Libert(SH:605167)2026-01-20 02:25Company and Industry Summary Company Focus - The company specializes in industrial modular design and manufacturing services, with the completion of the Liebherr Nantong base on December 6, 2025, focusing on nuclear power and offshore engineering modules. The Nantong base is expected to see a significant increase in follow-up orders after its completion [1][1] Nuclear Power Insights - 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. The trend towards nuclear modularization is evident [1][1] - Based on projections for future annual investments in nuclear power (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 corresponding annual market space for nuclear modules would be 21 billion to 42.1 billion yuan [1][1] Industry Developments - From 2022 to 2025, a total of 41 nuclear units have been approved, primarily focusing on the Hualong One design. All module tenders are expected to be completed within two years after the main construction begins [2][2] - The company benefits from advantages in location, nuclear culture, production capacity, and qualifications. The Nantong base is strategically located near the Yangtze River estuary and has its own dock, which is expected to enhance market share over time [2][2] Offshore Engineering Outlook - Capital expenditures in the offshore oil and gas sector are expected to grow significantly, with clear advantages for modular construction of Floating Production Storage and Offloading (FPSO) units. The company has already secured multiple FPSO projects, and with increasing downstream capital expenditures, offshore oil and gas orders are likely to remain robust [2][2] - Projected net profit attributable to the parent company for 2025-2027 is estimated at 215 million, 262 million, and 355 million yuan, reflecting a year-on-year change of -11%, +22%, and +36% respectively [2][2]