Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the importance of developing deep-sea technology as a new engine for economic growth, with the deep-sea technology-related industries expected to exceed 3.25 trillion yuan by 2025, accounting for over 25% of the marine economy [5][14] - The report highlights the strategic shift of China from a "maritime power" to a "maritime strong power," with deep-sea technology becoming a key focus of national strategy [12][14] - The report identifies four major directions for deep-sea technology: marine resource development, marine technology, marine environmental protection, and marine rights protection [19][57] Summary by Sections What is Deep-Sea Technology? - Deep-sea technology refers to advanced technologies and related disciplines used for exploring, developing, and utilizing deep-sea resources and studying the deep-sea environment [4] Why Develop Deep-Sea Technology? - It is crucial for economic structural transformation and national security, with deep-sea technology expected to play a significant role in safeguarding national interests and resource rights [5] Directions of Deep-Sea Technology - Key areas include marine resource development (renewable energy, deep-sea mining, fisheries, oil and gas), marine technology (carriers, sensors, special materials), environmental protection (green ships, island engineering), and rights protection (polar engineering, integrated information networks) [6][19] Investment Recommendations - Focus on sectors with production material or new infrastructure attributes, specifically deep-sea equipment, deep-sea information technology, deep-sea exploration, and deep-sea special materials [7][59] - Recommended companies include: - Deep-sea equipment: Yaxing Anchor Chain, Zhenhua Heavy Industries, China Shipbuilding, China Power, China Shipbuilding Defense [7][59] - Deep-sea information technology: Zhongtian Technology, Oriental Cable [9][59] - Deep-sea exploration: China Marine Defense, Weiguang Co., Ltd. [9][59] - Deep-sea materials: BaoTi Co., Ltd., Western Materials, Western Superconducting [9][59]

Group 1 - The military stocks, particularly those in the "China Shipbuilding System," have experienced a significant surge, with the entire sector index rising by 8% [1] - Four companies within this sector have reported profit growth exceeding 100%, indicating strong performance and potential investment opportunities [1][6] - The recent conflict between Pakistan and India has highlighted China's military strength, boosting market confidence and valuations for related stocks [1] Group 2 - The domestic shipbuilding industry is performing well, with a shift in demand towards new, energy-efficient vessels due to new carbon emission standards and environmental regulations [2] - It is projected that by 2025, Chinese shipbuilders will secure over 60% of global orders, with many companies in the China Shipbuilding System having orders extending to 2028 [2] - The financial performance of companies like China Shipbuilding shows a net profit increase of 181% in Q1, with an expected growth of 22% for the full year [3] Group 3 - China Power reported a net profit increase of 349% in Q1, with an anticipated growth of 78% for the year [4][6] - China Heavy Industry is expected to see a net profit growth of 267% in 2024, with a remarkable 282% increase in Q1 [4][7] - The overall positive trend in military stocks is supported by improved international trade relations, which are expected to enhance demand for shipbuilding [6]

重要内容提示： 会议召开时间：2025年5月20日（星期二）下午14:30-17:30 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com）（以下简称"上证路演中心"） 会议召开方式：现场交流、视频直播和网络文字互动 会议问题征集：投资者可于2025年5月19日（星期一）16:00前 通过本公司公开邮箱（cecgt@cecgt.com）进行会前提问。公司将在说 明会上对投资者普遍关注的问题进行回复。 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 "公司"）已于 2025 年 4 月 30 日披露 2024 年年度报告及 2025 年第一 季度报告。为便于广大投资者更全面深入地了解公司 2024 年及 2025 年第一季度的生产经营和改革发展情况，根据中国船舶集团有限公司 （以下简称"中船集团"）统一安排，公司将与其控股的其他 11 家上 市公司共同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。 证券代码：600764 证券简称：中国海防 公告编号：临2025-017 中国船舶重工集团海洋防务与信息对 ...

| 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 中韩自贸区 | 3.03 | 中船系 | -3.40 | | 航运概念 | 2.51 | 国产航母 | -2.37 | | 硅能源 | 2.30 | 军工信息化 | -2.16 | | 环氧丙烷 | 1.95 | 太赫兹 | -2.14 | | 阿尔茨海默概念 | 1.74 | 军民融合 | -1.99 | | HJT电池 | 1.61 | 航空发动机 | -1.85 | | 钙钛矿电池 | 1.58 | 商业航天 | -1.76 | | TOPCON电池 | 1.50 | 卫星导航 | -1.75 | | BC电池 | 1.27 | 大飞机 | -1.74 | | 基因测序 | 1.23 | 兵装重组概念 | -1.59 | 资金面上看，今日中船系概念板块获主力资金净流出8.90亿元，其中，10股获主力资金净流出，7股主 力资金净流出超3000万元，净流出资金居首的是中国船舶，今日主力资金净流出4.79亿元，净流出资金 居前的还有中国重工、中船防务、中国海防等，主力资金分别净流出1.4 ...

股票代码：600764 股票简称：中国海防 编号：临2025-016 中国船舶重工集团海洋防务与信息对抗股份有限公司 关于子公司签订募集资金专户存储四方监管协议的公告 本公司董事会及全体董事保证公告内容不存在虚假记载、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。 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于核准中国船舶重工集团 海洋防务与信息对抗股份有限公司向中国船舶重工集团有限公司发行股 份购买资产并募集配套资金的批复》（证监许可[2019]2010 号），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"公司"或 "本公司"）非公开发行股票的方式发行人民币普通股（A 股） 78,961,248 股，发行价格 26.76 元/股，本次募集资金总额为人民币 2,113,002,996.48 元，扣除承销费等发行费用后募集资金净额为人民币 2,110,889,993.48 元。 2020 年 1 月 23 日，上述认购款项划转至上市公司指定的验资专户 内。立信会计师事务所（特殊普通合伙）对上述募集资金到位情况进行 了查验，并于 2020 年 1 月 23 ...

