"近期核电产业发展态势良好，新建项目不断涌现，《暂行办法》的出台有望加速产业发展。"厦门大学 中国能源政策研究院院长林伯强在接受《证券日报》记者采访时表示，此次国家出台的相关政策，明确 核电行业将基本实行核定电价机制，并对成本定额作出了详细规定。这一举措不仅有助于合理确定核电 项目的造价与成本，更对核电产业的规范化发展具有深远意义。 近日，国家能源局印发《核电工程定额管理暂行办法》（以下简称《暂行办法》），旨在加强核电工程 定额管理，规范核电建设市场秩序，合理确定核电工程造价，保障核电工程质量，促进核电产业协调健 康发展，确保核电安全万无一失。 企业积极行动 核电项目的核准将大幅增加对核岛关键设备、常规岛设备、辅助系统设备等的需求，为相关设备制造商 带来可观的订单量，产业链上市公司也将迎来发展机遇。 筑牢行业发展基石 《暂行办法》的出台基于核电行业发展的现实需求。 核电工程定额是指在正常施工条件下完成规定计量单位的合格建筑安装工程所消耗的人工、材料、施工 机具台班、工期天数及相关费率等的数量基准，是核电工程编制投资估算、设计概算和最高投标限价的 依据，对合理确定核电工程造价、规范核电建设市场秩序、保障核电工程 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [4][7]. Core Insights - The company achieved a revenue of 1161.86 billion CNY in 2024, a year-on-year increase of 1.21%, while the net profit attributable to shareholders was 7.52 billion CNY, down 6.33% year-on-year [1]. - In Q1 2025, the company reported a revenue of 222.45 billion CNY, up 8.06% year-on-year, and a net profit of 2.92 billion CNY, a significant increase of 145.69% year-on-year, marking a return to profitability [1]. - The energy equipment segment saw a revenue increase of 5.30% to 617.58 billion CNY, benefiting from the continued delivery of coal-fired and nuclear power units [2]. - The company’s new order intake reached a four-year high of 1536.0 billion CNY in 2024, representing an 11.9% year-on-year growth, with the energy equipment segment orders increasing by 18.5% [3]. - The company is focusing on green and low-carbon transformation, making progress in energy storage, hydrogen energy, and robotics [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1161.86 billion CNY and a net profit of 7.52 billion CNY, with a projected revenue growth of 3.52% in 2025 [6]. - The gross profit margin improved to 19.7% in the energy equipment segment, reflecting a 2.0 percentage point increase year-on-year [2]. Order Intake and Market Position - The company’s new orders in the energy equipment segment reached 891.0 billion CNY, a five-year high, with wind power orders increasing by 150.4% to 173.8 billion CNY [3]. - The company is expected to leverage its leading position to enhance market share in traditional business areas while exploring new growth points in technology-driven sectors [4]. Future Outlook - The report projects net profits for 2025-2027 to be 14 billion CNY, 27 billion CNY, and 32 billion CNY respectively, with a downward adjustment of 16% and 10% for the first two years [4]. - The current A/H share price corresponds to a PE ratio of 81 and 27 for 2025, indicating potential for future growth [4].

Investment Rating - The report maintains a "Buy" rating for the industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [5][8]. Core Insights - The approval of 10 new nuclear power units marks a significant step in China's nuclear energy development, with a total of 28 new projects approved over the past seven years [2][5]. - The nuclear power equipment market is projected to see annual demand surpassing 87 billion yuan during the 14th Five-Year Plan period, with investments in nuclear island equipment expected to exceed 40 billion yuan in a single year [3]. - Breakthroughs in controllable nuclear fusion are being reported, with significant advancements in experimental devices, indicating a robust future for fusion energy projects in China [4][5]. Summary by Sections Nuclear Power Project Approvals - The recent approval includes five nuclear power projects, totaling 10 units, with a mix of different reactor types, including eight "Hualong One" units and two CAP1000 units [2]. Market Demand and Investment Projections - The investment scale for nuclear power equipment is expected to grow from 25.7 billion yuan in 2023 to a peak of 87.5 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 26.91% [3]. Controllable Nuclear Fusion Developments - Recent achievements in nuclear fusion technology include successful high-temperature plasma operations and the construction of new experimental devices, with plans for a demonstration reactor in the future [4]. Investment Recommendations - The report suggests focusing on companies involved in nuclear island and conventional island equipment supply, as well as those engaged in controllable nuclear fusion projects, highlighting specific companies such as Harbin Electric, Dongfang Electric, and Shanghai Electric [5].