中国船舶工业股份有限公司 2024 年年度股东会会议资料 （网上披露） 中 国 船 舶 工 业 股 份 有 限 公 司 会议日期：2025 年 5 月 28 日 | 2024 | | 年年度股东会会议议程 2 | | --- | --- | --- | | 议案一：公司 | 2024 | 年度董事会报告 3 | | 议案二：公司 | 2024 | 年度监事会报告 12 | | 议案三：公司 | 2024 | 年度财务决算报告 23 | | 议案四：关于公司 | | 年度利润分配的议案 30 2024 | | 报 | 告：公司独立董事 | 年度述职报告 32 2024 | 中国船舶 2024 年年度股东会会议资料 中国船舶工业股份有限公司 2024 年年度股东会会议议程 一、会议基本情况 1、会议召集人：公司董事会 2、会议时间：2025 年 5 月 28 日（星期三）下午 14:30 3、会议方式：现场表决与网络投票相结合的方式 4、会议地点：上海市浦东新区浦东大道 1 号中国船舶大厦会议室 二、会议主要议程 1、介绍以下议案及报告 议案一：公司 2024 年度董事会报告 报 告：公司独立董事 2024 年度 ...

证券代码：600150 证券简称：中国船舶 公告编号：2025-032 中国船舶工业股份有限公司 关于参加中船集团控股上市公司2024年度集体业绩说明会暨 2025年第一季度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国船舶工业股份有限公司（以下简称"公司"）于 2025 年 5 月 14 日在上海证券交易所网站（www.sse.com.cn）披露了《关于参加中 船集团控股上市公司 2024 年度集体业绩说明会暨 2025 年第一季度业 绩说明会的公告》（公告编号：2025-031）。本次业绩说明会已于 2025 年 5 月 20 日按期召开。现将相关召开情况公告如下： 一、本次业绩说明会召开情况 公司董事、总经理施卫东先生、独立董事吴卫国先生、总会计师 兼董事会秘书王洁女士出席了本次业绩说明会，针对公司 2024 年及 2025 年第一季度的生产经营和改革发展情况与投资者进行了交流和沟 通，并就投资者普遍关注的问题在信息披露允许的范围内进行了回复。 二、本次业绩说明会投资者提出的主要问题及公司 ...

Core Insights - The company, China Shipbuilding, reported that its revenue primarily comes from shipbuilding and offshore engineering construction, with a backlog of orders scheduled until 2029 [1] - The company aims to enhance production efficiency to deliver more ships and meet revenue targets based on its order delivery plan and production schedule [1] - The global shipbuilding market is entering a new development cycle, with China's shipbuilding industry showing robust growth across all three major indicators, maintaining a leading position in the international market share [1]

