Core Viewpoint - Tianhai Defense has approximately 14 billion yuan in hand orders, with a significant portion coming from offshore engineering vessels and transportation ships [1] Group 1: Order Composition - The company’s current orders are about 14 billion yuan, with offshore engineering vessel orders accounting for approximately 25% [1] - The offshore engineering orders include large floating wind power projects, crane vessels, and piling vessels, which are traditional strengths of the company [1] - Transportation ship orders make up about 75% of the total, primarily consisting of 40,000-ton handy bulk carriers and 5,900-ton/5,200-ton multipurpose vessels [1] Group 2: Market Demand - Although the individual value of multipurpose vessels is relatively low, there is a significant demand due to the large existing fleet in the Baltic Sea region, which is currently undergoing a replacement cycle [1] - The expected order demand for these vessels is anticipated to continue for some time [1]

天海防务在互动平台表示，公司在手订单约140亿左右，其中海工船订单占比约25%左右，包括我们新 获得的大型浮式风电项目以及起重船、打桩船等传统优势项目；运输船订单占比约75%左右，主要包括 4 万吨灵便型散货船以及 5900 吨/5200 吨多用途船。虽然这些多用途船单船价值不高，但得益于环波罗 的海沿岸地区的此类型船舶保有量较大，目前也到了换船周期，后续的预计订单需求仍会持续一段时 间。 ...

Core Viewpoint - Tianhai Defense (300008) reported a current order backlog of approximately 14 billion yuan, indicating a strong demand for both offshore and transport vessels [1] Group 1: Order Composition - The company's order backlog consists of about 25% offshore vessel orders, which include newly acquired large floating wind power projects and traditional stronghold projects such as crane vessels and piling vessels [1] - Transport vessel orders make up approximately 75% of the backlog, primarily consisting of 40,000-ton handy bulk carriers and 5,900-ton/5,200-ton multipurpose vessels [1] Group 2: Market Trends - The demand for multipurpose vessels is expected to continue due to a significant number of such vessels in the Baltic Sea region reaching their replacement cycle [1]