[Table_scodeMsg1] 联合研究丨公司深度丨中国动力（600482.SH） [Table_Title] 中国动力：船用动力系统龙头格局稳固，后市场、 燃机打开新空间 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summar 随着 301 政策对船舶板块压制因素消除， y] 2025 年 11、12 月全球造船新签订单大幅提升，板块 向上拐点已现，下游航运业景气叠加运力紧张，油轮订单有望接力集装箱船订单释放。长期来 看航运业环保政策趋于严格，IMO 减排长期目标不变，未来清洁能源船型更新替换潜力大。中 国动力作为中国造船业动力总装核心平台，背靠中国船舶集团，近年来船用发动机产能持续扩 张，受益于船舶业景气周期的同时，船舶清洁能源转型趋势有望带动公司盈利能力提升。国家 政策大力支持下，长期来看燃气轮机+深海科技有望为公司打开新成长空间。 分析师及联系人 [Table_Author] 赵智勇 王贺嘉 臧雄 SAC：S0490517110001 SAC：S0490520110004 SAC：S0490518070005 SFC：BRP550 ...

Investment Rating - The report does not explicitly state an investment rating for the marine engine industry, but it highlights significant growth potential in the environmental engine market and increasing market concentration among leading manufacturers [3][16]. Core Insights - The marine engine market is experiencing intensified competition due to the environmental transformation and the trend towards larger engines, which is leading to increased market share concentration among top companies. The CR5 of the global low-speed engine market increased from 84% in 2011 to over 89% in 2023, while China's CR3 rose from 44% to over 87% in the same period [3]. - The environmental engine market is projected to grow rapidly from approximately 21.3 billion yuan in 2024 to 123.3 billion yuan by 2035, while the traditional engine market is expected to enter a rapid decline phase after 2030. The International Maritime Organization (IMO) and the European Union have set clear greenhouse gas reduction targets for the shipping industry, necessitating the adoption of low-carbon and zero-carbon fuel vessels [3][18]. - The dual-fuel technology is identified as a core system for eco-friendly vessels, with its value increasing by approximately 20-30% compared to traditional diesel engines. The average unit value of engines is expected to rise as the penetration rate of eco-friendly vessels increases, further expanding industry demand [3][18]. Market Overview - The marine engine market is categorized into low-speed, medium-speed, and high-speed engines, with low-speed engines accounting for over 90% of the propulsion power for ocean-going vessels such as container ships and bulk carriers [5][7]. - The marine engine industry chain consists of upstream key components and material suppliers, midstream core design and manufacturing, and downstream shipbuilding and operation, characterized by high technical barriers and market concentration [8][11]. Market Size - The environmental engine market is expected to grow from approximately 21.3 billion yuan in 2024 to 123.3 billion yuan by 2035, while the traditional engine market will decline significantly after 2030 [16][18]. - The global marine engine aftermarket is projected to reach 98.5 billion yuan in 2024, with steady growth expected to 119.1 billion yuan by 2030, driven by maintenance and spare parts [19][21].

4月份，华尔街传出了一个消息，美国政府正在与许多国家讨论一种条件，即在一定程度上降低进口 税，但有一个前提条件，那就是这些国家必须帮助美国限制中国的商品进入其市场。简单来说，如果这 些国家允许中国企业通过它们的市场转运商品进入美国，那么它们将不再享受低关税待遇。 4月中旬，中国外交部发表声明，强调中国不会允许任何国家通过损害中国利益来换取其他好处。去 年，当欧盟对电动车征税时，中国也采取了反制措施，查扣法国的猪肉和白兰地，导致法国酒庄的库存 堆积，最终欧盟被迫删去会议中的负面措辞。东南亚国家在这一过程中看得很清楚，日本丰田的老板还 亲自飞到北京洽谈氢能项目，而越南的电子厂在意识到可能无法继续从中国获取元件后，甚至决定停 工。全球支付体系也发生了变化，中东的石油交易开始使用人民币结算。 面对这种压力，欧洲国家感受到了很大的压力，尤其是德国的汽车制造商，他们依赖中国的零部件供 应。东南亚国家也开始感到困扰，像越南，原本是靠中国的原材料进行组装并出口的工厂，现在不得不 重新考虑他们的生产模式。 进入5月，有报道指出，美国的贸易代表直接前往亚洲，与日本和韩国讨论脱钩的问题，要求它们禁止 中国芯片公司在当地设厂，否则它 ...

