Changjiang Securities·2025-05-05 23:31Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a strong performance in Q1 2025, with revenue reaching 36.026 billion yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 544 million yuan, up 550% year-on-year [6][9]. - The container segment continues to see profit release, while the offshore engineering segment is experiencing an upward cycle [2][6]. - The company is expected to benefit from the development of deep-sea technology, with a strong order backlog in various business segments [2][11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 36.026 billion yuan, a year-on-year increase of 11%, and a net profit of 544 million yuan, which is a significant increase of 550% year-on-year. The net profit excluding non-recurring items was 523 million yuan, up 132% year-on-year [6][9]. - The sales volume of dry cargo containers reached 531,200 TEU, a year-on-year growth of approximately 7.44%, while refrigerated container sales surged to 36,400 TEU, a year-on-year increase of about 291.40% [11]. Business Segments - The offshore engineering segment is performing steadily, with new effective orders amounting to 60 million USD in Q1 2025, and a total order value of 6.3 billion USD, with oil and gas business orders accounting for two-thirds [11]. - The energy, chemical, and liquid food equipment business saw a revenue increase of 24.2% to 5.765 billion yuan, driven by strong delivery capabilities and a robust order backlog [11]. Future Outlook - The company is well-positioned to benefit from the growth in deep-sea oil and gas and renewable energy sectors, with a comprehensive layout in offshore engineering and special ship manufacturing [11]. - The forecast for net profit attributable to shareholders is 3.48 billion yuan and 4.47 billion yuan for 2025 and 2026, respectively, corresponding to PE ratios of 12 and 9 times [11].