For 1H26,revenue came in at RMB43,962mn(-17.79%YoY),the attributable net profit(NP)was RMB557mn(-30.20%YoY),and the recurring NP was RMB477mn(-38.48%YoY).For 2Q26,revenue was RMB20,955mn(-12.40/-8.92%YoY/QoQ),and the attributable NP was RMB154mn(-37.50/-61.79%YoY/QoQ),below our expectation of RMB267mn,mainly as weak industrial and civil engineering segments led to arevenue decline.For 7M26,the company’s revenue was RMB58,200mn(-15.2%YoY),with the decline narrowing from 1H26.The revenue contribution from the core nuclear power engineering business has been rising.The nuclear power industry maintains steady capacity expansion,and the company,as aleader in nuclear power facility construction,should remain abeneficiary.Maintain BUY.
Industrial and civil engineering kept contracting
For 1H26,the blended GPM was 9.74%(-0.07pp YoY).For 2Q26,the GPM was 10.15%(-0.74/+0.79pp YoY/QoQ).By business,nuclear power engineering/industrial and civil engineering revenues were RMB19,277/19,873mn(+8.6/-34.6%YoY).Nuclear power engineering maintained steady growth,and its revenue contribution increased by 11pp YoY to 44%.We think that the contraction in the industrial and civil engineering business should help improve the company’s operating quality over time.
Overall expense ratio rose on asmaller revenue base
For 1H26,the company’s overall expense ratio was 6.87%(+0.06pp YoY).The sales/administrative/R&D/financial expense ratios were 0.05/2.78/1.76/2.27%(flat/+0.60/-0.59/+0.06pp YoY),mainly because the revenue decline and short-term cost rigidity led to apassive increase in the expense ratio.For 1H26,the attributable NPM was 1.27%(-0.23pp YoY).The operating net cash outflow was RMB13,888mn in 1H26,with the outflow widening by RMB403mn YoY.The cash receipts-to-revenue ratio/cash payment-to-cost ratio were 84.9/107.0%(+8.94/+14.95pp YoY).
Approved orders fluctuated alongside contracting pace
The company’s 7M26 new contract value was RMB46.7bn(-48.3%YoY).We think that this was due to alarger decline in industrial and civil engineering,as well as ahigh base caused by concentrated contracting in nuclear power engineering in the same period last year.New contracts in July alone reached RMB7,400mn(+121%YoY).As of end-March 2026,the company’s contract value under execution but not yet completed was RMB272,800mn,about 2.68x its 2025 revenue.Of this,the nuclear power engineering backlog was RMB133,200mn,about 3.54x its 2025 nuclear power revenue.
Earnings forecasts and valuation
Considering the company’s stronger focus on its core nuclear power business and asharp decline in industrial and civil engineering revenue,we revise down our 2026/2027/2028 attributable NP forecasts by 18.16/18.58/17.90%to RMB1,130/1,152/1,179mn.We value the stock at 37x 2026E PE,above its peers’average of 26x on Wind consensus,to reflect increasing uncertainty in the global geopolitical landscape,the growing importance of energy security,the high strategic value and favorable business climate of nuclear power,new growth potential from nuclear power exports and nuclear fusion,and the likely easing of impairment pressure in the industrial and civil engineering segment.Our target price is RMB13.87(previous:RMB16.03,based on 35x 2026E PE).Maintain BUY.
Risks:nuclear power approval pace/project progress falling short of our expectations,payment collection risks.

