Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company achieved a significant increase in net profit attributable to shareholders, with a year-on-year growth of 685% in 2024, driven by full production tasks and increased investment income from joint ventures [2][3] - The company has a robust order backlog, with a total contract value of approximately 61.6 billion yuan, including 130 new shipbuilding orders [4] - The shipbuilding industry is experiencing an upward cycle due to replacement cycles, environmental policies, and tight capacity, which are expected to drive ship prices higher [6][7] Financial Performance - In 2024, the company reported operating revenue of 19.402 billion yuan, a year-on-year increase of 20.17%, and a net profit of 377 million yuan, a year-on-year increase of 684.86% [2][3] - The gross margin and net margin for 2024 were approximately 7.76% and 2.43%, respectively, reflecting year-on-year increases of 1.13 and 1.98 percentage points [5] - The company’s core shipbuilding gross margin improved to 9.33%, with significant increases in the gross margins of container ships and bulk carriers [5] Business Segmentation - Revenue from shipbuilding products reached 16.727 billion yuan, up 26.39% year-on-year, while revenue from steel structure engineering declined by 38.43% [3] - The company secured new orders worth 25 billion yuan in 2024, achieving 165.56% of its annual target [3] - The company delivered 37 ships in 2024, totaling 1.0844 million deadweight tons [3] Order Backlog - The company has a total contract value of approximately 61.6 billion yuan in hand, with shipbuilding orders accounting for about 58.7 billion yuan [4] Profitability Outlook - The company forecasts net profits of 850 million yuan, 1.616 billion yuan, and 2.410 billion yuan for 2025, 2026, and 2027, respectively, indicating a compound annual growth rate (CAGR) of 68% [13][14]

Summary of Key Points Core Viewpoint - As of March 28, 2025, China Marine Defense (600764) closed at 28.42 yuan, down 10.18% from last week's 31.64 yuan, indicating a significant decline in stock price [1]. Trading Information - On March 28, China Marine Defense recorded a large transaction amounting to 2.0462 million yuan [3]. Company Announcements - China Marine Defense announced a guarantee for its wholly-owned subsidiary, China Shipbuilding Liaohai Oil and Gas Equipment (Shenyang) Co., Ltd., with a guarantee amount of 5 million yuan. The total amount of guarantees provided by the company reached 22.87 million yuan, which is 2.83% of the net assets attributable to the parent company as of December 31, 2023 [1][3]. - The subsidiary, Liaohai Oil and Gas, has total assets of 112.4262 million yuan and total liabilities of 75.1650 million yuan as of December 31, 2023, with a net asset value of 37.2612 million yuan [1]. - The guarantee agreement includes joint liability and covers the principal, interest, and other obligations under the main contract, with a guarantee period of two years from the maturity of the main debt [1].