证券代码：000880 证券简称：潍柴重机 潍柴重机股份有限公司投资者关系活动记录表 编号：20250512 | | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 活动类别 | ☑现场参观 | | | □其他（请文字说明其他活动内容） | | | 广发证券 黄晓萍 | | 参与单位名称 | 悦溪投资 李晓光 | | | 鸿道投资 赵 云 | | 及人员姓名 | 道仁资产 陈跃雄 | | | 中加基金 苗 超 | | 时间 | 2025 年 5 月 12 日 13:30-15:00 | | 地点 | 公司会议室 | | 上市公司接待人 | 温涛、盛卫宁、柳国超 | | 员姓名 | | | | 来访者首先参观了公司大缸径材料成型中心，随后在公司会 | | | 议室就关注问题与公司进行交流，交流内容主要包括： | | | 1.简单介绍下公司 2024 年及 2025 年一季度的经营情况。 | | | 2024 年，面对复杂多变的内外部环境及竞争激烈的行业发展 | | | 态势，公司最终实现公司运行平稳发展。报 ...

证券研究报告 天海防务 (300008 CH) 毛利率显著提升，深海产品景气向上 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 11 日│中国内地 | 运输设备 | 公司公布 24 年报及 25 年一季报：24 年收入 39.45 亿元，同比+9.40%；归 母净利润 1.39 亿元，同比+36.40%。25Q1 公司收入 7.47 亿元，同比 +10.86%，归母净利润 4079 万元，同比+32.32%。24 年归母净利低于我们 预期（预期 1.49 亿元），主要系公司在 2024 年对子公司金海运 2015-2019 年涉及的 2797 万元退款进行冲减，若剔除该影响，公司 24 年营业收入为 39.73 亿元，同比+10.17%；归母净利润 1.67 亿元，同比+63.94%。公司 深海工程船舶装备技术行业领先，未来有望持续受益于"深海科技"的发展， 维持"增持"评级。 运输船收入占比提升推动公司毛利率显著提升 24 年公司毛利率 14.81 %，同比+3.76 pp，25Q1 毛利率 19.48%，同比 +0.04pp。 ...

Core Insights - The 2025 Asian International Maritime Defense Exhibition concluded in Singapore, showcasing naval vessels from various countries, including China's missile frigate Xuchang and mine countermeasure ship Chishui [1][4] Group 1: Event Overview - The Asian International Maritime Defense Exhibition is a significant defense event in Asia, attracting over a hundred companies from various countries and regions to display the latest maritime technologies, including artificial intelligence and ship propulsion systems [4] - China's participation in the exhibition has been consistent over multiple editions, highlighting its commitment to showcasing its naval capabilities [4] Group 2: Featured Vessels - The Xuchang is a domestically developed Type 054A missile frigate with a full-load displacement of over 4,000 tons, capable of anti-surface and air defense operations. It has been in service since 2017 and has participated in numerous major training missions and maritime escort operations [4] - The Chishui is a domestically developed Type 082II mine countermeasure ship, designed for mine hunting and remote mine sweeping tasks, ensuring the safety of navigation in critical waterways and ports [4] Group 3: Visitor Engagement - During the exhibition, the Xuchang organized multiple ship open days, attracting over 1,000 visitors, including overseas Chinese and foreign friends, who expressed excitement and surprise at the size and capabilities of the vessels [4] - Visitors reported a sense of awe at the advanced weaponry displayed on board, indicating a strong interest in China's naval advancements [4] Group 4: Strategic Considerations - Military experts noted that the selection of these two types of vessels for the exhibition was influenced by geographical conditions and maritime security threats in the vicinity of Singapore [6]

