证券代码：600150 证券简称：中国船舶 公告编号：2024-028 中国船舶工业股份有限公司 关于参加上海辖区上市公司2024年投资者网上集体接待日暨 公司2024年半年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 2024 年 9 月 7 日在上海证券交易所网站（www.sse.com.cn）披露了《关于参加上海辖 区上市公司 2024 年投资者网上集体接待日暨公司 2024 年半年度业绩 说明会的公告》（公告编号：2024-026）。本次业绩说明会已于 2024 年 9 月 13 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 公司董事长盛纪纲先生、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及总会计师王洁女士出席了 本次业绩说明会，针对公司 2024 年半年度的经营成果、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。 二、本次 ...

%% %% 丨证券研究报告丨 联合研究丨公司点评丨中国船舶（600150.SH） [Table_Title] 中国船舶 2024H1 点评：受益行业周期景气上 行，造船龙头业绩加速释放 | --- | --- | |----------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 船舶行业景气周期上行趋势明确，看好公司作为造船行业龙头业绩率先释放。公司 24H1 民船 | | 分析师及联系人 [Table_Author] 赵智勇 韩轶超 王贺嘉 臧雄 屈奇 SAC：S0490517110001 SAC：S0490512020001 SAC：S0490520110004 SAC：S0490518070005 SAC：S0490524070003 SFC：BRP550 SFC：BQK468 SFC：BUX462 请阅读最后评级说明和重要声明 中国船舶（600150.SH） cjzq ...

证券代码：600150 证券简称：中国船舶 公告编号：2024-027 中国船舶工业股份有限公司 关于筹划重大资产重组停牌进展公告 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。 中国船舶工业股份有限公司（以下简称"中国船舶"或"公司"）与 中国船舶重工股份有限公司（以下简称"中国重工"）正在筹划由中国船 舶通过向中国重工全体股东发行 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"）。本次交易预计构成《上市公司重大资产重组 管理办法》规定的重大资产重组，亦构成公司关联交易，本次交易不会 导致公司实际控制人变更。 1 相关规定编制重大资产重组预案，公司预计于停牌期限届满前披露经董 事会审议通过的重大资产重组预案并申请复牌。 本次交易正处于筹划阶段，交易双方尚未签署正式的交易协议，且 本次交易尚需提交公司董事会、股东大会审议，并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，有关信息均以公司指 定信息披露媒体发布的公告为准。敬请广大投资者理性投资，注意投资 风险。 特此公告。 中国船舶工业股份有限公司 ...

证券代码：600150 证券简称：中国船舶 公告编号：2024-026 中国船舶工业股份有限公司 关于参加上海辖区上市公司2024年投资者网上集体接待日暨公司 2024年半年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： 会议主题：上海辖区上市公司2024年投资者网上集体接待日暨公司 2024年半年度业绩说明会 会议召开时间：2024年9月13日（星期五）下午14:00-16:30，其中网 络文字互动交流时间为15:00-16:30 1 进行沟通和交流，广泛听取投资者的意见和建议。 一、说明会类型 本次说明会将采用网络文字互动的方式举行，公司将针对 2024 年半年 度的经营成果、发展战略及财务指标等情况与投资者进行互动交流和沟通， 在信息披露允许的范围内就投资者普遍关注的问题进行回复。 二、说明会召开的时间、地点、方式 会议召开时间：2024 年 9 月 13 日（星期五）下午 14:00-16:30，其中 网络文字互动交流时间为 15:00-16:30 会议召开地点："全景路演"网站（h ...

