船海工程EPC建造业务

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天海防务(300008):25H1归母净利润同比+106.69%
HTSC· 2025-08-27 07:05
Investment Rating - The report maintains an "Overweight" rating for the company [7]. Core Views - The company reported a significant increase in revenue and net profit for H1 2025, with revenue reaching 1.843 billion RMB, up 22.00% year-on-year, and net profit of 126 million RMB, up 106.69% year-on-year [1][2]. - The rapid growth in performance is attributed to accelerated order deliveries in Q2, a surge in revenue from the shipbuilding EPC business, and an improvement in gross margins [1][3]. - The company has a robust order backlog, particularly benefiting from government support for deep-sea technology policies, positioning it well for future growth [1][4]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin was 19.67%, an increase of 2.80 percentage points year-on-year, and the net profit margin was 6.85%, up 2.59 percentage points year-on-year [2]. - The total expense ratio for H1 2025 was 11.17%, a year-on-year increase of 0.55 percentage points, with sales expenses rising due to rapid growth in overseas business [2]. Operational Highlights - The company delivered 14 vessels under its design and construction contracts in H1 2025, compared to 12 vessels in H1 2024, indicating an acceleration in delivery speed [3]. - The revenue from the shipbuilding EPC business reached 1.697 billion RMB, reflecting a year-on-year increase of 32.33% [3]. Order Backlog and Future Prospects - As of the end of H1 2025, the company had a substantial order backlog, including 1.314 billion RMB in design contracts and 14.143 billion RMB in construction contracts, showing a 1.3% increase compared to the end of 2024 [4]. - The report highlights an increase in the proportion of offshore engineering orders, which is expected to benefit from the growing emphasis on deep-sea development and resource utilization [4]. Profit Forecast and Valuation - The profit forecast for the company has been revised upwards for 2025-2027, with expected net profits of 218 million RMB, 288 million RMB, and 334 million RMB respectively, reflecting increases of 15%, 16%, and 17% [5]. - The target price is set at 8.21 RMB, based on a PE ratio of 65 times for 2025, indicating a favorable valuation compared to the industry average [5].