Core Insights - The company has achieved a 100% year-on-year increase in new ship exports, attributed to the "customized service" provided by the border inspection department, which has saved significant time [1] - Jiangsu Dajin Heavy Industry Co., Ltd. has a strong order backlog for specialized transport vessels, LNG-powered ships, and offshore platforms, with orders extending to 2028 [1] - The local shipbuilding industry has experienced explosive growth this year, with the port of Zhenjiang successfully exporting over 40 new ships, marking a 20% increase compared to the previous year [1] Group 1 - The Zhenjiang border inspection station has implemented a "one ship, one policy" service to ensure seamless transitions from delivery to export for new ships [1] - The station has actively engaged with shipping companies to understand their needs and has provided comprehensive support for the export process [2] Group 2 - The border inspection station plans to continue enhancing services to support the development of shipping companies, contributing to high-quality local economic growth [2]

Core Viewpoint - China Merchants Industry is a global leader in specialized transportation vessels, with new capacity expected to drive performance growth in the coming years [1] Company Overview - China Merchants Industry is projected to deliver a total of 65 new vessels between 2025 and 2026, equating to a total capacity of 3.75 million DWT, which represents 61% of the company's fleet capacity by the end of 2024 [1] - The rapid expansion of the fleet is anticipated to support significant performance growth [1] Business Segments - The company's pulp carrier business is expected to benefit from the rapid fleet expansion, stable domestic pulp consumption growth, and the expansion plans of overseas pulp mills, making it a key contributor to performance growth [1] - The supply side is constrained by aging vessels and environmental compliance requirements, indicating that the tight capacity situation is likely to persist in the short to medium term [1] Market Dynamics - The expansion of the automobile carrier fleet is expected to bring additional capacity, with a solid fundamental outlook [1] - The company has a strong competitive advantage and profitability, with potential policy benefits in the semi-submersible vessel market [1] Investment Outlook - Given the rapid expansion of the fleet, the company is expected to see considerable performance growth, and assuming a 50% dividend payout ratio over the next three years, it offers a dividend yield of 5-6% [1] - The company has initiated coverage with a "Buy" rating [1]