内容概要：在全球经济一体化的背景下，船舶修理行业作为支撑全球航运业的重要一环，其发展状况与 全球经济紧急相连。近年来，随着国际贸易的持续增长和航运业的繁荣，船舶修理行业市场也在持续稳 定发展。特别是2019年以来，随着船舶脱硫装置加装、船舶压载水处理装置（BWTS）加装及其他环保 改装等业务的增多，船舶修理作业量不断增加。据统计，2024年全球船舶修理艘次从2017年的13127艘 次增长至39002艘次。但从增速来看，全球船舶修理艘次呈现先上升后下降的趋势，这主要受宏观经济 不景气的影响，市场整体偏谨慎。 一、船舶修理行业相关概述 船舶修理是指船舶的船体和结构、机器或设备、舾装或构造、系统等在船坞或船厂进行修理，以达到其 原设定的状态或功能要求并能够继续使用。我国交通部颁布的《修船条例》及《修船工作会议纪要》， 均按照导致船舶修理的原因、修理范围和间隔年限，对船舶修理作了明确的分类，主要分为计划养护修 理、事故修理和基本恢复修理三大类。具体情况如下： | | 船舶修理分类 | | --- | --- | | 种类 | 概述 | | | 船体和设备在营运过程中都会有自然损耗,会随着时间的推移暴露出 某些缺陷, ...

Core Insights - The company reported a revenue of 78.584 billion yuan in 2024, a year-on-year increase of 5.01%, and a net profit attributable to shareholders of 3.614 billion yuan, up 22.21% [1] - In Q1 2025, the company achieved a revenue of 15.858 billion yuan, a year-on-year increase of 3.85%, and a net profit of 1.127 billion yuan, significantly up by 180.99% compared to the previous year [1] Financial Performance - The company's gross profit margin for its main business reached 9.94% in 2024, an increase of 0.43 percentage points year-on-year, with the shipbuilding and marine engineering segment's margin at 9.57%, up 0.29 percentage points [2] - In Q1 2025, the gross profit margin surged to 12.84%, a substantial increase of 6.16 percentage points year-on-year [2] - The growth in performance is attributed to an increase in the volume and price of ships delivered in 2024, alongside improvements in production efficiency through smart manufacturing and lean management [2] Order and Delivery Performance - In 2024, the company signed 154 new ship orders totaling 1,039 billion yuan, an increase of 26 orders year-on-year, and delivered 93 ships, completing 112.74% of its annual tonnage target [3] - The company had a backlog of 322 ship orders by the end of 2024, with a total weight of 24.6107 million tons and a value of 216.962 billion yuan, indicating a strong order book extending production schedules to 2028 [3] Industry Outlook - The shipbuilding industry is experiencing a continuous supply-demand gap, with China's shipbuilding completion volume in 2024 reaching 50.7631 million tons, a year-on-year increase of 9.63%, and new ship orders rising by 62.38% [4] - The demand for green ships is increasing, driven by environmental requirements, with the proportion of green ship orders on the rise [4] - The company is expected to benefit from synergies following the merger with China Shipbuilding Industry Corporation, leading to improved efficiency and accelerated deliveries, with projected net profits of 7.35 billion yuan and 10.08 billion yuan for 2025 and 2026, respectively [4]

Core Insights - The company reported a revenue of 78.584 billion yuan for 2024, representing a year-on-year increase of 5.0%, and a net profit attributable to shareholders of 3.614 billion yuan, up 22.2% year-on-year [1] - In Q4 2024, the revenue was 22.416 billion yuan, down 11.0% year-on-year, while the net profit attributable to shareholders surged by 239.2% to 1.343 billion yuan [1] - For Q1 2025, the revenue reached 15.858 billion yuan, a 3.8% increase year-on-year, with a net profit of 1.127 billion yuan, reflecting a significant year-on-year growth of 181.0% [1] Financial Performance - The company delivered 93 civil vessels in 2024, achieving 112.74% of the annual target, with a total weight of 7.2134 million deadweight tons [2] - The gross profit margin for 2024 and Q1 2025 was 10.2% and 12.8% respectively, with Q1 2025 showing a significant increase due to the delivery of high-priced vessels [2] - The net profit margin improved to 4.6% in 2024 and 7.1% in Q1 2025, reflecting year-on-year increases of 0.65 and 4.48 percentage points respectively [2] Order Backlog and Structure - As of the end of 2024, the company had a backlog of 322 civil vessel orders, totaling 216.962 billion yuan, along with 63 repair orders worth 9.18 billion yuan [3] - The order structure has been optimized, with the company holding a leading position globally in various vessel types, including container ships and VLGCs [3] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, with the current stock price corresponding to a P/E ratio of 16.4x for 2025 and 13.0x for 2026 [3] - The target price has been adjusted down by 12.8% to 41.00 yuan, reflecting a potential upside of 40.0% from the current stock price [3]

