Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses **China Power**, a leading player in the domestic power business under the China Shipbuilding Group, which has a rich development history dating back to its establishment in 1958 as Baoding Storage Battery Factory [3][4]. Key Points and Arguments - **Market Position**: China Power holds a dominant position in the domestic marine diesel engine market, with a market share of approximately **40%** globally in 2023 [12]. - **Revenue Growth**: The company reported a revenue of **36.6 billion yuan** for the first three quarters of 2024, reflecting a **13%** year-on-year growth, with a projected growth of **50% to 80%** for the full year [5]. - **Business Segments**: The company operates in three main segments: marine industry, application industry, and new-type industry, with the diesel power business contributing significantly to revenue and gross profit [5]. - **Production Capacity**: In 2023, the company produced **403** low-speed diesel engines, totaling **7.5 million kW**, with a **15%** year-on-year increase in production for the first half of 2024 [6]. - **Market Share**: The domestic market share for low-speed engines increased to **78%** in 2023, while international market share rose to **39%**, indicating strong competitive advantages [6]. - **Green Technology**: The company has made significant advancements in green propulsion equipment, achieving record production and sales of dual-fuel engines in 2023, with a notable increase in new orders [7]. - **Lithium Battery Development**: China Power is actively expanding into the lithium battery sector, with multiple production lines launched in 2023 and ongoing development of new lithium battery products [9]. - **Shipbuilding Market Dynamics**: The overall shipbuilding cycle is in an upward trend, with an aging fleet and a projected increase in ship replacement rates starting in 2025 [10][11]. Additional Important Insights - **Environmental Regulations**: The company is adapting to environmental regulations that are driving technological changes in the industry, particularly in the production of dual-fuel engines to meet new standards [14]. - **Maintenance Services**: The establishment of a global service network for engine maintenance is expected to contribute approximately **19.5 billion yuan** in annual revenue, enhancing profit margins [15][16]. - **Valuation and Equity**: The potential recovery of minority stakes in China Shipbuilding Diesel Engine is crucial for future profitability, with estimated net profits projected to reach **1.8 billion yuan** in 2024 [16][17]. - **Stock Performance**: The current stock price has significant upside potential, with estimates suggesting an **83%** increase based on projected valuations [18]. This summary encapsulates the key insights from the conference call, highlighting the strategic direction and financial performance of China Power within the broader context of the marine and power industries.

Investment Rating - The report indicates a positive outlook for the shipbuilding sector, particularly in light of the potential exemptions from the U.S. 301 tariff measures, which could benefit the shipping companies and the shipbuilding industry overall [2][11]. Core Insights - The U.S. 301 tariff hearings concluded, with specific measures expected by April 17. There is a possibility of exemptions for certain types of vessels, which could lead to increased shipping rates if implemented strictly, benefiting container shipping [2][11]. - The report highlights that Hengli Heavy Industry's order book has increased, with a total order value of approximately $13.4 billion, which is significant compared to its competitors [2][12]. - The performance forecasts for major Chinese shipbuilding companies for Q1 2025 are generally in line with expectations, indicating a recovery in the sector [2][24]. Group 1: U.S. 301 Tariff Impact - The U.S. 301 tariff measures could impose significant fees on Chinese vessels docking at U.S. ports, with potential costs reaching up to $1 million per vessel depending on the circumstances [5][7]. - The report suggests that if the tariff measures are implemented, it could lead to increased shipping rates due to port congestion and adjustments in shipping routes [11][12]. Group 2: Company Updates - Hengli Heavy Industry has seen a significant increase in its order book, with a hand-held order value of approximately $13.4 billion, which is about 49% of China Shipbuilding's and 66% of China State Shipbuilding's order values [12][19]. - The company is expected to achieve a production capacity of 230,000 tons of steel annually and produce 180 engines, covering four types of dual-fuel engines [12][23]. Group 3: Market Trends - The new ship price index decreased by 0.49% month-on-month, while the second-hand ship price index increased by 1.15% [36][40]. - The global shipbuilding order book increased by 1% month-on-month, with container ships and oil tankers being the primary contributors to this growth [45][46].

| 证券代码：600482 | 证券简称：中国动力 公告编号：2025-019 | | --- | --- | | 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 关于董事辞职的公告 姚祖辉先生的辞职未导致公司董事会成员人数低于法定最低人数，不影响公 司董事会的正常运作。根据《中华人民共和国公司法》以及《中国船舶重工集团 动力股份有限公司章程》的相关规定，姚祖辉先生的辞职报告自送达公司董事会 之日起生效。 姚祖辉先生在公司任职期间勤勉尽责，为公司规范运作发挥了积极作用，公 司董事会对姚祖辉先生任职期间为公司做出的贡献表示衷心感谢！ 特此公告。 中国船舶重工集团动力股份有限公司董事会 二〇二五年四月十二日 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。 中国船舶重工集团动力股份有限公司（以下简称"公司"）董事会于近日收 到公司董事姚祖辉先生的书面辞职报告，因个人原因，姚祖辉先生向董事会提出 辞去公司第八届董事会董事职务。姚祖辉先生任职期间与公司董事会不存在意见 分歧。辞职后，姚祖辉先生将 ...

中国动力（600482）公告，公司董事姚祖辉因个人原因提出辞职，辞去公司第八届董事会董事职务。姚 祖辉辞职后将不在公司及控股子公司担任任何职务。姚祖辉辞职未导致公司董事会成员人数低于法定最 低人数，不影响公司董事会的正常运作。 ...

