内容概况：在海洋油气开采体系中，海底管道是连接海底油井与陆地终端的关键基础设施，其运行稳定 性直接关乎能源输送安全。由于长期处于高压、低温、强腐蚀及复杂地质活动的深海环境中，传统钢质 管道面临严峻挑战。海洋软管凭借其独特的柔性结构、卓越的耐腐蚀性与耐高低温性能，能够在恶劣工 况下保持长期稳定运行，已成为深海油气输送的"海底生命线"。海洋软管核心技术曾长期被国外垄断， 直至2010年无棣海忠软管制造有限公司成功研发出首根国产海洋软管并应用于南海西部海域，才实现国 产化突破。近年来，全球能源需求持续增长，发展中国家随着经济快速扩张对石油和天然气的依赖程度 进一步加深。为满足持续增长的能源需求，油气企业不断加大海洋油气资源的勘探与开发力度，推动海 洋软管在浮式生产系统、海底管网及跨海输送等场景中的应用日益广泛。数据显示，2024年中国海洋软 管行业市场规模为26.83亿元，同比增长18%。未来，随着深海油气资源开发加速以及柔性管道在跨海 输送等领域应用的深化，海洋软管行业将迎来更广阔的市场空间。 相关上市企业：中国石化（600028）、宝丰能源（600989）、北元集团（601568）、中泰化学 （002092）、 ...

Investment Rating - The report maintains a rating of "Add" for the company [1] Core Views - The company's performance is under pressure due to a decline in overseas orders influenced by US-China trade tensions, with a 16% year-on-year drop in non-recurring profit for the first three quarters of 2025 [2] - The company reported a revenue of 346 million yuan for the first three quarters of 2025, a year-on-year increase of 4.64%, while the net profit attributable to the parent company was 66 million yuan, a decrease of 3.92% year-on-year [2] - The gross profit margin for the first three quarters of 2025 was 41.04%, down 0.58 percentage points year-on-year, and the net profit margin was 19.03%, down 1.73 percentage points year-on-year [2] Financial Performance Summary - For 2025, the company expects total revenue to reach 580.67 million yuan, with a year-on-year growth of 20.01%, and a net profit attributable to the parent company of 137.77 million yuan, reflecting a year-on-year increase of 28.50% [1][10] - The company’s earnings per share (EPS) for 2025 is projected to be 1.09 yuan, with a price-to-earnings (P/E) ratio of 30.40 based on the latest diluted EPS [1][10] - The company’s contract liabilities increased by 31% compared to the beginning of the year, driven by customer prepayments for high-pressure sterilization equipment [3] Business Development and Market Position - The company has significant advantages in the rubber hose industry and is expanding horizontally into liquid cooling, nuclear power, and marine hoses, while vertically integrating high-pressure equipment to enter the food processing sector [4] - The company has completed sample trials for various nuclear power hoses and is in the process of supplying samples for liquid cooling hoses to potential customers [4] - The company is focusing on the high-pressure industry chain and steadily advancing its business layout in high polymer materials and high-pressure equipment [4]

Core Insights - The company reported a revenue of 32.049 billion yuan for the first half of 2025, representing a year-on-year growth of 20.42%, while the net profit attributable to shareholders was 1.613 billion yuan, up 0.24% [1] - In Q2 2025, the company achieved a revenue of 18.781 billion yuan, a year-on-year increase of approximately 26.64%, driven by steady growth in marine energy, communication, ultra-high voltage, and smart grid businesses [1] Group 1: Business Performance - The company's net profit for Q2 2025 was 1.056 billion yuan, a decrease of about 3.63% year-on-year, primarily due to enhanced operational efficiency and a reduction in R&D expense ratio [1] - The company is focusing on deep-sea wind power development and optimizing production capacity at its Jiangsu and Jieyang marine energy bases [2] Group 2: Global Strategy - The company is deepening its global operational strategy, advancing international business in both communication networks and energy interconnection [3] - As of the reporting period, the company had 7.5 billion yuan in orders related to marine communication, indicating a continuous improvement in cross-ocean communication system integration capabilities [3] Group 3: Investment Outlook - The company remains focused on creating value in the communication and energy sectors, providing industry-leading products and solutions [4] - Expected net profits for 2025-2027 are projected to be 3.330 billion, 3.706 billion, and 4.079 billion yuan, with corresponding growth rates of 20%, 11%, and 10% [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company reported a revenue of 32.049 billion yuan for the first half of 2025, representing a year-on-year growth of 20.42%. The net profit attributable to shareholders was 1.613 billion yuan, with a slight increase of 0.24% year-on-year [1]. - The company is focusing on expanding its capabilities in deep-sea wind power and enhancing its leadership position in marine energy interconnection. It is actively involved in new infrastructure projects under the national marine power strategy [7]. - The company is advancing its global operations strategy, with simultaneous developments in cross-ocean communication and energy interconnection. As of the report date, the company had 7.5 billion yuan in orders related to marine communication and approximately 20 billion yuan in energy interconnection projects [7]. Financial Data and Valuation - The company is projected to achieve total revenue of 66.808 billion yuan in 2025, with a year-on-year growth of 11%. The net profit attributable to shareholders is expected to reach 3.330 billion yuan, reflecting a growth of 20% [2][15]. - The earnings per share (EPS) is forecasted to be 1.35 yuan in 2025, with a price-to-earnings (PE) ratio of 15.0 [2][15]. - The company’s total assets are estimated to be 63.152 billion yuan in 2025, with a debt-to-asset ratio of 46.4% [13][15]. Performance Metrics - The company achieved a gross margin of 13.1% and a net margin of 5.0% in 2025 [15]. - The return on equity (ROE) is projected to be 11.1% in 2025, indicating a strong profitability outlook [15]. - The company has a total market capitalization of approximately 49.9 billion yuan, with a circulating market value of 49.4 billion yuan [3].

Core Viewpoint - The rapid development of the Blue Water Group's base in Huizhou Port Industrial Park exemplifies the efficiency and growth potential of the marine equipment manufacturing industry in China, particularly in the deep-sea wind power sector [1][2][4]. Group 1: Company Performance - Blue Water Group has significantly reduced the production cycle of deep-sea wind power risers from nearly 80 days to 45 days, showcasing remarkable manufacturing efficiency [1]. - The company holds over 70% market share in the domestic deep-sea wind power riser market, with total orders exceeding 800 million yuan this year [2]. - The monthly production capacity at the base has reached an average of 6 risers, with 6 completed risers ready for shipment and 15 more in production [2]. Group 2: Operational Efficiency - Blue Water Group has optimized its production processes through lean management, innovation, and effective supply chain coordination, ensuring high-quality project delivery [2]. - The company has established an integrated heavy component transfer channel, allowing for the loading of 3 risers within 7 hours and complete shipping processes within 20 hours, setting new operational records [2]. Group 3: Government Support - The Huizhou Port Industrial Park provides a supportive business environment, facilitating rapid project approvals and operational setups for companies like Blue Water Group [3]. - The park employs a dual-track service model, utilizing online platforms and on-site assistance to streamline processes, achieving a project approval timeline of just 212 days [3]. Group 4: Industry Development - The Huizhou Port Industrial Park is attracting significant investments, with projects like the Hengtong Phase II project, which plans to invest approximately 1.5 billion yuan in marine cable manufacturing [4]. - The park is also exploring new development models such as "wind-fish integration" and "wind power + hydrogen storage," aiming to enhance its industrial capabilities [5]. - Blue Water Group is optimistic about future prospects, planning to expand into advanced marine engineering fields and develop high-end equipment clusters covering the entire marine sector [5].