The most popular high-end valve manufacturer of CN

2022-07-30
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CNNC Technology: CNNC's high-end valve manufacturing enterprise

special valve business has grown steadily, and the performance improvement with the advantage of nuclear power needs to be shown. With the restart of nuclear power projects, policy signals and the continuous improvement of the degree of autonomy of key equipment in the field of nuclear power in China, the company, as a subsidiary of CNNC, has set experimental parameters on the premise that PetroChina, Sinopec and other business segments can guarantee the stable development of all equity from German investment companies in August

the special valve business grew steadily, and the performance improvement with the advantage of nuclear power needs to be shown

with the restart of nuclear power projects, policy signals and the continuous improvement of the degree of autonomy of key equipment in China's nuclear power field, the company, as a subordinate enterprise of CNNC, expects to give full play to its own advantages to further develop in the nuclear power valve market on the premise that PetroChina and other business segments such as Sinopec can maintain stable development in recent years. We believe that even if new nuclear power projects are started at the end of 2014, due to the long product delivery cycle, the driving effect on the company's performance may be more reflected in two years. In the past oneortwo years, the company's revenue growth depends more on the steady growth of other special valve business revenue. In view of the confidence that the optimization of the company's product structure and the localization of key valves for high-end nuclear power will be promoted as planned, we are cautiously optimistic about the improvement of its product profit space

valuation and investment recommendations

the company has continuously increased the investment in the design, manufacturing and R & D of high-end valves, and improved the competitive advantage of the municipal power supply: 3-phase 4-wire 380V 50Hz field. At present, the company is paying close attention to the changes in the nuclear power market and the information on project commencement and bidding. The expansion project of the production capacity of key nuclear power valves specially built for the development needs of nuclear power in the early stage of the fund-raising projects was also completed and put into operation last year. It is preliminarily estimated that the company will realize the year-on-year growth of operating revenue by 15.20%, 15.50% and 16.20% respectively; The net profit attributable to the owners of the parent company increased by 23.89%, 16.64% and 19.14% year on year respectively; The earnings per share were 0.21 yuan, 0.24 yuan and 0.29 yuan respectively. At present, the dynamic P/E ratio of the stock price corresponding to the year is 145.88, 125.06 and 104.97 times respectively, with high valuation. But at the same time, considering the development opportunities that the national nuclear power "going out" strategy may bring to the company, the company is rated as "prudent overweight" in the next six months

main risks

(1) uncertainty risk of economic recovery

(2) the risk that the development of nuclear power industry is affected by policies

(3) risk of intensified market competition

(4) risks of rising raw material prices and declining gross profit margin

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