业绩简评 2026 年 1 月 29 日，公司发布 2025 年业绩预告，公司预计 2025 年 实现归母净利润 70-84 亿元，与上年同期（按合并完成后重述口 径）相比，增加 27.8-41.8 亿元，同比增加约 65.89%至 99.07%， 业绩显著改善。 经营分析 行业基本面近期边际改善，新造船价格回升，中国造船全球份额 提升。根据克拉克森，2025 年 12 月全球新船价格指数达 184.65， 环比+0.17%，是 25 年 7 月份以来首次实现月度环比提升。此外， 从订单量上看，25 年 12 月全球新接订单 2488.5 万 DWT，中国新 接订单 2153.3 万 DWT，新接订单全球份额达 86.5%，环比 11 月提 升 20.1pcts，中国造船竞争力提升。 行业周期持续上行，公司订单饱满，叠加前期高价船陆续交付，看 好公司未来利润率持续提升。我们认为本轮船舶周期仍处于上行 阶段，全球造船产能供不应求，同时叠加 2025 年低基数因素，2026 年全球造船订单有望实现量价齐升。公司作为全球造船龙头，在手 订单充足。2025 年 12 月 8 日，公司实际控制人中国船舶集团与中 国远洋 ...

Core Viewpoint - The report from Zheshang Securities indicates that China Power's net profit attributable to shareholders for the first half of 2025 increased by approximately 93.35% year-on-year, with a 35.2% year-on-year growth in Q2 2025 [1] Group 1: Performance Highlights - The significant growth in performance is attributed to the continued growth momentum in the shipbuilding industry, with the company's diesel engine segment experiencing rapid sales growth and a substantial increase in contract settlements, alongside rising prices and improved gross margins for main products such as marine low-speed engines [1] - The marine machinery segment also saw an expansion in sales scale, increased order deliveries, and higher contract settlements, leading to year-on-year growth in both revenue and profit [1] - The company has implemented a "cost engineering" strategy, focusing on controlling three types of expenses, which has continuously enhanced product profitability, resulting in a year-on-year profit increase [1] Group 2: Order and Contract Insights - In terms of new orders, the company signed contracts worth 33.919 billion yuan in the first half of 2025, representing a year-on-year increase of 25.42% [1] - As of June 30, 2025, the company held contracts worth 62.794 billion yuan, an 8% increase compared to the same period last year [1] - As a leading enterprise in marine engines, the company is expected to benefit preferentially from the upward cycle in the shipbuilding industry [1]