| 证券代码：600482 | 证券简称：中国动力 | 公告编号：2024-044 | | --- | --- | --- | | 债券代码：110807 | 债券简称：动力定 01 | | | 债券代码：110808 | 债券简称：动力定 02 | | 中国船舶重工集团动力股份有限公司 关于实施 2023 年度权益分派期间可转债停止转股的提 示性公告 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 中国船舶重工集团动力股份有限公司（以下简称"中国动力"或"公司"）因 实施 2023 年度权益分派,公司可转债转股停复牌情况如下：自权益分派公告披露 前一交易日（2024 年 7 月 31 日）起至权益分派股权登记日止，公司可转换公司债 券"动力定 01"（债券代码：110807）、"动力定 02"（债券代码：110808）（以下 合称"可转债"）将停止转股。 注：停牌终止日及复牌日可在公司后续发布的权益分派实施公告和转股价格调整公告中查阅。 一、 权益分派方案的基本情况 （一）2024 年 ...

Investment Rating - The report maintains a "Buy" rating for China Power (600482.SH) [8][7] Core Views - The company's operating performance exceeded expectations, with a projected net profit attributable to shareholders of 459-516 million yuan for the first half of 2024, representing a year-on-year increase of 60%-80% [5][6] - The non-recurring net profit is expected to be 383-437 million yuan, showing a significant year-on-year growth of 180%-220% [5][6] - The company is experiencing rapid growth in main engine orders, with product structure optimization leading to improved gross margins and profitability [6] - The sales scale of the diesel engine segment is expected to continue expanding in the first half of 2024, with prices and gross margins of main products, such as marine low-speed engines, increasing simultaneously [6] - The company is well-positioned to benefit from the rising shipbuilding sector and the ongoing promotion of dual-fuel technology in domestic shipbuilding [6] Summary by Sections Performance Forecast - China Power anticipates a net profit of 459-516 million yuan for H1 2024, an increase of 172-230 million yuan compared to the same period last year, reflecting a growth of 60%-80% [5] - The expected non-recurring net profit is 383-437 million yuan, up by 246-301 million yuan year-on-year, indicating a growth of 180%-220% [5] Market Dynamics - The global new ship price index has been rising since 2021, reaching 187.23 points by June 2024, a year-on-year increase of 9.5% [6] - The increase in ship prices is expected to drive up the prices of marine engines, enhancing the company's profitability [6] Competitive Advantages - The company benefits from its strong ties with China Shipbuilding Group, which holds a significant share of new civil ship orders in the country [6] - The company’s subsidiary, China Ship Diesel Engine, maintains the top market share in the marine low-speed engine sector [6] - The ongoing development of dual-fuel technology positions the company favorably in the market, with increasing sales of dual-fuel main engines contributing to revenue growth [6]

各位领导大家早上好哈首先非常感谢大家这么早时间按这个我们这个汇报呃我是国防政策院的军工首席分析师孟昌杰呃昨天晚上的话呢中国动力发布了这个半年度的这个业绩的预增的公告大家看到二十四年的业绩是高增的啊所以这个位置哈我们想把中国动力的这个逻辑呢再给大家做一个简单的梳理呃七月九号的话呢公司公告了这个一级 到5.16亿元教师员同期啊就是重塑后的这个财务数据的话呢增长60%到80%预计24年半年度实现扣费规模金融3.83亿元到4.37亿元教师员同期的话呢啊就叫这个重塑后的这个财务数据增长180%到220% 根据测测的话公司24年Q2的单季度预计的规模纪律的话3.71到4.28同比23年Q2的话的增长46.63%到69.3亿环比24年Q1的话的增长321.01%到386.13这个24年的这个Q2的单季度规模纪律的话扣非的这个 这个这个这个随意的金利润的话呢是3.29亿元到3.84亿元啊同比23年Q2的增长177.86%到224%啊环比也有非常高的增长啊所以大家在读这个数据的话呢条件的数据的话呢可以明显到这个船舶的这个进一步的话呢是非常高的啊那从船舶市场本身来看的话呢 从量化来看哈就23年全球的总接待量是1.07亿载中墩啊同 ...

