国防军工行业行业专题研究：新·视角：船用柴油机全球维修体系布局，把握服务型制造产业升级机遇

Investment Rating - The report rates the industry as "Overweight" with a focus on domestic ship power leaders such as China Power [3]. Core Viewpoints - The shipbuilding industry exhibits strong cyclical characteristics, with maintenance services extending the upward trend of the industry. The value of low-speed engines accounts for approximately 10% to 15% of total shipbuilding costs, driven by new ship orders and the increasing penetration of high-value dual-fuel engines [3][240]. - The maintenance market for low-speed engines is expected to gradually concentrate among leading manufacturers, as shipowners pursue both technical reliability and cost-effectiveness [3][242]. - The optimization of lifecycle costs is crucial for achieving a win-win situation between shipowners and maintenance providers, with innovative service models being developed [3][243]. - Maintenance services are characterized by light assets, high margins, and sustainability, providing cash flow support during downturns in the shipbuilding cycle [3][244]. Summary by Sections 1. Ship Diesel Engine Maintenance: Broad Space, High Value, Long Prosperity - Low-speed engines are the main power systems for maritime transport, accounting for 10% to 15% of shipbuilding costs [67]. - Regular maintenance is essential for the longevity and performance of ship equipment, with maintenance costs often being 1 to 2 times the purchase costs [3][79]. 2. Learning from Others: Optimizing Lifecycle Costs for Mutual Benefits - MAN Energy Solutions leads in market share and has established a comprehensive service network to support its products [99][100]. - Wärtsilä's lifecycle agreements are a key growth driver in marine services, with a significant increase in service orders and net sales [126][128]. 3. Competitive Landscape: Global Network, Advanced Technology, and Cost Advantages - The maintenance market is dominated by patent holders, manufacturers, and authorized service providers, with a focus on reliability and economic efficiency [165][169]. - Manufacturers are increasingly becoming the preferred choice for shipowners due to their reliability and cost advantages [184]. 4. Navigating Cycles: Maintenance Business Smooths Cycles and Enhances Efficiency - The maintenance business provides cash flow support during downturns, helping companies navigate through challenging periods [244][220]. - The integration of upstream design and downstream services is essential for enhancing competitiveness in the shipbuilding industry [233][234]. 5. Investment Recommendations - The report suggests focusing on domestic ship power leaders like China Power, benefiting from the ongoing improvement in the shipbuilding industry and the transition to low-carbon shipping [3][240].