国元证券近日发布中核科技（000777）首次覆盖报告：核电阀门驱动业绩稳增，国产化 加速+海外突破。 以下为研究报告摘要： 事件：公司8月28日发布2025年半年度报告。2025年上半年，公司实现营业收入7.04亿 元，同比增长9.43%；实现归母净利润0.77亿，同比增长1.68%。 点评： 公司核电业务强势引领收入稳健增长 公司2025年上半年实现营业收入7.04亿元，同比增长9.43%，业绩增长主要受益于核电 与核化工阀门业务的强劲驱动。该板块收入达3.11亿元，同比大幅增长26.54%，毛利占比 46.57%，主力产品如"华龙一号"稳压器安全阀、CAP1400主蒸汽隔离阀等高端设备交付放 量；石油石化阀门收入2.06亿元，同比增长13.92%，毛利占比29.55%，但公用工程等其他阀 门收入下滑16.25%，反映传统工业阀门领域竞争加剧。公司积极拓展新应用场景，在POE （聚烯烃弹性体）、抽水蓄能等新兴领域取得突破，同时阀门全生命周期运维服务在核电站 及石化行业实现订单增长，精密锻造和检测技术子公司对外服务能力持续提升，全产业链协 同效应逐步显现。 费用管控呈现差异化，成本上升导致毛利率下滑 期间费用 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected stock price increase of over 15% compared to the benchmark index [7]. Core Insights - The company's revenue for the first half of 2025 reached 704 million, representing a year-on-year growth of 9.43%. The net profit attributable to shareholders was 77 million, with a growth of 1.68% year-on-year [1][2]. - The nuclear power business is a strong driver of revenue growth, with significant contributions from high-end valve products such as the "Hualong One" pressure relief valve and CAP1400 main steam isolation valve, which saw a revenue increase of 26.54% [2]. - The company is actively expanding into new application scenarios, achieving breakthroughs in emerging fields like POE (polyolefin elastomer) and pumped storage, while also enhancing its service capabilities across the entire valve lifecycle [2][4]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 704 million, with a 9.43% increase year-on-year. The nuclear and nuclear chemical valve business generated 311 million, up 26.54%, contributing 46.57% to gross profit [1][2]. - The gross margin for the first half of 2025 was 19.56%, down 4.88 percentage points year-on-year, primarily due to a 48.06% increase in costs for the nuclear valve business [3]. Cost Management - The company managed to reduce its selling expenses to 23 million, a decrease of 28.64% year-on-year, while financial expenses dropped to 1 million, down 33.44% [3]. - Research and development expenses increased to 28 million, up 7.24% year-on-year, focusing on key equipment like ultra-large diameter nuclear valves [3]. Strategic Initiatives - The company is accelerating domestic substitution and high-end development of nuclear valves, supported by policies that enhance its supply capabilities across various reactor generations [4]. - The strategic focus includes innovation and return on investment, with plans to upgrade smart manufacturing capacities and extend operational services through overseas expansions [4][5]. Profit Forecast - The company is expected to see net profits of 267 million, 307 million, and 350 million for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 0.70, 0.80, and 0.91 [5][10].