每经记者｜刘明涛 每经编辑｜赵云 12月9日，A股大小指数分化，截至上午收盘，上证指数跌0.13%报3918.83点，深证成指涨0.09%，创业 板指涨1.07%，北证50跌1.1%，科创50跌0.04%，中证A500跌0.18%，A股半日成交1.26万亿元。 | 创业板指 | | 399006 | ਐੱ | | --- | --- | --- | --- | | 5272 | 56 | +34.12 +1.07% | | | SZSE 11:30:03 交易中 | | 沪深市场核心指数 / ■ + | | | 会额 | | | 3559.30亿 | | 成交量 | | | 127.62亿 | | 开盘 | | | 3183.61 (-0.21%) | | 最高 | | | 3235.54 ( 1.42%) | | 最低 | | | 3175.51 (-0.46%) | | 市公室TIM | 41.1 | 市冷蒸Մ | 5.29 | | 5日 | 4.99% | 20日 | 2.87% | | 60日 | 9.93% | 交在 | 50.56% | | 52周高 | 3331.86 | 52周低 | 1756 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company's performance in the first three quarters of 2025 was slightly below expectations, with total revenue of 41 billion yuan, a year-on-year increase of 12%, and a net profit attributable to shareholders of 1.21 billion yuan, reflecting a year-on-year growth of 62.5% [6]. - The recovery in second-hand ship prices is expected to boost the shipbuilding market, which will positively impact the upstream engine industry [6]. - Recent policy changes regarding port fees for U.S. vessels are seen as a relief for the shipbuilding industry, potentially leading to a return of orders to China [6]. - The company has established a global service network for low-speed engines, which could contribute approximately 1.1 billion yuan in net profit annually if it fully covers maintenance for WinGD products [6]. - The company has terminated the plan to recover minority stakes in China Ship Diesel Engine, which is a core subsidiary, and attention is drawn to the group's future integration plans [6]. - The profit forecasts for 2025 to 2027 remain unchanged, with expected net profits of 2.1 billion yuan, 3.1 billion yuan, and 3.6 billion yuan respectively, corresponding to P/E ratios of 23, 15, and 13 [6]. Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 54.61 billion yuan, with a year-on-year growth rate of 5.6% [5]. - The net profit attributable to shareholders is expected to reach 2.05 billion yuan in 2025, reflecting a year-on-year increase of 47.6% [5]. - The company's gross margin is forecasted to improve from 16.0% in 2025 to 18.9% by 2027 [5]. - Return on equity (ROE) is expected to rise from 5.0% in 2025 to 7.8% in 2027 [5].