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: 证券代码：600764 股票简称：中国海防 编号：临 2025-039 中国船舶重工集团海洋防务与信息对抗股份有限公司 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-01-010），就辽海装备融资事宜提供保证， 担保金额人民币 2,300 万元。 被担保人：中船辽海装备有限责任公司（以下简称"辽海装备"） 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：公司本次为辽海装备提供担保额为人民币2,300万元； 截至本公告披露日，公司为辽海装备提供担保金额共计人民币 15,500 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三十六次会议、2024 年年度股东大会审议通过 了《关于 2025 年度为所属子公司提供担保额度上限的议案》，同意在核 定的担保额度范围内 ...

Market Performance - The marine equipment sector experienced a significant increase of 40.79% on September 16, with Zhongke Haixun leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Zhongke Haixun (300810) closed at 47.27, with a rise of 6.34% and a trading volume of 87,900 shares, amounting to a transaction value of 404 million yuan [1] - Hailanxin (300065) closed at 68.81, up 1.23%, with a trading volume of 374,300 shares and a transaction value of 694 million yuan [1] - Tianhai Defense (300008) closed at 6.53, with a slight increase of 0.62% [1] - Jianglong Shipbuilding (300589) closed at 13.13, up 0.54% [1] - Yaxing Anchor Chain (601890) closed at 9.52, up 0.42% [1] - Guorui Technology (300600) closed at 16.22, down 0.31% [1] - China Marine Defense (600764) closed at 30.21, down 0.56% [1] - Zhongchuan Defense (600685) closed at 26.74, down 2.05% [1] - China Shipbuilding (600150) closed at 37.04, down 3.82% with a significant trading volume of 1,449,700 shares and a transaction value of 5.41 billion yuan [1] Fund Flow Analysis - The marine equipment sector saw a net outflow of 1.063 billion yuan from institutional investors, while retail investors contributed a net inflow of 932 million yuan [1] - The detailed fund flow for individual stocks indicates varying levels of net inflow and outflow among different companies, with Zhongke Haixun experiencing a net inflow of 31.29 million yuan from institutional investors [2] - Other stocks like Tianhai Defense and Guorui Technology faced net outflows from institutional investors, while retail investors showed positive net inflows for several stocks [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's performance is improving, validating the uptrend in underwater unmanned equipment, with continuous expansion of new business [12] - In H1 2025, the company achieved operating revenue of 1.39 billion, a year-on-year increase of 20%, and a net profit attributable to the parent company of 90 million, a year-on-year increase of 25% [4][12] - The second quarter of 2025 saw a single-quarter operating revenue of 870 million, a year-on-year increase of 9% and a quarter-on-quarter increase of 71%, while net profit attributable to the parent company was 60 million, a year-on-year decrease of 11% but a quarter-on-quarter increase of 102% [12] Summary by Sections Financial Performance - The company reported a revenue of 1.39 billion in H1 2025, with a 20% increase year-on-year, and a net profit of 90 million, up 25% year-on-year [12] - The revenue from civil electronic information business was 712 million, a year-on-year increase of 21.28%, with a gross margin of 39.80%, up 4 percentage points [12] - Military product revenue from underwater electronic defense was 420 million, a year-on-year increase of 30.68%, with a gross margin of 21.10%, down 17.86 percentage points [12] - The overall gross margin slightly decreased to 35.32%, down 1.14 percentage points year-on-year, while the net margin was 7.35%, up 0.04 percentage points year-on-year [12] Business Segments - The civil products segment saw significant project advancements in smart cities, intelligent rail transit, automated production lines, and oil and gas [12] - The military products segment's revenue growth was primarily due to the planned delivery of multiple products and the continuous expansion of underwater business [12] Future Projections - The company is expected to achieve operating revenues of 3.55 billion, 3.91 billion, and 4.37 billion in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11.95%, 10.15%, and 11.58% [14] - The net profit attributable to the parent company is projected to be 315 million, 404 million, and 509 million for the same years, with growth rates of 37.99%, 28.32%, and 25.96% respectively [14]

Market Overview - On September 12, the marine equipment sector rose by 0.36% compared to the previous trading day, with China Marine Defense leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Key stocks in the marine equipment sector showed varied performance, with China Marine Defense (600764) closing at 30.91, up 1.81% on a trading volume of 76,500 shares and a transaction value of 236 million yuan [1] - Other notable performers included: - Zhongzuo Haixun (300810) at 45.03, up 1.76% [1] - Meisanxin (300065) at 19.36, up 1.68% [1] - China Shipbuilding (600150) at 38.07, up 0.37% [1] - Conversely, stocks like Jianglong Shipbuilding (300589) and XD Yasheng Anchor (601890) experienced slight declines [1] Capital Flow - The marine equipment sector saw a net outflow of 179 million yuan from institutional investors, while retail investors contributed a net inflow of 171 million yuan [1] - Detailed capital flow for key stocks included: - China Marine Defense with a net inflow of 32.34 million yuan from institutional investors [2] - Jianglong Shipbuilding with a net outflow of 6.86 million yuan from institutional investors [2] - XD Yasheng Anchor with a significant net outflow of 30.47 million yuan from institutional investors [2]

