Core Viewpoint - The company reported a significant decline in revenue for 2024, with a year-on-year decrease of 26.11%, primarily due to product price fluctuations and market factors, while emphasizing a commitment to innovation and market expansion to counteract these challenges [2][3][4]. Group 1: Company Overview - The company operates in the defense and electronic information sectors, focusing on research, production, and related technical services [19]. - The main business model is order-based production, with procurement and production organized according to customer orders [20]. Group 2: Financial Performance - The company achieved total revenue of 1,297 million yuan in the electronic information sector, reflecting a year-on-year growth of 1.99%, accounting for 41.58% of total revenue [4][5]. - The defense sector's revenue was 1,091.17 million yuan, down 16.23% year-on-year, while the special equipment electronic sector saw a revenue drop of 26.08% [3][4]. Group 3: Strategic Initiatives - The company is actively expanding into new markets and enhancing its core technological capabilities to mitigate short-term pressures in the defense sector [4][5]. - A focus on innovation and the development of domestic capabilities is seen as crucial for the company's long-term sustainability and growth [5][11]. Group 4: Governance and Compliance - The board of directors held eight meetings throughout the year, approving 51 agenda items, including financial reports and performance evaluations [6][8]. - The company received an A-level rating for its information disclosure practices from the Shanghai Stock Exchange for two consecutive years [9][10]. Group 5: Future Outlook - The company plans to enhance its governance structure and improve operational quality in line with national policies and regulatory requirements [12][13]. - Emphasis will be placed on maintaining compliance with information disclosure standards and strengthening investor relations to boost market confidence [12][13].

Investment Rating - The report highlights the deep-sea technology sector as a strategic emerging industry, with a projected global market size exceeding $500 billion by 2025, growing at an annual rate of over 15% [1][4]. Core Insights - The report emphasizes the rapid development of the global deep-sea technology market, with significant investment opportunities in sub-sectors such as deep-sea equipment manufacturing, resource exploration, and deep-sea biomedicine [1][4]. - The Chinese deep-sea economy is expected to reach approximately $3.25 trillion by 2025, accounting for 25% of the total marine economy, with a growth rate exceeding 20% [43][44]. Summary by Sections Industry Overview - The deep-sea technology sector has been recognized as a key area for strategic development, with the Chinese government prioritizing its growth in the 2025 Government Work Report [1][4]. - The global deep-sea technology market is projected to surpass $500 billion by 2025, with a compound annual growth rate (CAGR) of over 15% [1][4]. Industry Status - The report indicates that the global deep-sea technology market is experiencing rapid growth, with the deep-sea oil and gas sector remaining a cornerstone, while emerging fields like underwater mining and underwater vehicles are also expanding significantly [37][39]. - The underwater mining market is expected to grow from approximately $3.7 billion in 2024 to $15.9 billion by 2029, with a CAGR of 33.7% [37][39]. Investment Strategy - The report suggests focusing on investment opportunities in extreme environment equipment that relies on high-strength titanium alloys, nanocomposite materials, and intelligent control systems [4][37]. - Short-term strategies include capitalizing on domestic replacements driven by policy support, while long-term strategies should focus on breakthroughs in materials and core components [4][37]. Industry Chain and Key Enterprises - The report categorizes the industry chain into upstream (materials and technology), midstream (precision components and complete equipment), and downstream (applications and commercialization scenarios) [52][53]. - Key players in the upstream segment include companies like Western Materials and BaoTi Co., while midstream players include China Shipbuilding and China Heavy Industry [52][53].

Meeting Information - The 2024 Annual General Meeting (AGM) of China Shipbuilding Industry Corporation will be held on June 27, 2025, at 10:00 AM in Beijing [1][3] - The meeting will utilize both on-site and online voting methods, with online voting available through the Shanghai Stock Exchange's system [3][4] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's online voting system, with specific time slots for voting on the day of the meeting [1][3] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts, but repeated votes will be counted only once [4][5] Attendance and Registration - Shareholders must register to attend the meeting, with specific documentation required for both individual and institutional shareholders [5][6] - Registration will take place on June 23, 2025, with designated times for personal and proxy registrations [6] Communication and Reminders - The company will provide reminders to shareholders about the meeting through SMS and other communication methods to ensure participation [3][4] - Shareholders unable to attend can authorize a representative to vote on their behalf [6][7]

证券代码：600764 证券简称：中国海防 公告编号：临 2025-020 中国船舶重工集团海洋防务与信息对抗股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 27 日 10 点 00 分 召开地点：北京市海淀区昆明湖南路 72 号中船大厦 股东大会召开日期：2025年6月27日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 27 日 至2025 年 6 月 27 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当 ...

