中国船舶：上半年业绩高增，高端船舶占比提升

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved significant growth in the first half of 2024, with revenue reaching 36.017 billion yuan, a year-on-year increase of 17.99%, and a net profit attributable to shareholders of 1.412 billion yuan, up 155.31% year-on-year [1] - The company is focusing on high-end shipbuilding, with over 70% of new orders being mid-to-high-end vessels, and more than 50% of orders being green ships [2] - The report forecasts revenue for 2024-2026 to be 83.5 billion, 93.2 billion, and 104 billion yuan respectively, with net profits of 5.587 billion, 8.459 billion, and 11.828 billion yuan, corresponding to PE ratios of 31, 20, and 15 times [3] Summary by Sections Performance Analysis - In the first half of 2024, the company delivered 48 vessels, achieving 59.87% of its annual target, with a year-on-year increase of 3.20% in tonnage [1] - The company has optimized its order structure, with a total of 109 new ship orders in the first half of 2024, representing a 38.21% increase in tonnage year-on-year [2] Market Position - The global new ship price index has been on the rise, reaching 187.98 in July 2024, a year-on-year increase of 9.05%, which is expected to enhance the company's profitability [2] - The company's market share in shipbuilding has increased to 72.63% in the first seven months of 2024, up from 64.60% at the end of 2023 [2] Financial Projections - The report projects a significant increase in net profit growth rates, with expectations of 88.90% in 2025 and 39.82% in 2026 [3] - The diluted earnings per share are expected to rise from 0.661 yuan in 2023 to 1.249 yuan in 2024 [6]