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]

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].

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 ...

Core Viewpoint - China Shipbuilding Industry Co., Ltd. (China Shipbuilding) and China Shipbuilding Industry Corporation (China Shipbuilding Heavy Industry) have announced a major asset restructuring plan, with the Shanghai Stock Exchange accepting the application for the issuance of shares to acquire assets [1][3]. Group 1: Transaction Details - China Shipbuilding plans to issue A-shares to all shareholders of China Shipbuilding Heavy Industry in a stock swap merger, with China Shipbuilding as the acquirer and China Shipbuilding Heavy Industry as the target [3]. - The transaction requires approval from the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission, along with any other necessary legal approvals [3]. - The proposed transaction amount is 115.15 billion yuan, marking the largest absorption merger in the A-share market in the past decade [3]. Group 2: Business Overlap and Competition - Both companies operate in overlapping business areas, leading to significant competition in the shipbuilding sector [4]. - The merger aims to eliminate this competition, allowing China Shipbuilding to consolidate its position in the shipbuilding industry [4]. - Post-merger, the surviving company is expected to become the world's largest publicly listed shipbuilding company in terms of asset scale, revenue, and order backlog [4]. Group 3: Financial Performance - In 2024, China Shipbuilding reported revenues of 78.58 billion yuan and a net profit attributable to shareholders of 3.61 billion yuan, while China Shipbuilding Heavy Industry reported revenues of 55.44 billion yuan and a net profit of 1.31 billion yuan [5]. - As of the end of March 2024, total assets for China Shipbuilding and China Shipbuilding Heavy Industry were 181.24 billion yuan and 225.15 billion yuan, respectively [5].

外高桥造船总经理助理、邮轮项目部部长、国产大型邮轮项目建造总监陈剑威表示，有了首艘国产大邮 轮的经验，H1509船的建造过程更加顺畅。"我们在运用了首制船科研成果的同时，开发了包括设计、 采购、物流等8个方面的数字化管控手段。此次流程的优化大幅提高了效率。"他说。（来源：科技日报 作者：王春 代小佩） 从入坞总装搭载到实现首次起浮，H1509船较国产首艘大型邮轮"爱达·魔都号"用时缩短了1个月；在项 目总目标工时降低20％的基础上，利用57.2％的实动工时完成了超70％的项目整体进度，对比首制船同 期提升12％。而且，由于全船已经完成了更多项目的安装，整船起浮重量也增加了3654吨，其建造效率 和起浮完整性相较首制船有了巨大提升。 "截至目前，H1509船公共区域、餐饮冷库区域开始封板，176间房舱完成推舱，电缆敷设达3200公里， 中控系统开通、机械处所风机运行。"外高桥造船副总经理、国产大型邮轮项目总建造师周琦介绍。 外高桥造船坚持"学习、探索、总结、创新"的管理理念，对国产首艘大型邮轮"爱达·魔都号"设计建 造、工艺工法、项目管理、内装工程等全过程进行了全方面的总结反思和消化，以及吸收再创新。依托 形成 ...

2024年报与2025年一季度报告显示，军工板块处在短期业绩筑底阶段，头部公司尤其是主机厂一季度营 业收入同比复苏明显，净利润仍然承压 5月12日，A股航天军工板块"空中加油"，中船系、中航系、商业航天、大飞机等军工概念指数领涨沪 深两市，个股掀起涨停潮。 资本市场对军工行业的关注热度从上周开始明显升温，军工ETF上周的累计涨幅达4.91%,当时有分析认 为，印巴对抗强化国产装备性能端优势认知推升了资金炒作情绪。到本周，印巴冲突局势有所缓和，军 工板块依然走强。早盘军工ETF放量涨逾6%，午后涨幅收窄，收涨4.68%，截至收盘，中航成飞 （302132.SZ）、晨曦航空（300581.SZ）均录得"20CM"涨停；成飞集成（002190.SZ）连续四个交易日 涨停；中航沈飞（600760.SH）、中国船舶（600150.SH）、洪都航空（600316.SH）的涨幅均超过8%。 2024年报与2025年一季度报告显示，军工板块处在短期业绩筑底阶段，头部公司尤其是主机厂一季度营 业收入同比复苏明显，净利润仍然承压，而整个板块的盈利能力仍出现在上一轮周期以来的低点。多家 机构研报指出，军工股基本面没有更多利空因素， ...

