CSICPCL(600482) 浙商证券·2024-07-10 08:02Investment Rating - The investment rating for the company is upgraded to "Buy" [5] Core Views - The company expects a significant increase in net profit attributable to shareholders for the first half of 2024, projecting a growth of 60% to 80% year-on-year, with net profit estimated between 459 million to 516 million yuan [1] - The growth is primarily driven by the robust development of the shipbuilding industry, with increased sales and orders for marine diesel engines, as well as higher profit margins on key products [1][2] - The overall shipbuilding industry is experiencing an upward trend, with improved profitability due to increased demand and rising ship prices, indicating a favorable long-term outlook for leading companies in the sector [2] Summary by Sections Company Performance - The company anticipates a substantial increase in net profit for the first half of 2024, with a projected net profit of 459 to 516 million yuan, representing a year-on-year increase of 60% to 80% [1] - The expected non-recurring profit is projected to be between 383 to 437 million yuan, reflecting a year-on-year increase of 180% to 220% [1] Industry Outlook - The shipbuilding industry is on an upward trajectory, with significant growth in demand, as evidenced by a 12% increase in completed orders and a 56% increase in new orders in 2023 [2] - The Clarkson new ship price index reached 187 points as of June 2024, marking a 9.4% year-on-year increase, indicating a historical peak in ship prices [2][8] Financial Projections - The company’s net profit is projected to grow to 1.29 billion yuan in 2024, 2.16 billion yuan in 2025, and 3.13 billion yuan in 2026, with respective growth rates of 66%, 67%, and 45% [3][4] - The price-to-earnings ratio is expected to decrease from 36 times in 2024 to 15 times in 2026, reflecting improved profitability [3][4]