ZPMC(SH:600320) Chang Jiang Shang Bao·2025-12-28 23:24Core Viewpoint - Zhenhua Heavy Industries has secured a significant contract worth approximately 1.149 billion yuan for the construction of a deep-water crane vessel with Guangzhou Salvage Bureau, enhancing its order reserves and reinforcing its position as a leader in the port machinery sector [1][2]. Group 1: Contract and Business Development - The contract signed on December 26, 2025, is categorized as a routine operational contract and is expected to positively impact the company's business development [2]. - Since 2025, Zhenhua Heavy Industries has maintained steady operations, with its port machinery products reaching the 110th country and region, and winning contracts for projects in Morocco and Australia [2][3]. Group 2: Financial Performance - As of the end of Q3 2025, the company's contract liabilities reached 20.4 billion yuan, reflecting a year-on-year increase of 3.66% [3]. - For the first three quarters of 2025, Zhenhua Heavy Industries reported a revenue of 26.01 billion yuan, a year-on-year growth of 2.54%, and a net profit attributable to shareholders of 524 million yuan, up 21.02% [3]. Group 3: Research and Innovation - The company has invested heavily in research and development, with total R&D expenses amounting to 4.898 billion yuan over the past four years, leading to the acquisition of 149 new core patents in the first half of 2025 [4]. - Zhenhua Heavy Industries focuses on technological innovation to maintain its competitive edge, with a significant portion of its patents being invention patents [4]. Group 4: Financial Structure Optimization - The company has successfully optimized its financial structure, with financial expenses decreasing significantly over the past three years, showing a reduction of 29.55%, 40.49%, and 53.07% respectively [5]. - As of Q3 2025, the asset-liability ratio stood at 77.4%, a slight decrease of 0.3 percentage points compared to the same period in 2024 [5].