投资建议 由于公司投入增大，我们调整2025-2027年公司归母净利润为0.98、1.72、4.01亿元（前值分别为3.25、 4.39、6.44亿元），对应的 EPS 分别为0.32、0.56、1.31元，最新收盘价对应 PE 分别为199x、114x、 49x，维持"增持"评级。 公司利润端承压，主要是公司为应对未来需求，主动实施产能、技术、人才前置战略，导致成本大幅增 加。其中，前三季度新增产能折旧费用同比增加7880万元（期间费用的折旧费1953万元，计入生产相关 的折旧费5927万元）；而人才储备导致人工成本同比增加1.6亿元。公司主动加大了在关键资源、先进 产能及人才方面的前瞻性投入，为后续产能释放奠定了坚实基础。 坚定推行产能与人才前置战略，研发投入持续加码公司着眼于长期国产替代与国际化竞争机遇，坚定加 大关键资源投入。 2025年第三季度研发费用约7400万元，同比增长35%，研发费率提升至7%。前三季度公司在生产及研 发运营类人才上投入显著增加，为高效运行和技术突破提供保障。随着新产能规模效应逐步释放以及人 才团队成熟，公司有望在未来构筑更强的交付能力，逐步消化前期投入。 事件 公司2025 ...

Core Viewpoint - The demand for dynamic positioning systems (DPS) in China is significantly increasing due to the booming marine economy, particularly in offshore oil and gas development and offshore wind power construction, with the market size projected to reach 3.38 billion yuan in 2024, representing a year-on-year growth of 11.92% [1][6]. Industry Overview - Dynamic Positioning Systems (DPS) are closed-loop control systems that maintain the position or heading of vessels or offshore platforms without anchoring or mooring by counteracting environmental forces using thrusters [2]. - The classification of DPS includes different redundancy levels defined by the China Classification Society: DP1, DP2, and DP3 [2]. Industry Development History - The DPS industry in China has evolved from initial theoretical research in the late 1970s to industrialization and internationalization by the 2020s, with significant milestones including the first domestic DP-3 system certification and the development of high-end equipment for deep-sea oil and gas exploration [4]. - Key advancements include the establishment of the Beidou-3 system in 2020, which enhances positioning accuracy for DPS applications [4]. Industry Supply Chain - The upstream supply chain for DPS includes raw materials and components such as steel, chips, control modules, and various types of thrusters, as well as critical technologies like thrust distribution algorithms and control theories [5]. - The downstream applications of DPS are primarily in marine engineering, special vessels, deep-sea mining platforms, and underwater robots [5]. Market Size - The DPS market in China is expected to grow to 3.38 billion yuan in 2024, driven by increasing demand in offshore oil and gas and wind power sectors [6]. Key Companies' Performance - The global DPS market is predominantly controlled by European and American companies, but domestic brands like China Shipbuilding Group and Zhenhua Heavy Industries are gaining market share due to improved performance and competitive pricing [6][8]. - Zhenhua Heavy Industries has developed the Z-DP system, achieving positioning accuracy of 0.5 meters and has begun exporting its products [8]. Industry Development Trends 1. **Technological Innovation**: Future DPS will integrate the Beidou-3 satellite navigation system and AI algorithms, enhancing precision and efficiency while reducing equipment wear [11]. 2. **Expanding Market Demand**: The demand for DPS is expected to grow with the development of offshore resources and the push for carbon neutrality, with significant increases in offshore wind power installations anticipated by 2030 [11]. 3. **Sustainability Focus**: The DPS industry is shifting towards greener and more sustainable practices, aiming to reduce energy consumption and environmental impact through advanced technologies and materials [12].