研报掘金丨浙商证券：维持中国船舶“买入”评级，周期景气龙头势起

Core Viewpoint - China Shipbuilding's 2025 earnings forecast aligns with expectations, projecting a year-on-year net profit growth of 66%-99% for the parent company [1] Group 1: Company Performance - The company has optimized its order structure, with an increased proportion of high-value ship types delivered and a rise in prices of similar products compared to the previous year [1] - The construction cycle for main ship types continues to shorten, leading to improved production efficiency and enhanced operating performance year-on-year [1] Group 2: Industry Trends - The shipbuilding industry is experiencing an upward cycle due to factors such as the ship replacement cycle, environmental policies, and tight production capacity [1] - The integration of shipbuilding assets within China Shipbuilding Group is expected to accelerate, enhancing internal collaboration, scale effects, and lean management, which will improve the competitive landscape of the shipbuilding industry [1] - New ship orders are trending towards larger, high-end, and dual-fuel designs, with the company demonstrating strong technical capabilities in constructing large vessels, positioning it well for high-quality, high-price orders in the future [1]