Investment Rating - The industry rating is maintained at "Overweight" [1] Core Insights - The global new ship market remains robust, with the shipping composite index from Clarkson showing an average value of $25,584 per day in 2024, which is significantly higher than the average since 1990 [1] - New ship orders are projected to reach approximately 2,200 vessels with a total tonnage of 11 million tons in 2024, representing a 26% increase compared to 2023 [1] - China's shipbuilding industry has shown strong growth in the first three quarters, with completed shipbuilding volume increasing by 18.2% year-on-year [1] - The share of new orders for green ships from China exceeds 70%, indicating a leading position in the global market for green ship orders [1] Summary by Sections Industry Performance - The shipping composite index averaged 47% in the first nine months of 2024, indicating strong market performance [1] - The new ship price index has remained relatively stable, with slight increases in medium-sized container ship prices and minor decreases in roll-on/roll-off ship prices [1] Investment Highlights - The Ministry of Industry and Information Technology reported that China's new orders for ships increased by 44.3% year-on-year, with a total of 8,711 vessels and 19.33 million tons [1] - The aging of the global merchant fleet is expected to become a new norm, with a significant portion of vessels over 20 years old by 2030 [1] - China's shipbuilding industry is entering a phase of capacity expansion, with plans announced by several shipyards to increase production capacity by 80% by 2027 [1] Investment Recommendations - The report suggests that the shipbuilding industry in China will maintain a high level of prosperity in the medium to long term due to global demand growth and ongoing capacity expansion [1]
航海装备II行业：全球新船市场依旧火热，新船价格指数维持稳定
Jianghai Securities·2024-10-23 02:12