证券代码：600150 证券简称：中国船舶 公告编号：2024-040 中国船舶工业股份有限公司 2024 年第三季度业绩说明会预告公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议问题征集：投资者可于 2024 年 11 月 28 日前访问网址 https://eseb.cn/1jywYkpCHeg 或扫描下方小程序码进行会前提问， 公司将在业绩说明会上就投资者普遍关注的问题进行回复。 中国船舶工业股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn）披露了《公司 2024 年第三季度报告》。为便于广大投资者更加全面深入地了解公司经营 业绩、发展战略等情况，公司定于 2024 年 11 月 29 日（星期五）下午 15:00-16:00 在"价值在线"（www.ir-online.cn）举办 2024 年第三 季度业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见 和建议。 1 会议召开时间：2024 年 11 月 29 日（星 ...

证券代码：600150 证券简称：中国船舶 公告编号：2024-039 2024年9月10日，公司披露了《关于筹划重大资产重组停牌进展公 告》（公告编号：2024-027），为维护投资者利益，避免公司股价异常 波动，根据上海证券交易所的相关规定，公司A股股票继续停牌。 中国船舶工业股份有限公司 关于重大资产重组的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本次交易的基本情况 中国船舶工业股份有限公司（以下简称"中国船舶"或"公司"） 拟向中国船舶重工股份有限公司（以下简称"中国重工"）全体换股股 东发行A股股票的方式换股吸收合并中国重工（以下简称"本次交易"）， 本次交易构成关联交易，构成重大资产重组。本次交易完成后，公司 实际控制人仍为中国船舶集团有限公司、最终控制人仍为国务院国有 资产监督管理委员会，未发生变更。 二、本次交易进展情况 经向上海证券交易所申请，公司股票（证券简称：中国船舶，证 券代码：600150）自2024年9月3日（星期二）开市起开始停牌，具体 内容详见公司于2024年9月3日披露的《 ...

