Core Viewpoint - Tianhai Defense (300008) reported a current order backlog of approximately 14 billion yuan, indicating a strong demand for both offshore and transport vessels [1] Group 1: Order Composition - The company's order backlog consists of about 25% offshore vessel orders, which include newly acquired large floating wind power projects and traditional stronghold projects such as crane vessels and piling vessels [1] - Transport vessel orders make up approximately 75% of the backlog, primarily consisting of 40,000-ton handy bulk carriers and 5,900-ton/5,200-ton multipurpose vessels [1] Group 2: Market Trends - The demand for multipurpose vessels is expected to continue due to a significant number of such vessels in the Baltic Sea region reaching their replacement cycle [1]