　　中国核建发布半年报，2026H1实现营收439.62亿元（yoy-17.79%），归母净利5.57亿元（yoy-30.20%），扣非净利4.77亿元（yoy-38.48%）。其中Q2实现营收209.55亿元（yoy-12.40%，qoq-8.92%），归母净利1.54亿元（yoy-37.50%，qoq-61.79%），低于我们的预期（2.67亿元），主要归因于工民建业务承压，收入下滑较多所致。公司1-7月收入582亿元，同比-15.2%，降幅较上半年有所收窄，核心业务核电工程收入占比持续提升，核电行业延续稳健扩容态势，公司作为核电工程建设龙头有望持续受益，维持“买入”。
　　26H1核电工程稳健增长，工民建持续收缩
　　26H1综合毛利率9.74%，同比-0.07pct，其中26Q2毛利率为10.15%，同比-0.74pct，环比+0.79pct。分业务看，公司核电工程/工业与民用工程收入192.77/198.73亿元，同比+8.6%/-34.6%，核电工程维持稳健增长，收入占比同比+11pct至44%。我们认为工民建业务持续收缩，有利于公司未来经营质量持续提升。
　　收入下滑导致期间费用率被动抬升
　　26H1公司期间费用率6.87%，同比+0.06pct，其中销售/管理/研发/财务费用率为0.05%/2.78%/1.76%/2.27%，同比持平/+0.60/-0.59/+0.06pct，主要由于收入下滑费用短期刚性导致费用率被动抬升较多。26H1归母净利率1.27%，同比-0.23pct。26H1经营性净现金流-138.88亿元，同比多流出4.03亿元，收/付现比分别为84.9%/107.0%，同比+8.94/+14.95pct。
　　核定订单受发包节奏影响波动较大，在手订单充沛保障度高
　　26年1-7月公司累计新签合同467亿元，同比-48.3%，我们认为一方面工民建下滑较多，另一方面核电工程去年同期集中发包较多导致基数较高，7月单月新签74亿元，同比+121%。截至26年3月底，公司在执行未完工合同额为2728亿元，约为25年收入2.68倍，其中核电工程1332亿元，约为25年核电收入的3.54倍。
　　盈利预测与估值
　　考虑到公司进一步聚焦核电主业，工民建下滑较多，我们下调公司26-28年归母净利润预测至11.30/11.52/11.79亿元（较前值-18.16%/-18.58%/-17.90%）。可比公司26年PE均值26倍，考虑到全球地缘局势充满不确定性，能源安全问题日益重要，核电战略地位及景气较高，且核电出海、核聚变等新兴领域有望带来新增长潜力，工民建业务减值压力有望逐步缓解，认可给予公司26年37xPE，调整目标价为13.87元（前值16.03元，对应26年35xPE），维持“买入”。
　　风险提示：核电审批节奏不及预期、项目进度不及预期、应收账款风险。

China Nuclear Engineering has posted 2025 revenue of RMB101.9bn (-10.24% YoY) and an attributable net profit of RMB1.32bn (-36.10% YoY), missing our RMB2.35bn estimate due to weaker-than-expected civil construction revenue and higher impairment. For 4Q25, revenue was RMB28.0bn (-19.17% YoY) with an attributable net profit of RMB213mn (-65.09% YoY). For 1Q26, revenue reached RMB23.0bn (-22.14% YoY) and the attributable net profit was RMB403mn (-26.93% YoY). China’s 15th Five-Year Plan calls for “actively advancing coastal nuclear power development with safety in focus, targeting ~110GW nuclear power capacity by 2030.” As the nuclear power engineering construction leader in China, the company is well positioned to benefit from nuclear investment momentum. Maintain BUY.
Nuclear power engineering revenue grows rapidly
Nuclear power engineering revenue rose by 16.96% YoY to RMB37.68bn in 2025, while industrial and civil engineering revenue fell by 23.78% YoY to RMB52.83bn. Driven by accelerated nuclear power project execution, nuclear power revenue grew rapidly, with its revenue share up by 8.6pp to 36.97%. This mix improvement drove the 2025 company-level gross margin up by 0.48pp YoY to 12.12%. The gross margin for 1Q26 was 9.28% (+0.62pp YoY). New nuclear power engineering contracts grew by 2.30% YoY to RMB56.41bn in 2025. In contrast, new industrial/civil contracts fell by 14.99% YoY to RMB92.06bn. We think that the stable nuclear power order pipeline should support continued revenue mix optimization. By region, new overseas industrial and civil contracts increased by 37% YoY to RMB10.7bn.
