绿色造船

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研报掘金丨华源证券:首予中船防务“买入”评级,新趋势有望带动业绩增长
Ge Long Hui· 2025-08-19 07:32
Core Viewpoint - China Shipbuilding Defense focuses on four key areas: marine defense, transportation, development, and scientific research equipment, showcasing strong multi-shipbuilding capabilities and possessing national-level R&D platforms and independent core technologies [1] Group 1: Financial Performance - In 2024, the net profit attributable to shareholders is expected to reach 377 million yuan, benefiting from order optimization and efficiency improvements [1] - In Q1 2025, the company is projected to continue high growth with a net profit of 184 million yuan, representing a year-on-year increase of 1099.85% [1] Group 2: Market Dynamics - On the supply side, global capacity expansion is long-term constrained, leading to sustained tight supply in niche markets such as feeder container ships [1] - On the demand side, stricter environmental regulations are accelerating the retirement of older small vessels, and existing orders are insufficient to meet the fleet's green renewal needs [1] - The feeder container shipbuilding market is expected to perform well in the long term due to a combination of supply contraction, environmental regulations, and growth in regional trade [1] Group 3: Business Opportunities - The increasing diversity of maritime conflict forms is likely to create additional growth opportunities for the company's military and public vessel businesses [1] - Given the green shipbuilding cycle and the potential of offshore engineering business, the company is initiating coverage with a "buy" rating [1]
从修船所到造船巨头,山东以巨轮为尺丈量中国造船全球疆界
Sou Hu Cai Jing· 2025-07-13 01:22
Core Viewpoint - China has emerged as a global leader in shipbuilding, with significant market shares in various metrics, marking a transformation in the industry [3][4][12]. Group 1: Industry Overview - In 2024, China's shipbuilding completion volume, new orders, and order backlog will account for 55.7%, 74.1%, and 63.1% of the global market, respectively [3]. - The North Sea Shipbuilding has grown from a small repair yard to a major player, leading in the order volume and delivery of large bulk carriers [3][12]. - The shipbuilding industry is characterized as capital-intensive, technology-intensive, and labor-intensive, making it a core area for national industrial competition [5][12]. Group 2: Historical Development - The North Sea Shipbuilding faced significant challenges in its early years, with outdated technology and equipment, limiting its ability to compete internationally [6]. - A pivotal relocation in 2004 to the Haixi Bay shipbuilding base allowed for significant upgrades in facilities, enabling the construction of larger vessels [7][12]. - The first 180,000-ton bulk carrier launched in 2009 marked a turning point, showcasing North Sea Shipbuilding's technical capabilities [9][12]. Group 3: Current Achievements - North Sea Shipbuilding has achieved a record of completing 9 vessels, launching 9 vessels, and delivering 12 vessels in the first half of the year, setting historical records for both quantity and deadweight tonnage [12][26]. - The company has diversified its product offerings, now capable of constructing bulk carriers, oil tankers, container ships, and specialized vessels [12][17]. - The collaboration with Shandong Steel Group has resulted in a significant increase in local supply chain integration, enhancing operational efficiency [18][19]. Group 4: Technological Advancements - North Sea Shipbuilding is at the forefront of the transition to green technologies, developing LNG, methanol, and ammonia-fueled vessels [25][26]. - The company has designed and delivered 16 ammonia-reserved vessels, with nearly 60 more on order, indicating a strong commitment to low-carbon shipping solutions [26][28]. - The development of ammonia fuel technology is seen as a critical step in meeting global maritime decarbonization goals [24][25]. Group 5: Future Outlook - The shipbuilding industry is positioned to play a crucial role in the global transition to low-carbon and zero-carbon shipping, with North Sea Shipbuilding leading the charge [27][28]. - The company's proactive approach to innovation and technology development is expected to secure its competitive advantage in the evolving maritime landscape [31][32].