中船防务 20250116 摘要 截至 2024 年底，中船防务在手订单总额为 570 亿元。2025 年第一季度新增 订单 125 亿元，使得总订单额达到 695 亿元。扣除一季度营业收入约 40 亿元 后，当前在手订单约为 650 亿元。2025 年全年计划接单 175 亿元，一季度已 完成 125 亿，表现相当出色。其中 40 多亿为民品，80 亿左右为特种船，包括 军品。随着军队改革的推进，特种船舶的利润有所改善，今年新增加的 80 多 亿订单预计将带来利润，而不像去年和前年需要民品利润弥补军品亏损。因此， 公司整体业绩增长有望得到支撑。 • 2025 年交付订单毛利预计可达 20%-25%，一季度新接订单（含集装箱 和 LPG 运输船）毛利率约 15%，预计 2027-2028 年交付时，人民币贬值 及人工成本稳定将使其毛利率提升至 25%-30%。 • 公司积极扩大产能，推进龙穴岛造船基地项目，通过分段建造厂房提升效 率，应对广东地区限制，计划保持 200 亿以上规模产能，加班可提升 15%左右。同时，双燃料船订单占比超 80%，价格较普通燃料船高 300- 500 万美元。 • 中船防务当前在手 ...

中国船舶发布公告称，2025年一季度预计实现归母净利润将在10亿元至12亿元之间，相较于去年同期， 实现了约149.35%至199.21%的大幅增长。同时，归母扣非净利润预计将达到9.9亿元至11.9亿元，同比 增长幅度更是高达192.58%至251.69%。 浙大城市学院文化创意研究所秘书长林先平在接受《华夏时报》记者采访时表示，中国船舶此次业绩实 现大幅增长，彰显其在船舶制造领域的强大实力和市场竞争力。随着全球贸易逐步恢复，航运市场持续 繁荣，中国船舶凭借丰富的订单储备和先进技术，有望巩固并扩大市场份额，未来发展势头强劲。 整体来看，三家造船央企一季度净利润总额达到16.7亿元至20亿元，一季度新接订单量总额超3775亿 元。 从公布的一季报来看，订单结构优化升级、注重提质增效是多家船企的核心关注点。未来，船舶工业将 朝着更加绿色、智能和可持续的方向发展，船企们纷纷加强了中高端船型批量化订单承接。 值得一提的是，中船防务实现首季业绩"开门红"，预计2025年一季度实现净利润1.7亿元至2亿元，同比 暴涨10.06倍至12.01倍，在三家造船央企中涨幅居于首位。2025年第一季度，中船防务实现新接订单 12 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 中船海洋與防務裝備股份有限公司 公司秘書 李志東 廣州，二零二五年四月十五日 （在中華人民共和國註冊成立之股份有限公司） （H 股股份代碼：00317） 董事會會議通知 茲通告，中船海洋與防務裝備股份有限公司（「本公司」，連同其附屬公司合 稱「本集團」）將於二零二五年四月二十九日（星期二）舉行本公司董事（「董事」） 會（「董事會」）會議，以審議本集團截至二零二五年三月三十一日止三個月未經 審計的二零二五年第一季度報告及其他事宜（如有）。 承董事會命 本公告公佈之日，董事會的八位成員分別為：執行董事陳利平先生；非執行董事顧遠先生、 任開江先生及尹路先生；以及獨立非執行董事林斌先生、聶煒先生、李志堅先生及謝昕女士。 ...

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].

Core Viewpoint - The shipbuilding market is thriving, leading to significant profit growth for China Shipbuilding Defense (中船防务), which expects a net profit increase of 10.06 to 12.01 times year-on-year in Q1 2025 [1][2]. Financial Performance - In Q1 2025, China Shipbuilding Defense anticipates a net profit of 170 million to 200 million yuan, representing a year-on-year increase of 1005.77% to 1200.91% [2]. - The company reported a net profit of 3.77 billion yuan for the fiscal year 2024, a staggering increase of 684.86% compared to the previous year [2]. - The company achieved new orders worth 12.502 billion yuan in Q1 2025, fulfilling 71.64% of its annual target [1][6]. Market Position and Competitive Advantage - China Shipbuilding Defense is a major player in the marine and defense equipment sector, with a strong market share in various segments, including container ships and dredging vessels [4]. - The company has invested a total of 2.123 billion yuan in R&D over the past three years, enhancing its competitive edge [4]. - As of the end of 2024, the company held contracts worth approximately 61.6 billion yuan, with a focus on high-value ship types and green transition initiatives [5][6]. Industry Context - The global shipbuilding market has shown robust growth since 2024, with Chinese shipbuilders maintaining a leading position [3]. - Other major Chinese shipbuilding companies, such as China Shipbuilding (中国船舶) and China Heavy Industry (中国重工), have also reported impressive earnings in Q1 2025, indicating a strong industry trend [3].

