中国船舶：高价船陆续交付提升毛利率，关注后续重组进展

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]