Financial Data and Key Indicators Changes - The company expects a net profit of 459 million to 516 million yuan for the first half of 2024, representing a growth of 60% to 80% year-on-year [2] - The expected net profit after deducting non-recurring gains and losses is projected to be between 383 million and 437 million yuan, showing a significant increase of 180% to 220% compared to the same period last year [2] - For Q2 2024, the anticipated net profit is between 370 million and 428 million yuan, reflecting a year-on-year growth of 46.63% to 69.3% and a quarter-on-quarter increase of 321.01% to 386.13% [3] Business Line Data and Key Indicators Changes - The company operates in various power sectors, including gas, cycle, chemical, and diesel power, with a comprehensive range of supporting fields [7] - The production of low-speed and medium-speed engines is at full capacity, with orders extending to at least 2026 and 2027, respectively [11] - The company has seen a significant increase in dual-fuel engine sales, with 133 LNG dual-fuel engines sold, up 7.73% year-on-year, and 34 methanol dual-fuel engines, up 41.67% year-on-year [9] Market Data and Key Indicators Changes - The global shipbuilding market has shown a total order volume of 107 million deadweight tons in 2023, a year-on-year increase of nearly 28% [4] - China's shipbuilding completion volume for 2024 Q1 has a global market share of 53.8%, with new orders at 69.6% and mobile banking at 56.7% [6] - The Clarksons new ship price index reached 191.51 points in June 2024, with a year-on-year increase of 9.54%, nearing historical highs [6] Company Strategy and Development Direction and Industry Competition - The company emphasizes the ongoing demand for replacing aging ships, which is expected to extend the current market cycle [8] - The dual-fuel engine market is anticipated to grow significantly due to stricter emission regulations coming into effect [8] - The company is focusing on enhancing its own brand capabilities and reducing reliance on foreign patents, which is expected to improve profitability [14][15] Management's Comments on Operating Environment and Future Outlook - Management believes that the shipbuilding industry's recovery will provide significant revenue growth opportunities for the company [19] - The company is optimistic about the impact of declining steel prices on manufacturing costs, which could enhance profit margins [13] - The management highlighted the importance of the defense sector and the application industry, which are expected to contribute to stable growth [18] Other Important Information - The company forecasts net profits of 1.188 billion, 1.692 billion, and 2.569 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 39, 27, and 1.26 [21] - Risks include fluctuations in raw material prices and uncertainties in the coal and automotive industries [21] Q&A Session Summary Question: What are the key growth drivers for the company? - The company identified the rising ship prices, declining steel costs, and accelerated development of its own brand as key factors driving profitability [15] Question: How does the company plan to address competition in the dual-fuel engine market? - The company aims to enhance its technological capabilities and reduce costs through improved production efficiency and brand development [14][19]

中国动力20240709 会议实录 1、盈利弹性 大家好。欢迎大家参加今天晚上关于中国动力的专题汇报。今晚 中国动力发布了公司半年度的业绩预告，从预告来看，整体表现 超出预期。上半年扣非后的利润同比增长约1.2倍，单位净利润 同比和环比都有明显增长。从业绩情况来看，公司在经营效率上 的提升非常显著。 我们认为，中国动力在订单交付、产品结构优化和发动机涨价等 方面，展现出较强的营业能力弹性，全年盈利有望超预期。具体 来看，公司业务主要集中在以下几个方面： 首先，公司在工厂业务端涵盖了燃气轮机、全柴和柴油发动机等 动力业务。传统柴油发动机业务在去年占公司收入的40%以上， 毛利率高于军工防务和应用产业，盈利能力较强。 其次，军工防务业务占公司收入的10%左右，应用产业占比约 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [5] Core Views - The company expects a significant increase in net profit attributable to shareholders for the first half of 2024, projecting a growth of 60% to 80% year-on-year, with net profit estimated between 459 million to 516 million yuan [1] - The growth is primarily driven by the robust development of the shipbuilding industry, with increased sales and orders for marine diesel engines, as well as higher profit margins on key products [1][2] - The overall shipbuilding industry is experiencing an upward trend, with improved profitability due to increased demand and rising ship prices, indicating a favorable long-term outlook for leading companies in the sector [2] Summary by Sections Company Performance - The company anticipates a substantial increase in net profit for the first half of 2024, with a projected net profit of 459 to 516 million yuan, representing a year-on-year increase of 60% to 80% [1] - The expected non-recurring profit is projected to be between 383 to 437 million yuan, reflecting a year-on-year increase of 180% to 220% [1] Industry Outlook - The shipbuilding industry is on an upward trajectory, with significant growth in demand, as evidenced by a 12% increase in completed orders and a 56% increase in new orders in 2023 [2] - The Clarkson new ship price index reached 187 points as of June 2024, marking a 9.4% year-on-year increase, indicating a historical peak in ship prices [2][8] Financial Projections - The company’s net profit is projected to grow to 1.29 billion yuan in 2024, 2.16 billion yuan in 2025, and 3.13 billion yuan in 2026, with respective growth rates of 66%, 67%, and 45% [3][4] - The price-to-earnings ratio is expected to decrease from 36 times in 2024 to 15 times in 2026, reflecting improved profitability [3][4]

Summary of Conference Call Company and Industry - The conference call discusses **China Dongli**, a company in the **defense industry** [1]. Core Points and Arguments - **Performance Announcement**: China Dongli released a preliminary announcement regarding its **half-year performance**, indicating a significant increase in earnings for the year 2024 [1]. - **Growth Logic**: The speaker, a chief analyst from the defense policy institute, aims to clarify the growth logic behind China Dongli's performance [1]. Other Important Content - The call emphasizes the importance of understanding the underlying factors contributing to the company's projected growth [1].