Core Viewpoint - The company, China Shipbuilding Defense (中船防务), is experiencing significant profit growth due to a favorable shipbuilding cycle, with Q1 2025 net profit expected to increase tenfold year-on-year [1][2]. Financial Performance - For Q1 2025, the company anticipates a net profit attributable to shareholders of 170-200 million yuan, representing a year-on-year growth of 1000%-1200% [1]. - The 2024 annual report shows total revenue of 19.402 billion yuan, a year-on-year increase of 20.17%, and a net profit of 377 million yuan, up 685% year-on-year [1][2]. - The company plans to distribute a cash dividend of 0.70 yuan per 10 shares, with a payout ratio of 30.72% [1]. Order and Revenue Growth - In Q1 2025, the company secured new orders worth 12.502 billion yuan, achieving 71.64% of its annual target [1]. - The total order backlog at the end of 2024 was approximately 61.6 billion yuan, with shipbuilding contracts accounting for 95.3% of this total [2]. Industry Context - The global shipbuilding market is in a growth phase, with new orders increasing by 39.3% and 39.6% in deadweight tonnage and gross tonnage, respectively [1][5]. - The Clarkson ship price index reached 189 points in December 2024, marking a 6.5% year-on-year increase and the highest level since October 2008 [1]. Product Performance - The shipbuilding segment remains the primary revenue driver, contributing 86.2% of total revenue in 2024, with significant growth in bulk carriers (up 123.28%) and container ships (up 20.98%) [2][3]. - The offshore engineering segment also showed strong growth, with revenue increasing by 64.97% [2]. Profitability and Cost Management - The company's gross margin improved to 7.76% in 2024, with the shipbuilding segment's gross margin at 9.33%, reflecting a year-on-year increase of 3.86 percentage points [6][8]. - Administrative expenses decreased to 3.42% of revenue, while R&D expenses rose to 4.58% [8]. Market Position and Outlook - As a leading player in China's shipbuilding industry, the company benefits from a strong order book and favorable market conditions, with expectations for continued high growth in 2025 [9]. - The company has a low valuation with a price-to-book ratio of 0.7, which may attract conservative investors due to the certainty of profit growth and dividend distribution [9].

证券简称：中船防务 股票代码：600685 公告编号：2025-015 中船海洋与防务装备股份有限公司 关于自愿披露新接订单的公告 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: 订单金额：中船海洋与防务装备股份有限公司（以下简称"公 司"或"本公司"）2025 年第一季度实现新接订单人民币 125.02 亿 元，完成年度计划的 71.64%。 依赖。 三、其他相关情况 （一）集装箱船、特种船及 LNG 加注船属于本公司的主要产品， 交易对方均信誉良好，具备较好的履约能力。 （二）订单履行过程中可能出现因法律法规、行业政策、价格、 市场环境因素变化导致的不确定性，敬请广大投资者理性投资，注意 投资风险。 特此公告。 对公司业绩的影响：订单的履行预计将对公司现金流及后续经 营业绩产生积极影响。 一、新接订单情况 按照本公司《2024 年年度报告》披露的经营计划，本公司 2025 年度计划承接合同人民币 174.5 亿元。截至 2025 年 3 月 31 日，公司 2025 年第一季度实现新接订单人民币 125.0 ...

