power have chosen Tennessee as the site for an advanced nuclear power plant, which is expected to supply power to Google's data centers by 2030, driven by the increasing energy demands of generative AI [4][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 [5]. Company Summaries - **Jingye Intelligent**: Collaborating with Zhejiang University to establish a micro-reactor/SMR technology R&D center, showcasing significant development potential in the context of global AI demand and energy transition [5]. - **Jia Electric**: The main helium fan is the only power device for the fourth-generation high-temperature gas-cooled reactor, with its subsidiary Ha Electric's nuclear main pump products leading in the nuclear power business segment [5]. - **Guoguang Electric**: The company's filter and cladding systems are key components of the ITER project [5]. - **Lanshi Heavy Industry**: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [5]. - **Kexin Electromechanical**: Produced high-temperature gas-cooled reactor nuclear power products, with new fuel transport containers replacing imports [5]. - **Hailu Heavy Industry**: Services include third and fourth-generation reactors as well as thermonuclear fusion reactors (ITER) [5]. - **Jiangsu Shentong**: Secured over 90% of orders for nuclear-grade butterfly valves and nuclear-grade ball valves for new nuclear power projects in China [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% 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]