大家好 欢迎参加智商深度白马文件价值股第四弹中国船舶机械国防秋实良王华军目前所有参会者均处于静音状态 下面开始播免责声明声明完毕后 主持人可直接开始发言 浙商证券研究所提醒您一、本次电话会已经面向浙商证券研究所签约的机构投资者以及受邀客户第三方嘉宾发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位、具体时点、具体市场表现的判断或投资建议 2、嘉宾所说信息或所表述的意见均不构成浙商证券研究所研究观点如果嘉宾发布的观点和浙商研究所发布的观点有分歧或不一致这也仅作为一种不同的研究视角供投资者参考3、依照监管要求和保密原则,未经合法授权,严禁录音、记录、转发 感谢您的理解和配合若本次交流内容不慎流出或涉嫌违反上述情形的我们将保留追究法律责任的权利再次感谢您对浙商证券的理解和配合谢谢好的 大家晚上好今天我们团队我是浙商的研究所的邱世良今天我们团队包括 谢谢军工首席王华晶老师还有王杰洛老师一起给大家汇报一下船舶行业以及中国船舶的一些观点首先我们第一个判断是船舶行业经历了长达16年 16年的一个下行的周期这个开启开始在进行一个从从那个新接订单的话是从三年前开始财务报表端是从应该说从今年开始就是说会开 ...

%% research.95579.com %% 丨证券研究报告丨 联合研究丨公司点评丨中国船舶（ ） 600150.SH [中Ta国b船le_舶Title] 点评：经营持续改善，全 23A&24Q1 球造船龙头景气上行 报告要点 [公Ta司bl盈e_造Su船m业m务ar经y]营改善，新接订单和交付保持高增；存货及合同负债环比持续提升，反映公 司整体经营持续向好。行业周期上行趋势不变，盈利中枢有望持续向上。公司作为全球造船龙 头，有望充分受益于行业发展，并凭借自身在规模、技术等方面的壁垒实现更大的业绩弹性。 ...

Investment Rating - The report assigns a rating of "Buy" to the company [1] Core Views - The company has shown significant growth in revenue and profit, with a notable turnaround in performance. In 2023, the company achieved a revenue of 748.39 billion yuan, a year-on-year increase of 25.81%, and a net profit of 29.57 billion yuan, a year-on-year increase of 1614.73% [5][6] - The shipbuilding industry in China is experiencing a positive trend, with the company securing a substantial number of orders. In 2023, the company received orders for 128 vessels, totaling 728.78 billion yuan, and as of the end of 2023, it had a backlog of 261 vessels worth 1534.99 billion yuan [6] - The continuous rise in ship prices, coupled with a decline in steel prices, has created a favorable margin for shipbuilders, enhancing profitability. The Clarkson new ship price index increased by 10.1% in 2023, marking the highest level since 2009 [6] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 748.39 billion yuan and a net profit of 29.57 billion yuan, with a significant increase in Q1 2024 revenue to 152.70 billion yuan, up 68.84% year-on-year [5][6] - Forecasted net profits for 2024, 2025, and 2026 are 55.41 billion yuan, 87.02 billion yuan, and 101.45 billion yuan respectively, with corresponding EPS of 1.24 yuan, 1.95 yuan, and 2.27 yuan [7] Market Position - The company is a leader in the Chinese shipbuilding industry, with a market share of 50.2% in completed shipbuilding, 66.6% in new orders, and 55% in backlog as of 2023 [6] - The company is also expanding its presence in the green shipbuilding sector, capturing 57% of the international market share for new green ship orders [6] Valuation Metrics - The report provides a P/E ratio forecast of 29.56 for 2024, decreasing to 16.15 by 2026, indicating an improving valuation as earnings grow [5][7] - The P/B ratio is projected to decline from 3.16 in 2024 to 2.58 in 2026, reflecting a strengthening balance sheet [5][7]

