Summary of Conference Call Industry Overview - The conference call primarily discusses the shipbuilding industry, focusing on the integration of China Shipbuilding Group and China State Shipbuilding Corporation (CSSC) [2][11][12]. Key Points and Arguments - **Asset Integration**: The integration of assets between China Shipbuilding Group and China State Shipbuilding Corporation is approximately 80% complete, with core assets concentrated in Hudong-Zhonghua and Huangpu Wenchong Shipyard [2][11][12]. - **Market Demand**: The global shipbuilding industry is experiencing a favorable supply-demand environment, with major state-owned enterprises in China having orders booked until 2028 or even 2030-2031. New capacity expansion is limited, which will not disrupt the existing competitive landscape [11][23]. - **Price Increase**: Ship prices have increased by about 50% since the bottom in 2020, indicating a strong recovery in the market. The current cycle is expected to last until 2025-2026, potentially exceeding previous cycles [11][23]. - **New Energy Demand**: The current proportion of new energy ships is only 7%, suggesting significant growth potential, especially in the container sector. The transition to new energy will drive demand for shipbuilding beyond market expectations [4][11][18]. - **Economic Efficiency**: New ships are significantly more economical than older models, leading to a trend where shipowners replace vessels around 15 years of age, even if they have not reached the typical 20-year lifespan [6][11][15][24]. - **Technological Advancements**: New ship designs have shown a 20% increase in payload capacity while reducing energy consumption by 30-40%, which will further accelerate the replacement of older vessels [15][24]. - **Investment Recommendations**: The call recommends investing in leading state-owned enterprises such as China Shipbuilding, China State Shipbuilding Corporation, China Power, and China Shipbuilding Industry Corporation, as well as companies like AVIC Defense and Astar Anchor Chain, highlighting the potential of underwater unmanned equipment from China Shipbuilding Industry Corporation [11][25]. Additional Important Insights - **Challenges in Reviving Old Shipyards**: Research indicates that reviving old shipyards is challenging, and new capacity investments are limited, which will not significantly affect the competitive landscape [11][13][21]. - **Supply-Side Constraints**: Supply-side constraints are evident, with limited capacity expansion from private shipyards. Demand remains strong due to the need for replacing old ships and the push for new energy vessels [20][21]. - **Future Integration Steps**: The integration process is expected to continue with a board meeting planned for early next year to address competitive issues and finalize the integration plan [27]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the current state and future outlook of the shipbuilding industry.

证券代码：600150 证券简称：中国船舶 公告编号：2024-042 中国船舶工业股份有限公司 关于重大资产重组的进展公告 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。 一、本次交易的基本情况 自本次交易预案披露以来，公司及相关各方积极稳步推进相关尽 职调查、审计、估值等各项工作。公司将在相关尽职调查、审计、估值 等相关工作完成后，再次召开董事会审议本次交易的相关事项，并由董 事会提请股东大会审议上述议案及其他与本次交易相关的议案。 三、风险提示 本次交易尚需履行必要的内部决策程序，并需经有权监管机构批 准后方可正式实施，能否实施尚存在较大不确定性，公司于2024年9月 19日披露的交易预案中详细披露了本次交易可能存在的风险因素及尚 需履行的程序。 中国船舶工业股份有限公司（以下简称"中国船舶"或"公司"） 拟向中国船舶重工股份有限公司（以下简称"中国重工"）全体换股股 东发行A股股票的方式换股吸收合并中国重工（以下简称"本次交易"）， 本次交易构成关联交易，构成重大资产重组。本次交易完成后，公司实 际控制人仍为中国船舶集 ...