Investment Rating - The report maintains a "Buy" rating for China Shipbuilding [9][11]. Core Views - The shipbuilding industry is experiencing a clear upward trend, and the company, as a leading player in the sector, is expected to see its performance improve ahead of its peers [6][8]. - In the first three quarters of 2024, the company reported revenue of 56.169 billion yuan, a year-on-year increase of 13.12%, while the net profit attributable to shareholders was 2.271 billion yuan, a decrease of 11.35% [6][7]. - The third quarter of 2024 saw revenue of 20.152 billion yuan, a year-on-year increase of 5.35%, but a quarter-on-quarter decrease of 2.86%. The net profit attributable to shareholders was 858 million yuan, down 57.26% year-on-year, although the non-recurring net profit turned positive at 773 million yuan [6][7]. Summary by Sections Financial Performance - The company’s ship delivery volume and prices have both increased year-on-year, with expectations for continued improvement in profitability throughout the year. The decline in Q3 performance was primarily due to a high base effect from the previous year when a significant non-cash asset exchange occurred [7]. - The gross margin for Q3 reached 11.62%, an increase of 2.75 percentage points quarter-on-quarter, indicating a trend of improving margins since Q1 2024 [7][8]. - The company is expected to deliver 96 ships in 2024, an increase of 15 ships compared to the previous year, with a total deadweight tonnage of 8.0344 million DWT [7][8]. Industry Position - China's shipbuilding industry is solidifying its competitive position, with significant increases in new orders and completed shipbuilding volumes. In the first three quarters of 2024, China's completed shipbuilding volume reached 36.34 million DWT, up 18.2% year-on-year, and new orders increased by 51.9% [8]. - The company is well-positioned to benefit from the industry's upward cycle, with a strong order backlog extending to 2028 and an increasing proportion of high-value orders [8]. Future Outlook - The fourth quarter is typically a peak delivery season, which is expected to accelerate revenue recognition. The company is anticipated to continue benefiting from rising order volumes and prices, leading to sustained profitability [7][8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [1][19]. Core Insights - The company reported a revenue of 56.169 billion yuan for the first three quarters of 2024, a year-on-year increase of 13.12%, while the net profit attributable to shareholders was 2.271 billion yuan, a decrease of 11.35% year-on-year [1][2]. - The report highlights a significant recovery in profitability, with a notable increase in non-recurring profit, indicating a positive trend in earnings recovery [1][2]. - The gross margin for the third quarter was reported at 9.41%, a slight decline of 1.63 percentage points year-on-year, with expectations for improvement as low-price orders from previous years are cleared [1][2][3]. Summary by Sections Financial Performance - The company achieved a revenue of 56.169 billion yuan in the first three quarters of 2024, with a year-on-year growth of 13.12% [1]. - The net profit attributable to shareholders was 2.271 billion yuan, reflecting a year-on-year decline of 11.35% [1]. - The gross margin for the third quarter was 9.41%, down 1.63 percentage points from the previous year [1][2]. Order and Market Trends - The company secured 109 new orders for civil vessels, totaling 855.77 million deadweight tons and 68.425 billion yuan, with a year-on-year increase in tonnage of 38.21% [2]. - The proportion of green vessels in new orders exceeded 50%, and high-end vessels accounted for over 70% of new orders, indicating a trend towards higher quality and sustainability [2][3]. - The total backlog of civil vessel orders stood at 322 vessels, amounting to 199.639 billion yuan, with a year-on-year increase in tonnage of 22.15% [2]. Industry Outlook - The shipbuilding industry is expected to experience a cyclical recovery, with improved profitability anticipated as high-price orders from 2022 onwards are delivered [3][4]. - The report suggests that the company, as a core asset of the shipbuilding industry, will benefit significantly from this recovery, with expectations for accelerated profit recovery starting in 2025 [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The delivery of high-priced ships is expected to enhance gross margins, and attention should be paid to the progress of subsequent restructuring [2] Financial Performance Summary - Revenue projections (in million RMB): - 2022: 59,557.74 - 2023: 74,838.50 (25.66% YoY growth) - 2024E: 90,944.43 (21.52% YoY growth) - 2025E: 89,118.57 (-2.01% YoY growth) - 2026E: 109,592.59 (22.97% YoY growth) [2][3] - Net profit attributable to shareholders (in million RMB): - 2022: 171.87 - 2023: 2,957.40 (1,620.69% YoY growth) - 2024E: 3,967.51 (34.16% YoY growth) - 2025E: 8,483.32 (113.82% YoY growth) - 2026E: 11,095.79 (30.80% YoY growth) [2][3] - Earnings per share (in RMB): - 2022: 0.04 - 2023: 0.66 - 2024E: 0.89 - 2025E: 1.90 - 2026E: 2.48 [2][3] Financial Ratios - Return on Equity (ROE): - 2023: 6.12% - 2024E: 7.87% - 2025E: 15.49% - 2026E: 18.34% [2][3] - Price-to-Earnings Ratio (P/E): - 2023: 55.58 - 2024E: 41.43 - 2025E: 19.37 - 2026E: 14.81 [2][3] Balance Sheet Highlights - Total assets (in million RMB): - 2023: 177,832.17 - 2024E: 204,547.76 - 2025E: 205,166.60 - 2026E: 240,297.24 [3] - Total liabilities (in million RMB): - 2023: 125,359.64 - 2024E: 149,614.57 - 2025E: 144,972.02 - 2026E: 173,221.00 [3] - Shareholders' equity (in million RMB): - 2023: 52,472.53 - 2024E: 54,933.20 - 2025E: 60,194.59 - 2026E: 67,076.24 [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark index within the next six months [11]. Core Views - The company reported a significant increase in non-recurring net profit, achieving CNY 1.972 billion for the first three quarters of 2024, a year-on-year increase of 561% [1]. - The company’s revenue for the first three quarters of 2024 reached CNY 56.2 billion, up 13.12% year-on-year, while the net profit attributable to shareholders decreased by 11.35% to CNY 2.271 billion [1]. - The report highlights an improvement in the structure of the company's order backlog and an increase in gross profit margins for delivered vessels [1]. - The global new orders in September showed a year-on-year decline of 55%, but the cumulative new orders from January to September increased by 31% [2]. - The report anticipates a compound annual growth rate (CAGR) of 11% for revenue and 71% for net profit from 2024 to 2026, with earnings per share (EPS) projected at CNY 0.85, CNY 1.66, and CNY 2.49 for the respective years [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a sales gross margin of 9.41%, down 1.63 percentage points year-on-year, and a net profit margin of 4.20%, down 0.96 percentage points year-on-year [1]. - The third quarter of 2024 saw a sales gross margin of 11.62%, down 4.91 percentage points year-on-year, but up 2.75 percentage points quarter-on-quarter [1]. Order and Market Trends - In September, the global new orders totaled 5.33 million deadweight tons, with a significant drop in oil and bulk carrier orders, while container ship orders increased by 224% year-on-year [2]. - The report notes that the price index for new ships has shown a marginal increase, with container ship prices rising by 1.3% to 1.8% over the past three months [3]. Earnings Forecast - The company’s projected revenue for 2024 is CNY 83.43 billion, with net profit expected to reach CNY 3.8 billion, reflecting a significant growth trajectory [8]. - The report adjusts previous estimates for net profit, reflecting changes in expense ratios and asset impairment losses [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 revenue was CNY 20.152 billion, a year-on-year increase of 5.35%, while the net profit attributable to shareholders was CNY 858 million, a year-on-year decrease of 57.26%. The gross margin improved to 11.62%, up 2.74 percentage points from the previous quarter, aligning with expectations [1] - High-priced orders are beginning to be delivered, leading to gradual improvements in both revenue and cost. The average steel price for orders delivered in 2024 and 2025 is expected to decrease by 20% and 6% respectively, contributing to a dual improvement in revenue and costs [1] - The shipyard's revenue and delivery volume are entering an upward trend, with significant year-on-year increases in delivery volume and revenue for various shipyards under the company [1] - The shipbuilding industry remains robust, with a continuous increase in the value of orders held by the company, which is projected to reach approximately USD 28.1 billion [1] - The estimated market capitalization range for the merged entity of the company and China Shipbuilding Industry Corporation is between CNY 290.2 billion and CNY 424.7 billion, based on current order values [1] - The profit forecast has been revised downwards, with expected net profits for 2024, 2025, and 2026 at CNY 4 billion, CNY 8.1 billion, and CNY 12.2 billion respectively, corresponding to P/E ratios of 43, 21, and 14 [1] Financial Summary - Total revenue for 2024E is projected at CNY 70.206 billion, with a year-on-year growth rate of -6.2% [2] - The net profit attributable to shareholders for 2024E is expected to be CNY 4.042 billion, reflecting a year-on-year growth of 36.7% [2] - The gross margin for 2024E is projected to be 14.7%, increasing to 22.8% by 2026E [2] - The company's return on equity (ROE) is expected to improve from 7.7% in 2024E to 16.7% in 2026E [2] Market Data - As of October 30, 2024, the closing price of the company's stock was CNY 38.65, with a market capitalization of CNY 172.859 billion [3] - The price-to-book ratio is 3.5, and the dividend yield is 0.52% [3] Basic Data - The company's total assets-liabilities ratio is 69.88%, indicating a relatively high level of leverage [4] - The total share capital is 4.472 billion shares, all of which are A-shares [4]

