Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company has shown a steady growth in revenue and accelerated performance release due to an increase in the number and price of ship deliveries in the third quarter, with a year-on-year revenue growth of 17.96% for the first three quarters [2][4]. - The gross profit margin for the first three quarters reached 12.56%, an increase of 1.94 percentage points year-on-year, supported by effective cost control measures [2][10]. - The company has a robust order backlog, with orders scheduled until 2029, indicating strong future performance support [2][10]. - The merger with China Shipbuilding Industry Corporation (CSIC) has improved shipbuilding efficiency and is expected to enhance profitability further [2][10]. - The global shipbuilding market is anticipated to recover, with new orders likely to flow back to China, benefiting the company as a leading shipbuilder [2][10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 107.403 billion, a year-on-year increase of 17.96%, and a net profit attributable to shareholders of 5.852 billion, up 115.41% year-on-year [4]. - In Q3 alone, the company reported a revenue of 34.763 billion, with a year-on-year growth of 4.76%, and a net profit of 2.074 billion, reflecting a 97.56% increase year-on-year [4]. Order and Delivery Structure - The company has optimized its order structure, focusing on high-value and new energy ship types, leading to a steady increase in deliveries [2][10]. - The order backlog is full, with some orders scheduled as far out as 2029, providing a solid foundation for future revenue [2][10]. Cost Control and Profitability - The company has effectively controlled costs, with a decrease in various expense ratios, contributing to improved profitability [10]. - The gross profit margin has improved due to a higher proportion of high-value orders being delivered [10]. Market Outlook - The merger with CSIC is expected to enhance the company's competitive position in the global shipbuilding market, particularly in high-end and green ship types [10]. - The lifting of certain trade restrictions is anticipated to lead to a recovery in new ship orders, further benefiting the company [10].