美部分主要港口来自中国船舶零抵港 智通财经5月12日电，受美国政府关税政策影响，美国多个港口货运量锐减。据美国媒体报道，在美国 西海岸的主要港口，已经出现了来自中国的抵港船舶数量为零的情况，运货卡车司机的生计也受到影 响。西雅图港务局长指出，全世界没有任何一个国家能比美国从开放和自由的市场中获益更大的了，而 如今这场美国主动挑起的贸易争端却在冲击美国自身经济。 (CCTV国际时讯) ...

作 者丨胡慧茵 编 辑丨和佳 江佩佩 国防军工全面爆发 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 302132 | 中航成飞 | 94.51 | 14.63 | 18.31% | | 600562 | 国睿科技 | 26.21 | 2.38 | 9.99% | | 600523 | 贵航股份 | 15.11 | 1.37 | 9.97% | | 600184 | 光电股份 | 15.78 | 1.19 | 8.16% | | 600150 | 中国船舶 | 32.64 | 2.46 | 8.15% | | 600760 | 中航沈飞 | 49.35 | 3.17 | 6.86% | | 600990 | 四创电子 | 24.12 | 1.54 | 6.82% | | 601989 | 中国重工 | 4.62 | 0.29 | 6.70% | | 600316 | 洪都航空 | 38.69 | 2.42 | 6.67% | | 300516 | 久之洋 | 34.63 | 2.16 | 6.65% | | 002544 | 普 ...

Core Viewpoint - The military industry sector has experienced a significant surge, driven by two main factors: the easing of the India-Pakistan conflict and the emphasis on technological advancements in military capabilities [1] Group 1: Market Performance - The military sector saw a substantial increase, with over 30 stocks, including China Shipbuilding, reaching their daily limit or rising over 10% [1] - The military ETF rose nearly 6%, indicating strong investor interest in the sector [1] Group 2: Influencing Factors - An article published by the People's Daily highlighted the need to accelerate the development of new combat capabilities, emphasizing the role of high-tech weapons, smart technology, unmanned equipment, and big data applications as new growth points for military effectiveness [1] - The global military trade sales are projected to reach $111.6 billion in 2024, indicating significant potential for growth in the military sector [1]

军工再现超预期事件驱动！ 今天早盘，军工板块再度大涨。中国船舶盘中触及涨停，昆船智能、航天南湖、中航成飞、华如科技、雷科防务、七一二、成飞集成、天箭科技、贵航股份等超30 股封板或涨幅超10%，军工ETF大涨近6%。 在印巴冲突局势缓和的背景之下，军工板块再度强势着实超出预期。那么，究竟发生了什么？首先，《人民日报》昨日发表《加快解放和发展新质战斗力》一文提 出，当前，新一轮科技革命和产业变革蓬勃发展，大量高新技术武器用于实战，智能技术、无人装备、大数据应用等成为战斗力新的增长点。其次，2024年全球军 贸销售额1116亿美元，潜力比较大。 军工再度暴涨 今天早盘让人意外的还是军工的暴涨，在印巴冲突局势缓和的背景之下，军工板块依然迎来了大反攻，军工ETF一度涨近6%，超30只股票封板或涨幅超10%。 从部分企业年报公告经营计划来看，亦凸显2025年经营信心。部分企业业绩指引增速明显，如远火领域北方导航年报计划2025年计划实现营业收入50亿元（2024年 实现27.48亿元）、利润总额3亿元（2024年实现0.83亿元）、中兵红箭公告2025年计划实现营业收入87亿元（2024年实现45.69亿元）。 中航证 ...