Margin pressure from elevated expense ratio
For 2025, the operating expense ratio rose by 0.37pp YoY to 7.49%, with the sales/administrative/R&D/financial expense ratios at 0.05/2.41/2.82/2.21% (+0.02/+0.06/-0.01/+0.30pp YoY). Total impairment charges reached RMB2.0bn (1.96% of revenue, up by 0.04pp YoY). Overall, the attributable net margin fell by 0.52pp YoY to 1.29%. For 1Q26, the operating expense ratio increased by 0.67pp YoY to 6.66% due to revenue contraction, although the impairment reversal was RMB126mn higher than in 1Q25. The net effect was a 0.11pp YoY decline in the attributable net margin to 1.75%.
Earnings forecasts and valuation
Given that industrial and civil construction remains under pressure, we revise down our order and revenue assumptions for this segment while increasing our impairment provision estimates. We adjust our 2026/2027/2028 attributable net profit forecasts to RMB1.38/1.42/1.44bn (-51.12/-56.34% vs our prior 2026/2027 estimates). Its peers trade at 24x 2026E PE on average on Wind consensus. Considering, 1) heightened energy security concerns amid geopolitical uncertainty, 2) nuclear power’s strategic position, 3) emerging growth drivers (nuclear power overseas expansion/fusion), and 4) that impairment pressure on industrial and civil construction should gradually ease, we apply 35x 2026E PE (vs. our previous 22x for the nuclear/4x for the civil engineering segments). Our target price is RMB16.03 (from RMB18.21). Maintain BUY.
Risks: slower nuclear power approvals than we expect; project execution delays; receivables risks.

　　中国核建发布25年及26Q1业绩：25年实现营收1019亿元（yoy-10.24%），归母净利13.19亿元（yoy-36.10%），低于我们的预期（23.5亿），主要是工民建营收低于预期、减值超预期所致。其中25Q4实现营收280亿元（yoy-19.17%），归母净利2.13亿元（yoy-65.09%）。26Q1公司实现营收230亿元（yoy-22.14%），归母净利4.03亿元（yoy-26.93%）。国家“十五五”规划纲要明确提出“积极安全有序推进沿海核电建设，到2030年核电运行装机容量达到1.1亿千瓦左右”，核电投资有望延续高景气，公司作为核电工程建设龙头有望持续受益，维持“买入”。
　　核电工程收入快速增长，收入结构持续优化带动毛利率继续改善
　　2025年公司核电工程/工业与民用工程收入376.75/528.34亿元，同比+16.96%/-23.78%，核电工程项目快速推进带动收入快速增长，受益于高毛利率的核电业务占比提升8.6pct至36.97%，带动公司25年综合毛利率同比增加0.48pct至12.12%，26Q1综合毛利率同比+0.62pct至9.28%。2025年公司核电工程/工业与民用工程新签合同额564.14/920.62亿元，同比+2.30%/-14.99%，核电订单维持稳健增长，未来收入结构有望持续优化。分地区看，全年海外工业与民用业务新签合同107亿元，同比增长37%。
