证券日报网讯广联航空（300900）9月3日发布公告，在公司回答调研者提问时表示，公司的核心竞争优 势源于"跨领域技术迁移+全链条能力构建"的双重壁垒，通过将航空航天领域积淀的复合材料技术、精 密制造工艺与系统集成经验，创新性迁移至海洋装备领域，实现船体结构轻量化与性能跃升，构建"工 艺设计-工装研发-零件试制-整体装配-检测验证"的全链条交付能力，解决传统金属船体耐蚀性差、能耗 高的痛点，快速响应客户定制化需求，缩短产品研发与交付周期。同时，通过与国内船舶领域权威院校 共建联合创新中心，持续强化产学研协同创新能力，将技术优势转化为产品竞争力，进而构筑市场竞争 力。 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully integrated its Tianjin Intelligent Manufacturing Base into the Tianjin Lingang Comprehensive Bonded Zone, enhancing its international competitiveness in marine equipment [1] Group 1 - The Tianjin Lingang Comprehensive Bonded Zone officially passed inspection on August 21 [1] - CNOOC Engineering's Tianjin Intelligent Manufacturing Base is the first construction site of CNOOC to be included in the comprehensive bonded zone [1] - This development provides strong support for CNOOC to improve its international competitiveness in marine equipment [1]

Group 1 - The provincial government emphasizes the importance of stabilizing growth, enhancing innovation, and improving quality and efficiency to promote high-quality economic and social development [2][4] - Companies are encouraged to increase R&D investment, improve process levels, and strengthen industry chain cooperation to meet growing market demands [3] - The government is focusing on accelerating project construction in the new energy sector while ensuring quality and safety, particularly in the green lithium battery industry [3] Group 2 - The economic performance in Dongying has shown a steady improvement this year, with a focus on leveraging development opportunities and enhancing internal demand [4] - There is a strong push for building a modern industrial system, deepening reforms, expanding openness, and achieving breakthroughs in green and low-carbon transformation [4] - The government is also addressing the need for effective risk prevention and mitigation in key areas while ensuring the improvement of people's livelihoods [4]

Core Insights - The total scale of China's marine economy is projected to reach 10.54 trillion yuan in 2024, with a marine GDP of 5.1 trillion yuan in the first half of the year, reflecting a year-on-year growth of 5.8%, surpassing the national GDP growth rate by 0.5 percentage points [1] - The Central Financial Committee emphasizes the need for high-quality development of the marine economy, advocating for enhanced top-level design and policy support [1] - The development of bay economies is being explored across various coastal provinces, with over 150 bays larger than 10 square kilometers along China's 32,000-kilometer coastline [1] Marine City Clusters - Marine city clusters are defined as urban agglomerations centered around port groups, with marine economies at their core, facilitating collaboration among multiple cities [2] - Approximately 60% of global economic output is concentrated in port bays and adjacent areas, with 75% of major cities and 70% of industrial capital located within 100 kilometers of coastal areas [2] Bay Area Development - The Greater Bay Area's marine city cluster aims to create a unique multi-center collaborative development model, leveraging the strengths of Hong Kong, Shenzhen, and Guangzhou [7] - The three cities form a "golden triangle," enhancing resource allocation efficiency and global competitiveness through improved connectivity and collaboration [7][19] Economic Goals - The Greater Bay Area aims for a container throughput of 100 million TEUs by 2030, surpassing the combined throughput of New York and Los Angeles ports [9] - Research and development investment is targeted to exceed 5% by 2025, outpacing Norway's 3.9% [9] - The goal for green shipping is to have 15% of ammonia-fueled vessels by 2035, exceeding the EU's target of 10% [9] Collaborative Development - The concept of "collaborative development" is not unique to the Greater Bay Area, with cities like Qingdao and Ningbo-Zhoushan also pursuing marine city cluster initiatives [11][10] - The integration of surrounding marine cities can enhance economic scale and create economies of scale and scope [11] Current Leaders in Marine Economy - Shanghai remains the leader in marine economy, with a marine GDP projected to reach 1.1387 trillion yuan in 2024, followed by Tianjin, Qingdao, and Shenzhen [15] - The collaborative model among Shenzhen, Hong Kong, and Guangzhou is seen as a necessity due to their individual limitations compared to cities like Shanghai and Singapore [15] Infrastructure and Innovation - The development of transportation infrastructure, such as the Shenzhen-Zhongshan Bridge, is crucial for enhancing connectivity and collaboration among cities [23] - The establishment of marine universities and research institutions is essential for fostering innovation in marine-related fields [23][24] Institutional Innovation - Shenzhen is encouraged to create legal frameworks related to marine development while deepening integration with Hong Kong [24] - The Greater Bay Area is positioned as a testing ground for innovative marine governance models under the "one country, two systems" framework [24]

