未知机构：广发建筑耿鹏智团队利柏特深度专题2中国模块化设计和制造领先企业核-20260120

Summary of Conference Call Notes Company and Industry Overview - The focus is on Libart, a leading company in modular design and manufacturing in China, particularly in the nuclear power and offshore engineering sectors [1][2] Key Points and Arguments - Modular Design and Manufacturing Services: Libart is concentrating on industrial modular design and manufacturing services, with the completion of its Nantong base on December 6, 2025, which is expected to significantly increase future orders in nuclear power and offshore modules [1] - Nuclear Power Advantages: The modular technology in nuclear power offers three main advantages: reduced construction time, labor savings, and enhanced safety and reliability. The number of nuclear units under construction has increased from 18 units in 2020 to 32 units in 2024, with a maximum construction capacity of 40 units [1] - Market Potential: Based on projections for future nuclear power investments (10 units per year, with an investment of approximately 20 billion yuan per unit), if modular construction accounts for 10% to 20% of total nuclear investment, the annual market space for nuclear modules is estimated to be 21 billion to 42.1 billion yuan [1] - Nuclear Unit Approvals: A total of 41 nuclear units are expected to be approved from 2022 to 2025, primarily focusing on the Hualong One design, with all module tenders expected to be completed within two years after the main construction begins [2] - Competitive Advantages: The Nantong base benefits from its location near the Yangtze River estuary and has its own dock, which is expected to enhance market share over time [2] - Offshore Engineering Growth: The capital expenditure for offshore oil and gas companies is expected to rise significantly, with modular construction for FPSO (Floating Production Storage and Offloading) showing clear advantages. Libart has already secured multiple FPSO projects, and with increasing downstream capital expenditure, offshore oil and gas orders are likely to remain robust [2] Important but Overlooked Content - Profit Forecast: The projected net profit attributable to the parent company for the years 2025 to 2027 is estimated at 215 million, 262 million, and 355 million yuan, reflecting a year-on-year change of -11%, +22%, and +36% respectively [2]