Market Overview - The Shanghai Composite Index rose by 1.31% on April 9, with 29 out of 31 sectors experiencing gains, led by the defense and military industry, which increased by 6.27% [1] - The banking and oil & petrochemical sectors were the only ones to decline, with decreases of 0.94% and 0.07% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 7.427 billion yuan, with 16 sectors seeing net inflows [1] - The computer sector had the highest net inflow, amounting to 3.645 billion yuan, followed by the defense and military sector with a net inflow of 3.372 billion yuan [1] Defense and Military Sector Performance - The defense and military sector saw a significant increase of 6.27%, with all 139 stocks in the sector rising, including 20 stocks hitting the daily limit [2] - A total of 104 stocks in this sector experienced net capital inflows, with 10 stocks receiving over 100 million yuan in net inflows [2] - The top three stocks by net inflow were: - China North Industries Group (中兵红箭) with 219 million yuan - AVIC Shenyang Aircraft Corporation (中航沈飞) with 165 million yuan - China Shipbuilding Industry Corporation (中船防务) with 139 million yuan [2] Defense and Military Sector Capital Outflow - The defense and military sector also had stocks with significant capital outflows, with six stocks experiencing outflows exceeding 10 million yuan [4] - The top three stocks by net outflow were: - China Shipbuilding Industry Corporation (中国船舶) with -58.4 million yuan - AVIC Heavy Machinery (中航重机) with -16.1 million yuan - Guangwei Composites (光威复材) with -15.7 million yuan [4]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's Q1 2025 performance exceeded expectations, with a year-on-year increase in net profit attributable to shareholders of 1006% to 1.201 billion [1] - The significant growth in Q1 2025 is attributed to improved production efficiency and revenue from shipbuilding products, as well as better performance from joint ventures [1] - The shipbuilding industry is experiencing an upward cycle due to factors such as ship replacement cycles, environmental policies, and tight capacity, leading to improved profitability for shipyards [2][3] Summary by Sections Performance Overview - In Q1 2025, the company expects a net profit attributable to shareholders between 1.7 billion and 2 billion, representing a year-on-year growth of approximately 1005.77% to 1200.91% [1] - The non-recurring net profit is projected to be between 1.65 billion and 1.95 billion, with a year-on-year increase of 554.01% to 672.92% [1] Industry Trends - The shipbuilding industry is seeing a mixed demand with a 61% year-on-year decline in new orders from January to March 2025, while container ship orders increased by 238% [2] - The new ship price index has shown a slight decrease of 0.05% week-on-week but a year-on-year increase of 2.04%, indicating a historical peak since 2021 [2] - Supply constraints and inflationary pressures are expected to drive ship prices higher [2] Profit Forecast and Valuation - The forecasted net profits for 2025 to 2027 are approximately 850 million, 1.616 billion, and 2.410 billion respectively, with year-on-year growth rates of 125%, 90%, and 49% [4] - The corresponding P/E ratios are projected to be 35, 19, and 12, while the P/B ratios are expected to be 1.6, 1.5, and 1.3 [4]

Core Insights - The Central State-Owned Enterprises Innovation-Driven Index (000861) has shown a positive performance with a 0.94% increase as of April 9, 2025, with notable gains from constituent stocks such as China Haifeng (10.01%) and Inner Mongolia First Machinery (10.00%) [3] - The Central State-Owned Enterprises Innovation-Driven ETF (515900) has also increased by 1.08%, reaching a latest price of 1.4 yuan, with a trading volume of 30.77 million yuan [3] - Over the past five years, the ETF has achieved a net value increase of 56.10%, ranking 74 out of 947 in the index stock fund category, placing it in the top 7.81% [4] Performance Metrics - The ETF has recorded a maximum monthly return of 15.05% since its inception, with the longest consecutive monthly gain being five months and a total increase of 24.91% [4] - The average return for the months with gains is 4.08%, and the annual profit percentage stands at 80.00%, with a historical three-year profit probability of 97.26% [4] - As of April 8, 2025, the ETF has outperformed its benchmark with an annualized excess return of 2.80% over the past year [4] Liquidity and Scale - The ETF's latest scale is 3.282 billion yuan, ranking it in the top quarter among comparable funds [3] - The average daily trading volume over the past year is 42.68 million yuan, making it the highest among comparable funds [3] Fee Structure and Tracking Accuracy - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [4] - The tracking error over the past five years is 0.038%, indicating the highest tracking precision among similar funds [4] Sector Insights - The deep-sea technology sector is highlighted as having significant investment potential, with a focus on deep-sea equipment, new deep-sea carriers, deep-sea materials, and sensors [5] - The Central State-Owned Enterprises Innovation-Driven Index evaluates the innovation and profitability quality of state-owned enterprises, selecting 100 representative listed companies to reflect the overall performance of innovative state-owned enterprises [5] Top Holdings - As of March 31, 2025, the top ten weighted stocks in the index include Hikvision (5.01%), Guodian Nari (4.86%), and China Telecom (3.17%), collectively accounting for 34% of the index [6]