Investment Rating - The report recommends investment in the shipbuilding sector, specifically highlighting companies such as China Shipbuilding, China Heavy Industry, China Ship Defense, China Power, and others as key players in the industry [2][4]. Core Insights - The shipbuilding sector is experiencing robust growth with a revenue of 210.3 billion yuan in 2024, marking a 12% year-on-year increase, and a net profit of 7.2 billion yuan, which is a 103% increase compared to the previous year [3][13]. - The order backlog remains strong, with a significant increase in high-value orders, indicating a positive outlook for revenue and profit margin recovery in the coming years [27][40]. - The global shipbuilding market is characterized by a supply-demand gap, with a hand-held order coverage of 3.8 years, which is at a historical high, while the proportion of hand-held orders in total capacity is at a historical low of 12% [52][56]. Summary by Sections Revenue and Profit Growth - In 2024, the shipbuilding sector achieved a revenue of 210.3 billion yuan, a 12% increase year-on-year, and a net profit of 7.2 billion yuan, reflecting a 103% growth [3][13]. - The first quarter of 2025 continued this trend with a revenue of 45.1 billion yuan, also up 12% year-on-year, indicating sustained growth [7][13]. Order Backlog and Market Dynamics - As of Q1 2025, the global shipbuilding order backlog reached 381 million deadweight tons, a 2% increase from the end of 2024, with expectations for a delivery volume of 97.28 million deadweight tons in 2025, representing a 9% increase [52][47]. - The report notes that the ship price index remains high, with a slight decrease of 1% in Q1 2025, indicating a stable pricing environment despite fluctuations [40][36]. Competitive Landscape - The report highlights that despite challenges from U.S. sanctions, China's position as a global leader in shipbuilding remains unshaken, with a market share of approximately 54% in new orders as of Q1 2025 [71][80]. - The average age of the global fleet is increasing, leading to a projected demand for new vessels, with an estimated annual delivery requirement of about 110 million deadweight tons from 2025 to 2030, driven largely by the need to replace aging ships [59][60]. Future Outlook - The shipbuilding sector is expected to continue benefiting from high demand for bulk carriers, with a focus on high-value orders and improved profit margins as the industry recovers from previous downturns [27][4]. - The report anticipates that the transition to alternative energy vessels will accelerate, driven by stricter environmental regulations and the need for fleet modernization [60][61].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The shipping industry is experiencing a surge in demand due to a recent temporary reduction in tariffs between China and the US, leading to a significant increase in shipping volumes on the US route. The average booking volume surged by 277% compared to the previous week [5] - The Shanghai Export Container Freight Index (SCFI) rose by 10.0% week-on-week, indicating a strong recovery in shipping rates, particularly for routes to the US [6] - The logistics sector is showing resilience, with express delivery volumes in April increasing by 19.1% year-on-year, reflecting robust demand across various sectors [9] - The airline industry is expected to benefit from macroeconomic recovery, with a long-term supply-demand imbalance favoring growth in the sector [12] Summary by Sections Shipping Vessels - The recent tariff reductions have led to a surge in demand for shipping services, particularly on the US route, with a projected increase in freight rates over the next 2-3 months due to supply constraints [5] - The average weekly capacity for the US route is expected to be 500,000 TEU, down 6% from last year [5] - The oil tanker market is facing supply tightness due to limited new orders and an aging fleet, which is expected to sustain high demand in the coming years [12] Express Logistics - In April, the express delivery industry in China saw a business volume of 16.32 billion pieces, a year-on-year increase of 19.1%, with revenue reaching 121.28 billion yuan, up 10.8% [9] - The concentration index for express delivery brands (CR8) was 86.7, indicating a stable competitive landscape [9] Aviation and Airports - The airline industry is poised for growth due to low supply growth and recovering demand, with key companies to watch including China Southern Airlines and Air China [12] - The passenger transport volume in March was approximately 59 million, reflecting a year-on-year increase of 3.5% [50] Overall Market Performance - From May 12 to May 16, the transportation index rose by 2.12%, outperforming the Shanghai Composite Index [17] - The shipping sector saw the highest increase at 7.42%, indicating strong market performance [17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance in Q1 2025 met expectations, with a significant year-on-year increase in net profit of 180.99% [1][2] - The shipbuilding industry is experiencing an upward cycle due to factors such as the ship replacement cycle, environmental policies, and tight production capacity [4][5] - The company has a strong order backlog, with a total of 2,169.62 billion yuan in hand for civil ship orders as of 2024 [2] Financial Performance - In 2024, the company achieved an operating revenue of 78,584 million yuan, a year-on-year increase of 5.01%, and a net profit attributable to shareholders of 3,614 million yuan, up 22.21% [1] - For Q1 2025, the company reported an operating revenue of 15,858 million yuan, a 3.85% increase year-on-year, and a net profit of 1,127 million yuan, reflecting a 180.99% increase [2] - The gross profit margin for 2024 was approximately 10.20%, with a net profit margin of 4.91% [3] Business Segmentation - The shipbuilding and marine engineering segment generated revenue of 75,374 million yuan in 2024, up 7.03% year-on-year [1] - The electromechanical equipment segment reported revenue of 1,956 million yuan, a 1.45% increase [1] - The company delivered 93 civil ships in 2024, achieving 721.34 million deadweight tons, exceeding the annual plan by 112.74% [2] Order and Delivery Insights - The company secured new orders worth 1,039 million yuan for civil ships in 2024, along with 20.73 million yuan for repair services [1] - As of Q1 2025, the company’s gross profit margin improved to 12.84%, a year-on-year increase of 5.62 percentage points [3] - The total hand-held civil ship orders amounted to 2,169.62 billion yuan, indicating strong future revenue potential [2] Industry Trends - The shipbuilding industry is witnessing a slowdown in new orders, with a 56% year-on-year decline in new orders from January to April 2025 [4][17] - Despite the slowdown, ship prices are expected to continue rising due to tight supply and inflationary pressures [4][5] - The integration of shipbuilding assets within the group is progressing smoothly, which is expected to enhance operational efficiency and competitive positioning [5]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the importance of developing deep-sea technology as a new engine for economic growth, with the deep-sea technology-related industries expected to exceed 3.25 trillion yuan by 2025, accounting for over 25% of the marine economy [5][14] - The report highlights the strategic shift of China from a "maritime power" to a "maritime strong power," with deep-sea technology becoming a key focus of national strategy [12][14] - The report identifies four major directions for deep-sea technology: marine resource development, marine technology, marine environmental protection, and marine rights protection [19][57] Summary by Sections What is Deep-Sea Technology? - Deep-sea technology refers to advanced technologies and related disciplines used for exploring, developing, and utilizing deep-sea resources and studying the deep-sea environment [4] Why Develop Deep-Sea Technology? - It is crucial for economic structural transformation and national security, with deep-sea technology expected to play a significant role in safeguarding national interests and resource rights [5] Directions of Deep-Sea Technology - Key areas include marine resource development (renewable energy, deep-sea mining, fisheries, oil and gas), marine technology (carriers, sensors, special materials), environmental protection (green ships, island engineering), and rights protection (polar engineering, integrated information networks) [6][19] Investment Recommendations - Focus on sectors with production material or new infrastructure attributes, specifically deep-sea equipment, deep-sea information technology, deep-sea exploration, and deep-sea special materials [7][59] - Recommended companies include: - Deep-sea equipment: Yaxing Anchor Chain, Zhenhua Heavy Industries, China Shipbuilding, China Power, China Shipbuilding Defense [7][59] - Deep-sea information technology: Zhongtian Technology, Oriental Cable [9][59] - Deep-sea exploration: China Marine Defense, Weiguang Co., Ltd. [9][59] - Deep-sea materials: BaoTi Co., Ltd., Western Materials, Western Superconducting [9][59]

