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]

Investment Rating - The report maintains a "Buy" rating for China Shipbuilding (600150.SH) [1] Core Views - The company has shown improvement in its order structure and a steady increase in gross margin, with a gross margin of 11.62% in Q3 2024, up by 4.4 and 2.8 percentage points from Q1 and Q2 respectively [1] - The widening gap between shipbuilding prices and steel prices is expected to enhance the company's profitability in the future [2] - The merger with China Shipbuilding Industry Corporation is anticipated to strengthen the company's leading position and profitability through synergy and scale effects [3] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved revenue of 561.69 billion RMB, a year-on-year increase of 13.12%, and a net profit attributable to shareholders of 22.71 billion RMB, a decrease of 11.35% [1] - The company reported a net profit of 8.58 billion RMB in Q3 2024, down 57.26% year-on-year, but the non-recurring net profit turned positive at 7.73 billion RMB [1] Market Position - In the first nine months of 2024, China's shipbuilding industry saw a completion volume of 36.34 million deadweight tons, an increase of 18.2% year-on-year, and new orders of 87.11 million deadweight tons, up 51.9% year-on-year [2] - The company and China Shipbuilding Industry Corporation together accounted for 14.3% of the global market share in ship deliveries [3] Profitability Forecast - Revenue projections for 2024-2026 are estimated at 835 billion RMB, 932 billion RMB, and 1,040 billion RMB respectively, with net profits of 44.88 billion RMB, 82.50 billion RMB, and 112.14 billion RMB, corresponding to P/E ratios of 39, 21, and 15 times [3]

