| 证券代码：600482 | 证券简称：中国动力 | 公告编号：2024-048 | | --- | --- | --- | | 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 | | 关于监事会主席辞职的公告 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"公司"）监事会于近日收到 公司监事会主席陈朔帆先生的书面辞职报告。因工作调动原因，陈朔帆先生向监事 会提出辞去公司第八届监事会主席及监事职务。陈朔帆先生任职期间与监事会不 存在意见分歧。辞职后，陈朔帆先生除担任公司控股子公司中船动力（集团）有限 公司董事职务外，不再在公司及公司控股子公司担任任何其他职务。 特此公告。 中国船舶重工集团动力股份有限公司 陈朔帆先生的辞职未导致公司监事会成员人数低于法定最低人数，不影响公 司监事会的正常运作。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，陈朔帆先生的辞职报告自送达公司监事会之日 ...

Summary of Conference Call Transcript Company and Industry Involved - The discussion involves China Power, a subsidiary of China Shipbuilding Group, which previously focused on hydrogen fuel cells [1] Core Points and Arguments - China Power has been part of a strategic initiative since 2016 to address specific challenges at the group level [1] Other Important but Possibly Overlooked Content - The transition and strategic focus of China Power within the broader context of the China Shipbuilding Group's objectives were highlighted, indicating a shift in operational focus [1]

Investment Rating - The report maintains an "Accumulate - A" rating for the company [1]. Core Views - The global shipbuilding industry is benefiting from a triple-cycle resonance, entering an upward phase that may last longer than the previous cycle [1][2]. - The shipbuilding industry chain is gradually shifting from Japan and South Korea to China, with the domestic industry expected to continue benefiting from the rising trend in both volume and price [1][2]. - The company, as a core player in the power system for ships, is expected to see further improvements in profitability due to a price-cost divergence [1][3]. Summary by Relevant Sections Investment Rating - The company is rated "Accumulate - A" with a target price of 23.60 CNY, reflecting a 40x PE for 2024 [4]. Financial Performance - In 2023, the company achieved revenue of 45.103 billion CNY, a year-on-year increase of 17.77%, and a net profit of 779 million CNY, up 134.30% year-on-year [1][21]. - The company’s low-speed diesel engine production reached 403 units in 2023, a 10.71% increase, with order intake rising to 560 units, a 42.49% increase [1][21]. Business Segments - The company operates in multiple segments, including diesel power, chemical power, marine platforms, and more, with diesel power contributing 172.15 billion CNY in revenue in 2023, accounting for 38.17% of total revenue [15][23]. - The chemical power segment, primarily focused on automotive batteries, generated 102.34 billion CNY in revenue, representing 22.69% of total revenue [16]. Market Dynamics - The shipbuilding industry is currently in a cyclical upturn, with strong demand and a mismatch in supply, leading to a sustained trend of rising volume and price [2][4]. - The report highlights that the shipbuilding cycle is characterized by significant fluctuations and long spans, with the average cycle lasting between 5 to 15 years [28][31]. Future Projections - Revenue projections for the company from 2024 to 2026 are estimated at 54.02 billion CNY, 64.02 billion CNY, and 74.88 billion CNY, with corresponding net profits of 1.28 billion CNY, 2.10 billion CNY, and 3.07 billion CNY, reflecting growth rates of 64.2%, 64.0%, and 46.2% respectively [4][5].

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 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, with a current price of 23.25 CNY and a fair value of 24.41 CNY [1]. Core Views - The report highlights that the special government bond funding will support the replacement of old vessels, which is expected to benefit the leading ship power company. The policy aims to accelerate the retirement and replacement of old, high-energy-consuming and high-emission vessels with new energy and clean energy vessels [1]. - The report notes that the company is well-positioned to benefit from the new subsidy policies aimed at promoting the replacement of old vessels, particularly in the inland and coastal shipping sectors. The company’s products include medium-speed engines and integrated electric propulsion systems, which align with the government's green initiatives [1]. - The earnings forecast estimates the company's EPS for 2024, 2025, and 2026 to be 0.54 CNY, 0.77 CNY, and 1.17 CNY per share, respectively. The report maintains a fair value estimate of 24.41 CNY per share, corresponding to a 45 times PE valuation for 2024 [1]. Financial Summary - The company's revenue is projected to grow from 38,280 million CNY in 2022 to 61,244 million CNY in 2026, with a CAGR of approximately 13.3% [2][6]. - The EBITDA is expected to increase significantly from 1,537 million CNY in 2022 to 5,743 million CNY in 2026, indicating strong operational performance [2][6]. - The net profit attributable to the parent company is forecasted to rise from 336 million CNY in 2022 to 2,569 million CNY in 2026, reflecting a robust growth trajectory [2][6]. - The report indicates a significant improvement in the company's profitability metrics, with the net profit margin expected to increase from 1.0% in 2022 to 6.4% in 2026 [6]. Investment Insights - The report emphasizes the company's leading position in the ship power sector and its commitment to high-end, intelligent, and green development, which aligns with national policies promoting environmental sustainability [1]. - The anticipated demand for the replacement of old vessels and the transition to new energy vessels is expected to drive growth for the company, enhancing its market share and profitability [1].