　　费用率被动抬升，归母净利率承压
　　2025年公司期间费用率7.49%，同比+0.37pct，其中销售/管理/研发/财务费用率为0.05%/2.41%/2.82%/2.21%，同比+0.02/+0.06/-0.01/+0.30pct。减值支出合计达20亿，占收入比例同比+0.04pct至1.96%，综合影响下导致归母净利率同比-0.52pct至1.29%。26Q1期间费用率同比+0.67pct至6.66%，主要是收入下滑较多费用率被动抬升，减值冲回较去年同期增加1.26亿元，综合影响归母净利率同比-0.11pct至1.75%。
　　能源强国奠定国内核电战略地位，全球核电复兴带动海外机遇
　　能源强国战略为核电工程建设提供持续稳定国内市场，25年我国核电装机规模稳定增长，截至年底在运在建与核准待建核电机组112台、装机1.25亿千瓦，成世界第一核电大国，2022-2025年连续4年每年核准10台及以上机组。公司作为核电建设主力军，有望持续受益国内高景气。全球核电复兴为核电工程建造企业带来新的战略机遇期，世界各国纷纷加码核电与核能发展布局。公司作为全球唯一连续41年不间断从事核电建造的企业，控股股东中核集团基于“华龙一号”的技术方案，持续向全球展示中国在核反应堆设计、制造和项目交付方面的卓越能力，并积极推介“玲龙一号”小型模块化反应堆及高温气冷堆等先进技术，为全球核能发展提供了中国方案，公司有望成为核电出海的重要支撑力量。
　　盈利预测与估值
　　考虑到工民建业务承压，我们下调公司未来工民建订单、收入，增加减值力度，调整公司26-28年归母净利润至13.80/14.15/14.36亿元（较前值分别调整-51.12%/-56.34%/-）。可比公司26年PE均值24倍，考虑到全球地缘局势充满不确定性，能源安全问题日益重要，核电战略地位及景气较高，且核电出海、核聚变等新兴领域有望带来新增长潜力，工民建业务减值压力有望逐步缓解，认可给予公司26年35xPE，调整目标价为16.03元（前值18.21元，对应26年核电/工民建22x/4xPE），维持“买入”。
　　风险提示：核电审批节奏不及预期、项目进度不及预期、应收账款风险。

　　2025年报发布，收入利润降幅显著
　　2025年，公司实现营业收入1019.16亿元，同比-10.24%；实现归母净利润13.19亿元，同比-36.10%，收入与利润均有所承压。值得注意的是，公司资产负债率降至近年来低位，为78.6%，经营活动现金流量净额保持为正，反映出公司在业绩阶段性波动背景下，整体经营质量和财务稳健性仍具备一定韧性。
　　深耕核电主业，核电工程业务创新高
　　2025年，公司坚守核电工程建设核心主业，作为全球唯一连续41年不间断从事核电建造的企业，牢牢把握国内核电规模化发展机遇，实现量质双升。2025年，公司高标准推进核电工程建设，承建36台在建核电机组，安全、质量、进度受控，覆盖华龙一号、CAP1000、VVER等堆型，国内市场份额绝对领先，承建机组总数量突破百台。全年完成7台核电机组FCD、2台机组完成穹顶吊装、5台机组冷试，核电大件吊装18万吨，吊装能力国内领先；同时完成37轮次大修，保障8轮次重叠大修。受益于核电主业持续推进，2025年公司核电工程新签合同564.14亿元，同比+2.30%；实现营收376.75亿元，同比+16.96%，订单与收入再创新高，为后续业绩增长奠定坚实基础。
　　海外市场稳步增长，工业与民用工程出海存机遇
　　海外工程市场稳步增长，“一带一路”倡议迈入新黄金十年，为公司工业与民用工程业务打开增量空间。据商务部统计，2025年我国对外承包工程完成营业额1788.2亿美元，同比+7.7%；新签合同额2892.2亿美元，同比+8.2%，均创历史新高；其中“一带一路”沿线国家新签合同额占比89.2%、营业额占比85.4%，东南亚、中东、中亚等区域电力、石化、交通项目持续落地。在此条件下，公司2025年境外业务营业收入达40.14亿元，同比+46.26%；工业与民用业务海外新签合同107亿元，同比+37%。
　　全球核电复兴，维持“增持”评级
　　公司2025年营业收入与归母净利润承压明显，在低基数的背景下我们下调26-28年归母净利润预测至21亿元/24亿元/27亿元（26-27年前值为26/29亿元）。展望未来，全球核电复兴为核电工程建造企业带来新的战略机遇期，世界各国纷纷加码核电与核能发展布局，国际原子能机构连续五年上调预测，未来十年全球核电建设有望进入新一轮高峰。公司作为全球唯一一家连续41年不间断从事核电建造的企业，有望受益于全球核电复兴共识进一步凝聚及国内核电规模化发展机遇，继续维持“增持”评级。
　　风险提示：工程出海不及预期、核电需求释放不及预期、工程项目推进不及预期。