CSSC Holdings(SH:600150) Changjiang Securities·2025-05-06 08:45Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is experiencing continuous profit release and growth in profitability, with the shipbuilding industry showing an upward trend in 2024. The company has maintained its position as the global leader in market share for 15 consecutive years [2][4] - The company benefits from an increase in new orders and deliveries, driven by the favorable conditions in the shipbuilding industry. The reduction in steel prices and the optimization of order structure have further enhanced profitability [2][4] - The demand for green ships is increasing due to environmental requirements, and the merger with China Shipbuilding Industry Corporation is expected to improve operational efficiency and performance [2][4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 78.584 billion yuan, a year-on-year increase of 5.01%, and a net profit attributable to shareholders of 3.614 billion yuan, up 22.21%. In Q1 2025, the revenue was 15.858 billion yuan, a 3.85% increase year-on-year, with a net profit of 1.127 billion yuan, a significant rise of 180.99% [4][10] - The gross profit margin for the main business reached 9.94% in 2024, an increase of 0.43 percentage points year-on-year, with Q1 2025 showing a gross profit margin of 12.84%, up 6.16 percentage points year-on-year [10] Order and Delivery Performance - In 2024, the company secured 154 new civil ship orders totaling 1,039 billion yuan, an increase of 26 vessels year-on-year. The company delivered 93 civil ships, completing 112.74% of the annual plan [10] - As of the end of 2024, the company had a backlog of 322 civil ship orders, with a total weight of 24.6107 million deadweight tons, indicating a robust order book extending to 2028 [10] Industry Outlook - The shipbuilding industry is expected to maintain a supply-demand gap, with the completion volume in China projected to be 50.7631 million deadweight tons in 2024, a year-on-year increase of 9.63%. The new ship order volume is expected to rise significantly, driven by the aging fleet and the demand for new energy replacements [10] - The merger with China Shipbuilding Industry Corporation is anticipated to enhance operational efficiency and accelerate delivery, contributing to sustained high growth in the company's performance [10]