Core Viewpoint - Tianhai Defense (300008.SZ) has clarified that it does not currently produce underwater unmanned submersibles, despite having established orders and deliveries for unmanned vessels in its defense equipment business [1] Group 1: Company Overview - The company's defense equipment business includes products related to safety and rescue equipment, special vessels, underwater security, and intelligent ship accessories [1] - Unmanned vessels have already formed orders and been delivered by the company [1]

Core Viewpoint - Tianhai Defense (300008.SZ) is actively involved in the defense equipment sector, focusing on products related to safety and rescue equipment, special boats, underwater security, and intelligent ship accessories. The company has received orders and delivered unmanned boats, but has not yet produced underwater unmanned submersibles [1]. Group 1 - The company's defense equipment business includes safety and rescue equipment, special boats, underwater security, and intelligent ship accessories [1]. - Unmanned boats have already formed orders and been delivered by the company [1]. - The company has not yet directly produced underwater unmanned submersibles [1].

Group 1: Business Overview - The company's primary business is ship design and construction, with marine engineering accounting for over 90% of revenue [2] - In 2024, the defense equipment business revenue reached 1.8 billion RMB, a 170% increase compared to 2023 [2] - The strategic focus includes special unmanned vessels, intelligent ship systems, and underwater security [3] Group 2: Profitability and Financial Outlook - The gross margin for the defense equipment business in 2024 is projected to be negative due to adjustments on contracts from 2015-2019, affecting approximately 28 million RMB in revenue [4] - Excluding this adjustment, the gross margin would be around 7.2% [4] - The profitability of special vessels is linked to contract margins and production volume, with higher production leading to lower fixed cost allocation [5] Group 3: Product and Market Development - The defense equipment business includes special defense vessels, intelligent systems, and underwater security systems [6] - The company has signed over 40 contracts for 5,200-ton multi-purpose bulk carriers and nearly 20 contracts for 5,900-ton multi-purpose bulk carriers in 2024 [7] - The shipbuilding market is expected to remain favorable, driven by fleet renewal needs and low-carbon policies [8] Group 4: Future Prospects - The government’s focus on deep-sea technology is expected to enhance demand for deep-sea engineering vessels [8] - Future innovations in deep-sea farming and floating wind power technology may create new vessel demands [8] - Traditional marine engineering vessels will continue to be essential for deep-sea resource development [8]