Xin Lang Cai Jing·2025-07-31 08:28Core Viewpoint - The report from Jianyin International sets a target price of HKD 23.7 for China Shipbuilding Defense (00317), reflecting improved earnings visibility and easing trade tensions [1] Group 1: Earnings Forecast - The forecast for net profit from 2025 to 2027 has been raised by 24% to 32% due to seasonal factors in the shipbuilding industry and more optimistic gross margin assumptions [1] - The company’s subsidiary, Huangpu Wenchong, currently holds approximately RMB 54 billion in new ship orders, which is expected to support an annual compound growth rate of 70% in earnings from 2025 to 2027 [1] Group 2: Valuation and Rating - The strong earnings growth outlook makes the company's valuation attractive, leading to a reaffirmation of the "outperform" rating [1]