| 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 ...

Summary of the Conference Call on China Power Company Overview - **Company**: China Power, a subsidiary of China Shipbuilding, focuses on power equipment including gas, cycle, chemical, and diesel engines, with a comprehensive range of supporting fields [7][21]. Key Financial Highlights - **2024 Half-Year Profit Forecast**: Expected net profit between 459 million to 516 million CNY, representing a growth of 60% to 80% year-on-year [2]. - **Q2 2024 Profit Forecast**: Projected net profit for Q2 between 370 million to 428 million CNY, showing a year-on-year increase of 46.63% to 69.3% [3]. - **Q2 2024 Deducted Profit**: Expected between 329 million to 384 million CNY, with a year-on-year growth of 177.86% to 224% [3]. Industry Dynamics - **Global Shipbuilding Market**: Total global order volume in 2023 reached 107 million deadweight tons, a year-on-year increase of nearly 28% [4]. - **China's Shipbuilding Performance**: In 2023, China's shipbuilding completion volume increased by 11.8%, new orders by 56.4%, and first-time orders by 32% [5]. - **Market Share**: In Q1 2024, China's shipbuilding completion volume, new orders, and mobile banking accounted for 53.8%, 69.6%, and 56.7% of the global market, respectively [6]. Market Trends - **Aging Fleet Replacement**: The average replacement cycle for ships is 25 to 30 years, with a significant portion of the global fleet approaching this age, indicating a sustained demand for new vessels [8]. - **Environmental Regulations**: New carbon intensity and emission indices effective from January 1, 2023, require a 15% to 50% reduction in emissions for various ship types, driving demand for upgraded engines [9][10]. Product Development - **Dual-Fuel Engines**: Sales of dual-fuel engines reached a new high with 133 LNG dual-fuel engines sold, a year-on-year increase of 7.73%, and 34 methanol dual-fuel engines, up 41.67% [10]. - **Technological Advancements**: The shift towards dual-fuel engines is expected to enhance the value proposition and market penetration of these products [11]. Production Capacity - **Production Status**: The company is currently operating at full capacity, with orders extending into 2026 and production plans for low and medium-speed engines projected to increase by 10.7% [12][13]. Profitability Factors - **Revenue Drivers**: Key factors for revenue growth include rising ship prices, increased demand for dual-fuel engines, and larger engine sizes [13][14]. - **Cost Management**: A decline in steel prices is expected to reduce manufacturing costs for diesel engines, positively impacting profit margins [14]. Strategic Positioning - **Brand Development**: The company is enhancing its proprietary brand capabilities, moving from pure OEM to a dual strategy of OEM and brand development [15][21]. - **Market Resilience**: The company is positioned to benefit from the recovery in the defense and application industries, with stable profit levels expected from its battery and wind power businesses [19]. Future Outlook - **Profit Forecast**: Projected net profits for 2024, 2025, and 2026 are 1.188 billion, 1.692 billion, and 2.569 billion CNY, respectively, with PE ratios of 39, 27, and 1.26 [22]. - **Risks**: Potential risks include fluctuations in raw material prices, currency exchange rate volatility, and uncertainties in the coal and automotive sectors [22]. Conclusion - **Investment Recommendation**: China Power is expected to benefit significantly from the recovery in the shipbuilding industry, driven by aging fleet replacements, environmental regulations, and technological advancements in dual-fuel engines [20][24].