[Table_Page] 季报点评|机械设备 证券研究报告 [中Table_国Title] 船舶（600150.SH） [公Tab司le_I评nves级t] 买入 当前价格 37.44元 费用率加速改善，现金流创上市以来新高 合理价值 42.05元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-29 ⚫ 23Q4仅计提少量减值，造船毛利率已接近 9%。公司发布2023 年报 [相Tab对le_P市icQ场uote表] 现 及一季报，23Q4实现收入252 亿元，同比20.3%，归母净利润 3.96 亿元，扣非归母净利润1.37亿元，同比大幅扭亏为正。23全年仅计提 60% 44% 资产减值约 3 亿元，豪华游轮对报表的影响基本结束。剔除海工平台 28% 处置的影响后，全年造船收入 644.93 亿元，同比增加 29.01%；造船 12% 毛利率6.94%，同比增加0.71pct。从Q4收入中剔除海工平台处置收 -4% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 益后，我们测算Q4真实造船毛利率已达到8.74%，环比提升约2 ...

上 市 公 司 国防军工 公 2024年04月28日 中国船舶 (600150) 司 研 究 ——扣非净利连续两季度转正，领先船价与滞后业绩指标 公 司 验证成功 点 评 报告原因：有业绩公布需要点评 投资要点： 买入 （维持） ⚫ 事件：中国船舶发布2023年报及2024一季报。2023全年实现归母净利润29.57亿元， 证 同比增长 1614.7%，位于业绩预增公告中位，扣非归母净亏损-2.91 亿元。其中，23Q4 券 扣非归母1.37亿，扭亏为盈。24Q1归母净利润4.01亿元，同比增长821.1%，环比增长 研 市场数据： 2024年04月26日 1.26%，扣非归母净利润3.38亿，环比增长147%。扣非归母净利润连续两季度转正，业 究 收盘价（元） 37.44 绩符合预期。 报 一年内最高/最低（元） 39.99/24.8 ⚫ 新船价格持续攀升，公司进入高价船舶交付期，利润释放迎来开端。据克拉克森，2023 告 市净率 3.5 年末新造船价格指数较年初提升10.2%，较2021年初已提升42%，23年四季度环比提 息率（分红/股价） - 流通A股市值（百万元） 167448 升1.7%，24Q1 ...

2024 年 04 月 28 日 公司研究 评级：增持 (维持 ) 研究所： [Table_Title] 公司扣非净利转正，周期业绩加速兑现 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn 联系人 ： 张付哲 S0350123060017 ——中国船舶（ ） 年报与 一季 600150 2023 2024 zhangfz@ghzq.com.cn 报点评 最近一年走势 事件 : 2024 年 4月27 日，中国船舶发布2023 年报和 2024 年一季报：公司 2023年实现归母净利润29.57亿元，同比增长1614.73%；扣非归母净 利润-2.91 亿元；2024 年一季度实现归母净利润 4.01 亿元，同比增长 821.12%；扣非归母净利润3.38亿元，去年同期为-0.36亿元。 投资要点 :  高价订单开始交付，扣非归母净利转正 根据克拉克森数据，克 相对沪深300表现 2024/04/26 拉克森新造船指数从2021年开始增长，分别在2021-2023年同比 表现 1M 3M 12M 增长22.3%、5.3%、10.2%；2024Q1较2023年末环比 ...

4月 26 日，公司发布23 年年报和24 年一季报，23年公司实现收 入 748.39 亿元，同比+25.81%，归母净利润 29.57 亿元，同比 +1614.73%。(按照公司23 年报会计政策变更后数据，22年收入、 归母净利润调整为 594.85、1.72 亿元)。24Q1 单季度实现收入 152.70 亿元，同比+68.84%，归母净利润4.01 亿元，同比+821.12%。 公司处置海工平台，23年经营业绩高增。根据公司2023 年年报， 2023 年，子公司外高桥造船收回4座海工平台合同尾款并确认收 入 59.27 亿元，确认毛利26.59 亿元。公司 2023 年实现归母净利 润 29.57 亿元，同比+1614.73%，经营业绩高增。 中国造船三大指标持续高增，周期上行确定性强。根据中国船舶 工业行业协会，1-2M24 我国造船完工量826 万载重吨，同比增长 95.4%；新接订单量 1520 万载重吨，同比增长 64.4%；在手订单量 人民币(元) 成交金额(百万元) 14919 万载重吨，同比增长31.3%。1-2M24，中国造船完工量、新 41.00 9,000 接订单量、在手订单量 ...

