Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The major asset restructuring of China Shipbuilding has been approved by the Shanghai Stock Exchange, indicating that the regulatory review process is nearly complete and the transaction is moving towards implementation [6] - Post-merger, the combined capacity could reach 18-33% of global capacity, with the potential to control 40% of global DWT capacity if all shipbuilding assets are merged [6] - The estimated market capitalization post-merger ranges from 250.4 billion to 411 billion CNY, based on current order values and P/O ratios [6] - The impact of the U.S. 301 plan on shipyards has significantly weakened, leading to a gradual recovery of market sentiment and a potential increase in ship prices and order volumes [6] - Ship prices have shown signs of stabilization, with new ship orders increasing significantly in June [6] - The current P/O ratio is at a historical low of 0.68, supporting the maintained profit forecast and "Buy" rating [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 78.584 billion CNY in 2024 to 115.08 billion CNY by 2027, with a CAGR of 25.9% [2] - Net profit attributable to shareholders is expected to rise from 3.614 billion CNY in 2024 to 14.615 billion CNY in 2027, reflecting a significant growth rate [2] - The earnings per share (EPS) is forecasted to increase from 0.81 CNY in 2024 to 3.27 CNY in 2027 [2] - The gross margin is anticipated to improve from 10.2% in 2024 to 20.5% in 2027 [2] - The return on equity (ROE) is expected to rise from 7.1% in 2024 to 19.1% in 2027 [2]
中国船舶(600150):重组获上交所审核通过,船价已有企稳迹象重视左侧布局机会