船舶行业点评报告：前三季度新接订单同比高增52%，我国从造船大国走向造船强国

Investment Rating - The industry investment rating is "Positive" [3][8] Core Viewpoints - The shipbuilding industry in China is transitioning from a major shipbuilding country to a strong shipbuilding nation, with significant year-on-year increases in key metrics such as completed shipbuilding volume, new orders, and backlog orders [2] - In the first three quarters of 2023, China's shipbuilding completed volume reached 36.34 million deadweight tons, a year-on-year increase of 18.2%; new orders amounted to 87.11 million deadweight tons, up 51.9%; and the backlog reached 193.3 million deadweight tons, increasing by 44.3% [2] - China's shipbuilding industry leads global market share in three key indicators, accounting for 55.1%, 74.7%, and 61.4% of the global total in terms of completed volume, new orders, and backlog orders, respectively [2] Summary by Sections Industry Overview - The shipbuilding industry is experiencing an upward cycle driven by replacement cycles, environmental policies, and tight capacity, leading to improved profitability for shipyards [2] - Demand for various ship types is increasing, with new orders for container ships up 80% and oil tankers up 52% year-on-year [2] - The ship price index has risen by 5% in 2024 and 49% since 2021, indicating a tight supply and inflationary pressures [2] Key Drivers - Leading companies in the shipbuilding sector are expected to benefit from technological advancements and increased order sizes, focusing on high-end and dual-fuel vessels [2] - The merger of major shipbuilding companies is expected to enhance industry concentration and improve internal synergies, leading to better profitability [2] Investment Recommendations - The report recommends investing in leading shipbuilding companies such as China Shipbuilding, China State Shipbuilding, China Power, China Marine Defense, and others, anticipating improved profitability and value reassessment due to industry consolidation [2]