公司船舶交付加速，带动收入利润稳定增长 公司25H1 公司交付设计建造总承包业务14 艘、设计业务39 艘、监理业务9 艘（对比24H1 的12 艘、9 艘、8 艘），交付速度有所加快。船海工程设计建造总承包业务收入达16.97 亿元，同比+32.33%，实现 快速稳定增长。 公司盈利能力持续增强，归母净利实现高速增长25H1 公司毛利率19.67%（同比+2.80pp），净利率 6.85%（同比+2.59pp），盈利能力持续增强。期间费用率方面，25H1 合计期间费用率11.17%，同比 +0.55pp；其中销售费用率、管理费用率、研发费用率、财务费用率分别为2.14%、6.21%、1.31%、 1.50%（同比+1.07pp、-0.67pp、-0.54pp、+0.69pp）。销售费用率上升主要系公司海外业务快速增长， 导致销售代理费用随之上升；而财务费用率上升主要系公司短期借款规模扩大带来的利息费用增加。考 虑公司在手订单中系列化的运输船产品占比提升形成规模效应，相关订单逐步释放有望使公司毛利率维 持高位，盈利能力进一步加强。 同时公司通过强化统筹协调机制、优化项目组织架构、推行新工艺等措施提升整体生产效 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 7.15 [7][8]. Core Views - The company reported a revenue of RMB 3.945 billion for 2024, representing a year-on-year increase of 9.40%, and a net profit attributable to shareholders of RMB 138.55 million, up 36.40% year-on-year [1][6]. - In Q1 2025, the company achieved a revenue of RMB 747 million, a 10.86% increase year-on-year, and a net profit of RMB 40.79 million, reflecting a 32.32% year-on-year growth [1][6]. - The increase in gross margin to 14.81% in 2024, up 3.76 percentage points year-on-year, is attributed to a higher proportion of revenue from transportation vessels [2][3]. Summary by Sections Financial Performance - The company’s gross margin improved to 19.48% in Q1 2025, a slight increase of 0.04 percentage points year-on-year [2]. - The company delivered 16 transportation vessels and 5 offshore engineering vessels in 2023, with plans to deliver 22 transportation vessels and 5 offshore vessels in 2024 [2]. - The total order backlog for marine engineering design business is RMB 1.39 billion, with construction business orders increasing by 29.37% year-on-year [2]. Market Outlook - The development of "Deep Sea Technology" is expected to enhance the company's order volume, supported by government initiatives to promote the marine economy [3]. - The International Maritime Organization's (IMO) mid-term agreement on shipping carbon emissions is anticipated to boost demand for green vessels, where the company holds a leading position [3]. Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been adjusted downwards to RMB 189.87 million and RMB 248.54 million, respectively, due to uncertainties in revenue recognition for high-margin businesses [4]. - The company is assigned a PE ratio of 65 times for 2025, reflecting its leadership in ship design and development [4].