20240829-天风证券-中国核建-601611.SH-充分受益核电景气度上行_业绩弹性值得期待_3页_734kb

中文总结

中国核建（601611）2024年上半年业绩稳中有升，盈利能力显著改善，公司维持“增持”评级。公司半年报显示，2024年上半年实现营业收入5462.7亿元，同比增长0.1%，归母净利润95.5亿元，同比增长68.8%，扣非归母净利润10.33亿元，同比增长20.59%。

核电行业景气度加速上行，订单增长强劲，新签订单766.37亿元，同比增长170.7%。毛利率提升至9.8%，同比上升0.19个百分点，期间费用率略有下降。公司核电工程毛利率达13.0%，同比提升1.1个百分点，业务弹性明显。

公司正积极推动工业与民用工程业务转型，新能源类合同额同比大幅增长。未来三年净利润预计年均增长15%，主要受益于核电项目加速核准和商业模式优化。短期内需关注核电项目的审批进度和应收账款减值风险。

English Summary

China Nuclear Construction (601611) reported stable growth in the first half of 2024, with improved profitability and maintained an "Add" investment rating. For 2024H1, revenue reached 54.627 billion, with net profit attributable to shareholders totaling 9.55 billion, growing by 68.8% YoY.

The nuclear power industry is experiencing accelerating demand, with new orders up by 170.7% at 76.637 billion. Gross margin increased to 9.8%, a rise of 0.19 percentage points, and the total operating expenses remained under control.

The company is actively restructuring its industrial and civil engineering business, particularly in the renewable energy sector. Over the next three years, net profits are expected to grow at an annual rate of 15%. Key risks include delays in nuclear project approvals and potential credit losses from accounts receivable.