Zhi Tong Cai Jing·2026-01-22 02:38Core Viewpoint - China Shipbuilding Defense (中船防务) shares rose over 5%, currently at 15.65 HKD, with a trading volume of 57.28 million HKD, indicating positive market sentiment towards the company's future performance [1] Company Summary - Zheshang Securities (浙商证券) released a report forecasting that China Shipbuilding Defense's 2025 annual performance will meet expectations, with a projected net profit attributable to shareholders of 940 million to 1.12 billion CNY, representing a year-on-year growth of 149.61% to 196.88% [1] - The company's non-recurring net profit is expected to be between 850 million to 1.02 billion CNY, reflecting a year-on-year increase of 153.27% to 203.93% [1] - The report suggests that the integration of assembly assets under China Shipbuilding Group is likely to enhance internal collaboration, improve scale effects, and strengthen lean management [1] Industry Summary - Current shipyard capacity is nearing saturation, but the number of active shipyards and delivery volumes have significantly decreased compared to the previous cycle, leading to a tight supply-demand situation that may drive ship prices higher [1] - Due to supply contraction and difficulties in expansion, combined with ship replacement cycles and environmental policies, the tight supply-demand dynamics are expected to push ship prices to new highs, indicating a potential upward trend in the shipbuilding cycle [1]