SONGFA(SH:603268) Jing Ji Guan Cha Wang·2025-07-14 10:25Core Viewpoint - *ST Songfa (603268.SH) has announced a significant turnaround in its financial performance, projecting a net profit of 580 million to 700 million yuan for the first half of 2025, compared to a loss in the previous year [1] Group 1: Financial Performance - In 2024, the company reported an operating income of 275 million yuan, a year-on-year increase of 33.34%, but still recorded a net loss of 76.64 million yuan attributable to the parent company [1] - The company has improved its gross margin by 5.17% through product innovation and cost reduction, despite ongoing losses [1] - As of July 14, 2025, *ST Songfa's stock price was 46.20 yuan, reflecting a 5.00% increase from the previous trading day, with a total market capitalization of 39.81 billion yuan [5] Group 2: Business Transformation - To address challenges in its traditional ceramic business, *ST Songfa is undergoing a major asset restructuring, planning to acquire 100% of Hengli Heavy Industry Group Co., Ltd. and divest its ceramic-related assets [3] - Hengli Heavy Industry, established in July 2022, specializes in shipbuilding and high-end equipment manufacturing, and has become a significant player in the industry with a strong order book [3] - The completion of the restructuring in May 2025 has transformed *ST Songfa from a traditional ceramic manufacturer to a company focused on shipbuilding and high-end equipment, significantly increasing its total assets to 18.873 billion yuan [4] Group 3: Industry Outlook - The global shipbuilding industry is experiencing robust demand, with key indicators such as new orders, backlog, and completion rates showing steady growth, indicating a favorable market environment [5] - As of May 28, 2025, Hengli Heavy Industry had a backlog of 17.95 million DWT and 4.42 million CGT, positioning it well within the competitive landscape [5] - In the first four months of 2025, China's shipbuilding completion, new orders, and backlog accounted for 49.9%, 67.6%, and 64.3% of the global market share, respectively, maintaining its leading position [5]