Core Insights - The maritime equipment sector experienced a slight increase of 0.42% on September 11, with Zhongke Haixun leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Sector Performance - Zhongke Haixun (300810) closed at 44.25, with a rise of 2.95% and a trading volume of 48,200 shares, amounting to a transaction value of 211 million yuan [1] - Guorui Technology (300600) closed at 16.88, up 2.18%, with a trading volume of 128,700 shares and a transaction value of 214 million yuan [1] - Hailanxin (300065) closed at 19.04, increasing by 2.04%, with a trading volume of 405,600 shares and a transaction value of 764 million yuan [1] - Jianglong Shipbuilding (300589) closed at 13.28, up 1.68%, with a trading volume of 79,300 shares and a transaction value of 10.5 million yuan [1] - China Shipbuilding Defense (600685) closed at 26.85, increasing by 1.63%, with a trading volume of 95,700 shares and a transaction value of 254 million yuan [1] - Tianhai Defense (300008) closed at 6.50, up 1.56%, with a trading volume of 616,100 shares and a transaction value of 397 million yuan [1] - Yaxing Anchor Chain (601890) closed at 9.76, increasing by 1.04%, with a trading volume of 183,200 shares and a transaction value of 177 million yuan [1] - China Marine Defense (600764) closed at 30.36, up 0.63%, with a trading volume of 83,900 shares and a transaction value of 254 million yuan [1] - China Shipbuilding (600150) closed at 37.93, slightly down by 0.13%, with a trading volume of 673,700 shares and a transaction value of 2.536 billion yuan [1] Capital Flow - The maritime equipment sector saw a net outflow of 315 million yuan from institutional investors, while retail investors contributed a net inflow of 281 million yuan [1] - The detailed capital flow for individual stocks indicates varying levels of net inflow and outflow among different companies [2] - For instance, Yaxing Anchor Chain (601890) had a net inflow of 11.37 million yuan from retail investors, despite a net outflow from institutional and speculative investors [2]

Market Overview - The marine equipment sector experienced a slight decline of 0.13% on September 10, with Guorui Technology leading the losses [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Key stocks in the marine equipment sector showed mixed performance, with China Shipbuilding at 37.98, up 0.37%, while Guorui Technology fell by 5.76% to 16.52 [1] - The trading volume and turnover for major stocks were significant, with China Shipbuilding recording a turnover of 2.486 billion yuan [1] Capital Flow - The marine equipment sector saw a net outflow of 283 million yuan from main funds, while retail investors contributed a net inflow of 259 million yuan [1] - Specific stock capital flows indicated that China Shipbuilding had a net outflow of 1.13 billion yuan from main funds, but a net inflow of 916 million yuan from retail investors [2]

