天海防务(300008) - 天海防务调研活动信息

Group 1: Market Outlook - The shipbuilding industry is large, with different ship types and categories having distinct cycles. Recent growth in oil tanker orders is notable, while container ship orders saw significant increases in the previous two years [2] - The next 3 to 5 years are expected to present a favorable market cycle for dry bulk carriers, oil tankers, and offshore engineering orders, driven by replacement cycles and technological advancements [2] Group 2: Business Operations - The design cycle for bulk carriers is approximately 2 to 3 months, while offshore vessels can take 6 months to over a year depending on complexity. Construction periods for bulk carriers are around 12 to 14 months, and for offshore vessels, 14 to 18 months [3] - The company’s current order situation is stable, with high levels of construction and delivery expected this year, particularly for offshore orders contracted in 2022 [3] Group 3: Profitability and Cost Management - The overall gross margin for shipbuilding and design is anticipated to improve compared to last year, with a focus on acquiring high-value new orders and controlling costs through efficiency [3] - The company is involved in natural gas sales, primarily through land-based refueling stations, while also exploring offshore refueling opportunities [3] Group 4: New Business Development - The company plans to develop new energy operation vessels, potentially acting as shipowners by constructing vessels for lease to third parties or operating its own fleet [4] - Currently, the company is building wind power installation platforms with lifting capacities of 1200, 1600, and 1800 tons. Although rental prices for offshore platforms have slightly decreased, they remain high due to limited supply in previous years [4]