CSICPCL(600482) 长江证券·2024-11-08 06:26Investment Rating - Maintain "Buy" rating for China Power (600482 SH) [7][5] Core Views - China Power's performance continues to grow strongly, driven by the shipbuilding industry's prosperity [1] - The company's profitability has improved significantly, with Q3 net profit up 114 39% YoY [3] - The shipbuilding industry's high growth trend is expected to continue, benefiting China Power's marine business [4] - The company plans to acquire shares in CSSC Diesel Engine to further integrate its diesel engine business [5] Financial Performance - Q3 2024 revenue reached 11 759 billion yuan, up 5 59% YoY [3] - Q3 2024 net profit attributable to shareholders was 268 million yuan, up 114 39% YoY [3] - Gross margin in Q3 2024 was 14 87%, up 3 12 percentage points YoY [3] - Net margin in Q3 2024 was 4 35%, up 2 94 percentage points YoY [3] Industry Trends - China's shipbuilding output reached 36 34 million deadweight tons in the first three quarters of 2024, up 18 2% YoY [4] - New ship orders reached 87 11 million deadweight tons, up 51 9% YoY [4] - The new ship price index reached 189 96 points as of September 2024, up 5 3% from the beginning of the year [4] Business Development - The company's low-speed diesel engine production line is operating at full capacity, with orders scheduled until 2027 [4] - The acquisition of CSSC Diesel Engine shares is expected to accelerate the development of the diesel engine business [5] - The proportion of dual-fuel powered ships is increasing, driving up the price and gross margin of marine engines [5]