Summary of China Marine Defense Conference Call Industry Overview - **Industry**: China Marine Defense operates in military electronic defense equipment, special electronic, and civil electronic information industries. The military products cover underwater information acquisition, detection, communication, countermeasures, and navigation, while the civil sector focuses on intelligent manufacturing, smart cities, and smart oceans [2][3]. Key Financial Performance - **Revenue Decline**: The company experienced a decline in revenue from nearly 4.9 billion yuan in 2021 to an estimated 3.1-3.2 billion yuan in 2024. Gross profit also fell from 850 million yuan to 230 million yuan, primarily due to military product pricing reviews and order rhythm changes [2][5]. - **Recent Improvement**: In Q1 2025, both revenue and profit showed significant improvement, maintaining a medium to high-speed growth in the first half of the year. The company is expected to return to positive growth due to stabilizing military product prices and increasing downstream demand [4][5]. Market Dynamics - **Growth Drivers**: The growth of underwater core equipment and the increasing demand for underwater sound technology are expected to drive optimistic growth in the underwater electronics business. The company is also focusing on cost reduction and efficiency improvements [2][4]. - **Future Projections**: The underwater technology and equipment market is projected to grow significantly over the next 15 years, driven by the mass production of new equipment like Unmanned Underwater Vehicles (UUVs). The demand for underwater equipment is expected to double the current market size [6][10]. Competitive Position - **Market Share**: China Marine Defense holds a monopoly in the underwater equipment market, with a 100% market share in military communication sonar and towed sonar systems for surface ships. The market share in underwater information systems and countermeasure equipment ranges from 70% to 90% [3][14]. - **Strategic Positioning**: The company is positioned as a key player in the electronic information industry under the China Shipbuilding Group, benefiting from ongoing reforms and asset integration within the group [15][18]. Technological Advancements - **Sonar Technology**: Sonar systems are widely used in naval equipment for various tasks, including detection, communication, and navigation. The value of sonar equipment on traditional destroyers and frigates is approximately 30-50 million USD, while submarines can reach around 100 million USD [7][10]. - **Upgrading Trends**: The transition from piezoelectric to fiber-optic technology in underwater observation networks is underway to enhance performance [8]. Future Outlook - **Market Expansion**: The expansion of the Chinese Navy, with plans to increase the number of main battle ships to 334 by 2040, will create substantial demand for underwater equipment. The annual demand for UUVs is expected to equal or exceed the current market size [9][10]. - **Maintenance Demand**: The maintenance demand for sonar and underwater equipment is anticipated to grow significantly as the delivery of naval equipment increases [11]. Conclusion - **Investment Potential**: China Marine Defense is viewed as a significant investment opportunity due to its strong market position, ongoing improvements in financial performance, and favorable industry dynamics. The company is expected to benefit from both the growth of new technologies and the integration of quality assets within the China Shipbuilding Group [18][19].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.385 billion in H1 2025, representing a year-over-year increase of 19.64%. The net profit attributable to the parent company was 95 million, up 25.48% year-over-year, while the net profit excluding non-recurring items was 83 million, reflecting a 52.58% increase year-over-year [2][4]. - In Q2 2025, the company achieved a revenue of 874 million, which is a 9.3% year-over-year growth. However, the net profit attributable to the parent company decreased by 11.45% year-over-year to 63 million, while the net profit excluding non-recurring items remained relatively stable with a slight increase of 0.12% year-over-year to 56 million [2][4]. Summary by Sections Financial Performance - In H1 2025, the company's revenue from underwater acoustic electronics was 420 million, showing a year-over-year growth of 30.68%. The special electronic business generated 205 million, down 2.12% year-over-year. The non-defense sector revenue reached 736 million, up 22.07% year-over-year, with significant projects in smart cities, rail transit, and oil and gas [10]. - The gross margin for H1 2025 was 35.32%, a decrease of 1.14 percentage points year-over-year. The gross margin for Q2 2025 was 35.31%, an increase of 1.92 percentage points year-over-year. The net profit margin for H1 2025 was 7.35%, slightly up by 0.04 percentage points year-over-year [10]. Capacity Expansion - The company is accelerating capacity construction to meet the demand for military and civilian marine equipment. As of the end of H1 2025, the contract liabilities amounted to 165 million, a 12.31% increase from the beginning of the period. The balance of construction in progress was 377 million, up 9.29% from the beginning of the period [10]. Profit Forecast and Valuation - The forecasted net profit attributable to the parent company for 2025-2027 is 290 million, 380 million, and 510 million, respectively. The corresponding price-to-earnings ratios are 86, 64, and 48 times. The company holds a strong position in the underwater acoustic electronics sector, and the current valuation is considered attractive [10].

Market Overview - The marine equipment sector experienced a decline of 1.31% on September 2, with Zhongke Haixun leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Key stocks in the marine equipment sector showed the following closing prices and percentage changes: - China Shipbuilding (600150): 38.45, -1.21% - Yaxing Chain (601890): 10.08, -1.95% - China Marine Defense (600764): 34.45, -1.96% - China Ship Defense (600685): 29.24, -2.47% - Jianglong Shipbuilding (300589): 14.14, -3.02% - Tianhai Defense (300008): 7.17, -3.24% - Guorui Technology (300600): 18.45, -4.16% - Hailanxin (300065): 20.09, -4.74% - Zhonggui Haixun (300810): 52.21, -5.25% [1] Capital Flow - The marine equipment sector saw a net outflow of 605 million yuan from institutional investors, while retail investors contributed a net inflow of 508 million yuan [1] - The following table summarizes the capital flow for key stocks: - Zhongke Haixun (300810): Institutional -15.99 million, Retail +26.18 million - Jianglong Shipbuilding (300589): Institutional -20.29 million, Retail +18.36 million - China Ship Defense (600685): Institutional -28.92 million, Retail +33.69 million - Guorui Technology (300600): Institutional -30.66 million, Retail +30.70 million - China Marine Defense (600764): Institutional -41.68 million, Retail +27.36 million - Yaxing Chain (601890): Institutional -52.12 million, Retail +44.98 million - Tianhai Defense (300008): Institutional -129 million, Retail +108 million - Hailanxin (300065): Institutional -135 million, Retail +129 million - China Shipbuilding (600150): Institutional -151 million, Retail +89.23 million [2]

Group 1 - The A-share market for the China Shipbuilding sector experienced a downward trend on September 1, with China Power falling over 2% [1] - Other companies in the sector, including Kunshan Intelligent and China Marine Defense, saw declines of over 1% [1] - China Shipbuilding Han Guang and China Shipbuilding Technology also followed the downward trend [1]