量价兑现营收增长，盈利能力持续改善

Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of 42.19 CNY, corresponding to a 35x PE for 2024 [4][5]. Core Views - The company reported a revenue of 748 billion CNY in 2023, a year-on-year increase of 25.81%, and a net profit of 2.96 billion CNY, a significant increase of 1615% [1]. - In Q1 2024, the company achieved a revenue of 153 billion CNY, up 68.84% year-on-year, with a net profit of 400 million CNY, reflecting an 821% increase [1][2]. - The company is benefiting from a dual increase in volume and price in ship deliveries, leading to improved profitability [2]. - The shipbuilding industry is experiencing a favorable cycle, with a significant increase in new ship orders and deliveries, indicating a robust market environment [3]. Summary by Sections Financial Performance - In 2023, the company completed the delivery of 81 ships, achieving 122.80% of its annual target, with a year-on-year growth of 7.55% in tonnage [3]. - The company expects revenues of 804 billion CNY, 854 billion CNY, and 945 billion CNY for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7.4%, 6.3%, and 10.7% [4]. - The net profit forecast for 2023-2025 is 5.39 billion CNY, 8.95 billion CNY, and 12.02 billion CNY, with growth rates of 82.3%, 66.0%, and 34.4% respectively [4]. Market Position - The company is positioned as a leader in the domestic military and civilian shipbuilding sector, with a high proportion of civilian shipbuilding [4]. - The new ship order volume in early 2024 showed a year-on-year increase of 64.4%, indicating a strong demand in the industry [3]. Valuation Metrics - The report provides a projected PE ratio of 30.4 for 2024, decreasing to 13.6 by 2026, indicating an improving valuation outlook as earnings grow [9][10]. - The net profit margin is expected to improve from 4.0% in 2023 to 12.7% by 2026, reflecting enhanced operational efficiency [9].