Investment Rating - The report maintains a "Buy" rating for China Shipbuilding (600150.SH) [1] Core Views - The company has shown improvement in its order structure and a steady increase in gross margin, with a gross margin of 11.62% in Q3 2024, up by 4.4 and 2.8 percentage points from Q1 and Q2 respectively [1] - The widening gap between shipbuilding prices and steel prices is expected to enhance the company's profitability in the future [2] - The merger with China Shipbuilding Industry Corporation is anticipated to strengthen the company's leading position and profitability through synergy and scale effects [3] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved revenue of 561.69 billion RMB, a year-on-year increase of 13.12%, and a net profit attributable to shareholders of 22.71 billion RMB, a decrease of 11.35% [1] - The company reported a net profit of 8.58 billion RMB in Q3 2024, down 57.26% year-on-year, but the non-recurring net profit turned positive at 7.73 billion RMB [1] Market Position - In the first nine months of 2024, China's shipbuilding industry saw a completion volume of 36.34 million deadweight tons, an increase of 18.2% year-on-year, and new orders of 87.11 million deadweight tons, up 51.9% year-on-year [2] - The company and China Shipbuilding Industry Corporation together accounted for 14.3% of the global market share in ship deliveries [3] Profitability Forecast - Revenue projections for 2024-2026 are estimated at 835 billion RMB, 932 billion RMB, and 1,040 billion RMB respectively, with net profits of 44.88 billion RMB, 82.50 billion RMB, and 112.14 billion RMB, corresponding to P/E ratios of 39, 21, and 15 times [3]

单位：元 币种：人民币 中国船舶工业股份有限公司 2024 年第三季度报告 证券代码：600150 证券简称：中国船舶 中国船舶工业股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人盛纪纲、主管会计工作负责人王洁及会计机构负责人（会计主管人员）郎文保证季度报 告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|-------------------|--------------------------------------|-------------------|--------- ...

证券代码：600150 证券简称：中国船舶 公告编号：2024-038 中国船舶工业股份有限公司 关于公司全资子公司江南造船（集团）有限责任公司募集资金 投资项目延期的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司全资子公司江南造船（集团）有限责任公司募集资金投资项目 《大型 LNG 船建造能力条件保障项目》根据建设实施的实际情况进行优 化调整，预计达到可使用状态日期从 2024 年底前延期至 2025 年底前。 该项目实施主体、实施方式、募集资金投资金额无变化。 本次募集资金投资项目延期事项无需提交股东大会审议。 中国船舶工业股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日召开第八届董事会第二十三次会议和第八届监事会第十六次会议，审议 通过了《关于公司全资子公司江南造船（集团）有限责任公司募集资金投 资项目延期的议案》，本议案无需提交公司股东大会审议。现将有关情况 公告如下： 一、项目概述 按照《上市公司监管指引第 2 号——上市公司募集资金管理和使用的 监管要求》《上海证券交 ...