Core Viewpoint - China Shipbuilding Industry has shown significant growth in net profit, with a year-on-year increase of 115.41% in the first three quarters, reaching 5.852 billion yuan [1] - The demand for ship replacement and green vessels is expected to continue rising, supported by the removal of policy constraints on the shipbuilding industry [1] Financial Performance - The net profit attributable to shareholders for Q3 reached 2.074 billion yuan, reflecting a year-on-year growth of 97.56% [1] - Full-year projections estimate net profits of 10.315 billion yuan and 18.171 billion yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 25 times and 14 times [1] Industry Outlook - The shipbuilding market is anticipated to maintain upward momentum due to ongoing demand for new vessels and improvements in shipbuilding efficiency [1] - The continuous advancement of deep-sea technology policies is expected to create new growth opportunities for the company [1]