证券代码：600150 证券简称：中国船舶 公告编号：2024-041 中国船舶工业股份有限公司 2024 年 11 月 29 日，公司董事、总经理施卫东先生、独立董事吴 立新先生、副总经理兼董事会秘书陶健先生、总会计师王洁女士出席 了本次业绩说明会，针对公司 2024 年第三季度的经营成果、发展战略 及财务指标等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。 2024 年第三季度业绩说明会召开情况的公告 二、本次业绩说明会投资者提出的主要问题及公司回复情况 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。 1、投资者提问：与中国重工合并后哪些造船优势在全球竞争中得 到进一步发展。 中国船舶工业股份有限公司（以下简称"公司"）于 2024 年 11 月 22 日在上海证券交易所网站（www.sse.com.cn）披露了《中国船舶 2024 年第三季度业绩说明会预告公告》（公告编号：2024-040）。本 次业绩说明会已于 2024 年 11 月 29 日按期召开。现将相关召开情况公 告 ...

证券代码：600150 证券简称：中国船舶 公告编号：2024-040 中国船舶工业股份有限公司 2024 年第三季度业绩说明会预告公告 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： 会议问题征集：投资者可于 2024 年 11 月 28 日前访问网址 https://eseb.cn/1jywYkpCHeg 或扫描下方小程序码进行会前提问， 公司将在业绩说明会上就投资者普遍关注的问题进行回复。 中国船舶工业股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn）披露了《公司 2024 年第三季度报告》。为便于广大投资者更加全面深入地了解公司经营 业绩、发展战略等情况，公司定于 2024 年 11 月 29 日（星期五）下午 15:00-16:00 在"价值在线"（www.ir-online.cn）举办 2024 年第三 季度业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见 和建议。 1 会议召开时间：2024 年 11 月 29 日（星 ...

证券代码：600150 证券简称：中国船舶 公告编号：2024-039 2024年9月10日，公司披露了《关于筹划重大资产重组停牌进展公 告》（公告编号：2024-027），为维护投资者利益，避免公司股价异常 波动，根据上海证券交易所的相关规定，公司A股股票继续停牌。 中国船舶工业股份有限公司 关于重大资产重组的进展公告 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。 一、本次交易的基本情况 中国船舶工业股份有限公司（以下简称"中国船舶"或"公司"） 拟向中国船舶重工股份有限公司（以下简称"中国重工"）全体换股股 东发行A股股票的方式换股吸收合并中国重工（以下简称"本次交易"）， 本次交易构成关联交易，构成重大资产重组。本次交易完成后，公司 实际控制人仍为中国船舶集团有限公司、最终控制人仍为国务院国有 资产监督管理委员会，未发生变更。 二、本次交易进展情况 经向上海证券交易所申请，公司股票（证券简称：中国船舶，证 券代码：600150）自2024年9月3日（星期二）开市起开始停牌，具体 内容详见公司于2024年9月3日披露的《 ...

Investment Rating - The report maintains a "Buy" rating for China Shipbuilding [9][11]. Core Views - The shipbuilding industry is experiencing a clear upward trend, and the company, as a leading player in the sector, is expected to see its performance improve ahead of its peers [6][8]. - In the first three quarters of 2024, the company reported revenue of 56.169 billion yuan, a year-on-year increase of 13.12%, while the net profit attributable to shareholders was 2.271 billion yuan, a decrease of 11.35% [6][7]. - The third quarter of 2024 saw revenue of 20.152 billion yuan, a year-on-year increase of 5.35%, but a quarter-on-quarter decrease of 2.86%. The net profit attributable to shareholders was 858 million yuan, down 57.26% year-on-year, although the non-recurring net profit turned positive at 773 million yuan [6][7]. Summary by Sections Financial Performance - The company’s ship delivery volume and prices have both increased year-on-year, with expectations for continued improvement in profitability throughout the year. The decline in Q3 performance was primarily due to a high base effect from the previous year when a significant non-cash asset exchange occurred [7]. - The gross margin for Q3 reached 11.62%, an increase of 2.75 percentage points quarter-on-quarter, indicating a trend of improving margins since Q1 2024 [7][8]. - The company is expected to deliver 96 ships in 2024, an increase of 15 ships compared to the previous year, with a total deadweight tonnage of 8.0344 million DWT [7][8]. Industry Position - China's shipbuilding industry is solidifying its competitive position, with significant increases in new orders and completed shipbuilding volumes. In the first three quarters of 2024, China's completed shipbuilding volume reached 36.34 million DWT, up 18.2% year-on-year, and new orders increased by 51.9% [8]. - The company is well-positioned to benefit from the industry's upward cycle, with a strong order backlog extending to 2028 and an increasing proportion of high-value orders [8]. Future Outlook - The fourth quarter is typically a peak delivery season, which is expected to accelerate revenue recognition. The company is anticipated to continue benefiting from rising order volumes and prices, leading to sustained profitability [7][8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [1][19]. Core