CSICPCL(SH:600482) Chang Jiang Shang Bao·2025-04-28 23:45Core Viewpoint - The shipbuilding industry in China is experiencing a sustained high level of prosperity, significantly benefiting the leading company in the ship power sector, China Power (600482.SH), which reported substantial growth in its financial performance in the first quarter of 2025 [1][2]. Financial Performance - In Q1 2025, China Power achieved an operating revenue of 12.311 billion yuan, a year-on-year increase of 7.98%, and a net profit of 396 million yuan, up 348.96%. The non-recurring net profit reached 375 million yuan, reflecting a remarkable growth of 600.41% [1][2]. - For the full year 2024, the company reported an operating revenue of 51.697 billion yuan, a 14.62% increase, and a net profit of 1.391 billion yuan, which is a 78.43% rise [2]. Industry Context - The global shipbuilding market is in a high prosperity cycle, with China's shipbuilding completion volume reaching 48.18 million deadweight tons in 2024, a 13.8% increase year-on-year. New orders amounted to 113.05 million deadweight tons, up 58.8%, and the hand-held order volume was 208.72 million deadweight tons, increasing by 49.7% [1]. R&D Investment - China Power has significantly increased its R&D investment, with expenditures from 2020 to 2024 totaling 8.15 billion yuan, 14.70 billion yuan, 16.76 billion yuan, 21.09 billion yuan, and 24.43 billion yuan, culminating in a total of 85.13 billion yuan over five years [1][4]. - The company has established a robust technological barrier in the ship power sector through a focus on technological innovation and collaboration with research institutions [4]. Strategic Acquisitions - The company has strengthened its business synergy through acquisitions, including stakes in Torch Technology, Shanxi Chai Heavy Industry, and Guanghan Power. A recent announcement indicated plans to acquire a 16.51% stake in China Shipbuilding Industry Group's diesel engine division, increasing its ownership to 68.37% [3]. Cash Flow and Efficiency - Despite intensive capital operations, the company reported a net cash inflow from operating activities of 2.208 billion yuan in Q1 2025, reflecting a year-on-year increase of 14.8% [3]. Technological Advancements - China Power has made significant breakthroughs in green energy and intelligent control systems, including the development of the world's first methanol-diesel dual-fuel low-speed engine prototype and a digital twin-based health management platform for power systems [4][5]. - The company is actively promoting the industrialization of its technological achievements, with LNG power systems and ammonia fuel engines entering international markets and establishing partnerships with global giants [5].