Investment Rating - The investment rating for the company is "Buy" [12] Core Viewpoints - The current marine power strategy is being advanced, with policies increasingly focusing on underwater defense and deep-sea technology, indicating that underwater capabilities are expected to be a key investment direction in the next phase [3][8] - The company, China Marine Defense (600764.SH), is a leading player in underwater acoustic electronic defense equipment under the China Shipbuilding Group, possessing a full industrial chain capability in underwater acoustic equipment and is expected to benefit significantly from the acceleration of marine equipment construction [3][10] - The company is positioned as a capital operation platform for the electronic information sector of the China Shipbuilding Group, with potential to develop into a flagship platform for electronic information through professional integration [7][10] Summary by Sections Company Overview - China Marine Defense is a core listed platform for the electronic information industry of the China Shipbuilding Group, directly controlled by China Shipbuilding Industry Corporation, and encompasses several specialized enterprises with strong technical capabilities [7][21] - The company operates in three main segments: electronic defense equipment, electronic information industry, and specialized technical services, with a core advantage in underwater acoustic electronic defense equipment [7][25] Market Dynamics - The underwater battlefield's importance is increasingly highlighted in the context of great power competition, necessitating a systematic and comprehensive approach to underwater defense [8][39] - The government has included deep-sea technology as a new emerging industry in the 2025 work report, emphasizing its significance for resource and energy security [50][52] Financial Performance - The company has experienced revenue fluctuations from 2022 to 2024, with revenue growth rates of -11.95%, -16.31%, and -11.65%, respectively, while net profit growth rates were -31.09%, -47.23%, and -26.11% [29][30] - In Q1 2025, the company showed signs of improvement with revenue and net profit growth rates of 42.73% and 700.30%, respectively [29][30] Product and Technology - Underwater acoustic technology is essential for underwater detection, communication, navigation, and defense, with a wide range of applications in naval vessels, UUVs, and underwater observation networks [9][10] - The company is a key supplier of underwater acoustic equipment in China, with its products covering various fields including underwater information detection and transmission systems [25][26] Future Outlook - The company is expected to benefit from multiple investment projects scheduled for completion between 2025 and 2026, which will support future demand release [36][38] - The integration of specialized electronic and underwater acoustic businesses is anticipated to enhance the company's competitive edge and operational efficiency [10][34]

Investment Rating - The investment rating for the company is "Buy" [11] Core Viewpoints - The current marine power strategy is being advanced, with policies increasingly focusing on underwater defense and deep-sea technology, indicating that underwater capabilities may become a key investment direction [3][7] - The company, China Marine Defense (600764.SH), is a leading player in underwater acoustic electronic defense equipment under the China Shipbuilding Group, possessing a full industrial chain capability in underwater acoustic equipment and is expected to benefit from the accelerated construction of marine equipment [3][9] - The company is positioned as the capital operation platform for the electronic information sector of the China Shipbuilding Group, with potential to develop into a flagship platform for electronic information through professional integration [6][9] Summary by Sections Company Overview - China Marine Defense is a core listed platform for the electronic information industry of the China Shipbuilding Group, directly controlled by China Shipbuilding Industry Corporation, and encompasses several specialized enterprises with strong technical capabilities [6][19] - The company operates in three main segments: electronic defense equipment, electronic information industry, and specialized technical services, with a core advantage in underwater acoustic electronic defense equipment [6][24] Market Trends - The emphasis on underwater defense is increasingly significant in the context of great power competition, highlighting the importance of controlling underwater battlefields [7][41] - Deep-sea technology has been recognized as an emerging industry in the 2025 government work report, indicating a shift towards resource exploration and development in deep-sea environments [52][54] Financial Performance - The company has experienced revenue fluctuations from 2022 to 2024, with revenue growth rates of -11.95%, -16.31%, and -11.65%, respectively, while net profit growth rates were -31.09%, -47.23%, and -26.11% [30] - In Q1 2025, the company showed signs of improvement with revenue and net profit growth rates of 42.73% and 700.30%, respectively [30] Product and Technology - Underwater acoustic technology is essential for underwater detection, communication, navigation, and defense, with a wide range of applications in naval vessels, UUVs, and underwater observation networks [8][9] - The company is a key supplier of underwater acoustic equipment in China, with its products covering various aspects of underwater information detection and transmission [24][25] Future Outlook - The company is expected to benefit from multiple investment projects scheduled for completion between 2025 and 2026, which will support future demand [38][40] - The integration of specialized electronic and underwater acoustic businesses is anticipated to enhance the company's competitive edge and operational efficiency [9][35]

证券代码：600764 股票简称：中国海防 编号：临 2025-019 中国船舶重工集团海洋防务与信息对抗股份有限公司 关于为所属子公司提供担保的进展公告 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: 一、 担保情况概述 近日，公司与中船财务有限责任公司（以下简称财务公司）北京分 公司签署《保证合同》（25-BZ-01-006），就辽海输油融资事宜提供保证， 担保金额人民币 500 万元。 被担保人：中船辽海输油气设备（沈阳）有限责任公司（以下简 称"辽海输油"）为中国船舶重工集团海洋防务与信息对抗股份 有限公司（以下简称"中国海防"或"公司"）并表范围内的全 资子公司。 担保金额：公司本次为辽海输油提供担保额为人民币 500 万元； 截至本公告披露日，公司为辽海输油提供担保金额共计人民币 1,950 万元。 本次担保不存在反担保。 公司不存在逾期对外担保情况。 公司第九届董事会第三十次会议、2023 年年度股东大会审议通过了 《关于 2024 年度为所属子公司提供担保额度上限的议案》，同意在核定 的担保额 ...

