募资26亿增强竞争力！又一家船企逆袭上市

Core Viewpoint - DH Shipbuilding, once considered a "burden" for Korea Development Bank, is set to make a strong entry into the capital market, becoming a trillion-won giant due to the recovery of the shipbuilding industry [2] Group 1: Company Performance - DH Shipbuilding will be listed on the Korea Stock Exchange (KOSPI) on August 1, with an IPO subscription showing an oversubscription of 238.1 times, attracting approximately 178.608 billion KRW (about 93 billion RMB) in subscription deposits, indicating high market confidence in the company's prospects [2] - The IPO price is set at 50,000 KRW (approximately 260 RMB) per share, with a fundraising scale of about 500 billion KRW (approximately 2.6 billion RMB) and an expected post-listing valuation of 19.263 trillion KRW (approximately 10 billion RMB) [2] - In 2023, DH Shipbuilding achieved an operating revenue of 816.3 billion KRW (approximately 4.3 billion RMB) and an operating profit of 35.9 billion KRW (approximately 187 million RMB), with an operating profit margin of about 4.4% [3] - By 2024, the company expects to achieve an operating revenue of 1.0746 trillion KRW (approximately 565.6 million RMB), a year-on-year increase of 32%, and an operating profit of 158.2 billion KRW (approximately 830 million RMB), a staggering year-on-year increase of 340% [4][5] Group 2: Market Position and Strategy - DH Shipbuilding's operating profit in 2024 surged 48 times compared to 2022, with an operating profit margin reaching 14.7%, a significant increase of over 10 percentage points from 2023 [5] - The company has improved its debt ratio significantly, reducing it from 374% in 2023 to 198% in 2024 [4] - The increase in profits is attributed to the early completion of low-priced ship orders and the commencement of high-value eco-ship orders [7] - The company has a market share of approximately 14% in the global medium-sized oil tanker market, ranking first globally [7] - DH Shipbuilding plans to use the funds raised from the IPO to enhance shipbuilding competitiveness, focusing on R&D, green technology, and automation to improve profitability [9] Group 3: Future Outlook - Despite a recent decline in global new ship orders, DH Shipbuilding's order book extends to 2027, and the company expects to maintain order levels comparable to previous years [8] - The company has secured contracts for three high-value shuttle tankers with a total contract value of approximately 400 million USD, with delivery scheduled to start in November 2026 [11] - The company emphasizes a profit-centered management approach, focusing on improving fuel efficiency and convenience for shipowners while selectively accepting high-yield orders [11] - The IPO is seen as a significant milestone for DH Shipbuilding and the Korean medium-sized shipbuilding industry, which has undergone a brutal restructuring process [12]