Zhi Tong Cai Jing·2025-11-07 02:32Core Viewpoint - China Shipbuilding Defense (中船防务) reported a significant increase in both revenue and net profit for the first three quarters of 2025, indicating strong operational performance and growth potential in the shipbuilding industry [1] Financial Performance - For the first three quarters of 2025, China Shipbuilding Defense achieved revenue of 14.3 billion RMB, representing a year-on-year increase of 13% [1] - The net profit attributable to shareholders for the same period was 660 million RMB, showing a substantial year-on-year growth of 250% [1] - In Q3 2025, the company recorded revenue of 4.1 billion RMB, which is a 5% increase compared to the same quarter last year [1] - The net profit for Q3 2025 was 130 million RMB, reflecting a year-on-year increase of 219% [1] Asset Impairment - The company recognized an asset impairment of 150 million RMB in Q3 2025, primarily due to the planned sale of a leasing business offshore platform, which led to a write-down based on the difference between the expected selling price and the book value [1] - After accounting for the impairment, the adjusted net profit for Q3 2025 would be approximately 280 million RMB, aligning with market expectations [1] Order Book and Future Outlook - According to Clarkson's latest data, China Shipbuilding Defense currently holds an order backlog of approximately 2.67 million CGT, valued at around 7 billion USD [1] - Expected deliveries for 2026 and 2027 are projected at 550,000 CGT and 670,000 CGT, with year-on-year changes of -10% and +21% respectively [1] - The corresponding order values for these deliveries are estimated at about 9.7 billion RMB and 12.7 billion RMB, with year-on-year changes of -2% and +32% respectively [1] - The upcoming deliveries are primarily high-value orders signed in 2023-2024, suggesting a continued release of profits [1]