责任专题 国产首艘大型 邮轮正式交付 中国船舶 上市 25 周年 06 10 | 走进中国船舶 | | | --- | --- | | 公司概况 | 14 | | 组织架构 | 15 | | 产品与业务 | 15 | | 展望 | | --- | | 指引检索 | | 意见反馈 关于本报告 | | 18 | | --- | | 强本强基 | | 治理新征程 | | --- | | 强化公司治理 | 18 | | --- | --- | | ESG 管理实践 | 27 | 百舸争流 领航新周期 目录 | 董事长致辞 | 02 | | --- | --- | | 回眸 2023 | 04 | 共享美好 彰显新担当 | 人文关怀先行 | 56 | | --- | --- | | 价值回馈社会 | 64 | | 传播品牌力量 | 66 | 72 73 74 75 中国船舶工业股份有限公司 企业社会责任报告暨 ESG（环境、社会及公司治理）报告 I 2023 董事长致辞 董事长致辞 | 聚焦主责主业 | 34 | | --- | --- | | 创新驱动发展 | 36 | 32 42 52 碧海蓝天 贯彻新理念 | 深 ...

Financial Performance - Revenue for the first quarter of 2024 reached RMB 15.27 billion, a year-on-year increase of 68.84%[4] - Net profit attributable to shareholders of the listed company was RMB 401.05 million, a year-on-year increase of 821.12%[4] - Basic earnings per share (EPS) were RMB 0.09, an increase of 800% compared to the same period last year[4] - Total revenue for Q1 2024 reached RMB 15.27 billion, a significant increase from RMB 9.04 billion in Q1 2023[17] - Net profit attributable to parent company shareholders in Q1 2024 was RMB 401.05 million, compared to RMB 43.54 million in Q1 2023[18] - Operating profit surged to RMB 423.97 million in Q1 2024, a substantial increase from RMB 52.65 million in Q1 2023[18] - Comprehensive income for the first quarter of 2024 totaled RMB 192,932,431.49, with RMB 188,912,008.12 attributable to the parent company[19] - Basic and diluted earnings per share for the first quarter of 2024 were both RMB 0.090[19] Revenue and Profit Drivers - The increase in revenue was primarily driven by higher ship delivery volumes and average ship prices[8] - The significant rise in net profit was due to increased gross profit from higher revenue and improved cost control measures[8] Assets and Liabilities - Total assets at the end of the reporting period were RMB 176.97 billion, a slight decrease of 0.48% compared to the end of the previous year[5] - Total assets as of March 31, 2024, amounted to RMB 176.97 billion, a slight decrease from RMB 177.83 billion at the end of 2023[14] - Equity attributable to shareholders of the listed company increased by 0.39% to RMB 48.54 billion[5] - Total liabilities decreased slightly to RMB 124.31 billion in Q1 2024 from RMB 125.36 billion in the previous period[15] - Total equity increased to RMB 52.67 billion in Q1 2024, up from RMB 52.47 billion in the previous period[16] Cash Flow - Cash and cash equivalents decreased to RMB 61.34 billion from RMB 67.96 billion at the end of 2023[14] - Cash received from sales of goods and services in the first quarter of 2024 was RMB 19,812,424,648.55, a significant increase from RMB 11,174,450,496.62 in the same period last year[20] - Tax refunds received in the first quarter of 2024 amounted to RMB 1,448,536,407.57, doubling from RMB 720,407,169.53 in the previous year[20] - Net cash outflow from operating activities in the first quarter of 2024 was RMB -3,098,500,635.28, slightly higher than the RMB -3,003,525,751.54 in the same period last year[21] - Net cash outflow from investing activities in the first quarter of 2024 was RMB -3,182,738,677.04, a significant