将投中网设为"星标⭐"，第一时间收获最新推送 "跨界并购第一案"来了。 作者丨 陶辉东 来源丨 投中网 随着年报季的展开，新一波退市潮来袭。 4月29日，四家公司集体被实施"退市风险警示"，原因都是"净利润为负且营收不足3亿元"。有意思的是，这其中还出现 了"并购妖股"松发股份的身影。 不少 投资者 对松发股份突遭ST感到诧异。要知道，松发股份的控股股东恒力集团，乃是中国制造业民营企业的"一哥"。 更重要的是，4月20日，松发股份刚刚宣布其并购恒力重工一案通过了上交所并购重组委的审核，成为2024年9月"并购6 条"出炉后首单过会的跨界并购项目。 2024 年，松发股份宣布收购恒力重工后，曾拿下了连续14个涨停板。 资料显示，恒力重工则是世界前十的造船龙头。若重组完成，松发股份将从一家濒临退市的陶瓷企业，摇身一变成为中国"民 营造船第一股"。 一面是重磅资产重组，一面是遭到退市预警，松发股份股东们的心情 在 这一周多时间就像坐上了过山车。 超越华为 ， 中国制造业第一民企 运作7年 ， 从"买壳"到"保壳" 松发股份2015年在上交所挂牌上市，原本的主业是陶瓷。不过，它是A股上知名的"并购专业户"，从上市伊始 ...

Core Insights - HD Korea Shipbuilding & Marine Engineering reported a significant increase in Q1 2023 financial performance, with revenue reaching 67,717 billion KRW (approximately 47.13 billion USD), a year-on-year growth of 22.8% [2] - Operating profit surged to 8,592 billion KRW (approximately 5.98 billion USD), marking a remarkable increase of 436.3% year-on-year [2] - Net profit also saw a substantial rise to 6,116 billion KRW (approximately 4.26 billion USD), up 216.4% compared to the previous year [2] - The shipbuilding segment alone achieved an operating profit of 7,814 billion KRW (approximately 5.44 billion USD), reflecting a 207.2% increase year-on-year [2] Revenue Breakdown - HD Hyundai Heavy Industries, a subsidiary, generated revenue of 38,225 billion KRW (approximately 26.6 billion USD), contributing 56.4% to the total revenue of HD Korea Shipbuilding & Marine Engineering [3] - Operating profit from HD Hyundai Heavy Industries was 4,337 billion KRW (approximately 3 billion USD), accounting for 50.5% of the total operating profit [3] - HD Hyundai Samho reported revenue of 19,664 billion KRW (approximately 13.69 billion USD) and an operating profit of 3,659 billion KRW (approximately 2.55 billion USD), maintaining strong growth [3] - HD Hyundai Ulsan achieved revenue of 11,838 billion KRW (approximately 8.24 billion USD) and an operating profit of 685 billion KRW (approximately 476.7 million USD), showing improvement from a loss of 110 billion KRW (approximately 800 million USD) in Q1 of the previous year [3] Engine and Machinery Performance - The engine subsidiary, HD Hyundai Marine Engines, reported revenue of 830 billion KRW (approximately 577.6 million USD), a year-on-year increase of 35.3% [4] - Operating profit for the engine subsidiary reached 103 billion KRW (approximately 717 million USD), up 64.4% year-on-year [4] - The overall engine and machinery business achieved revenue of 667.2 billion KRW (approximately 4.64 billion USD), reflecting a 48.7% increase, and an operating profit of 1,543 billion KRW (approximately 1.07 billion USD), up 103.3% [4] Offshore Equipment Business - The offshore equipment segment saw revenue of 1,613 billion KRW (approximately 1.12 billion USD), a year-on-year growth of 43.8% [5] - The segment successfully turned around from a loss of 776 billion KRW (approximately 560 million USD) in the previous year to an operating profit of 66 billion KRW (approximately 460 million USD) [5] - The company aims to enhance digitalization, develop eco-friendly technologies, and focus on high-value-added ships to strengthen profitability [5]

