Event: on July 13, 2023, the company issued a prospectus for issuing shares to specific targets. The number of shares issued to specific targets is 3309714 shares, and the issue price is 63.77 yuan per share. The total amount to be subscribed by the issuing object is 211.0605 million yuan, not more than 300 million yuan and no more than 20% net assets at the end of the most recent year.

The nuclear power industry meets the national low-carbon needs, and there is a broad market space for nuclear chemical intelligent equipment. Under the background of the continuous deepening of China's economic construction, the electricity consumption of various industries is increasing day by day. Traditional fossil energy power generation can neither fully meet the electricity needs of our country, nor accord with the green trend of modern development. Nuclear power technology has become the preferred option for the development of our country. Under the background of carbon peak and carbon neutralization, the process of clean and low-carbon transformation of China's energy and power system will be further accelerated. Nuclear energy, as a clean energy with near zero emissions, will have a broader space for development. According to the company's prospectus, it is predicted that by 2035, the scale of nuclear power transportation will reach about 150 million kilowatts, and the scale under construction will reach about 5000 kilowatts. In the next 10 years, the scale of China's nuclear power market will steadily expand to the trillion level. The expansion of China's nuclear power industry stimulates the development of the downstream spent fuel reprocessing market. The above nuclear industry processing process has a corresponding demand for nuclear industry intelligent equipment, which can effectively expand its market space. At the same time, it is conducive to the continuous improvement of nuclear industry intelligent production technology.

The company is a leading company in the field of nuclear industry products, gradually exploring the non-nuclear field. The company's nuclear industry products mainly include a series of nuclear industry robots and nuclear industry intelligent equipment. A series of robots in the nuclear industry are mostly used in chemical workshops and tail workshops in the middle and later stages of the spent fuel processing process to sample and separate chemical radioactive materials and complete the packaging of oxide products of uranium and plutonium. Nuclear industry intelligent equipment can be used in the transport of radioactive materials (such as products after cutting, dissolution, filtration and seasoning of spent fuel assemblies) in front-end workshops, tail-end workshops and other production processes. At the same time, since 2016, the company has begun to carry out technology research and development for intelligent production lines and intelligent stand-alone equipment in the field of new energy batteries, and will begin to obtain orders by 2019. At present, the company is carrying on the research on the modular intelligent teaching equipment system. Aiming at the vocational education needs of the intelligent production line, the modular intelligent educational equipment can be widely used in the training of students and skilled workers.

Raise funds to focus on the company's main business, effectively enhance long-term profitability and competitiveness. According to the targeted stock offering prospectus issued by the company, the funds raised are mainly used for the construction of high-end nuclear technology and equipment manufacturing base projects. The products to be produced are mainly intelligent equipment for the nuclear industry and are the main business of the company. The project aims to help the expansion of the company's products in different use scenarios, help to strengthen the product supply capacity and routes, and consolidate the company's position in the industry.

Investment advice. Both the intelligent equipment manufacturing industry and the nuclear industry construction are the main directions of the construction of a manufacturing power, and the industry scale is in the stage of stable expansion. The company's main products are nuclear industry intelligent equipment and nuclear industry series robots, with technological research and development advantages, in the case of lack of centralized suppliers in the industry, the company has obvious competitive advantage. At the same time, the company released a fixed increase to focus on the construction of a high-end nuclear technology and equipment manufacturing base, which will help to increase production capacity, focus on main business and achieve large-scale economic benefits in the future, and give it a "buy" rating. It is estimated that the net profit of homing from 2023 to 2025 will be 1.70 × 229,296 million yuan, and EPS will be 1.72pm 2.31max 3.00 yuan respectively. The corresponding PE is 35.5, 26.3 and 20.3 times, respectively.

Risk tips: business focus on the nuclear industry and the risk of industrial policy changes in this field; the risk of high customer concentration; the high risk of related sales; the risk of performance fluctuations caused by discontinuous orders; the seasonal risk of performance.