Group 1 - The article emphasizes the importance of the younger generation in driving innovation and contributing to national development, particularly in emerging industries [1] - Young professionals are increasingly taking on key roles in various sectors, including maritime safety, commercial aerospace, and clean energy systems [1] - The series "Young People in New Industries" aims to highlight the contributions of young individuals in these fields and their impact on societal progress [1] Group 2 - The China Shipbuilding Industry Corporation has developed a predictive health management system (PHM) for low-speed marine engines, enhancing safety and operational efficiency for ocean-going vessels [2] - The project faced challenges such as data collection and transmission issues, as well as discrepancies between simulation results and real-world testing due to limited sample data [4] - The successful implementation of PHM marks a significant advancement in the maritime industry, with the system being commercially applied for the first time in China [4] Group 3 - The development of low-carbon and zero-carbon engines, such as ammonia-fueled engines, is gaining momentum, with increasing demand for skilled professionals in this area [5] - The precision required for manufacturing components of these engines is extremely high, necessitating an accuracy of 0.01 millimeters [5] - The industry is optimistic about attracting more young talent to contribute to the growth of sustainable maritime technologies [5]

地中海航行船舶开始执行更严格硫排放规定 智通财经5月2日电，地中海正式成为国际海事组织《国际防止船舶造成污染公约》附件六规定的排放控 制区，这意味着在这片区域运行的船舶燃料中硫含量不得超过0.1%，以期大幅减少环境污染。 ...

华夏时报（www.chinatimes.net.cn）记者 李贝贝 上海报道 4月29日晚间，中国船舶工业股份有限公司（下称"中国船舶"，600150.SH）披露2024年度业绩报告。报告期内， 公司实现营收785.84亿元，归属于上市公司股东的扣除非经常性损益的净利润30.72亿元，上年同期为-2.91亿元， 成功扭亏。 2025年，中国船舶计划完成营业收入805亿元。据了解，中国船舶今年提高了营收目标，与在手订单饱满、船舶市 场行情走高等有关。根据克拉克森的统计，截至2025年3月底，全球新船价格指数达187.43，同比增长2.32%，较 2020年周期低谷提升49.87%。 不过，近期美国贸易代表办公室（USTR）披露了"不合理做法"301调查结果，计划对中国海事、物流、造船领域 采取限制措施。《华夏时报》记者注意到，中国船舶在年报中分析称，公司面临外部环境的不稳定性和不确定性 明显增加。但"我国造船业有望在传统产品研制能力基础上塑造产业发展新动能"。 中国船舶成功扭亏，是因为上年手持订单结构改善，报告期内交付的民品船舶数量和单船平均价格同比提升，营 业毛利同比增加。同时，公司参股联营企业盈利情况改善， ...

Core Viewpoint - Hanwha Ocean has secured contracts for the construction of two Very Large Crude Carriers (VLCCs) with a total value of 371 billion KRW (approximately 257 million USD), indicating a strong demand for high-value vessels in the maritime industry [2][3]. Group 1: New Orders and Financial Performance - Hanwha Ocean has received a total of 14 new ship orders worth 3 billion USD (approximately 218.9 billion KRW) this year, which accounts for 37% of the company's target order amount for 2024 and 85% of the total orders for 2023 [2]. - The company has achieved a total of 41 new ship orders valued at 8.11 billion USD (approximately 587 billion KRW) in 2024, which is 2.3 times the order amount of 3.52 billion USD in 2023 [2][4]. - In 2024, Hanwha Ocean reported operating revenue of 107.76 billion KRW (approximately 794 million USD), a year-on-year increase of 45.5%, and achieved operating profit of 2.379 billion KRW (approximately 17.5 million USD), marking a return to profitability for the first time since 2021 [4][5]. Group 2: Strategic Positioning and Market Trends - Hanwha Ocean has been consistently securing new ship orders at prices significantly above market averages, indicating a strategic focus on high-value vessels and reinforcing its market position [3]. - The company aims to continue its selective order strategy, focusing on high-value ship types, and plans to leverage its technological advantages and project execution experience to maximize profitability [3][5]. - The recent contracts and financial performance suggest that Hanwha Ocean is successfully implementing a strategy centered on high-value shipbuilding, which is expected to contribute to stable growth in the coming years [5].