CSSC Holdings(600150) 诚通证券·2025-02-19 08:25Investment Rating - The report maintains a "Strong Buy" rating for China Shipbuilding Industry Co., Ltd [12] Core Views - The merger between China Shipbuilding and China Shipbuilding Heavy Industry Group is expected to enhance operational efficiency and create synergies, positioning the company as a leading player in the shipbuilding industry [5][9][10] - The combined entity will control a significant market share, with a domestic order backlog of approximately 22.87% based on CGT (Compensated Gross Tonnage) [3][18] - The report anticipates a robust growth trajectory for revenue and net profit from 2024 to 2026, driven by an upward cycle in the shipbuilding industry and increasing demand for green ship types [11][28] Summary by Sections Shareholding Structure - China Shipbuilding Industry Group remains the controlling shareholder, while China Shipbuilding Heavy Industry Group holds a 13.98% stake, becoming the second-largest shareholder post-merger [2][13] Market Position - As of early February 2025, the combined order backlog of China Shipbuilding and China Shipbuilding Heavy Industry Group is approximately 2,049.1 million CGT, leading the domestic market with a share of 22.87% [3][18] - The new order intake for 2024 is projected at 4,744.3 million CGT, with the combined entity expected to capture a domestic market share of 19.28% [22][23] Outlook - The merger is expected to facilitate internal synergies, improve product quality, and enhance operational efficiency, with a focus on value creation and brand premium [5][9][10] - The report predicts that from 2025 to 2028, there will be significant asset and business integration, with high-quality assets like Hudong Zhonghua likely to be injected into China Shipbuilding [10][26] Financial Forecast - Revenue projections for 2024, 2025, and 2026 are estimated at 826.59 billion, 925.07 billion, and 1,013.80 billion CNY respectively, with corresponding net profits of 38.42 billion, 75.41 billion, and 95.01 billion CNY [11][28]