财联社10月31日讯（记者 陈默） 继抛出存在市场异议的两船合并方案导致股价下挫后，昨晚，中国船 舶（600150.SH）又拿出了一份差强人意的三季报，其Q3单季度净利润骤降超五成，营收增速也呈逐季 下滑态势。有机构人士向财联社记者表示，对Q3业绩表现并不满意 。 iFinD金融终端数据显示，截至10月底，近半年共有14家机构对中国船舶的2024年度业绩作出预测，其 均值为52.83亿元。而根据三季报，公司前三季度净利润为22.71亿元。按往年的利润分布情况，前三季 业绩即构成全年业绩的主体，基本可奠定全年业绩规模。目前，中国船舶距机构全年业绩预期尚有约30 亿元的缺口。 具体来看，中国船舶昨晚公告，公司前三季度实现营业收入561.69亿元，同比增长13.12%；净利润 22.71亿元，同比下降11.35%；其中，第三季度实现营业收入201.52亿元，同比增长5.35%；归母净利润 8.58亿元，同比下降57.26%。 对于Q3净利润大幅下滑的原因，中国船舶在公告中称：上年同期，公司全资子公司外高桥造船处置海 工平台产生非货币性 资产交换损益19.87亿元。若剔除该事项的影响，则Q3单季度归属于上市公司股东 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥20,152,032,380.59, representing a year-on-year increase of 5.35%[2] - The net profit attributable to shareholders for Q3 2024 was ¥858,303,961.53, a decrease of 57.26% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥773,371,661.73, with no applicable year-on-year comparison[2] - The basic earnings per share for Q3 2024 was ¥0.192, down 57.24% year-on-year[3] - The total revenue for the third quarter of 2024 was approximately ¥2,492,296,940.90, a decrease from ¥2,577,929,095.30 in the same period last year, representing a decline of about 3.3%[17] - Net profit for the third quarter of 2024 was ¥2,356,915,014.19, compared to ¥2,563,670,287.79 in the previous year, indicating a decrease of approximately 8.1%[17] - The company reported a total comprehensive income of ¥2,130,869,685.03 for the third quarter of 2024, down from ¥2,750,247,344.82 in the same period last year, a decrease of approximately 22.5%[18] - The company’s operating profit for the third quarter was ¥2,395,289,109.42, slightly up from ¥2,377,395,575.96, indicating a marginal increase of about 0.8%[17] Cash Flow and Assets - The cash flow from operating activities for the year-to-date period decreased by 77.80% to ¥2,327,602,933.48[6] - Cash and cash equivalents decreased to ¥60.18 billion from ¥67.96 billion, a decline of approximately 11.5%[13] - Accounts receivable dropped to ¥2.28 billion from ¥3.13 billion, representing a decrease of 27.1%[13] - Inventory decreased to ¥35.21 billion from ¥36.29 billion, a reduction of 3.0%[13] - Contract assets increased significantly to ¥8.37 billion from ¥3.71 billion, marking a growth of 125.5%[13] - Total liabilities amounted to ¥124.69 billion, a slight decrease from ¥125.36 billion in the previous period[15] - Shareholders' equity increased to ¥53.75 billion from ¥52.47 billion, reflecting a growth of 2.4%[15] - Non-current assets totaled ¥44.15 billion, down from ¥44.43 billion, indicating a decrease of 0.6%[14] Shareholder Information - The total number of common shareholders at the end of the reporting period is 195,204, with no preferred shareholders having restored voting rights[8] - China Shipbuilding Industry Group Co., Ltd. holds 1,988,828,693 shares, accounting for 44.47% of total shares[8] - The top ten shareholders collectively hold a significant portion of shares, with the second-largest shareholder, China Shipbuilding Marine Equipment Co., Ltd., holding 217,494,916 shares (4.86%) and the third-largest, Hong Kong Central Clearing Limited, holding 163,402,055 shares (3.65%)[8] - The total number of shares held by the top ten unrestricted shareholders is 2,484,000,000 shares, indicating a strong concentration of ownership[8] - The report indicates that there are no pledged, marked, or frozen shares among the top shareholders[8] - The company has not disclosed any related party transactions among the top shareholders, except for the alignment between China Shipbuilding Industry Group Co., Ltd. and its subsidiaries[9] - The company has not reported any changes in the borrowing or lending of shares among the top ten shareholders during the reporting period[10] Operational Developments - The company reported a significant impact on net profit due to the disposal of non-monetary assets in the previous year, which if excluded, would show a 3,918.42% increase in net profit for Q3 2024[6] - The company has improved its order structure, leading to increased gross profit from completed ship deliveries[6] - The company is in the process of a major asset restructuring, proposing a share swap to absorb China Shipbuilding Heavy Industry Co., Ltd., which is currently under review[11] - The ongoing merger and acquisition activities are expected to enhance the company's market position and operational efficiency[11] - The company aims to enhance the quality of its operations and focus on national strategic priorities, particularly in shipbuilding and defense[11] Costs and Expenses - Total operating costs for the first three quarters of 2024 were ¥54.61 billion, up from ¥47.72 billion in 2023, reflecting a year-over-year increase of 14.1%[16] - The total operating costs for the third quarter were ¥50,883,834,805.88, compared to ¥44,305,954,934.34 in the previous year, reflecting an increase of approximately 14.9%[17] - Research and development expenses increased to ¥2,653,505,432.94, up from ¥2,110,613,040.45, reflecting a growth of about 25.7% year-over-year[17] - The company’s tax expenses for the third quarter were ¥135,381,926.71, compared to ¥14,258,807.51 in the previous year, indicating a substantial increase of about 850.5%[17] Cash Flow Activities - Operating cash flow outflow totaled CNY 62.04 billion, an increase from CNY 55.80 billion year-over-year[20] - Net cash flow from operating activities decreased to CNY 2.33 billion, down from CNY 10.49 billion in the previous year[20] - Investment cash inflow was CNY 11.31 billion, compared to CNY 21.71 billion in the same period last year[20] - Net cash flow from investment activities improved to CNY 3.86 billion, recovering from a negative CNY 15.91 billion in the previous year[20] - Cash inflow from financing activities was CNY 7.80 billion, down from CNY 17.72 billion year-over-year[20] - Net cash flow from financing activities showed a significant decline to -CNY 9.92 billion, compared to a positive CNY 2.84 billion last year[20] - The ending balance of cash and cash equivalents was CNY 25.43 billion, an increase from CNY 22.09 billion year-over-year[20] - Total cash outflow for taxes was CNY 545 million, significantly lower than CNY 2.32 billion in the previous year[20] - Cash paid to employees increased to CNY 3.27 billion, compared to CNY 3.06 billion last year[20] Accounting Standards - The company has adopted new accounting standards starting in 2024, which may affect financial reporting[21]