Core Viewpoint - The shipbuilding industry is experiencing a significant supply-demand gap, with a robust order backlog and expected growth in delivery volumes, indicating a positive outlook for the sector [1][3]. Group 1: Order Backlog and Delivery Expectations - As of the end of Q1 2025, global shipyards have a total order backlog of 381 million deadweight tons (DWT) / 162 million compensated gross tons (CGT), representing a 2% / 1% increase from the end of 2024 [1][3]. - The expected global ship delivery volume for 2025 is 97.28 million DWT / 44.63 million CGT, reflecting a year-on-year growth of 9% for both metrics [1][3]. - The order coverage ratio for global shipyards is projected to reach 3.8 years in 2024, marking a historical high, while the proportion of order capacity held is at a relatively low level of 12% [1][3]. Group 2: Financial Performance and Profitability - The shipbuilding sector is anticipated to achieve revenues of 210.3 billion yuan in 2024, a 12% year-on-year increase, driven by high industry demand and order fulfillment [2]. - Net profit attributable to shareholders is expected to reach 7.2 billion yuan, representing a substantial 103% increase year-on-year, supported by an improved delivery structure with a higher proportion of high-priced, low-cost orders [2]. - The ship price index remains elevated, with a slight decline of 1% to 187 at the end of Q1 2025, indicating stable pricing across various ship types [3]. Group 3: Market Dynamics and Future Outlook - The global new ship market saw a significant decline in new orders in Q1 2025, with a total of 19.8 million DWT / 8.95 million CGT, down 56% / 46% year-on-year, attributed to pre-emptive demand and market uncertainties [4]. - Despite the drop in new orders, the long delivery times (18-24 months) suggest that shipyards will still fulfill existing orders, potentially leading to a recovery in new ship demand starting in 2026 [4]. - The average age of the global fleet reached 13.1 years as of Q1 2025, with an expected increase in aging vessels driving replacement demand over the next decade [5]. Group 4: Investment Recommendations - The company recommends investing in China State Shipbuilding Corporation (CSSC) and paying attention to key players like China Power (600482.SH) and Songfa Co., Ltd. (603268.SH) for their quality shipbuilding assets [7].

Group 1 - The military stocks, particularly those in the "China Shipbuilding System," have experienced a significant surge, with the entire sector index rising by 8% [1] - Four companies within this sector have reported profit growth exceeding 100%, indicating strong performance and potential investment opportunities [1][6] - The recent conflict between Pakistan and India has highlighted China's military strength, boosting market confidence and valuations for related stocks [1] Group 2 - The domestic shipbuilding industry is performing well, with a shift in demand towards new, energy-efficient vessels due to new carbon emission standards and environmental regulations [2] - It is projected that by 2025, Chinese shipbuilders will secure over 60% of global orders, with many companies in the China Shipbuilding System having orders extending to 2028 [2] - The financial performance of companies like China Shipbuilding shows a net profit increase of 181% in Q1, with an expected growth of 22% for the full year [3] Group 3 - China Power reported a net profit increase of 349% in Q1, with an anticipated growth of 78% for the year [4][6] - China Heavy Industry is expected to see a net profit growth of 267% in 2024, with a remarkable 282% increase in Q1 [4][7] - The overall positive trend in military stocks is supported by improved international trade relations, which are expected to enhance demand for shipbuilding [6]

证券代码：600150 证券简称：中国船舶 公告编号：2025-031 中国船舶工业股份有限公司 关于参加中船集团控股上市公司2024年度集体业绩说明会暨 2025年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025年5月20日（星期二）下午14:30-17:30 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com）（以下简称"上证路演中心"） 会议召开方式：现场交流、视频直播和网络文字互动 会议问题征集：投资者可于2025年5月19日（星期一）16:00前 通过本公司公开邮箱（stock@csscholdings.com）进行会前提问。公 司将在说明会上对投资者普遍关注的问题进行回复。 本次集体业绩说明会以现场交流、视频直播和网络文字互动方式 召开，公司将在信息披露允许的范围内与投资者进行互动交流和沟通。 二、说明会召开的时间、地点、方式 召开时间：2025 年 5 月 20 日（星期二）下午 14:30-1 ...