CSICL(601989) 长江商报·2025-05-21 23:49Core Viewpoint - The shipbuilding industry is experiencing a significant upturn, with China Shipbuilding Industry Corporation (CSIC) planning to achieve over 60 billion yuan in revenue by 2025 [1][2]. Group 1: Financial Performance - In Q1 2024, China Shipbuilding reported a revenue increase of 20.12% year-on-year, reaching 12.216 billion yuan, and a net profit attributable to shareholders of 519 million yuan, up 281.99% [2][3]. - The company aims to achieve over 60 billion yuan in revenue for the fiscal year 2025, which would set a new historical record for the company [2][3]. - In 2024, the company turned around its losses from the previous two years, reporting a revenue of 55.436 billion yuan, an 18.7% increase, and a net profit of 1.311 billion yuan [2][3]. Group 2: Order Backlog and Market Position - As of Q1 2025, the company holds over 30 million deadweight tons in civil ship orders, amounting to over 140 billion yuan, marking a historical high in order backlog [3][4]. - The new orders received include a 90% share of bulk orders for main ship types, with nearly 60% of the backlog consisting of green ship types and over 75% being mid-to-high-end ship types [3][4]. Group 3: Industry Context and Mergers - The global shipbuilding industry is in a new upcycle, with China maintaining its leading position in shipbuilding metrics [3][4]. - A significant merger is underway, where China Shipbuilding will absorb China Shipbuilding Industry Corporation, eliminating competition between the two and creating a "giant" in the global shipbuilding sector with total assets exceeding 400 billion yuan [4][5].