CSSC Holdings(SH:600150) Changjiang Securities·2024-09-11 06:54Investment Rating - The report maintains a "Buy" rating for China Shipbuilding [8] Core Views - The shipbuilding industry is experiencing a clear upward trend in its economic cycle, and the company, as a leading player in the shipbuilding sector, is expected to see its performance accelerate [2][7] - For the first half of 2024, the company achieved revenue of 36.017 billion yuan, a year-on-year increase of 17.99%, with net profit attributable to shareholders reaching 1.412 billion yuan, up 155.31% year-on-year [6][7] - The company’s order structure is improving, with a higher proportion of high-value orders, and the order backlog extends to 2028, indicating enhanced competitiveness in high-end ship types [6][7] Summary by Sections Industry Outlook - The shipbuilding industry is on an upward trend, with significant growth in new orders and completion volumes. In the first half of 2024, China's shipbuilding completion volume reached 25.02 million deadweight tons, a year-on-year increase of 18.4% [7] - The company is expected to benefit from the increasing market share of China's shipbuilding industry and its leading position, supported by advantages in research and development, talent, scale, and product structure [7] Financial Performance - The company delivered 48 civil ships with a total deadweight tonnage of 4.0345 million tons in the first half of 2024, completing 59.87% of its annual plan, which is a 3.20% increase year-on-year [6] - The new orders signed in the first half of 2024 included 109 civil ships, totaling 8.5577 million DWT and valued at 68.425 billion yuan, representing a year-on-year increase of 38.21% in tonnage [6] Future Projections - The company is projected to achieve net profits of 5.713 billion yuan and 9.490 billion yuan in 2024 and 2025, respectively, with corresponding price-to-earnings ratios of 30 times and 18 times [7]