中国船舶：合并预案符合预期，看好公司龙头地位提升

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The merger proposal between the company and China Shipbuilding Industry Corporation (CSIC) is in line with expectations, enhancing the company's leading position and profitability [2] - The merger is expected to create synergies and improve operational efficiency, with the combined global market share projected to reach double digits [2] - The widening gap between ship prices and steel prices is anticipated to further enhance the company's profitability [2] Financial Summary - Revenue is projected to grow from RMB 83.463 billion in 2024 to RMB 104.001 billion in 2026, with a compound annual growth rate (CAGR) of approximately 11.65% [1] - Net profit is expected to increase significantly from RMB 5.587 billion in 2024 to RMB 11.828 billion in 2026, reflecting a robust growth trajectory [1] - The diluted earnings per share (EPS) is forecasted to rise from RMB 1.249 in 2024 to RMB 2.645 in 2026 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 28x in 2024 to 13x in 2026, indicating an attractive valuation [1]