Insights - The company reported a revenue of 56.169 billion yuan for the first three quarters of 2024, a year-on-year increase of 13.12%, while the net profit attributable to shareholders was 2.271 billion yuan, a decrease of 11.35% year-on-year [1][2]. - The report highlights a significant recovery in profitability, with a notable increase in non-recurring profit, indicating a positive trend in earnings recovery [1][2]. - The gross margin for the third quarter was reported at 9.41%, a slight decline of 1.63 percentage points year-on-year, with expectations for improvement as low-price orders from previous years are cleared [1][2][3]. Summary by Sections Financial Performance - The company achieved a revenue of 56.169 billion yuan in the first three quarters of 2024, with a year-on-year growth of 13.12% [1]. - The net profit attributable to shareholders was 2.271 billion yuan, reflecting a year-on-year decline of 11.35% [1]. - The gross margin for the third quarter was 9.41%, down 1.63 percentage points from the previous year [1][2]. Order and Market Trends - The company secured 109 new orders for civil vessels, totaling 855.77 million deadweight tons and 68.425 billion yuan, with a year-on-year increase in tonnage of 38.21% [2]. - The proportion of green vessels in new orders exceeded 50%, and high-end vessels accounted for over 70% of new orders, indicating a trend towards higher quality and sustainability [2][3]. - The total backlog of civil vessel orders stood at 322 vessels, amounting to 199.639 billion yuan, with a year-on-year increase in tonnage of 22.15% [2]. Industry Outlook - The shipbuilding industry is expected to experience a cyclical recovery, with improved profitability anticipated as high-price orders from 2022 onwards are delivered [3][4]. - The report suggests that the company, as a core asset of the shipbuilding industry, will benefit significantly from this recovery, with expectations for accelerated profit recovery starting in 2025 [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The delivery of high-priced ships is expected to enhance gross margins, and attention should be paid to the progress of subsequent restructuring [2] Financial Performance Summary - Revenue projections (in million RMB): - 2022: 59,557.74 - 2023: 74,838.50 (25.66% YoY growth) - 2024E: 90,944.43 (21.52% YoY growth) - 2025E: 89,118.57 (-2.01% YoY growth) - 2026E: 109,592.59 (22.97% YoY growth) [2][3] - Net profit attributable to shareholders (in million RMB): - 2022: 171.87 - 2023: 2,957.40 (1,620.69% YoY growth) - 2024E: 3,967.51 (34.16% YoY growth) - 2025E: 8,483.32 (113.82% YoY growth) - 2026E: 11,095.79 (30.80% YoY growth) [2][3] - Earnings per share (in RMB): - 2022: 0.04 - 2023: 0.66 - 2024E: 0.89 - 2025E: 1.90 - 2026E: 2.48 [2][3] Financial Ratios - Return on Equity (ROE): - 2023: 6.12% - 2024E: 7.87% - 2025E: 15.49% - 2026E: 18.34% [2][3] - Price-to-Earnings Ratio (P/E): - 2023: 55.58 - 2024E: 41.43 - 2025E: 19.37 - 2026E: 14.81 [2][3] Balance Sheet Highlights - Total assets (in million RMB): - 2023: 177,832.17 - 2024E: 204,547.76 - 2025E: 205,166.60 - 2026E: 240,297.24 [3] - Total liabilities (in million RMB): - 2023: 125,359.64 - 2024E: 149,614.57 - 2025E: 144,972.02 - 2026E: 173,221.00 [3] - Shareholders' equity (in million RMB): - 2023: 52,472.53 - 2024E: 54,933.20 - 2025E: 60,194.59 - 2026E: 67,076.24 [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark index within the next six months [11]. Core Views - The company reported a significant increase in non-recurring net profit, achieving CNY 1.972 billion for the first three quarters of 2024, a year-on-year increase of 561% [1]. - The company’s revenue for the first three quarters of 2024 reached CNY 56.2 billion, up 13.12% year-on-year, while the net profit attributable to shareholders decreased by 11.35% to CNY 2.271 billion [1]. - The