Group 1 - Guangyang Co., Ltd. has decided to terminate the plan to acquire 100% equity of Ningbo Yinqiu Technology Co., Ltd. and will resume trading on May 30, 2025 [1] - Longjing Environmental Protection plans to invest 75.075 million yuan to acquire 20% equity in Zhejiang Jitai Intelligent Technology Co., Ltd. [1] - Fengmao Co., Ltd. intends to invest up to 1.5 billion yuan to establish an automotive parts production base in Jiaxing [2] Group 2 - JinkoSolar has received a government subsidy of 98 million yuan [2] - Huayuan Real Estate has completed the registration of its name change to "Huayuan Holdings," effective June 5, 2025 [2][3] - Haisen Pharmaceutical's general manager plans to reduce his stake by 0.97% of the company's total shares [4][5] Group 3 - Shandong Highway plans to issue bonds not exceeding 8 billion yuan [6] - Mengguli's shareholders plan to collectively reduce their stake by up to 5% [7] - Yihua Tong has terminated its fuel cell comprehensive testing evaluation center project, originally planned for 220 million yuan [9] Group 4 - Ouma Software is the first candidate for the banking industry association's professional qualification examination service project, with a bid of 39.90 yuan per subject [11] - ST Dehao's subsidiary plans to invest 50 million yuan in an automotive LED packaging project [11] - Shuanglin Co., Ltd. plans to raise no more than 1.5 billion yuan through a private placement [12] Group 5 - Huaci Co., Ltd. plans to raise no more than 700 million yuan for the ASEAN Ceramic Valley project [13] - Aisi Kai intends to sign a procurement framework agreement for ceramic 3D printers, not exceeding 7.5 million yuan [14] - Baolingbao's major shareholder plans to reduce their stake by up to 3% [15] Group 6 - Heng Rui Pharmaceutical's subsidiary has received conditional approval for the launch of a class 1 innovative drug for lung cancer treatment [16][17] - *ST Jinguang is facing delisting due to continuous false reporting in annual reports from 2020 to 2023 [18] - Guangxi Broadcasting plans to swap 100% equity of Guangdian Technology for 51% equity of Jiaoke Group, with both assets valued at 1.411 billion yuan [19][20] Group 7 - ST Ruike's stock will be delisted from risk warnings and will change its name to "Guorui Technology" effective June 3, 2025 [21][22]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is in line with expectations, with a full order book and optimized structure. In 2024, the company achieved total revenue of 78.6 billion yuan, a year-on-year increase of 5%, and a net profit attributable to shareholders of 3.6 billion yuan, up 22% year-on-year. The shipbuilding and offshore engineering segments generated revenue of 75.4 billion yuan, a 7% increase year-on-year, and a 17% increase after excluding the impact of the recovery of four offshore platforms from a subsidiary [2] - The gross margin has reached an upward turning point, with stable cost control capabilities. The company's gross margin for its main business in 2024 was 9.9%, an increase of 0.4 percentage points year-on-year. The gross margin for shipbuilding and offshore engineering was 9.6%, up 0.3 percentage points year-on-year. In Q1 2025, the sales gross margin was 12.8%, a year-on-year increase of 6.2 percentage points, benefiting from the rising shipbuilding industry and improved order structure [3] - The shipbuilding manufacturing upcycle is expected to continue, with the company's overall strength continuously enhancing. The U.S. Trade Representative's office released the results of the 301 investigation into China's maritime, logistics, and shipbuilding industries, which are expected to improve market sentiment and order conditions. The mid-term outlook indicates that while the peak of the shipbuilding cycle has passed, it is far from over, with supply rigidly supporting ship prices and demand recovering [4] Financial Summary - The company forecasts total revenue of 78.6 billion yuan for 2024, with a year-on-year growth of 5.01%, and a net profit of 3.6 billion yuan, reflecting a year-on-year growth of 22.21%. The earnings per share (EPS) is projected to be 0.81 yuan for 2024, with a price-to-earnings (P/E) ratio of 36.23 [1][10] - The company expects to receive new orders for 12.72 million DWT worth 103.9 billion yuan in 2024, a year-on-year increase of approximately 38% and 43% respectively, with an optimized order structure supporting future performance growth [2] - The company's total assets are projected to reach 181.98 billion yuan in 2024, with total liabilities of 126.71 billion yuan, resulting in a debt-to-asset ratio of 68.80% [8][10]