保税维修，即企业以保税方式将存在部件损坏、功能失效、质量缺陷等问题的货物或运输工具从境 外运入境内进行检测、维修后复运出境的业务模式。海关特殊监管区域外保税维修业务，即企业可以将 维修场所、设备等设置在海关特殊监管区域外，不仅可以大幅降低运营成本，更有助于区域外企业形成 产业集群，增强行业辐射效应。 据了解，2025年8月24日，海南龙盘油田科技有限公司正式获得海南省人民政府批准，成为海南首 个在海关特殊监管区域外开展保税维修业务的试点企业，主要维修船用发动机。 海南龙盘油田科技有限公司负责人表示，公司获批相关资质可以帮助企业将海南自由贸易港的政策 优势转化为竞争优势，抢占发展先机。 新华社海口12月13日电（记者刘邓、吴茂辉）记者从海口海关获悉，近日，一台船用发动机的保税 维修账册备案和进口清单申报在海口海关所属椰城海关顺利通过审批，并在海口海关所属马村港海关顺 利完成报关单申报。 这是海南自由贸易港首单海关特殊监管区域外保税维修业务，标志着该政策适用范围进一步扩大。 ...

Core Viewpoint - The first offshore bonded maintenance business in Hainan Free Trade Port has been successfully implemented, marking a significant expansion of the bonded maintenance policy beyond the customs special supervision area, injecting strong momentum into the operations of Hainan Free Trade Port [1][2]. Group 1: Business Implementation - The first bonded maintenance record and import declaration for a marine engine was approved by Haikou Customs, successfully completing the customs declaration at the Ma Village Port Customs [1]. - The bonded maintenance business allows enterprises to import goods or transport tools with defects for inspection and repair, and then re-export them, significantly reducing operational costs and promoting industrial clustering outside the customs special supervision area [1]. Group 2: Company Development - Hainan Longpan Oilfield Technology Co., Ltd. became the first pilot for offshore bonded maintenance business in Hainan, focusing on marine engine repairs, after receiving approval from the Hainan Provincial Government [1]. - The company quickly upgraded its hardware and processes to comply with regulations, leveraging the policy advantages before the customs closure to enhance its global market competitiveness [2]. Group 3: Support and Policy Guidance - Haikou Customs, along with the Coconuts City Customs and Ma Village Port Customs, developed a detailed policy service plan to support the business, including personalized guidance on policy interpretation and declaration processes [2]. - The customs authority plans to continue optimizing services and providing policy guidance for the bonded maintenance industry in Hainan Free Trade Port, ensuring smooth operations [2].

Core Viewpoint - Hengli Heavy Industry announced the establishment of an international ship research and design center in Shanghai, enhancing its capabilities in high-end shipbuilding and attracting top talent in the industry [2][4]. Fundraising and Investment Projects - Guangdong Songfa Ceramics Co., Ltd. approved a proposal to increase the implementation subject and location of fundraising projects, designating Hengli Shipbuilding and its subsidiaries as the implementation body for the "Hengli Heavy Industry Group Co., Ltd. International Ship Research and Design Center Project (Phase I)" [2][3]. - The total amount raised through the issuance of shares was approximately RMB 3.99 billion, with a net amount of approximately RMB 3.93 billion after deducting issuance costs [2]. Project Details - The Hengli Shipbuilding (Dalian) green high-end equipment manufacturing project has a total investment of approximately RMB 8 billion, with planned fundraising of RMB 3.5 billion [3]. - The Hengli Heavy Industry International Ship Research and Design Center (Phase I) project has a total investment of approximately RMB 740 million, with planned fundraising of about RMB 430 million [3]. Strategic Importance - Hengli Shipbuilding, as a wholly-owned subsidiary of Hengli Heavy Industry, plays a crucial role in the shipbuilding sector, leveraging its strong R&D team to enhance operational efficiency and expedite project implementation [4]. - Shanghai's status as a leading international shipping center provides access to top-tier shipping resources and talent, which is expected to strengthen the company's R&D capabilities in green, high-end, and intelligent shipbuilding [4]. Company Background - Hengli Heavy Industry was established in response to national initiatives, acquiring the former STX Dalian assets for RMB 2.11 billion to create a world-class high-end shipbuilding base [5]. - The company has commenced construction on over 60 vessels, with a backlog of approximately 170 orders scheduled for delivery until 2029 [5]. - Once fully operational, Hengli Heavy Industry's projects are expected to produce over 150 large vessels annually and cover four types of dual-fuel systems, positioning it as the largest and most comprehensive shipbuilding base globally [5].

