公司船舶交付加速，带动收入利润稳定增长 公司25H1 公司交付设计建造总承包业务14 艘、设计业务39 艘、监理业务9 艘（对比24H1 的12 艘、9 艘、8 艘），交付速度有所加快。船海工程设计建造总承包业务收入达16.97 亿元，同比+32.33%，实现 快速稳定增长。 公司盈利能力持续增强，归母净利实现高速增长25H1 公司毛利率19.67%（同比+2.80pp），净利率 6.85%（同比+2.59pp），盈利能力持续增强。期间费用率方面，25H1 合计期间费用率11.17%，同比 +0.55pp；其中销售费用率、管理费用率、研发费用率、财务费用率分别为2.14%、6.21%、1.31%、 1.50%（同比+1.07pp、-0.67pp、-0.54pp、+0.69pp）。销售费用率上升主要系公司海外业务快速增长， 导致销售代理费用随之上升；而财务费用率上升主要系公司短期借款规模扩大带来的利息费用增加。考 虑公司在手订单中系列化的运输船产品占比提升形成规模效应，相关订单逐步释放有望使公司毛利率维 持高位，盈利能力进一步加强。 同时公司通过强化统筹协调机制、优化项目组织架构、推行新工艺等措施提升整体生产效 ...

Investment Rating - The report maintains an "Overweight" rating for the company [7]. Core Views - The company reported a significant increase in revenue and net profit for H1 2025, with revenue reaching 1.843 billion RMB, up 22.00% year-on-year, and net profit of 126 million RMB, up 106.69% year-on-year [1][2]. - The rapid growth in performance is attributed to accelerated order deliveries in Q2, a surge in revenue from the shipbuilding EPC business, and an improvement in gross margins [1][3]. - The company has a robust order backlog, particularly benefiting from government support for deep-sea technology policies, positioning it well for future growth [1][4]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin was 19.67%, an increase of 2.80 percentage points year-on-year, and the net profit margin was 6.85%, up 2.59 percentage points year-on-year [2]. - The total expense ratio for H1 2025 was 11.17%, a year-on-year increase of 0.55 percentage points, with sales expenses rising due to rapid growth in overseas business [2]. Operational Highlights - The company delivered 14 vessels under its design and construction contracts in H1 2025, compared to 12 vessels in H1 2024, indicating an acceleration in delivery speed [3]. - The revenue from the shipbuilding EPC business reached 1.697 billion RMB, reflecting a year-on-year increase of 32.33% [3]. Order Backlog and Future Prospects - As of the end of H1 2025, the company had a substantial order backlog, including 1.314 billion RMB in design contracts and 14.143 billion RMB in construction contracts, showing a 1.3% increase compared to the end of 2024 [4]. - The report highlights an increase in the proportion of offshore engineering orders, which is expected to benefit from the growing emphasis on deep-sea development and resource utilization [4]. Profit Forecast and Valuation - The profit forecast for the company has been revised upwards for 2025-2027, with expected net profits of 218 million RMB, 288 million RMB, and 334 million RMB respectively, reflecting increases of 15%, 16%, and 17% [5]. - The target price is set at 8.21 RMB, based on a PE ratio of 65 times for 2025, indicating a favorable valuation compared to the industry average [5].