[Wang Xiaoyong of northeast building materials] in depth report of China nuclear construction (601611): steady growth, accelerated


It is estimated that the EPS from 2022 to 2024 will be 0.68/0.81/0.96 yuan, and the corresponding PE will be 12.35/10.42/8.71 times.

It is not limited by the natural rhythm in the process of power generation.

Nuclear power generation has a history of 80 years since the successful test of the world’s first nuclear reactor in 1942.

It is expected that the new nuclear power plants under construction in the next 20-30 years will be dominated by the third-generation nuclear power technology.

The company is expected to maintain a high market share in the nuclear power construction project market and significantly benefit from market expansion.

(the original securities research report was released on May 13, 2022; Wang Xiaoyong Certificate No.: s0550519100002) for more research contents and wonderful activities, please.

China’s nuclear power investment is expected to maintain a high growth in the remaining period of the 14th five year plan, with an overall growth rate of 15%.

Nuclear power generation is a clean and efficient base load energy, and the technology is evolving rapidly.

After the Fukushima nuclear power plant accident in 2011, the global nuclear power development was significantly affected, and the audit of new nuclear power units in China also stalled for a time.

Since 2019, China’s new nuclear power units have been approved to speed up.

Under the background of steady growth, the audit of new nuclear power units in China has accelerated.

Nuclear power will not produce carbon dioxide, smoke and other pollutants in the process of power generation.

It is a clean and efficient base load energy.

China’s nuclear power has maintained a high level of safe operation for a long time and has been increasingly refined.

The nuclear power construction market is expected to continue to increase, and the company will benefit significantly.

The company is the only listed subject of engineering construction under CNNC.

Risk tip: the company’s performance is not as expected, project schedule risk and ESG risk.

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Relevant laws and regulations and management systems have been gradually improved, and the level of safety technology has been continuously improved.

CNNC, the major shareholder, is directly managed by the central government.

It is the main body of the National Nuclear Science and technology industry and has a complete nuclear science and technology industry system.

It has occupied an absolute dominant position in the domestic nuclear power construction market for a long time and is the main force of nuclear power engineering construction in China.

It can work stably for a long time.

However, there is still a large gap compared with the 9.5% proportion of nuclear power in the global power generation.

According to the prediction of China Nuclear Energy Industry Association, China’s medium and long-term nuclear power construction is expected to be promoted at the rate of 6 ~ 8 units per year, which is significantly faster than before.

In 2021, China’s nuclear power generation was 407.5 billion kwh, accounting for 5.0% of the country’s total power generation, and the proportion has been increasing.

The company is the only listed platform of CNNC group engaged in construction engineering.

Give the company a “buy” rating, with a target price of 10.20 yuan.

China’s nuclear power has maintained a high level of safe operation for a long time, and now the safety level has improved again.

In March 2021, Premier Li Keqiang proposed in the government work report to “actively and orderly develop nuclear power on the premise of ensuring safety”, which is considered to be an important signal of accelerating the construction of nuclear power in China.

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