Group 1 - The company reported a total foreign sales revenue of 659 million yuan for its marine engines and various generator sets in the first half of 2025, with major markets in Southeast Asia and other regions also contributing to exports [2]

Core Insights - The company, Hengli Heavy Industry, has successfully entered the green fuel engine manufacturing sector with the production of its first LPG dual-fuel 6G60 engine, marking a significant milestone in China's ship engine manufacturing capabilities [1][2] - Hengli Heavy Industry aims to become the largest ship engine manufacturer in China, with a production capacity of 180 engines per year, covering various low-carbon and zero-carbon dual-fuel engines [1][2] Group 1: Production and Capacity - Hengli Heavy Industry's new engine assembly workshop spans nearly 20,000 square meters and has been operational for only three months, showcasing rapid development in production capabilities [1] - The company has already secured engine orders scheduled for delivery until 2028, with plans to deliver 120 engines in 2026 [2] Group 2: Market Position and Strategy - The company has adopted a dual approach of "shipbuilding" and "engine manufacturing" to overcome the challenges in the ship engine sector, aiming to create world-class ship engines [1] - Hengli Heavy Industry's fully autonomous engine production capability enhances its competitive strength in the international shipbuilding market, with new ship orders extending to 2029 [2] Group 3: Innovation and Development - The design and R&D teams at Hengli Heavy Industry have been working tirelessly to innovate and produce engines that meet the growing demand for low-carbon and zero-carbon solutions in the maritime industry [2] - The engines produced by Hengli Heavy Industry have received recognition from classification societies and shipowners, indicating a growing brand influence in the market [2]

Core Insights - The 2025 High-tech Shipbuilding and Offshore Equipment National Advanced Manufacturing Cluster Development Conference and Exhibition was held in Nantong, showcasing the growing significance of the shipbuilding and offshore engineering industry in China [1][2] - The "Tongtaiyang" region, comprising Nantong, Taizhou, and Yangzhou, achieved a total output value of 3290.8 billion yuan in the shipbuilding and offshore engineering sector last year, with Nantong's shipbuilding industry alone accounting for 10% of the national total [2][4] - A strategic cooperation agreement was signed to create a world-class shipbuilding and offshore engineering industrial cluster, indicating a significant collaboration between Nantong and Shanghai [1][5] Industry Overview - The shipbuilding industry in China is the largest globally, with market shares in 2024 projected at 55.7% for completed shipbuilding, 74.1% for new orders, and 63.1% for hand-held orders [2] - The Nantong shipbuilding and offshore equipment industry has over 420 enterprises, including more than 30 specialized "little giant" companies, contributing to a production value exceeding 2100 billion yuan last year [4][6] - The region's shipbuilding and offshore engineering industry is characterized by a long supply chain, with significant collaboration among various enterprises across the Yangtze River Delta [3][5] Strategic Developments - The collaboration between Nantong and Shanghai aims to reshape the shipbuilding and offshore engineering landscape in China, enhancing competitiveness on a global scale [2][5] - The "Tongtaiyang" industrial cluster is expected to see a 41% increase in total output value and an 84.6% rise in new orders by 2024 compared to 2022, highlighting the growing synergy within the region [3][6] - Initiatives such as the implementation of high-quality development plans and the establishment of modern shipbuilding bases are underway to further strengthen the industry [5][6]

Core Insights - The 2025 High-tech Shipbuilding and Offshore Equipment National Advanced Manufacturing Cluster Development Conference and Exhibition was held in Nantong, showcasing the growing significance of the shipbuilding and offshore engineering industry in China [1][2] - The event attracted over 500 enterprises from the shipbuilding and offshore engineering supply chain, including major state-owned enterprises and international participants, marking a record in both quantity and quality of exhibitors [1][2] - A strategic cooperation agreement was signed to create a world-class shipbuilding and offshore engineering industrial cluster centered in Nantong, linking it with neighboring cities [1][2] Industry Performance - The "Tongtaiyang" region's shipbuilding and offshore engineering industry achieved a total output value of 329.08 billion yuan last year, with shipbuilding manufacturing accounting for over 40% of the national total and offshore equipment over 25% [2] - The Chongming District's shipbuilding and offshore engineering output reached 80 billion yuan, representing 65% of Shanghai's total [2] - The shipbuilding industry in Jiangsu province is the largest in China, with significant market shares projected for 2024, including 55.7% of global shipbuilding completions and 74.1% of new orders [2] Strategic Developments - The collaboration between Nantong, Taizhou, and Yangzhou has led to a 41% increase in total output value and an 84.6% rise in new orders compared to 2022 [3] - Nantong's shipbuilding and offshore equipment industries account for 10% and 25% of the national totals, respectively, with over 420 enterprises and numerous industry leaders emerging from the region [3] - The "Hutongtaiyang" industrial cluster is expected to enhance the integration and competitiveness of the shipbuilding and offshore engineering sectors across the Yangtze River Delta [4] Future Outlook - The development plans for high-tech shipbuilding and offshore equipment aim to establish a world-class advanced manufacturing cluster, with various initiatives already underway to enhance production capabilities [4][5] - Nantong's leadership emphasizes the importance of leveraging regional advantages to contribute to high-quality development in the province and beyond [5]