上 市 公 司 国防军工 证 券 研 究 报 告 2024 年 09 月 01 日 中国船舶 (600150) ——业绩符合预期，利润弹性逐步验证 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 事件：中国船舶发布 2024 半年报。2024H1 营收 360.17 亿元，同比+18.0%，归母净利 润 14.12 亿元，同比+155.3%，扣非归母净利润 11.98 亿元，同比由负转正。2024Q2 营 收 207.46 亿元，同比-3.42%，归母净利润 10.11 亿元，同比+98.43%，扣非归母净利润 8.60 亿元，同比由负转正，环比+154.14%。中报业绩位于预增公告（13.5 亿-15 亿）中 值附近，符合预期。 ⚫ 交付：高价订单渐入密集交付期，对应钢价成本低于同期。据中报，上半年公司交付民船 48 艘/403.5 万 dwt，同比增加 10 艘/3.2%，吨位数完成年计划的 59.9%。据克拉克森， 公司四家控股船厂在 2024Q2 共交付民船 22 艘/78.57 万 CGT，除一艘 LNG 船外，其余 签单时间区间为 2021 年 3 月-2022 年 11 月。2024Q ...

Investment Rating - The report maintains a "Buy" rating for China Shipbuilding (600150.SH) [3] Core Views - The company achieved a net profit attributable to shareholders of 1.412 billion yuan in the first half of 2024, representing a year-on-year increase of approximately 155.33% [3] - High-value orders are gradually being delivered, accelerating performance realization, with the Clarkson newbuilding index showing a growth of 22.3%, 5.3%, and 10.2% from 2021 to 2023 [3] - The company is expected to deliver a significant portion of its orders from 2021 in 2024, with a higher proportion of high-value ship types being delivered compared to previous years [3][4] - The report forecasts revenue for China Shipbuilding to be 90.89 billion yuan in 2024, with net profit expected to reach 5.112 billion yuan, corresponding to a PE ratio of 33.57 [5] Summary by Sections Financial Performance - In Q2 2024, the company reported a net profit of 1.011 billion yuan, with a non-recurring net profit of 860 million yuan [3] - The company’s revenue for 2024 is projected to be 90.89 billion yuan, with a growth rate of 21.45% [5] - The net profit for 2024 is expected to be 5.112 billion yuan, reflecting a growth rate of 72.86% [5] Market Dynamics - The newbuilding price growth has shifted from market-driven to green renewal demand since Q4 2022, maintaining high order coverage despite a decline in the shipping market [4] - The report indicates that the order backlog extends to 2027-2028, with significant profit realization expected in 2024 [4] Valuation Metrics - The projected PE ratios for 2024, 2025, and 2026 are 33.57, 18.47, and 12.88 respectively, indicating a favorable valuation outlook [5] - The report anticipates a steady increase in return on equity (ROE) from 6.12% in 2024 to 19.40% in 2026 [5]

2024年09月02日 中国船舶 (600150.SH) 买入(维持评级) 公司点评 证券研究报告 南北船停牌重组，看好公司经营效益提升 事件 9月2日,公司与中国重工签署了《吸收合并意向协议》,公司拟 通过向中国重工全体股东发行 A 股股票的方式换股吸收合并中国 重工。为避免股价异常波动,公司证券自9月3日开市起开始停 牌,预计停牌时间不超过10个交易日。 经营分析 南北船停牌重组,看好公司未来经营放益提升。根据公司公告,21 年 6 月,中国船舶集团承诺五年内通过资产重组等方式解决同业 竞争问题。24年9月2日，公司与中国重工签署了《吸收合并意 向协议》,公司拟通过向中国重工全体股东发行 A 股股票的方式换 股吸收合并中国重工。中国船舶集团内部解决同业竞争问题的进 程加速,看好公司未来经营效益提升。 订单结构优化,高端船型占比提升。根据公司公告,1H24公司把 握船舶工业高端化、智能化、绿色化趋势,加强中高端船型批量化 承接。上半年公司承接民船订单 109 艘/855. 77 万载重吨/684.25 亿元,吨位数同比+38.21%。新接船舶订单中,主要有油船 35 艘, 散货船 31 艘,液化气船 18 ...