Group 1 - The U.S. Trade Representative (USTR) announced final measures for the 301 investigation into China's maritime, logistics, and shipbuilding sectors, with new port fees for Chinese-built vessels set to take effect in mid-October [1][3] - The new fee structure will charge $50 per ton for Chinese-built vessels operated by Chinese companies and $18 per ton for Chinese-built vessels operated by foreign companies [3][6] - The U.S. port fees are expected to increase logistics costs for global shipping operators, which may lead to higher shipping rates that will ultimately be passed on to U.S. importers and consumers, increasing overall prices [6] Group 2 - China is the world's largest shipbuilding country, producing one out of every two new ships globally, and holds over one-third of the total operational vessels [6] - In the first quarter of this year, major Chinese shipbuilding companies reported strong performance, with net profits totaling between 1.67 billion to 2 billion yuan and new orders exceeding 377.5 billion yuan [6] - China's strategy to counter the U.S. port fees includes strengthening trade relations with other countries, particularly in Southeast Asia, where China remains a key trading partner despite U.S. pressure [8]

Group 1 - The core viewpoint of the articles highlights Samsung Heavy Industries' significant financial performance improvements in Q1 2023, with notable increases in revenue, operating profit, and net profit compared to the same period last year [2][3]. - In Q1 2023, Samsung Heavy Industries achieved operating revenue of 24,943 billion KRW (approximately 17.36 billion USD), a year-on-year increase of 6.2% [2]. - The operating profit for Q1 2023 was 1,231 billion KRW (approximately 85.67 million USD), reflecting a substantial year-on-year growth of 58% [2]. - The net profit for Q1 2023 reached 901 billion KRW (approximately 62.7 million USD), marking an impressive year-on-year increase of 1,055.1% [2]. - The company reported an operating profit margin of 4.9% in Q1 2023, up 1.6 percentage points from the previous year [2]. Group 2 - For the entire year of 2022, Samsung Heavy Industries recorded an operating revenue of 99,031 billion KRW (approximately 7.3 billion USD), representing a year-on-year growth of 23.6% [3]. - The operating profit for 2022 was 5,027 billion KRW (approximately 3.7 billion USD), which is a significant year-on-year increase of 115.5% [3]. - The company has secured 16 new ship orders worth 2.2 billion USD (approximately 138.8 billion KRW) in 2023, achieving 22% of its annual order target of 9.8 billion USD [3]. - Samsung Heavy Industries aims for a 6% operating profit margin in 2023, up from 2.9% in 2022, with a target of 5.1% in 2024 [3]. Group 3 - The company has set a target for 2025, aiming for an operating revenue of 105 trillion KRW (approximately 72.7 billion USD) and an operating profit of 6.3 trillion KRW (approximately 4.36 billion USD) [4]. - Samsung Heavy Industries plans to focus on profitable LNG ships and FLNG projects to build a sustainable growth foundation and maximize long-term profitability [4].

Core Viewpoint - The investment enthusiasm for artificial intelligence (AI) continues to rise, with notable fund managers increasing their allocations in AI-related industries, particularly in humanoid robots and intelligent driving sectors, as well as leading internet and computer companies [1]. Group 1: Investment Trends - Fund managers such as Zhou Weiwen, Zhao Yi, and Liu Yuanhai are significantly increasing their investments in the AI sector, focusing on various applications and technologies [1][2][4]. - Zhou Weiwen's funds have a total management scale exceeding 30 billion yuan, with a focus on manufacturing and information technology, including investments in humanoid robots and AI applications in education and gaming [2]. - Zhao Yi's fund, with a net asset value of 92.58% in stocks, emphasizes high-end manufacturing and internet companies, with a notable portion in Hong Kong stocks [4][5]. Group 2: Sector Performance - The insurance industry is entering a recovery phase, with improved investment returns and optimized liabilities, leading to increased holdings in top insurance companies [3]. - The shipbuilding and chemical industries are experiencing a decline, prompting a reduction in exposure to these sectors due to their high economic cycle dependency [3]. Group 3: Future Outlook - Liu Yuanhai predicts that 2025 will be a pivotal year for the intelligent driving industry in China, with an expected rapid increase in the penetration rate of advanced intelligent driving systems in passenger vehicles [7][8]. - The AI sector is anticipated to continue its rapid development, with a focus on advanced models and applications, remaining a key investment theme in the A-share market [8].

