CSSC Holdings(SH:600150) Hua Yuan Zheng Quan·2025-09-02 10:56Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown continuous profit realization, with a focus on cyclical trends. The second quarter of 2025 saw significant growth in net profit, attributed to a robust order backlog and the release of high-value orders. The company’s performance is expected to remain strong over the next three years due to these factors [7][5] - The merger with China Shipbuilding Heavy Industry Group is anticipated to enhance synergies and improve market competitiveness and profitability [7] - Despite a short-term adjustment in ship prices, the long-term upward cycle remains intact, with expectations of improved market conditions in the second half of 2025 [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 74,839 million RMB - 2024: 78,584 million RMB (5.01% growth) - 2025: 82,942 million RMB (5.55% growth) - 2026: 97,651 million RMB (17.73% growth) - 2027: 120,423 million RMB (23.32% growth) [6] - Net profit forecasts are: - 2023: 2,957 million RMB - 2024: 3,614 million RMB (22.21% growth) - 2025: 7,207 million RMB (99.40% growth) - 2026: 11,595 million RMB (60.89% growth) - 2027: 16,212 million RMB (39.82% growth) [6] - The company’s earnings per share (EPS) are projected to increase from 0.81 RMB in 2024 to 3.62 RMB in 2027 [6] Market Performance - As of September 1, 2025, the closing price of the company's stock is 38.92 RMB, with a market capitalization of approximately 174,066.93 million RMB [3]