Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve a significant increase in net profit for the first half of 2025, with a projected growth of approximately 213% to 268% year-on-year, resulting in a net profit of 460 to 540 million yuan [1] - The growth in profit is attributed to improved operational efficiency, increased revenue from shipbuilding products, and better performance from joint ventures [1][2] - The shipbuilding industry is experiencing upward cyclical trends due to factors such as ship replacement cycles, environmental policies, and tight capacity, which are expected to enhance profitability for shipyards [2][3] Financial Summary - The projected net profits for the company from 2025 to 2027 are approximately 900 million, 1.66 billion, and 2.7 billion yuan, reflecting year-on-year growth rates of 139%, 84%, and 63% respectively [4][6] - The earnings per share (EPS) are forecasted to be 0.64 yuan in 2025, 1.18 yuan in 2026, and 1.91 yuan in 2027 [6] - The price-to-earnings (P/E) ratios are projected to be 44, 24, and 15 for the years 2025, 2026, and 2027 respectively, while the price-to-book (P/B) ratios are expected to be 2.1, 1.9, and 1.7 [4][6] Industry Trends - The shipbuilding industry is witnessing a slowdown in new orders, with a 58% year-on-year decline in new orders received in the first half of 2025, although certain segments like container ships have seen growth [2][3] - The supply-demand dynamics in the industry are expected to drive ship prices higher due to tight capacity and inflationary pressures [2][3]

证券研究报告 | 行业点评 | 机械设备 松发股份重组成功过会，向"中国最具成长力造船厂"迈进 ——船舶行业点评报告 投资要点 ❑ 船舶行业换船周期、环保政策、产能紧张，共促行业周期景气向上 ❑ 松发股份收购恒力重工等相关事项过会，有望成为民船国内上市第一股 2025 年 4 月 20 日，松发股份发布《关于重大资产置换及发行股份购买资产并募 集配套资金暨关联交易事项获得上海证券交易所并购重组审核委员会审核通过的 公告》，本次交易符合重组条件和信息披露要求，审核通过。本次交易完成后，公 司将战略性退出日用陶瓷制品制造行业，恒力重工将成为公司全资子公司，未来 主营业务为船舶及高端装备的产研销。本次交易方案包括： 1）重大资产置换：松发股份拟以持有的截至评估基准日全部资产和经营性负债与 中坤投资持有的恒力重工 50.00%股权的等值部分进行置换。 2）发行股份购买资产：松发股份拟以发行股份的方式向交易对方购买资产，包括 ①向中坤投资购买上述重大资产置换的差额部分；②向苏州恒能、恒能投资、陈 建华购买其合计持有的恒力重工剩余 50.00%的股权。本次发行股份的发行价格为 10.16 元/股，不低于定价基准日前 60 ...