电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利大家好,我是长街主的 赵雄欢迎大家参加我们今天晚上中国动力的专题的汇报我们今晚的话就是整个中国动力的话也是发布了这个公司半年度的一个业绩预告我们从整个预告来讲的话其实还是比较超预期的就是上面的话整个说扣费的这个金额大概同比大概接近快两倍的一个增长那么同时呢就是从单案制度来看的话就说整个单案制度的一个 科威的一个这个净利润其实就是团比跟环比来讲其实也是比较明显的一个这个增长那么如果是从整个公司一个这个抑制的情况来看的话那么方面就我们这一句说二句来看的话就说公司其实在整个这个产用基数据上面其实是说这块的一个净利率的一个提升幅度来讲现在说还是比较明显的那么今天的话呢我们认为就是说整个从中国动力来看的话就说包括学者后续的话就是公司这边这个 呃这个挂个订单的一些交付包括在整个产品结构的一个优化呃那么就是包括整个这个发动机的一些涨价目前就说呃从整个动力来看的话就是我们认为就是说公司的一个营业能力的 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 12 months [3]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 459 million to 516 million yuan for the first half of 2024, representing a year-on-year increase of 60% to 80%. The net profit after deducting non-recurring gains and losses is projected to be between 383 million to 437 million yuan, reflecting a significant increase of 180% to 220% compared to the same period last year [1][2]. - The report highlights strong growth in the company's performance for the first half of 2024, driven by an increase in sales volume and orders in the diesel engine segment, as well as improved pricing and gross margins for key products [1]. - The company is benefiting from the replacement of aging ships and the low-carbon transformation of shipping, which is expected to enhance the penetration rate of high-value dual-fuel engines [1]. Financial Forecasts - The expected earnings per share (EPS) for the company from 2024 to 2026 are projected to be 0.54 yuan, 0.77 yuan, and 1.17 yuan, respectively [1][2]. - The report anticipates revenue growth rates of 8.6% in 2024, 10.4% in 2025, and 13.3% in 2026, with a significant increase in net profit expected in the coming years [2][5]. - The company’s estimated price-to-earnings (P/E) ratio for 2024 is 45 times, leading to a target price of 24.41 yuan per share [1][3].

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company is expected to achieve a significant increase in profits for the first half of 2024, with a projected net profit of 459-516 million RMB, representing a year-on-year increase of 60%-80% [2][4] - The growth is attributed to the expansion of the shipbuilding industry, increased sales of marine low-speed engines, and higher order prices and gross margins for key products [2][4] - The company benefits from its strong position as a leading manufacturer of marine low-speed diesel engines, backed by the China Shipbuilding Group, enhancing its order certainty [2][4] - The report highlights the company's advanced dual-fuel engine technology, which is expected to improve its order intake capabilities [2][4] - The increase in engine prices and the decline in steel prices are anticipated to further enhance the company's profitability [2][4] Summary by Sections Performance Analysis - The company expects a net profit of 4.59-5.16 billion RMB for 1H24, a year-on-year increase of 1.72-2.30 billion RMB [2] - The projected net profit after deducting non-recurring items is 3.83-4.37 billion RMB, reflecting a year-on-year increase of 2.46-3.01 billion RMB [2] - The growth is driven by the shipbuilding industry's positive development and increased sales of high-margin products [2][4] Market Position and Technology - The company holds a 78% market share in domestic low-speed diesel engines and a 39% share internationally [2] - In 2023, the company secured 560 new orders for low-speed diesel engines, a 42.5% increase year-on-year [2] - The report emphasizes the company's leading position in dual-fuel engine technology, with successful deliveries of multiple first-of-their-kind engines [2] Financial Forecast - Revenue projections for 2024-2026 are 52.64 billion RMB, 61.10 billion RMB, and 70.99 billion RMB, respectively [2][4] - Expected net profits for the same period are 1.15 billion RMB, 1.94 billion RMB, and 2.98 billion RMB, with corresponding P/E ratios of 40, 24, and 16 [2][4]