CSSC Holdings(600150) 东吴证券·2025-01-27 11:08Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [2][10]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 3.3 to 4 billion yuan in 2024, representing a year-on-year growth of 12% to 35%. The non-recurring net profit is projected to be 2.7 to 3.4 billion yuan, marking a turnaround from a loss of 300 million yuan in the same period of 2023 [2]. - In Q4 2024, the company anticipates a net profit of 1 to 1.7 billion yuan, reflecting a significant year-on-year increase of 160% to 337% [2]. - The company's strong performance is attributed to a favorable shipbuilding cycle, a full order book, and ongoing improvements in management efficiency [2][3]. Summary by Sections Financial Forecasts and Valuation - The company’s total revenue is projected to grow from 748.39 billion yuan in 2023 to 824.77 billion yuan in 2024, a year-on-year increase of 10.21% [10]. - The net profit attributable to shareholders is expected to rise from 29.57 billion yuan in 2023 to 36.53 billion yuan in 2024, a growth of 23.51% [10]. - The latest diluted EPS is forecasted to be 0.82 yuan per share in 2024, up from 0.66 yuan in 2023 [10]. Market Dynamics - The global shipbuilding market is expected to maintain high levels of activity in 2024, with new orders projected at 170 million deadweight tons, which is at a historical high [4]. - The report highlights a persistent supply-demand gap in the shipbuilding industry, with global shipyard capacity down 26% from its peak in 2010, indicating a rigid supply side [4]. Corporate Restructuring - The company has received approval for a restructuring plan to absorb China Shipbuilding Industry Corporation, which is expected to enhance operational efficiency and reduce competition [3]. - The potential injection of the core shipbuilding asset, Hudong-Zhonghua, into the listed platform is anticipated to further strengthen the company's performance and competitive position [3].