CSICL(601989) 长江商报· Chang Jiang Shang Bao·2025-05-06 01:09Core Insights - China Shipbuilding Industry has shown a significant recovery in performance, with a reported annual revenue of 55.436 billion yuan in 2024, marking an 18.7% year-on-year increase, and a net profit of 1.311 billion yuan, reversing previous losses [1][3] - The company has maintained a strong order backlog, with contract liabilities reaching 66.01 billion yuan by the end of Q1 2025, reflecting a 37.75% increase year-on-year [1][5] Financial Performance - In Q1 2025, the company achieved a revenue of 12.216 billion yuan, a 20.12% increase year-on-year, and a net profit of 519 million yuan, representing a remarkable 281.99% growth [1][4] - The net profit for 2024 showed a significant improvement, with a core profit (deducting non-recurring items) of 613 million yuan, also indicating a turnaround [3] Operational Highlights - The company secured 103 new ship orders totaling 15.8995 million deadweight tons in 2024, a 90.4% increase, and delivered 62 ships totaling 5.4858 million deadweight tons, a 13.4% increase [3] - As of the end of 2024, the company held 216 ships in its order book, amounting to 30.3097 million deadweight tons, a 53.2% increase year-on-year [3] Research and Development - R&D expenditures have been on the rise, with investments of 1.432 billion yuan in 2022, 1.515 billion yuan in 2023, and 2.002 billion yuan in 2024, totaling 4.949 billion yuan over three years [2][7] - In Q1 2025, R&D expenses further increased by 13.68% to 356 million yuan, reflecting the company's commitment to innovation [7] Financial Stability - As of Q1 2025, total assets stood at 225.2 billion yuan, with a debt-to-asset ratio of 62.18% and cash reserves of 81.49 billion yuan, a 12.62% increase year-on-year [8] - The company has maintained a positive financial expense trend, with financial costs remaining negative for nine consecutive years, and a reduction of 31.78% in Q1 2025 [8] Shareholder Returns - The company announced a cash dividend of 0.018 yuan per share for 2024, totaling 410 million yuan, which is 31.31% of its net profit [8] - Since its listing in 2009, the company has distributed cash dividends 11 times, amounting to a total of 5.341 billion yuan [8]