证券代码：600150 证券简称：中国船舶 公告编号：2024-025 中国船舶工业股份有限公司 关于筹划重大资产重组停牌公告 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： 证券停复牌情况：适用 因筹划重大资产重组,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600150 | 中国船舶 | A 股 | 停牌 | 2024/9/3 | | | | 一、停牌事由和工作安排 为进一步聚焦国家重大战略和兴装强军主责主业、加快船舶总装业务高质量 发展、规范同业竞争、提升上市公司经营质量，中国船舶工业股份有限公司（以下 简称"中国船舶"或"公司"）与中国船舶重工股份有限公司（以下简称"中国重 工"）正在筹划由中国船舶通过向中国重工全体股东发行 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"或"本次重组"） ...

Investment Rating - The investment rating for the company is "Buy" [6][14]. Core Views - The company is expected to achieve a revenue growth of 18% year-on-year in 2024, with a non-recurring net profit increase of 1.315 billion yuan [2]. - The company has successfully secured new orders, with a total of 109 vessels and a weight of 8.5577 million deadweight tons, representing a year-on-year increase of 38.21% [3]. - The shipbuilding industry is experiencing a sustained upward trend, with significant growth in new orders for oil and bulk carriers [4]. Financial Performance - In the first half of 2024, the company reported revenue of 36 billion yuan, a year-on-year increase of 17.99%, and a net profit of 1.412 billion yuan, a year-on-year increase of 155.31% [2]. - The gross margin for the first half of 2024 was 8.17%, an increase of 0.58 percentage points year-on-year, while the net margin was 4.06%, an increase of 2.23 percentage points year-on-year [2]. - The company’s new orders include a significant proportion of high-end vessels, with over 70% of new orders falling into this category [3]. Order and Delivery Metrics - The company delivered 48 vessels in the first half of 2024, completing 59.87% of its annual target, with a year-on-year increase of 3.20% in deadweight tons [3]. - As of June 2024, the company has a backlog of 322 vessels, totaling 23.6218 million deadweight tons, valued at 199.639 billion yuan [3]. Market Outlook - The global new ship price index has risen to 187.23 points, a 55% increase since the market recovery began in 2020 [4]. - The overall shipbuilding market is expected to continue benefiting from the increasing demand for oil and gas carriers, with significant order growth anticipated [4]. Earnings Forecast - The company is projected to achieve a compound annual growth rate (CAGR) of 11% in revenue and 57% in net profit from 2023 to 2026 [5]. - Expected revenues for 2024, 2025, and 2026 are 83 billion yuan, 94 billion yuan, and 103 billion yuan, respectively, with corresponding net profits of 5.469 billion yuan, 8.482 billion yuan, and 11.532 billion yuan [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved significant growth in the first half of 2024, with revenue reaching 36.017 billion yuan, a year-on-year increase of 17.99%, and a net profit attributable to shareholders of 1.412 billion yuan, up 155.31% year-on-year [1] - The company is focusing on high-end shipbuilding, with over 70% of new orders being mid-to-high-end vessels, and more than 50% of orders being green ships [2] - The report forecasts revenue for 2024-2026 to be 83.5 billion, 93.2 billion, and 104 billion yuan respectively, with net profits of 5.587 billion, 8.459 billion, and 11.828 billion yuan, corresponding to PE ratios of 31, 20, and 15 times [3] Summary by Sections Performance Analysis - In the first half of 2024, the company delivered 48 vessels, achieving 59.87% of its annual target, with a year-on-year increase of 3.20% in tonnage [1] - The company has optimized its order structure, with a total of 109 new ship orders in the first half of 2024, representing a 38.21% increase in tonnage year-on-year [2] Market Position - The global new ship price index has been on the rise, reaching 187.98 in July 2024, a year-on-year increase of 9.05%, which is expected to enhance the company's profitability [2] - The company's market share in shipbuilding has increased to 72.63% in the first seven months of 2024, up from 64.60% at the end of 2023 [2] Financial Projections - The report projects a significant increase in net profit growth rates, with expectations of 88.90% in 2025 and 39.82% in 2026 [3] - The diluted earnings per share are expected to rise from 0.661 yuan in 2023 to 1.249 yuan in 2024 [6]