Zheng Quan Shi Bao Wang·2026-01-09 11:39Core Viewpoint - China Shipbuilding Defense (中船防务) expects a significant increase in net profit for 2025, projecting a range of 940 million to 1.12 billion yuan, representing a year-on-year growth of 149.61% to 196.88% [1] Group 1: Company Performance - The company anticipates a net profit attributable to shareholders of 850 million to 1.02 billion yuan after excluding non-recurring gains, indicating a year-on-year increase of 153.27% to 203.93% [1] - Key drivers for this growth include improved revenue and production efficiency in shipbuilding products, as well as enhanced performance from joint ventures leading to increased investment income [1] - The company’s shipbuilding business generated 16.727 billion yuan in revenue for 2024, accounting for 86.2% of total revenue, with significant growth in bulk carriers and container ships [2] Group 2: Industry Context - The global shipbuilding industry is currently in a favorable cycle, with demand increasing and supply facing capacity constraints, as evidenced by Clarkson Research predicting over 150 billion USD in new ship contracts for 2025 [1] - China’s shipbuilding sector leads in global market share, with completion volume, new orders, and backlog orders accounting for 53.8%, 67.3%, and 65.2% of the world total, respectively [3] - The industry is expected to see a shift towards green, intelligent, and high-value-added developments, with a projected annual compound growth rate of 4.2% for new ship orders from 2026 to 2030 [3]