report highlights an improvement in the structure of the company's order backlog and an increase in gross profit margins for delivered vessels [1]. - The global new orders in September showed a year-on-year decline of 55%, but the cumulative new orders from January to September increased by 31% [2]. - The report anticipates a compound annual growth rate (CAGR) of 11% for revenue and 71% for net profit from 2024 to 2026, with earnings per share (EPS) projected at CNY 0.85, CNY 1.66, and CNY 2.49 for the respective years [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a sales gross margin of 9.41%, down 1.63 percentage points year-on-year, and a net profit margin of 4.20%, down 0.96 percentage points year-on-year [1]. - The third quarter of 2024 saw a sales gross margin of 11.62%, down 4.91 percentage points year-on-year, but up 2.75 percentage points quarter-on-quarter [1]. Order and Market Trends - In September, the global new orders totaled 5.33 million deadweight tons, with a significant drop in oil and bulk carrier orders, while container ship orders increased by 224% year-on-year [2]. - The report notes that the price index for new ships has shown a marginal increase, with container ship prices rising by 1.3% to 1.8% over the past three months [3]. Earnings Forecast - The company’s projected revenue for 2024 is CNY 83.43 billion, with net profit expected to reach CNY 3.8 billion, reflecting a significant growth trajectory [8]. - The report adjusts previous estimates for net profit, reflecting changes in expense ratios and asset impairment losses [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 revenue was CNY 20.152 billion, a year-on-year increase of 5.35%, while the net profit attributable to shareholders was CNY 858 million, a year-on-year decrease of 57.26%. The gross margin improved to 11.62%, up 2.74 percentage points from the previous quarter, aligning with expectations [1] - High-priced orders are beginning to be delivered, leading to gradual improvements in both revenue and cost. The average steel price for orders delivered in 2024 and 2025 is expected to decrease by 20% and 6% respectively, contributing to a dual improvement in revenue and costs [1] - The shipyard's revenue and delivery volume are entering an upward trend, with significant year-on-year increases in delivery volume and revenue for various shipyards under the company [1] - The shipbuilding industry remains robust, with a continuous increase in the value of orders held by the company, which is projected to reach approximately USD 28.1 billion [1] - The estimated market capitalization range for the merged entity of the company and China Shipbuilding Industry Corporation is between CNY 290.2 billion and CNY 424.7 billion, based on current order values [1] - The profit forecast has been revised downwards, with expected net profits for 2024, 2025, and 2026 at CNY 4 billion, CNY 8.1 billion, and CNY 12.2 billion respectively, corresponding to P/E ratios of 43, 21, and 14 [1] Financial Summary - Total revenue for 2024E is projected at CNY 70.206 billion, with a year-on-year growth rate of -6.2% [2] - The net profit attributable to shareholders for 2024E is expected to be CNY 4.042 billion, reflecting a year-on-year growth of 36.7% [2] - The gross margin for 2024E is projected to be 14.7%, increasing to 22.8% by 2026E [2] - The company's return on equity (ROE) is expected to improve from 7.7% in 2024E to 16.7% in 2026E [2] Market Data - As of October 30, 2024, the closing price of the company's stock was CNY 38.65, with a market capitalization of CNY 172.859 billion [3] - The price-to-book ratio is 3.5, and the dividend yield is 0.52% [3] Basic Data - The company's total assets-liabilities ratio is 69.88%, indicating a relatively high level of leverage [4] - The total share capital is 4.472 billion shares, all of which are A-shares [4]