Core Viewpoint - The meeting held by China Shipbuilding Group's listed companies focused on the company's performance and future strategies, emphasizing innovation and market expansion in the defense and deep-sea technology sectors [1][4]. Group 1: Financial Performance - China Haifang achieved an operating revenue of 3.173 billion yuan and a net profit attributable to shareholders of 228 million yuan in 2024 [1]. Group 2: Strategic Initiatives - The company plans to systematically advance the operation and management of defense equipment research, production, and services to ensure timely and quality delivery of defense products [2]. - There is a focus on expanding non-defense industries, including smart manufacturing in the renewable energy sector and intelligent port and ship integration [2]. - The company aims to target new domains such as deep-sea operations, intelligent equipment, and unmanned platforms, increasing investment in innovation and technology reserves [2]. - Continuous reform and innovation efforts are being made to enhance corporate vitality and promote high-quality development [2]. Group 3: Technological Focus - The company possesses comprehensive research and production capabilities in underwater acoustic defense equipment, holding core technologies in underwater detection, communication, and information acquisition [3]. - Future strategies will focus on technology innovation, conversion, industrial application, and market expansion in deep-sea technology and marine economy [3]. - The company is positioned as a leader in the electronic defense equipment and information industry, providing a range of electronic information products [3].

证券代码：600764 证券简称：中国海防 公告编号：临2025-018 中国船舶重工集团海洋防务与信息对抗股份有限公司 关于参加中船集团控股上市公司2024年度集体业绩说明会暨 2025年第一季度业绩说明会召开情况的公告 二、本次业绩说明会投资者提出的主要问题及公司回复情况 1、中国海防 2024 年整体经营承受一定压力，请问贵公司 2025 年 有何应对举措推动公司高质量发展？另外声呐作为深海探测的最主要 方式，公司在深海科技方向有何产业布局上的安排？ 回复：2024 年，受产品价格波动和市场因素影响，公司部分产品 毛利率下降，短期内经营承受一定压力。对此公司积极采取措施，坚 1 持以满足客户需求为导向，坚持以产品创新为内生动力，坚持以深化 改革赋能发展。目前，水声电子装备是水下能力体系建设的核心，发 展空间广阔，长期看公司的主业发展依然充满机遇。 2025 年，公司将进一步贯彻新发展理念，持续聚焦防务方向主责 主业，紧跟电子信息产业发展机遇期，在公司整体发展方向上进一步 构建完善电子防务产业与电子信息产业双牵引发展新格局。同时加强 运营管控，进一步改善提升公司经营效益和盈利能力，不断优化资产 结构和产业 ...

Investment Rating - The report recommends investment in the shipbuilding sector, specifically highlighting companies such as China Shipbuilding, China Heavy Industry, China Ship Defense, China Power, and others as key players in the industry [2][4]. Core Insights - The shipbuilding sector is experiencing robust growth with a revenue of 210.3 billion yuan in 2024, marking a 12% year-on-year increase, and a net profit of 7.2 billion yuan, which is a 103% increase compared to the previous year [3][13]. - The order backlog remains strong, with a significant increase in high-value orders, indicating a positive outlook for revenue and profit margin recovery in the coming years [27][40]. - The global shipbuilding market is characterized by a supply-demand gap, with a hand-held order coverage of 3.8 years, which is at a historical high, while the proportion of hand-held orders in total capacity is at a historical low of 12% [52][56]. Summary by Sections Revenue and Profit Growth - In 2024, the shipbuilding sector achieved a revenue of 210.3 billion yuan, a 12% increase year-on-year, and a net profit of 7.2 billion yuan, reflecting a 103% growth [3][13]. - The first quarter of 2025 continued this trend with a revenue of 45.1 billion yuan, also up 12% year-on-year, indicating sustained growth [7][13]. Order Backlog and Market Dynamics - As of Q1 2025, the global shipbuilding order backlog reached 381 million deadweight tons, a 2% increase from the end of 2024, with expectations for a delivery volume of 97.28 million deadweight tons in 2025, representing a 9% increase [52][47]. - The report notes that the ship price index remains high, with a slight decrease of 1% in Q1 2025, indicating a stable pricing environment despite fluctuations [40][36]. Competitive Landscape - The report highlights that despite challenges from U.S. sanctions, China's position as a global leader in shipbuilding remains unshaken, with a market share of approximately 54% in new orders as of Q1 2025 [71][80]. - The average age of the global fleet is increasing, leading to a projected demand for new vessels, with an estimated annual delivery requirement of about 110 million deadweight tons from 2025 to 2030, driven largely by the need to replace aging ships [59][60]. Future Outlook - The shipbuilding sector is expected to continue benefiting from high demand for bulk carriers, with a focus on high-value orders and improved profit margins as the industry recovers from previous downturns [27][4]. - The report anticipates that the transition to alternative energy vessels will accelerate, driven by stricter environmental regulations and the need for fleet modernization [60][61].