天海防务：公司在手订单约140亿左右，其中海工船订单占比约25%左右

Core Viewpoint - Tianhai Defense has approximately 14 billion in hand orders, with a significant portion coming from offshore engineering vessels and transportation ships [1] Group 1: Order Composition - The company's current orders are about 14 billion, with around 25% attributed to offshore engineering vessels, including newly acquired large floating wind power projects and traditional advantage projects like crane and piling vessels [1] - The remaining 75% of the orders are for transportation vessels, primarily consisting of 40,000-ton handy bulk carriers and 5,900-ton/5,200-ton multipurpose vessels [1] Group 2: Market Demand - Although the individual value of these multipurpose vessels is relatively low, there is a significant demand due to the large existing fleet in the Baltic Sea region, which is currently at a replacement cycle, indicating sustained future order demand [1]