证券代码：600764 股票简称：中国海防 编号：临 2025-015 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-01-005），就海通电子融资事宜提供保证， 担保金额人民币 500 万元。 被担保人：中船海通电子科技（沈阳）有限责任公司（以下简称 "海通电子"）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：公司本次为海通电子提供担保额为人民币 500 万元； 截至本公告披露日，公司为海通电子提供担保金额共计人民币 1,000 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。 4.注册资本：1,000 万(元) 5.法定代表人：詹浩 6.成立日期：1992 年 11 月 2 日 7.营业期限：自 1992 年 11 月 2 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance in 2024 is under pressure, with total revenue of 3.173 billion yuan, a year-on-year decrease of 11.65%, and a net profit attributable to shareholders of 228 million yuan, down 26.11% [2][3] - The decline in performance is attributed to product price fluctuations and market factors, leading to a decrease in gross margins for certain products [2] - The company has made significant product accumulations and technological breakthroughs in various fields, particularly in underwater electronic defense and special electronic industries, which are expected to support future business expansion [3] - Future development plans focus on ensuring quality and quantity in defense research and production, enhancing innovation resources, and expanding into electronic information industries [3] - The company has adjusted its profit forecasts for 2025 and 2026, now expecting net profits of 295 million yuan and 367 million yuan respectively, with a new forecast for 2027 at 463 million yuan [3] Financial Summary - In 2024, the company reported total revenue of 3.173 billion yuan and a net profit of 228 million yuan, with significant increases in accounts receivable and inventory, indicating pressure on sales collection and inventory management [2] - The average return on equity decreased by 1.08 percentage points to 2.80% [2] - The company's earnings per share (EPS) for 2024 is projected at 0.32 yuan, with a price-to-earnings (P/E) ratio of 86.49 [1][10]

Investment Rating - The report maintains an "Accumulate" rating for China Marine Defense (600764) [1] Core Views - The company's performance in 2024 is under pressure, with total revenue of 3.173 billion yuan, a year-on-year decrease of 11.65%, and a net profit attributable to shareholders of 228 million yuan, down 26.11% [2][3] - The decline in performance is attributed to product price fluctuations and market factors, leading to a decrease in gross margins for certain products [2] - The company has made significant product accumulations and technological breakthroughs in various fields, including underwater information systems and smart manufacturing, which are expected to support future business expansion [3] - Future development plans focus on ensuring quality and quantity in defense research and production, enhancing innovation resources, and diversifying market exploration [3] - The earnings forecast has been adjusted, with net profit estimates for 2025 and 2026 revised to 295 million yuan and 367 million yuan, respectively, and a new estimate for 2027 at 463 million yuan [3] Financial Summary - In 2024, the company reported total revenue of 3.173 billion yuan and a net profit of 228 million yuan, reflecting significant declines from the previous year [1][2] - Accounts receivable increased by 19.11% to 4.145 billion yuan, and inventory rose by 11.41% to 1.686 billion yuan, indicating pressure on sales collection and inventory management [2] - The weighted average return on equity decreased by 1.08 percentage points to 2.80% [2] - The company's earnings per share (EPS) for 2024 is projected at 0.32 yuan, with a price-to-earnings (P/E) ratio of 86.49 [1][3]

为客观、公允地反映公司 2024 年度财务状况和经营成果，根据 《企业会计准则》及公司会计政策的有关规定，公司对截止 2024 年 末的各类资产进行了全面的盘点、清查、分析和评估。根据测试结果， 基于谨慎性原则，对可能发生减值损失的资产计提减值准备共计 25,182,537.53 元，计入 2024 年度期间损益，超过公司 2024 年度经 审计净利润的 10%。明细如下表： 单位：元 | 项 目 | 按组合计提 | 按单项计提 | 合计 | | --- | --- | --- | --- | | 一、信用减值损失 | 43,550,088.17 | 405,043.76 | 43,955,131.93 | | 其中：应收票据坏账损失 | -369,900.23 | | -369,900.23 | | 应收账款坏账损失 | 44,098,410.34 | 405,043.76 | 44,503,454.10 | | 应收款项融资 | -31,560.55 | | -31,560.55 | | 其他应收款 | -146,861.39 | | -146,861.39 | | 二、资产减值损失 | -18,772, ...

一、公司经营概况 2024 年，公司积极履行使命担当，聚焦主责主业，全面完成各项科研 生产任务。但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， 整体经营承受一定压力。全年公司实现营业收入 317,311.26 万元，同比下 降 11.65%；归母净利润 22,799.85 万元，同比下降 26.11%。公司始终坚持 以习近平新时代中国特色社会主义思想为指导，认真贯彻新发展理念，主 动应对不利局面，积极把握市场形势变化，在稳定现有业务基础上，持续 聚焦创新创效，持续在开拓新市场、发展业务新增量方向上发力。 （一）积极开拓增量市场，主动应对防务领域短期压力 1 中国船舶重工集团海洋防务与信息对抗股份有限公司 2024 年度董事会工作报告 各位董事： 2024 年，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"公司"）董事会以习近平新时代中国特色社会主义思想为指导，深 入贯彻党的二十大及二十届二中、三中全会精神，全面落实国家有关部门、 集团公司提高上市公司质量工作的各项部署，公司董事会成员严格履行《公 司法》《证券法》《公司章程》等有关法律法规及公司制度赋予的职责， 恪尽职守，勤勉尽责，依法 ...