振华重工一季度净利润涨超50％，港口机械龙头破除美“起重机威胁论”

Core Viewpoint - Shanghai Zhenhua Heavy Industries Co., Ltd. (ZPMC) maintains its leading position in the port machinery sector despite challenges from U.S. policies, achieving a 50.33% year-on-year increase in net profit in Q1 2024 [2][5]. Financial Performance - In Q1 2025, ZPMC reported revenue of 8.517 billion yuan, a 0.86% increase year-on-year, with a net profit of 255 million yuan, reflecting a 50.33% growth primarily due to reduced expenses [4][5]. - For the fiscal year 2024, ZPMC achieved total revenue of 34.456 billion yuan, up 4.62%, and a net profit of 534 million yuan, an increase of 2.60% year-on-year [5]. - The company's asset-liability ratio increased to 78.64% in 2024 from 77.77% in 2023, prompting strategies to manage and reduce this ratio through asset optimization and improved cash collection [3]. Business Segments - The port machinery segment accounted for 59.7% of total revenue in 2024, generating 20.594 billion yuan, although it saw a decline of 3.03% year-on-year [5]. - The offshore engineering equipment business grew by 52.92% in 2024, with revenue reaching 8.293 billion yuan, driven by successful deliveries of high-end marine equipment [5][6]. - The steel structure segment reported revenue of 3.342 billion yuan, a 5.56% increase, while the shipping and other services saw a revenue growth of 17.83% [6]. Market Outlook - ZPMC is focusing on deep-sea economy and digital transformation, aiming to enhance the intelligence of port machinery and the high-end nature of offshore equipment [7]. - The company plans to leverage government support for deep-sea technology, which is expected to create new growth opportunities in the offshore market [8]. - ZPMC's automation and smart port initiatives have led to significant advancements, including the implementation of real-time integrated control systems at major ports [9]. Orders and Projects - In 2024, ZPMC secured new orders worth 4.001 billion USD for port machinery, marking an 11% increase year-on-year, with over 70% of these orders coming from automated terminal systems [9].