Core Viewpoint - The China National Ocean Comprehensive Test Field (Deep Sea) has officially commenced operations, focusing on enhancing capabilities in deep-sea access, exploration, and development [1][2] Group 1: Overview of the Deep Sea Test Field - The deep sea test field is part of a national system aimed at integrating shallow and deep-sea testing capabilities, emphasizing the development and testing of deep-sea equipment [1] - The fixed test area is located approximately 200 kilometers southeast of Sanya, covering an area of about 400 square kilometers with water depths ranging from 1,300 to 1,500 meters [1] Group 2: Functions and Services - The test field serves as a public service platform, adhering to principles of public welfare, authority, openness, and sharing, allowing for testing and certification of marine equipment's environmental adaptability, safety, reliability, and compatibility [1] - As of 2024, the construction of the deep sea test field will officially begin, with background observation equipment such as comprehensive buoys and real-time submersibles already deployed for dynamic monitoring of marine environmental factors [2] Group 3: Future Developments - The shore-based business building of the deep sea test field is expected to be completed and operational by January 2025 [2]

Core Viewpoint - Xiamen is focusing on the development and utilization of marine biological products and other fields by establishing a public service platform for the marine industry, with project subsidies not exceeding 15 million yuan [1] Group 1: Policy Measures - The Xiamen Marine Development Bureau, in collaboration with the Finance Bureau, has drafted measures to accelerate the development of emerging marine industries [1] - Support will be provided for the construction and operation of platforms that focus on technological innovation, concept verification, product research and development, pilot testing, achievement transformation, inspection and testing, and experimental promotion [1] Group 2: Financial Support - Subsidies will cover up to 50% of the actual equipment investment for projects, with a maximum subsidy of 15 million yuan per project [1] - Public service platforms supported by national, provincial, and municipal special funds in the marine sector will receive performance rewards based on annual evaluations, with a maximum reward of 1.5 million yuan for excellent evaluations and 1 million yuan for good evaluations [1]

Financial Performance - The net profit for 2024 is -1.673 billion CNY, a reduction in loss by 0.251 billion CNY compared to the previous year [3] - Total revenue for 2024 is 1.869 billion CNY, a year-on-year increase of 0.34% [5] - Revenue from blue army equipment and related products is 0.785 billion CNY, up 0.91% year-on-year [3] - Revenue from communication and control products is 0.478 billion CNY, showing a significant increase of 66.28% [3] - Revenue from space information application products is 5.82 million CNY, down 38.30% year-on-year [4] - Revenue from data security application products is 0.186 billion CNY, up 12.95% year-on-year [4] - Revenue from marine equipment and power equipment is 0.414 billion CNY, down 33.57% year-on-year [4] Cost and Expense Management - Sales expenses for 2024 are 0.140 billion CNY, a decrease of 14.59% year-on-year [4] - Management expenses are 0.419 billion CNY, an increase of 2.37% year-on-year [4] - Financial expenses are 13.19 million CNY, a significant increase of 224.44% year-on-year [4] - R&D expenses are 0.471 billion CNY, down 10.88% year-on-year [4] Cash Flow and Financial Ratios - Net cash flow from investment activities is 0.392 billion CNY, an increase of 615.85% year-on-year [4] - Net cash flow from financing activities is -0.334 billion CNY, a decrease of 293.57% year-on-year [4] - The asset-liability ratio at the end of 2024 is 46.81%, an increase of 8.04 percentage points from the previous year [4] - Accounts receivable at the end of 2024 amount to 2.196 billion CNY, and inventory is 2.159 billion CNY [5] R&D and Strategic Focus - R&D investment for 2024 is 26.40% of revenue, focusing on integrated environment verification systems and next-generation communication systems [2] - The company aims to enhance its core competitiveness and achieve high-quality rapid development by optimizing key industry structures [2] Future Outlook - The company is actively pursuing new business layouts to boost future performance, particularly in the commercial space sector [5] - The company plans to maintain its focus on core industries and leverage its strengths to expand both domestic and international markets [4]