中国船舶：预计前三季度净利润同比增长104.3%至126.39%

Core Viewpoint - China Shipbuilding (600150) expects a significant increase in net profit for the first three quarters of 2025, driven by strategic focus on shipbuilding and operational efficiency [1][2] Financial Performance - The company anticipates net profit attributable to shareholders to be between 55.50 billion and 61.50 billion yuan, representing a year-on-year increase of 104.30% to 126.39% compared to the previous year [1] - After excluding non-recurring gains and losses, the expected net profit is projected to be between 40.80 billion and 46.80 billion yuan, reflecting a growth of 106.93% to 137.36% year-on-year [1] Business Integration - The completion of the equity integration with China Shipbuilding Industry Corporation (China Heavy Industry) on September 11, 2025, has led to a significant increase in total assets exceeding 403.44 billion yuan and revenue surpassing 130 billion yuan [1][2] - The integration allows China Shipbuilding to consolidate China Heavy Industry's financials starting from the third quarter of 2025, enhancing its market position as the largest publicly listed shipbuilding company globally [1][2] Operational Efficiency - Key factors contributing to the financial growth include a focus on core shipbuilding operations, improved production organization and safety management, and effective cost control measures [2] - The company has seen an increase in the number and price of delivered civilian ships, alongside a continuous improvement in the performance of its joint ventures [2] Market Position - As of June 30, 2025, China Shipbuilding holds a total of 333 civilian ship orders, amounting to 23.35 billion yuan, with a global market share of 18% in hand-held orders, solidifying its status in the industry [2]