中国船舶工业股份有限公司 第八届监事会第十六次会议决议公告 本公司监事会及全体监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"）第八届监事会第十六 次会议于 2024 年 10 月 30 日以通讯方式召开，监事会会议通知和材料于 2024 年 10 月 23 日以电子邮件等方式发出。本次会议应参加监事 6 名，实 参加监事 6 名。根据有关法律、法规、规范性文件及《公司章程》的相关规 定，本次会议合法有效。 会议经表决，审议通过了以下议案： 1.《公司 2024 年第三季度报告》 证券代码：600150 证券简称：中国船舶 公告编号：2024-037 表决结果：同意 6 票，反对 0 票，弃权 0 票。 1 2.《关于公司全资子公司江南造船（集团）有限责任公司募集资金投 资项目延期的议案》 监事会认为：本次对募集资金投资项目延期是根据项目实际情况综合 分析后作出的审慎选择，对项目达到预计可使用状态时间进行延期，未改变 实施主体、实施方式、募集资金投资金额，进一步优化提升了公司 LNG 船建 造能力。该事 ...

中信证券股份有限公司 1 关于中国船舶工业股份有限公司 部分募集资金投资项目延期及调整内部投资结构的核查意见 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为 中国船舶工业股份有限公司（以下简称"中国船舶"、"上市公司"或"公司"） 2020 年度重大资产重组的独立财务顾问，根据《上市公司重大资产重组管理办 法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关规定，对 中国船舶部分募集资金投资项目延期及调整内部投资结构事项进行了审慎核查， 并出具核查意见如下： 一、募集资金基本情况 （一）募集资金投资项目的基本情况 经中国证券监督管理委员会以《关于核准中国船舶工业股份有限公司向中国 船舶工业集团有限公司等发行股票购买资产并募集配套资金的批复》（证监许可 〔2020〕225 号）核准，公司向 11 名投资者非公开发行人民币普通股（A 股） 250,440,414 股，发行价为每股 15.44 元。截至 2020 年 7 月 27 日，公司共募集资 金 386,680.00 万元，扣除承销费用 3,866. ...

证券代码：600150 证券简称：中国船舶 公告编号：2024-038 中国船舶工业股份有限公司 关于公司全资子公司江南造船（集团）有限责任公司募集资金 投资项目延期的公告 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： 公司全资子公司江南造船（集团）有限责任公司募集资金投资项目 《大型 LNG 船建造能力条件保障项目》根据建设实施的实际情况进行优 化调整，预计达到可使用状态日期从 2024 年底前延期至 2025 年底前。 该项目实施主体、实施方式、募集资金投资金额无变化。 本次募集资金投资项目延期事项无需提交股东大会审议。 中国船舶工业股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日召开第八届董事会第二十三次会议和第八届监事会第十六次会议，审议 通过了《关于公司全资子公司江南造船（集团）有限责任公司募集资金投 资项目延期的议案》，本议案无需提交公司股东大会审议。现将有关情况 公告如下： 一、项目概述 按照《上市公司监管指引第 2 号——上市公司募集资金管理和使用的 监管要求》《上海证券交 ...

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"）第八届董事会第二十 三次会议于 2024 年 10 月 30 日以通讯方式召开，董事会会议通知和材料于 2024 年 10 月 23 日以电子邮件等方式发出。本次会议应参加董事 12 名，实 参加董事 12 名。根据有关法律、法规、规范性文件及《公司章程》的相关 规定，本次会议合法有效。 会议经表决，审议通过了以下议案： 证券代码：600150 证券简称：中国船舶 公告编号：2024-036 中国船舶工业股份有限公司 第八届董事会第二十三次会议决议公告 施方式、募集资金投资金额无变化。 内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的 《关于公司全资子公司江南造船（集团）有限责任公司募集资金投资项目延 期的公告》（公告编号：2024-038）。 表决结果：同意 12 票，反对 0 票，弃权 0 票。 1.《公司 2024 年第三季度报告》 内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露 ...

中国船舶：前三季度净利润22.71亿元 同比下降11.35% 财联社10月30日电，中国船舶发布2024年第三季 度报告，公司前三季度实现营业收入561.69亿元，同比增长13.12%；净利润22.71亿元，同比下降 11.35%。 第三季度实现营业收入201.52亿元，同比增长5.35%；净利润8.58亿元，同比下降57.26%。 报告期内，公司完工交付船舶数量、单船平均价格同比增加。 但公司净利润下降主要受上年同期全资子公司外高桥造船处置海工平台产生非货币性资产交换损益的影 响。 查看公告原文 ...