造船行业跟踪报告（十）：恒力重工拟借壳上市，民营船企新星升起

Investment Rating - The industry investment rating is "Buy" [4] Core Viewpoints - Hengli Heavy Industry plans to go public through a reverse merger with Songfa Co., indicating a rising star among private shipbuilding companies. The company reported a revenue of 770 million CNY and a net profit of 4.05 million CNY for 2023, with a backlog of orders valued at 10.8 billion USD [2][3] - Hengli Heavy Industry is positioned as a leading private shipbuilding enterprise, actively expanding its shipbuilding and engine production capacity. The company is set to invest 9.2 billion CNY in a second phase of its industrial park, which will significantly enhance its production capabilities [2][3] - The gap in new order scale and shipbuilding capacity between Hengli Heavy Industry and another leading private shipbuilding company, Yangzijiang Shipbuilding, is gradually narrowing, with both companies showing strong order backlogs [2][3] Summary by Sections Company Developments - Hengli Heavy Industry's asset restructuring plan involves acquiring 100% of its shares through a major asset swap and issuing shares at a price of 10.16 CNY per share. The final transaction price is yet to be determined [2] - The company has achieved profitability and expects significant improvement in its earnings as its shipbuilding operations ramp up in 2024 [2][3] Market Position - As of now, Hengli Heavy Industry ranks approximately 15th globally in terms of order backlog, with a diverse range of ship types including bulk carriers, VLCCs, VLOCs, and container ships [2] - The company is expanding its production capabilities with plans for two new super-large dry docks and advanced lifting equipment, aiming to produce high-value ships and offshore platforms [2][3] Competitive Landscape - The order backlog for Hengli Heavy Industry stands at 2.68 million CGT compared to Yangzijiang's 7.4 million CGT, but the new order scale is showing a narrowing gap [2][3]