核电景气度上行，核电业务高速增长

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 16.20 CNY over the next six months [5][6]. Core Insights - The nuclear power sector is experiencing an upward trend, leading to rapid growth in the company's nuclear power business. The company reported a revenue of 5.32 billion CNY in 2023, a year-on-year increase of 16.69%, with a net profit of 399 million CNY, up 4.75% year-on-year [2][5]. - The acquisition of a 51% stake in Harbin Electric's subsidiary, Harbin Electric Machinery, significantly enhances the company's competitiveness in the nuclear motor market and expands its business scope [3]. - The electric motor segment showed positive development, achieving a revenue of 4.52 billion CNY in 2023, a year-on-year increase of 13.17%, with an improved gross margin of 24.05% [4]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 2.28 billion CNY, with a gross margin of 25.27% and a net profit of 116 million CNY [2]. - For Q1 2024, the company reported a revenue of 1.15 billion CNY, a year-on-year decrease of 4.57%, with a gross margin of 20.98% and a net profit of 93 million CNY, down 15.68% year-on-year [2]. - The projected revenues for 2024 to 2026 are 6.23 billion CNY, 7.20 billion CNY, and 8.79 billion CNY, with growth rates of 17.0%, 15.7%, and 22.1% respectively [5][21]. Business Segment Analysis - The electric motor and services segment generated a revenue of 4.52 billion CNY in 2023, with a gross margin increase of 4.93 percentage points year-on-year [4]. - The nuclear power products segment saw a revenue of 686 million CNY, a significant year-on-year increase of 52.78%, although the gross margin decreased by 35.57 percentage points [2][4]. Market Position and Valuation - The company is positioned favorably within the electric motor and nuclear power sectors, with a projected PE ratio of 20 times for comparable companies in 2024 [5][21]. - The total market capitalization of the company is approximately 7.20 billion CNY, with a circulating market capitalization of about 7.09 billion CNY [6].