BESTWAY(SZ:300008)2023-05-09 01:16Group 1: Company Overview and Market Position - Tianhai Fusion Defense Equipment Technology Co., Ltd. is actively involved in the shipbuilding sector, particularly focusing on engineering vessels and offshore wind power installation platforms [2][3]. - The company has seen a significant increase in orders since the second half of 2020, with a high proportion of current orders related to engineering vessels [2][3]. Group 2: Order and Revenue Insights - As of 2023, the total order amount exceeds 5 billion, with a notable increase in high-margin orders since Q4 2022 [4][5]. - The shipbuilding sector is the largest revenue contributor, while the design segment, although smaller in revenue, has a higher gross margin due to its added value [4]. Group 3: Future Strategies and R&D - The company plans to diversify its product offerings to prepare for market fluctuations, focusing on deep-sea wind power, offshore photovoltaics, and low-carbon vessels [3]. - R&D efforts are aimed at tracking new technologies and maintaining a competitive edge, with a focus on multi-functional platforms that can adapt to market demands [3][4]. Group 4: Profitability and Market Conditions - The gross margin in the shipbuilding sector is influenced by market conditions, with a shift towards a seller's market since late 2021, allowing for potential margin improvements [4]. - The company aims to enhance profitability through effective cost management and by securing low-cost materials, as raw material prices stabilize [5].