在上海长兴岛，一段5公里的岸线及后场区域几乎被待交付、待调试的140多台港机设备填满。 "我们以市场为导向，适度超前研发，等到用户提出需求后，我们会从工具箱中寻找，看看哪些技术我 们能用得上。"曾鹏说，这个工具箱里储备了近百个课题。"我们每年会有100个课题探索，提炼出30个 新创造，从而迭代出5个新产品，力争创造一个 '世界第一'。" "设备是公开的，人家站在底下看一眼，大致就知道是怎么回事了。"这样的技术焦虑困扰曾鹏。但他认 为，"真正学不到的，是我们这些工程师多年的技术沉淀，有些核心技术并不在图纸上。"为了守住上海 振华重工集团的核心竞争力，"我们现在不断鞭策自己，保持技术发展的高速度，走高端化、智能化、 绿色化路线。" 这一"满负荷"的景象并非偶然。眼下全球港口正加速向智能化转型，纯人工操作的港机设备面临转型升 级，新设备需求旺盛，上海振华重工集团研究总院副院长曾鹏表示，每年新增订单量稳步走高，振华长 兴基地的生产可谓热火朝天。 在长兴岛上，江南造船科技委主任胡可一介绍，"现在液化气船型需求强劲，特别是乙烷和丙烷，远期 还看好氨的大宗运输，所以氨燃料船型也有需求。还有不少船东下单集装箱船型。" 长兴岛 ...

大型设备抵港安装 多个港口建设提速 洋浦港航物流"硬件"升级 海南日报全媒体记者 刘梦晓 通讯员 邓晓龙 日前，装载洋浦国际集装箱码头扩建工程(一阶段)二期首批大型设备的"厚德198"轮运输船舶靠泊 港口，为工程后续投产按下"加速键"。 在施工现场，该项目生产调度中心正在进行地面整体降方及基础施工;疏浚、码头工程正加紧申办 相关证件，大型船机即将进场，今年第四季度完成设备设计并开始生产制作。 "下一步施工重点是完成桩间土和码头前沿的疏浚工作。施工单位将逐步推进码头主体及引桥桩基 打设、后方沿线皮带机建设等配套设施建设，确保项目2026年第三季度码头主体施工完成后，能满足带 斗门机、埋刮板卸船机上岸安装调试等条件。"国投洋浦港有限公司基建工程部副经理陈龙介绍，该粮 油码头项目将采用先进的设备和装卸工艺，实现无人化、高效的信息化管理，可满足洋浦经济开发 区"国际健康食品港"项目建设及相关企业的装卸需求，直接服务临港粮油加工企业。 该项目建成投产后，将与洋浦地区粮油产业形成"前港、中仓、后厂"的联动发展格局，对完善洋浦 港区功能布局、提升区域物流效率、加速健康食品产业聚集发展具有重要意义。 当前，洋浦从综合性港口到 ...

Core Viewpoint - The report from Zhongyou Securities indicates that Huadong Heavy Machinery has experienced a significant increase in net profit attributable to the parent company in the first half of the year, driven by improved profitability and reduced expenses [1] Group 1: Financial Performance - The company's net profit attributable to the parent company for the first half of 2025 reached 362 million yuan, showing a substantial year-on-year increase [1] - Profitability has improved compared to the previous year, while expense spending has decreased [1] Group 2: Revenue Sources - Container handling equipment (port machinery) is currently the main source of revenue for the company [1] - Key products include quay cranes, rail-mounted gantry cranes, and rubber-tired gantry cranes [1] Group 3: Market Outlook - The company has a sufficient backlog of orders and is expected to benefit further from the improving shipping market and the automation and intelligent upgrades of port machinery [1] Group 4: Strategic Expansion - In October 2024, the company acquired Xiamen Ruixin Tuchip Technology Co., Ltd., expanding into GPU-based chip design and solution business [1] - Ruixin Tuchip has also won a bid and signed a framework procurement project for power control chips with Southern Power Grid, with a contract amount of approximately 19.74 million yuan, and has begun to supply [1] Group 5: Investment Rating - The report initiates coverage with an "Overweight" rating for the company [1]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][7]. Core Insights - The company has shown a significant increase in its non-recurring net profit, with a year-on-year growth of 59.89% in the first half of 2025, despite a decline in overall revenue due to the divestment of its CNC machine tool business [4]. - The gross profit margin improved to 26.13%, reflecting a 24.6 basis point increase, while the net profit margin also saw a slight increase [4]. - The company is well-positioned in the container handling equipment sector, with a strong order backlog and increasing market share both domestically and internationally [5]. - The acquisition of Xiamen Ruixin Tuxin Technology Co., Ltd. is expected to drive growth in the GPU chip design and solutions business, targeting various industries [6]. Company Overview - The latest closing price is 9.19 yuan, with a total market capitalization of 9.3 billion yuan [3]. - The company has a total share capital of 1.008 billion shares, with a debt-to-asset ratio of 50.8% and a price-to-earnings ratio of 75.27 [3]. Financial Projections - Revenue projections for 2025-2027 are 11.39 billion, 14.50 billion, and 18.71 billion yuan, with expected growth rates of -3.82%, +27.34%, and +28.98% respectively [7]. - The forecasted net profit for the same period is 1.02 billion, 1.48 billion, and 2.30 billion yuan, with growth rates of -17.30%, +45.18%, and +55.66% respectively [7]. - The corresponding price-to-earnings ratios are projected to be 91.01, 62.69, and 40.27 [7].

Core Viewpoint - Huadong Heavy Machinery Co., Ltd. reported a solid performance in its core container handling equipment business, achieving a revenue of 364 million yuan and a net profit of 26.16 million yuan in the first half of 2025 [1][2] Group 1: Container Handling Equipment Business - The company focuses on container handling equipment, including quay cranes, rail-mounted gantry cranes, and rubber-tired gantry cranes, which are essential for port operations [1] - Huadong's products are utilized in major domestic ports and have been exported to various countries, enhancing its market share both domestically and internationally [1] Group 2: Chip Design and Solutions Business - In October 2024, the company acquired Xiamen Ruixin Tuxin Technology Co., Ltd. to expand its chip design and solutions business, which has begun mass supply of GPU chips targeting the domestic market [2] - The company secured a framework procurement project for power control chips with a total estimated value of approximately 19.74 million yuan [2] Group 3: Solar Business - The company's solar subsidiary has filed for bankruptcy reorganization, and as of June 30, 2025, it will no longer be included in the consolidated financial statements [2] Group 4: Overall Business Outlook - The company maintains a positive outlook for its container handling equipment business, supported by a strong order backlog and increasing market share [2] - The chip design and solutions business is positioned for growth as the importance of the domestic innovation industry rises, indicating a potential acceleration in market demand [2]