reversal from the net inflow of RMB 1,025,536,511.12 in the previous year[21] - Cash received from borrowings in the first quarter of 2024 was RMB 2,523,300,000.00, a sharp decrease from RMB 9,200,000,000.00 in the same period last year[21] - Net cash outflow from financing activities in the first quarter of 2024 was RMB -3,494,028,609.59, compared to a net inflow of RMB 1,819,848,043.01 in the previous year[22] - The net decrease in cash and cash equivalents for the first quarter of 2024 was RMB -9,639,278,502.01, significantly higher than the RMB -245,498,053.34 in the same period last year[22] - The ending balance of cash and cash equivalents as of the first quarter of 2024 was RMB 19,839,732,741.85, down from RMB 24,485,932,269.01 in the previous year[22] Shareholder Information - The company's largest shareholder, China State Shipbuilding Corporation Limited, holds 44.47% of the shares[9] - The Industrial and Commercial Bank of China - SSE 50 ETF held 37.3 million shares, representing 0.83% of the total shares[10] - China Shipbuilding Industry Corporation held 1.99 billion shares, representing the largest shareholder position[10] Non-Recurring Items and Financial Metrics - Non-recurring gains and losses amounted to RMB 62.68 million, including government subsidies of RMB 87.62 million[6] - The weighted average return on equity (ROE) increased by 0.73 percentage points to 0.83%[4] - Financial expenses showed a net gain of RMB 423.08 million in Q1 2024, compared to a gain of RMB 223.56 million in Q1 2023[18] - Other comprehensive income showed a loss of RMB 212.14 million in Q1 2024, compared to a gain of RMB 62.90 million in Q1 2023[18] Balance Sheet Details - Accounts receivable decreased to RMB 2.24 billion from RMB 3.13 billion at the end of 2023[14] - Prepayments increased to RMB 21.51 billion from RMB 16.42 billion at the end of 2023[14] - Inventory increased slightly to RMB 36.56 billion from RMB 36.29 billion at the end of 2023[14] - Long-term equity investments remained stable at RMB 15.24 billion[14] - Fixed assets decreased slightly to RMB 20.27 billion from RMB 20.33 billion at the end of 2023[14] - Short-term borrowings decreased significantly to RMB 2.79 billion from RMB 5.58 billion at the end of 2023[14] - Long-term borrowings increased to RMB 15.31 billion in Q1 2024, up from RMB 13.37 billion in the previous period[15] R&D and Contract Liabilities - R&D expenses increased to RMB 559.55 million in Q1 2024, up from RMB 408.67 million in Q1 2023[17] - Contract liabilities rose to RMB 67.20 billion in Q1 2024, compared to RMB 62.54 billion in the previous period[15]

关于中国船舶工业股份有限公司 非经营性资金占用及其他关联 资金往来的专项说明 致同会计师事务所（特殊普通合伙） 目 录 关于中国船舶工业股份有限公司非经营性资金占用及其他关联资 金往来的专项说明 1-2 中国船舶工业股份有限公司2023年度非经营性资金占用及其他关 联资金往来情况汇总表 1-11 致同会计师事务所（特殊普通合伙） 中国北京 朝阳区建国门外大街 22 号 赛特广场 5 层 邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 关于中国船舶工业股份有限公司 非经营性资金占用及其他关联资金往来的专项说明 致同专字（2024）第 110A010062 号 中国船舶工业股份有限公司全体股东： 我们接受中国船舶工业股份有限公司（以下简称"中国船舶"）委托， 根据中国注册会计师执业准则审计中国船舶 2023年 12月 31日的合并及公司资 产负债表，2023 年度合并及公司利润表、合并及公司现金流量表、合并及公 司股东权益变动表和财务报表附注，并出具了致同审字（2024）第 110A015689 号无保留意见审计报告。 ...