公告显示，本次合同标的为6艘30.6万吨超大型原油运输船（VLCC），标的合同金额合计约6亿-9亿美 元。本次签订的合同的交易对方为两家欧洲知名船东，根据船东与恒力造船的约定及《上市公司信息披 露暂缓与豁免管理规定》的相关规定，豁免披露船东的具体信息。 *ST松发表示，公司本次签约的超大型原油运输船（VLCC）为国际主流大型原油运输船型，具备装载 量大、续航能力强、运营效率高等特点。上述合同的正常履行，预计将对公司未来的业绩产生积极影 响，有利于提高公司中长期市场竞争力和盈利能力。本次签署的相关合同系日常经营性合同，公司与交 易对方不存在关联关系，所涉及的交易不构成关联交易，合同的签订和履行不会影响公司业务的独立 性。 10月9日晚间，*ST松发（603268）披露公告称，公司下属公司恒力造船（大连）有限公司（以下简 称"恒力造船"）6艘船舶建造合同于近日签约生效。 （文章来源：北京商报） ...

人民财讯9月26日电，*ST松发（603268）9月26日公告，下属公司恒力造船与欧洲知名船东签订4艘30.6 万吨超大型原油运输船(VLCC)建造合同，合同金额约4亿—6亿美元。这些船舶预计将在2026年下半年 至2027年上半年交付。此次签约预计将对公司未来的业绩产生积极影响。 ...

Core Insights - The company reported a revenue of 78.584 billion yuan for 2024, representing a year-on-year increase of 5.0%, and a net profit attributable to shareholders of 3.614 billion yuan, up 22.2% year-on-year [1] - In Q4 2024, the revenue was 22.416 billion yuan, down 11.0% year-on-year, while the net profit attributable to shareholders surged by 239.2% to 1.343 billion yuan [1] - For Q1 2025, the revenue reached 15.858 billion yuan, a 3.8% increase year-on-year, with a net profit of 1.127 billion yuan, reflecting a significant year-on-year growth of 181.0% [1] Financial Performance - The company delivered 93 civil vessels in 2024, achieving 112.74% of the annual target, with a total weight of 7.2134 million deadweight tons [2] - The gross profit margin for 2024 and Q1 2025 was 10.2% and 12.8% respectively, with Q1 2025 showing a significant increase due to the delivery of high-priced vessels [2] - The net profit margin improved to 4.6% in 2024 and 7.1% in Q1 2025, reflecting year-on-year increases of 0.65 and 4.48 percentage points respectively [2] Order Backlog and Structure - As of the end of 2024, the company had a backlog of 322 civil vessel orders, totaling 216.962 billion yuan, along with 63 repair orders worth 9.18 billion yuan [3] - The order structure has been optimized, with the company holding a leading position globally in various vessel types, including container ships and VLGCs [3] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, with the current stock price corresponding to a P/E ratio of 16.4x for 2025 and 13.0x for 2026 [3] - The target price has been adjusted down by 12.8% to 41.00 yuan, reflecting a potential upside of 40.0% from the current stock price [3]