券商中国·2025-07-04 14:07Core Viewpoint - The merger between China Shipbuilding and China Shipbuilding Industry Corporation is progressing significantly, with the Shanghai Stock Exchange approving the absorption merger, which will create the world's largest publicly listed shipbuilding company in terms of asset scale, revenue, and order backlog [2][3][10]. Summary by Sections Merger Approval and Process - On July 4, China Shipbuilding announced that the absorption merger with China Shipbuilding Industry Corporation received approval from the Shanghai Stock Exchange, pending further registration from the China Securities Regulatory Commission [2][4][5]. - The merger aims to consolidate operations and eliminate competition between the two companies, enhancing operational efficiency and shareholder value [10]. Financial Impact and Market Position - Post-merger, China Shipbuilding's total assets are expected to exceed 400 billion yuan, with projected revenues surpassing 130 billion yuan [10]. - As of July 4, the market capitalization of China Shipbuilding was 146.7 billion yuan, while China Shipbuilding Industry Corporation was 105.6 billion yuan, indicating significant market interest in the merger [10]. Order Backlog and Industry Position - After the merger, China Shipbuilding will lead globally in terms of order backlog, with a total of 62.63 million deadweight tons, significantly surpassing competitors [11]. - The merger is expected to capitalize on the growing demand in the shipbuilding industry, supported by favorable government policies aimed at upgrading the sector [10]. Performance Metrics - In 2024, China Shipbuilding reported a revenue of 78.58 billion yuan, a year-on-year increase of 5.01%, while net profit rose by 22.21% to 3.61 billion yuan [11]. - China Shipbuilding Industry Corporation achieved a revenue of 55.44 billion yuan in 2024, with a net profit turnaround to 1.31 billion yuan [11]. Future Outlook - Analysts predict that the merger will enhance operational synergies, improve order efficiency, and accelerate delivery times, leading to sustained high growth in performance [12][13].