CSSC Holdings(SH:600150) Shenwan Hongyuan Securities·2025-07-10 13:15Investment Rating - The report maintains a "Buy" rating for China Shipbuilding (600150) [2] Core Views - The company has announced a significant increase in expected earnings for the first half of 2025, with a projected net profit attributable to shareholders of 2.8 to 3.1 billion yuan, representing a year-on-year increase of 98% to 119% [7] - High-priced orders are being delivered, leading to improvements in both revenue and cost [7] - The impact of the U.S. 301 measures on shipyards has significantly weakened, alleviating previous negative sentiment [7] - Ship prices have shown signs of stabilization, with new ship order volumes rebounding [7] - Following the merger with China State Shipbuilding Corporation, the combined capacity will account for 18% to 33% of global capacity [7] - The report maintains profit forecasts and a "Buy" rating, with expected net profits for 2025 to 2027 being 7 billion, 10.3 billion, and 14.6 billion yuan respectively [7] Financial Data Summary - Total revenue for 2025 is estimated at 81.617 billion yuan, with a year-on-year growth rate of 3.9% [6] - Net profit attributable to shareholders for 2025 is projected at 7.029 billion yuan, reflecting a year-on-year growth of 94.5% [6] - Earnings per share for 2025 is expected to be 1.57 yuan [6] - The gross profit margin is projected to increase from 10.2% in 2023 to 15.5% in 2025 [6] - Return on equity (ROE) is expected to rise from 2.2% in 2025Q1 to 12.4% in 2025E [6]