GUOTAI HAITONG SECURITIES·2026-03-06 06:50Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The global shipbuilding market remains buoyant in February, with a slight correction in new ship price index and a continued increase in second-hand ship prices [3][4] - The new ship price index for February stands at 182.14 points, reflecting a year-on-year decrease of 3.30% and a month-on-month decrease of 1.17%. In contrast, the second-hand ship price index is at 200.87 points, showing a year-on-year increase of 15.12% and a month-on-month increase of 2.51% [4] - The demand side shows that the global new orders signed from January to February amount to $36,535.94 million, a year-on-year increase of 29.74%, with new orders and deliveries increasing by 28.75% and 12.23% respectively [4] Summary by Sections Global Market Performance - In 2025, the global new ship market is expected to see a temporary decline due to high base effects, but overall market conditions remain strong. The total new ship market transaction volume is projected at 60.14 million CGT, a year-on-year decrease of 9.3% [4] - China's shipbuilding industry continues to dominate, with new orders accounting for 63% of the global market share, maintaining its position as the world's largest shipbuilder [4] Company Performance - Major shipbuilding companies in China are expected to report significantly improved earnings, with net profits projected between 7 billion to 8.4 billion yuan, marking a substantial increase [4] - Yangzijiang Shipbuilding is expected to achieve record revenue and net profit of 8.6 billion yuan, leading the industry with high-quality performance [4] - Hengtong Heavy Industry has successfully turned a profit post-major asset restructuring, with expected net profits between 2.4 billion to 2.7 billion yuan [4]