Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is experiencing continuous profit release and growth in profitability, with the shipbuilding industry showing an upward trend in 2024. The company has maintained its position as the global leader in market share for 15 consecutive years [2][4] - The company benefits from an increase in new orders and deliveries, driven by the favorable conditions in the shipbuilding industry. The reduction in steel prices and the optimization of order structure have further enhanced profitability [2][4] - The demand for green ships is increasing due to environmental requirements, and the merger with China Shipbuilding Industry Corporation is expected to improve operational efficiency and performance [2][4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 78.584 billion yuan, a year-on-year increase of 5.01%, and a net profit attributable to shareholders of 3.614 billion yuan, up 22.21%. In Q1 2025, the revenue was 15.858 billion yuan, a 3.85% increase year-on-year, with a net profit of 1.127 billion yuan, a significant rise of 180.99% [4][10] - The gross profit margin for the main business reached 9.94% in 2024, an increase of 0.43 percentage points year-on-year, with Q1 2025 showing a gross profit margin of 12.84%, up 6.16 percentage points year-on-year [10] Order and Delivery Performance - In 2024, the company secured 154 new civil ship orders totaling 1,039 billion yuan, an increase of 26 vessels year-on-year. The company delivered 93 civil ships, completing 112.74% of the annual plan [10] - As of the end of 2024, the company had a backlog of 322 civil ship orders, with a total weight of 24.6107 million deadweight tons, indicating a robust order book extending to 2028 [10] Industry Outlook - The shipbuilding industry is expected to maintain a supply-demand gap, with the completion volume in China projected to be 50.7631 million deadweight tons in 2024, a year-on-year increase of 9.63%. The new ship order volume is expected to rise significantly, driven by the aging fleet and the demand for new energy replacements [10] - The merger with China Shipbuilding Industry Corporation is anticipated to enhance operational efficiency and accelerate delivery, contributing to sustained high growth in the company's performance [10]

江苏是中国船舶海工产业第一大省，去年出口各类船舶1042.2亿元，同比增长59%，位居全国第一。近 期，记者从多家船厂获悉，部分江苏船企的交付期已排至2030年。江苏造船业"乘风破浪"的原因何在？ 记者日前进行了探访。 "绿色"成为行业底色 "2024年，新时代造船全年实现开票销售收入160.68亿元，较上年增长28%，据全球著名的航运咨询机 构克拉克森研究公司公布的数据，新接订单量登上全球榜首。"在位于江苏泰州的新时代造船厂，公司 总经理刘海金介绍，2025年，新时代造船将抢抓造船高景气的历史机遇，锚定交船30艘的目标任务，加 快新能源船舶智造项目建设。 数据印证了新时代造船发展的底气。2024年，公司年度交船34艘，共计427.07万载重吨，交船数量创出 历史新高，造船完工总量位列全国前三。截至2024年底，公司手持订单162艘、载重吨2305万吨，位列 全球前三，订单排至2029年。 与新时代造船相隔不远的扬子江船业，手持订单最远已排至2030年。数据显示，2024年，该公司全年实 现新接订单126艘，价值约146亿美元。截至2024年底，扬子江船业手持订单245艘，价值约244亿美元。 记者发现，其中 ...