Group 1: Trade Policies and Impacts - The U.S. President Trump continues to reinforce his trade war policies, specifically targeting non-tariff barriers set by the EU and Japan, while demanding Japan to significantly reduce its trade deficit with the U.S. [1] - Countries like Thailand and Vietnam are showing reluctance to quickly compromise with the U.S. on trade negotiations, indicating a shift in global trade dynamics [1][2]. - The U.S. is imposing new port fees on Chinese vessels, which could accelerate the shift of shipping orders from China to Japan and South Korea, potentially increasing global shipping costs [5][6]. Group 2: Market Reactions and Economic Indicators - The U.S. stock market has experienced significant declines, with the S&P 500 index down 6% in April, while the dollar index has dropped 5%, reflecting concerns over "stagflation" in the U.S. economy [2]. - Gold prices have surged over 2.5%, reaching a historical high of over $3420 per ounce, driven by increased demand for safe-haven assets amid rising market volatility [2]. - The U.S. manufacturing sector is facing challenges as companies like the American baby products firm are halting orders due to new tariffs, highlighting the impact of trade policies on domestic production capabilities [3]. Group 3: Supply Chain Adjustments - China has significantly reduced imports of U.S. liquefied natural gas, with a 70% decrease in the first quarter, as it shifts to suppliers in Indonesia and Qatar due to tariffs [3]. - The logistics sector is facing increased complexity and costs, with major shipping companies like DHL and FedEx adjusting their operations in response to new trade regulations [4]. - The Chinese shipbuilding industry is under pressure as U.S. tariffs may lead to a shift in orders to South Korea and Japan, which could raise global ship prices by 30% to 50% [6]. Group 4: Diversification Strategies - China is actively pursuing a diversified global economic strategy, with increased engagement in Southeast Asia and other regions to mitigate the impact of U.S. trade policies [9][11]. - The recent statistics show a rise in foreign buyers at trade fairs, with countries along the Belt and Road Initiative accounting for 72% of the total, indicating a shift in trade focus [9]. - Chinese manufacturing investment abroad has reached nearly $300 billion, with a notable increase in investments in Latin America and Europe, reflecting a strategic shift to counter geopolitical pressures [11].

智通财经4月24日电，韩国代总统韩德洙表示，与美国会谈的重点是贸易平衡、造船和液化天然气。 ...

智通财经4月23日电，汇丰银行（HSBC）表示，继续预计中国船厂在大多数船舶领域保持领先地位， 鉴于近期中国船厂与韩国和日本之间的价格差距开始显现，中国船厂的接待订单数量将恢复增长。 汇丰银行：中国造船基本不受美国港口费的影响 将继续保持领先地位 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 公司发布2024年年报。2024年，公司实现营收3667亿元，同比减少20.12%；实现归母净利润14.19亿元， 同比减少9.86%；实现扣非后归母净利润4.07亿元，同比减少19.87%。2024Q4，公司单季度实现营收689.7 亿元，同比减少23.70%，环比减少26.80%；实现归母净利润5.29亿元，同比增长34.71%，环比增长 377.95%。 2025-2027年主营业务收入占营业收入比例的考核目标均为95%。此外，公司针对解除限售的业绩考核标准 进行了前提约束，各考核年度净利润增长率需大于0才可解除考核年度对应的限制性股票。 风险提示： 大宗商品价格波动，宏观经济下行风险，应收账款风险，终端需求不及预期，汇 ...

请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要泄露散布转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 各位投资者大家好我是身份交易的首席分析师严海现在我来汇报一下我们最新的观点上一周其实大家关注的比较多的也是3月24号美国的传播法案已经临近了其实市场在这个法案落地之前已经充分反映了相对的悲观预期无论是集运还是 应该都会上修的如果这个事最终否决掉整体我们认为压制传播板块的固执的压制应该都会解除所以现在零件建议大家积极关注现在无论是集运还是传播其实都是在一个预期相对低的位置 另外就是刚入通的德强海运其实如果跟我们观点紧其实去年11月在港股刚上的时候因为IPO的估值很便宜我们就有个提示上周入通之后整体的市场的关注度其实也是在持续提升的这个位置集运板块的中小型船其实是我们现在最看好的也希望大家多多关注如果大家看我们年度策略 东南亚的几月无论是头部的海风还是这个新入通的德翔包括A股的宁波远洋还有这个景江航运其实在这个航运各个细分板块里这个小型集装箱船的这个供给我们认为是最紧 ...