Group 1: Company Overview and Strategy - The roadshow was organized by Founder Securities, with the company's Vice President and Secretary of the Board, Mr. Zhang Qiqiang, participating to introduce the company's basic situation and development strategy [2] - The company emphasizes compliance with the commitment letter and relevant regulations on information disclosure [2] Group 2: Project Timelines and Deliverables - The ten newly approved nuclear power units are expected to complete the valve equipment bidding phase by the end of 2025 to the first quarter of 2026, with delivery to occur in 2-3 years [3] - The bidding for valves required for the 2024 approved nuclear power units is ongoing, with deliveries expected in 2026 and 2027 [4] Group 3: Financial Performance and Profitability - The gross profit margin for nuclear power valve products in 2024 is reported at 36.75%, which is within the normal fluctuation range [5] - The company has implemented effective measures for accounts receivable management to mitigate bad debt risks, ensuring overall controllable repayment risks [10] Group 4: Market Position and Product Development - The company is focusing on the development of nuclear-grade valves and has diversified its product offerings, including various types of nuclear valves and filters [9] - The company aims to establish a specialized production base for marine valves, leveraging the industrial advantages of the Nantong marine engineering base [8] Group 5: Future Growth Areas - Future growth is concentrated in nuclear power, hydrogen energy, semiconductor equipment, and marine engineering, with ongoing R&D investments to maintain technological leadership [11] - The company is also exploring opportunities in nuclear fusion technology and has committed resources to develop specialized valves for nuclear energy applications [12] Group 6: International Expansion and Market Trends - The company is actively expanding its international business, focusing on markets in the Middle East and Southeast Asia, particularly in oil refining and gas extraction [13] - The shift towards clean energy presents new opportunities for the company, which plans to enhance production efficiency and competitiveness through technological innovation and smart manufacturing projects [14]

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company achieved a revenue of 2.143 billion yuan in 2024, a year-on-year increase of 0.48%, with net profits of 295 million yuan, up 9.68% year-on-year [2]. - The nuclear power sector is experiencing high growth, with new nuclear unit approvals becoming normalized, leading to a 37.2% increase in orders to 1.102 billion yuan in 2024 [5]. - The energy equipment sector faced pressure, while the energy-saving and environmental protection business saw significant growth, primarily due to new projects coming online [3]. Financial Performance - The company's gross margin and net profit margin for 2024 were 33.53% and 13.76%, respectively, reflecting improvements of 1.84 and 1.15 percentage points year-on-year [4]. - The company expects revenues of 2.417 billion yuan, 2.678 billion yuan, and 2.980 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 347 million yuan, 408 million yuan, and 469 million yuan [6][7]. Business Segments - In 2024, the company generated revenue of 743 million yuan from nuclear power, 425 million yuan from energy-saving and environmental protection, 412 million yuan from metallurgy, and 403 million yuan from energy equipment, with respective year-on-year changes of -7.06%, +63.06%, -13.38%, and -38.18% [3]. - The company is advancing in the hydrogen energy sector and has developed high-pressure valves for various applications, indicating new growth opportunities [5]. Future Outlook - The company is expected to continue its growth trajectory, supported by stable traditional business and emerging sectors, with earnings per share projected to reach 0.68 yuan, 0.80 yuan, and 0.92 yuan from 2025 to 2027 [6].