佳电股份20240519

Summary of Conference Call Records Company Overview - The conference call discusses the performance and outlook of 佳电股份 (Jia Dian Co., Ltd.) and its subsidiary 哈动装 (Ha Dong Zhuang) [1][2]. Key Financial Performance and Expectations - Ha Dong Zhuang reported a net profit of 50 million in Q1, up from 22 million in the same period last year, indicating a more than 100% growth [1]. - The net profit for Ha Dong Zhuang is expected to exceed forecasts this year, potentially reaching 200 million [1]. - The main helium fan production facility is completed, with revenue and profit expected to start being recognized in early next year, projected to generate 360 million in revenue and 60 million in net profit [1]. - A minimum of 6 main helium fans will be delivered next year, expected to yield 360 million in revenue and 60 million in net profit [1]. - Last year's total performance was nearly 400 million, with this year's consolidated results expected to exceed 500 million [1]. - Projections for 2025 indicate performance could reach 700 million, with increased net profit if Ha Dong Zhuang raises its shareholding [1]. - Continued high growth is anticipated for 2026 [1]. Nuclear Power Industry Development and Company Positioning - The nuclear power industry in China is undergoing a localization process, with a planned installed capacity of 400 million kilowatts by 2060, currently at 50 million kilowatts, representing an 8-fold increase [1]. - The combined capacity of wind and solar power is currently 1 billion kilowatts, with a projected 5-fold increase to 5 billion kilowatts by 2060, indicating a higher growth rate for nuclear power compared to wind and solar [1]. - The nuclear power sector is experiencing improved market conditions, with excess approvals from the previous two years contributing to this year's performance [1]. - The overseas market, particularly projects like the Hualong One in Pakistan, showcases the comprehensive advantages of Chinese manufacturing [1]. - The high-temperature gas-cooled reactor project has passed environmental assessments, with potential commercial approval for new units [1]. - Strong stock performance from U.S. nuclear operators indicates a global trend towards unified energy solutions [1]. Company Products and Market Share - The core product of the company is explosion-proof motors, primarily used in flammable and explosive environments [1]. - The subsidiary's electric pump orders are robust, with a full delivery schedule extending to 2028 [1]. - The company has secured 18 high-temperature gas-cooled reactor orders, with the Shidao Bay Power Station contracted to the company [1]. - An investment of 273 million has been made to establish an industrialization project, expected to produce 6 main welding fans and 570 motors annually [1]. - The performance of the main welding fan is expected to gradually materialize by 2025, with a market share of 76% and a bid amount of 644 million [1]. Valuation and Financial Forecast - The main business performance is projected to reach 5.5 billion in 2025, with a conservative valuation assumption of 15 times [1]. - The main helium fan is expected to contribute a net profit of 60 million, with a 35 times valuation due to high R&D barriers [2]. - Combined with the leading position in electric pumps, the net profit contribution is expected to exceed 150 million next year, leading to an overall valuation of 15 billion [2]. - Jia Dian Co., Ltd. is valued at 15 billion, with potential for better performance due to increased nuclear approvals and progress in export commercialization [2]. Capital Operations and Strategic Planning - The company emphasizes both organic and external growth, enhancing its capital operation status [2]. - The consolidation of Ha Dong Zhuang reflects external growth, having acquired 51% of the shares last year, with potential for increasing the shareholding ratio [2]. - Jia Dian Co., Ltd. serves as the A-share listing platform for the electric group, with prospects for more quality assets to be merged and listed in the future [2].