Investment Rating - The report maintains an "Overweight-A" rating for the company, with a 6-month target price of 23.60 RMB [1] Core Views - The global shipbuilding industry is benefiting from the resonance of long, medium, and short-term cycles, and the current upward cycle may last longer than the previous one [1] - The shipbuilding industry chain has gradually shifted from Japan and South Korea to China, and the Chinese industry chain will continue to benefit from the current trend of rising volume and prices [1] - The power system is a crucial component of ships, and the company, as a core player in the power system, is expected to see further improvement in profitability due to the price-cost scissors effect [1][3] Industry Overview - The global shipbuilding industry is in an upward phase, driven by long, medium, and short-term cycles, with the current cycle expected to be longer than the previous one [1][2] - The shipbuilding industry chain has shifted from Japan and South Korea to China, and the Chinese industry chain is expected to benefit from the ongoing trend of rising volume and prices [1][2] - The global shipbuilding market is in a phase of supply-demand mismatch, with both volume and prices continuing to rise [2] Company Performance - In 2023, the company achieved revenue of 451.03 billion RMB, a year-on-year increase of 17.77%, and net profit attributable to the parent company of 7.79 billion RMB, a year-on-year increase of 134.30% [1] - The company's production, orders, and market share have continued to increase, with domestic market share rising to 78% and international market share to 39% [1] - The company is the only listed ship power platform under the China Shipbuilding Group and holds a leading position in the domestic ship power system R&D, design, manufacturing, and supporting fields [1] Market Trends - The global shipbuilding industry is in a new cycle of upward movement, with the current cycle expected to last longer than the previous one [1][2] - The shipbuilding industry is benefiting from long, medium, and short-term cycles, with the current cycle driven by global economic recovery, decarbonization policies, and geopolitical factors [1][2][28] - The global shipbuilding market is in a phase of supply-demand mismatch, with both volume and prices continuing to rise [2] Financial Projections - The company's revenue is expected to grow to 540.2 billion RMB in 2024, 640.2 billion RMB in 2025, and 748.8 billion RMB in 2026, with year-on-year growth rates of 19.8%, 18.5%, and 17.0%, respectively [4] - Net profit is expected to reach 12.8 billion RMB in 2024, 21.0 billion RMB in 2025, and 30.7 billion RMB in 2026, with year-on-year growth rates of 64.2%, 64.0%, and 46.2%, respectively [4] Key Drivers - Long-term cycle: Global economic recovery post-pandemic and the fragmentation of global supply chains are driving global trade volume [1][28] - Medium-term cycle: Global decarbonization policies are accelerating the replacement of old ships, with 40% of oil tankers and bulk carriers theoretically not meeting the requirements [1][28] - Short-term cycle: Geopolitical factors, such as the Red Sea conflict, are increasing shipping distances, further driving demand for shipping capacity [1][28] Competitive Advantage - The company is the core force in China's ship power system R&D and production, and the only listed ship power platform under the China Shipbuilding Group [1] - The company holds a leading position in the domestic ship power system R&D, design, manufacturing, and supporting fields [1] - The company's market share in the domestic ship power system market has increased to 78%, and its international market share has risen to 39% [1] Industry Dynamics - The global shipbuilding industry is in a new cycle of upward movement, with the current cycle expected to last longer than the previous one [1][2] - The shipbuilding industry is benefiting from long, medium, and short-term cycles, with the current cycle driven by global economic recovery, decarbonization policies, and geopolitical factors [1][2][28] - The global shipbuilding market is in a phase of supply-demand mismatch, with both volume and prices continuing to rise [2]

| 证券代码：600482 | 证券简称：中国动力 | | 公告编号：2024-046 | | --- | --- | --- | --- | | 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 2023 年年度权益分派实施公告 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 24 日的 2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 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： 每股分配比例 A 股每股现金红利 0.10641 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 20 ...

| 证券代码：600482 | 证券简称：中国动力 | 公告编号：2024-047 | | --- | --- | --- | | 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 关于可转债转股价格调整暨转股复牌的公告 一、转股价格调整依据 （一）定向可转债发行及转股价格调整依据 中国船舶重工集团动力股份有限公司（以下简称"公司"）分别于 2020 年 5 月 13 日和 2020 年 9 月 9 日定向发行可转换公司债券共计 21,425,000 张（以下简 称"公司可转债"），每张面值 100 元，发行总额为人民币 214,250 万元。根据《中 国船舶重工集团动力股份有限公司发行普通股和可转换公司债券购买资产并募集 配套资金暨关联交易报告书（修订稿）》和《关于调整发行定向可转债募集配套资 金方案的公告》（编号：2020-027）的发行条款及相关规定，在本次发行后若公司 发生派送红股、转增股本、增发新股（不包括因本次发行的可转换公司债券转股 而增加的股本）、配股以及派发现金股利等情况，公司将对可转 ...

| 证券代码：600482 | 证券简称：中国动力 | 公告编号：2024-045 | | --- | --- | --- | | 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2023年年度利润分配方案调整的提示性公告 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责任。 重要内容提示： 每股分配比例：每股派发现金红利由人民币 0.107 元（含税）调整为人民 币 0.10641 元（含税，保留小数点后五位，实际派发金额因尾数四舍五入可能略 有差异，下同）。 本次调整原因：由于中国船舶重工集团动力股份有限公司（以下简称"公 司"）可转换公司债券发生转股，导致公司总股本变动，因此公司按照现金分配 总金额不变的原则，相应调整每股分配金额。 一、利润分配方案的基本情况 二、利润分配方案的调整情况 因公司可转债转股，2024 年 1 月 1 日至 2024 年 7 月 30 日期间，公司总股 本由 2,186,718,355 股 ...

[Table_Title] 中国动力（600482.SH） 特别国债资金支持老船更替，船舶动力龙头有望受益 [Table_Summary] 核心观点： 盈利预测： | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|-------|-------|-------| | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 38280 | 45103 | 48969 | 54059 | 61244 | | 增长率（%） | 10.4% | 17.8% | 8.6% | 10.4% | 13.3% | | EBITDA（百万元） | 1537 | 2059 | 3337 | 4189 | 5743 | | 归母净利润（百万元） | 336 | 779 | 1188 | 1692 | 2569 | | 增长率（%） | -47.1% | 132.2% | 52.4% | 42.4% | 51.8% | | EPS（元/股 ...

| 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 ...