CSICPCL(600482) 长江证券·2024-09-09 06:39Investment Rating - The investment rating for the company is "Buy" and is maintained [3][5]. Core Views - The company has experienced significant growth in performance, driven by the buoyancy in the shipbuilding industry, with its marine business continuing to grow rapidly. The production of marine low-speed diesel engines and new contracts have reached record highs. The increase in ship prices and the rising proportion of dual-fuel power systems have contributed to the upward trend in marine low-speed engines, leading to improved gross margins. It is anticipated that as the shipbuilding sector continues to flourish, carbon reduction policies accelerate the replacement of vessels, and the proportion of dual-fuel ships increases, the company's profitability is expected to further improve [4][5]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 24.861 billion yuan, a year-on-year increase of 16.63%. The net profit attributable to the parent company was 475 million yuan, up 65.73%. In Q2 2024, revenue was 13.459 billion yuan, a 10.74% increase year-on-year, with a net profit of 387 million yuan, reflecting a 53.09% increase [4][5]. - The company signed new contracts worth 27.043 billion yuan in the first half of 2024, a slight increase of 0.55% year-on-year, and as of June 30, 2024, the backlog of contracts stood at 58.141 billion yuan, an increase of 8.966 billion yuan year-on-year [4][5]. Business Segments - The marine business revenue reached 10.958 billion yuan in the first half of 2024, representing a year-on-year growth of 31.05%, with new contracts signed amounting to 12.136 billion yuan, up 18.56% [5]. - The production of marine low-speed diesel engines reached 224 units, a year-on-year increase of 14.87%, with a total power output of 3,909,925 kW, up 9.71%. The new contracts for marine low-speed diesel engines were 242 units, a 21.61% increase year-on-year [5]. Future Outlook - The core subsidiary, China Ship Diesel Engine, reported revenue of 11.1 billion yuan, with an operating profit of 590 million yuan and a net profit attributable to the parent company of 265 million yuan, reflecting a growth of approximately 54% year-on-year. The company is expected to benefit from rising ship prices and an increasing share of dual-fuel power systems, leading to sustained growth in marine low-speed engines and improved profitability [5]. - The company is projected to achieve net profits of 1.417 billion yuan and 2.386 billion yuan in 2024 and 2025, respectively, corresponding to price-earnings ratios of 34 times and 20 times [5].