"抢人"几乎是所有热门行业最明显的景气指标。今年，"抢人"的热潮来到了造船行业。 21世纪经济报道赵云帆报道 "抢人"几乎是所有热门行业最明显的景气指标。今年，"抢人"的热潮来到了造船行业。 近日，一封南通市船舶工业行业协会在春节前发出的一封函件称，"部分外市企业在南通地区，以显著 超出行业常规薪酬待遇的条件，对船舶设计等关键领域核心人才进行集中的，非常规的定向招募。" 该函称以上行为为"恶意挖角"，违反了人才市场秩序，破坏良性人才流动与培养生态，削弱本地企业竞 争力，影响产业链供应安全等。 不过，对于上述函件的"事主"，业内的观点出奇一致："抢人方"直指去年通过松发股份实现重组上市， 在行业中势头正盛的恒力重工。 "巨头"抢人 除了以上"函件"外，记者注意到，在社交媒体上，今年以来也时常出现"北方船厂"高薪抢人的信息。 而这一"北方船厂"，被普遍认为是注册地为辽宁的恒力重工。 记者注意到，今年1月22日，名为"南通人才招聘"公众号刊登了"恒力重工集团南通船舶设计中心招聘全 面启动"的相关信息。 根据招聘信息，公司招募主任设计师/副主任设计师、主管设计师/设计师两项职务，相关经验要求从5 到15年不等，载明" ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In Q2 2025, the company's net profit attributable to shareholders increased by 80%, aligning with market expectations, supported by a robust order backlog [2] - The gross margin improved significantly, with a sales gross margin of 12.2%, up by 4.0 percentage points year-on-year, indicating enhanced profitability [3] - The merger between the northern and southern shipbuilding companies is nearing completion, which is expected to strengthen the company's competitive position globally [4] Financial Performance Summary - For the first half of 2025, the company achieved total revenue of 40.3 billion yuan, a year-on-year increase of 12%, and a net profit of 2.9 billion yuan, up 109% [2] - The core business of shipbuilding and marine engineering generated revenue of 38.6 billion yuan, reflecting a 13% growth year-on-year [2] - The company’s order backlog as of June 2025 included 26.49 million deadweight tons valued at 233.5 billion yuan, representing a year-on-year increase of 12% and 17% respectively [2] Margin and Cost Control - The company reported a sales net profit margin of 8.3%, an increase of 4.3 percentage points year-on-year, showcasing effective cost control measures [3] - The operating expense ratio for the first half of 2025 was 5.0%, down by 0.3 percentage points compared to the previous year, indicating improved cost management [3] Market Outlook - The shipbuilding industry is supported by rigid supply and demand dynamics, with ongoing demand for fleet renewal due to stricter environmental regulations and aging vessels [4] - The global shipbuilding market remains stable, with new ship price indices maintaining high levels despite a slight year-on-year decline [4]