Financial Performance Expectations - The company expects a net profit attributable to shareholders of the parent company for Q1 2025 to be between 300 million and 450 million yuan, an increase of 211.89 million to 361.89 million yuan compared to the same period last year, representing a year-on-year increase of 240.48% to 410.73%[5] - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is expected to be between 280 million and 420 million yuan, an increase of 226.50 million to 366.50 million yuan compared to the same period last year, representing a year-on-year increase of 423.36% to 685.05%[5] - In Q1 2024, the net profit attributable to shareholders of the parent company was 88.11 million yuan, and the net profit excluding non-recurring gains and losses was 53.50 million yuan[10] Factors Contributing to Profit Growth - The company attributes the profit increase to the continuous improvement in the global shipbuilding market, with significant growth in sales scale and orders for the diesel engine segment[12] - The sales scale of marine machinery has expanded, with an increase in orders for high-margin products contributing to profit growth[13] Earnings Forecast and Disclosure - The earnings forecast is based on preliminary calculations and has not been audited by certified public accountants[9] - The company assures that there are no significant uncertainties affecting the accuracy of this earnings forecast[15] - The specific financial data for Q1 2025 will be detailed in the company's Q1 report[14] - The company emphasizes the importance of timely information disclosure in accordance with relevant laws and regulations[15] Investment Caution - Investors are advised to exercise caution and be aware of investment risks[15]

Core Viewpoint - The company has approved the temporary use of idle raised funds to supplement its and its subsidiaries' working capital, with a total limit of up to RMB 398,554.25 million, for a period not exceeding 12 months from the date of board approval [2][10][48]. Group 1: Fund Usage - The decision to use idle raised funds is in accordance with regulatory requirements and does not conflict with the implementation of fundraising investment projects [3][18]. - The temporary use of these funds is aimed at improving the efficiency of fund utilization and is deemed reasonable and necessary, without harming the interests of the company and its shareholders, especially minority shareholders [3][18]. Group 2: Fundraising Background - The company raised a total of RMB 1,348,227.30 million through the issuance of shares, with a net amount of RMB 1,338,051.97 million after deducting issuance costs [10][35]. - The company has a history of using idle funds for working capital, with previous approvals for similar actions in 2024 [11][15]. Group 3: Corporate Governance and Future Plans - The company emphasizes enhancing shareholder returns and has implemented a "Quality Improvement and Efficiency Enhancement" action plan, which has shown initial success [23][24]. - Future strategies include focusing on core business areas, improving operational efficiency, and continuing to innovate in technology and product development [25][27].

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also noting the limited impact of tariffs on exports [3]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report highlights that major engineering machinery companies have minimal exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies like SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report notes that domestic forklift manufacturers have limited exposure to the U.S. market, and the impact of tariffs is manageable due to pre-stocked inventory [3]. - It suggests that the domestic forklift market will see growth driven by the electric vehicle transition and government policies supporting domestic demand [3]. Semiconductor Equipment - The report indicates that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, highlighting firms like North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the general automation market [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their potential for growth in the current market environment [1][16].

证券代码：600482 证券简称：中国动力 公告编号：2025-015 中国船舶重工集团动力股份有限公司 第八届监事会第十一次会议决议公告 监事会就公司本次使用暂时闲置募集资金临时补充流动资金意见如下： 引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》《上海 证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》等相关法律法规的规定，没有与募集资金投资项目的实施计划相抵触， 不影响募集资金投资项目的正常进行，不存在变相改变募集资金投向的情况； 用效率，具有合理性及必要性，不存在损害公司及其股东，尤其是中小股东利益的 情形。 债券代码：110808 债券简称：动力定02 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。 中国船舶重工集团动力股份有限公司（以下简称"中国动力"或"公司"）第八届 监事会第十一次会议于 2025 年 4 月 3 日上午 9:30 以现场结合通讯方式召开，会议 通知于 2025 年 3 月 25 日以专人送达或电子邮件方式发出。公司应出席监事 5 ...

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变更持续督 导机构暨签署募集资金专户存储监管协议的公告 司发布发行可转换公司债券及支付现金购买资产并募集配套资金暨关联交易预 案等相关文件，公司已聘请中信建投证券股份有限公司（以下简称"中信建投"） 作为本次资产重组的独立财务顾问，并签署了《中国船舶重工集团动力股份有限 公司与中信建投证券股份有限公司之财务顾问协议》，本次资产重组持续督导期 间为自本次资产重组实施完毕之日起当年剩余时间及其后一个完整会计年度。中 信建投已委派黄多、郑林泽、齐海崴、夏秀相担任本次资产重组的独立财务顾问 主办人。 三、持续督导承接情况 公司2016年度发行股份及支付现金购买资产并募集配套资金暨关联交易项 目已实施完毕，持续督导期至2017年12月31日。截至持续督导期届满，公司发行 股份及支付现金购买资产并募集配套资金暨关联交易项目的募集资金尚未使用 完毕；公司2020年度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 联交易项目已实施完毕，持续督导期至2021年12月31日。截至持续督导期届满， 募集资金已按照计划使用完毕，但公司发行的可转 ...

中信建投证券股份有限公司 之财务顾问协议》。同日，中国动力、中信建投证券及募集资金存储银行已签署 新的《募集资金专户存储监管协议》。中信建投证券承接上述项目的持续督导职 责。 关于中国船舶重工集团动力股份有限公司 使用闲置募集资金临时补充公司及下属子公司流动资金 的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"）现为中国船舶重 工集团动力股份有限公司（以下简称"中国动力"、"公司"）2016 年发行股份 购买资产并募集配套资金项目的持续督导机构，根据《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》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法规的有关规 定，对公司使用闲置募集资金临时补充公司及下属子公司流动资金事项进行了审 慎核查，核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准风帆股 份有限公司向中国船舶重工集团公司发行股份购买资产并募集配套资金的批复》 （证监许可[2016]850 号）核准，公司向特定对象非公开发行人民币普通股（A 股）股票 45,242.53 万股， ...