CSSC Holdings(SH:600150) Huafu Securities·2024-09-01 08:18Investment Rating - The investment rating for the company is "Buy" [6][14]. Core Views - The company is expected to achieve a revenue growth of 18% year-on-year in 2024, with a non-recurring net profit increase of 1.315 billion yuan [2]. - The company has successfully secured new orders, with a total of 109 vessels and a weight of 8.5577 million deadweight tons, representing a year-on-year increase of 38.21% [3]. - The shipbuilding industry is experiencing a sustained upward trend, with significant growth in new orders for oil and bulk carriers [4]. Financial Performance - In the first half of 2024, the company reported revenue of 36 billion yuan, a year-on-year increase of 17.99%, and a net profit of 1.412 billion yuan, a year-on-year increase of 155.31% [2]. - The gross margin for the first half of 2024 was 8.17%, an increase of 0.58 percentage points year-on-year, while the net margin was 4.06%, an increase of 2.23 percentage points year-on-year [2]. - The company’s new orders include a significant proportion of high-end vessels, with over 70% of new orders falling into this category [3]. Order and Delivery Metrics - The company delivered 48 vessels in the first half of 2024, completing 59.87% of its annual target, with a year-on-year increase of 3.20% in deadweight tons [3]. - As of June 2024, the company has a backlog of 322 vessels, totaling 23.6218 million deadweight tons, valued at 199.639 billion yuan [3]. Market Outlook - The global new ship price index has risen to 187.23 points, a 55% increase since the market recovery began in 2020 [4]. - The overall shipbuilding market is expected to continue benefiting from the increasing demand for oil and gas carriers, with significant order growth anticipated [4]. Earnings Forecast - The company is projected to achieve a compound annual growth rate (CAGR) of 11% in revenue and 57% in net profit from 2023 to 2026 [5]. - Expected revenues for 2024, 2025, and 2026 are 83 billion yuan, 94 billion yuan, and 103 billion yuan, respectively, with corresponding net profits of 5.469 billion yuan, 8.482 billion yuan, and 11.532 billion yuan [5].