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text ｜Wang Chunyang Lu Juan Li Taoyang
Company is a large-scale comprehensive marine and defense equipment enterprise group integrating four major marine equipment: marine defense equipment, marine transportation equipment, marine development equipment and marine scientific research equipment. The company owns two major subsidiaries, Huangpu Wenchong and Guangchuan International . The business covers four major sectors: defense equipment, ship repair, marine engineering, and non-ship business. The main products include military ships, special auxiliary ships, official ships, oil tankers, branch container ships, passenger and roulette ships, semi-submersible ships, semi-submersible ships, semi-submersible ships, squad-mode transport ships, marine platforms and other ship marine products, as well as steel structures, complete sets of mechanical and electrical equipment and other non-ship products.
update demand will become the main driving force for the new round of recovery cycle of the ship market. As the previous round of old ships gradually enter the dismantling stage, the need for updates will gradually emerge. At present, the average age of crude oil tankers is 19.8 years, the average age of bulk carrier is 11.3 years, and the average age of container ships is 14 years. The demand for renewal will bring about a new recovery cycle for ships.
branch container ships, as small container ships, are mainly applied to Asian regional routes and European regional routes. The regional economies of Asia and Europe continue to be active, bringing continuous increase in maritime demand to the regional shipping market . In 2021, the demand for container ships in Asia was 63.6 million TEU, a year-on-year increase of 7%. It is expected to grow by 3.1% and 4.2% from 2022 to 2023, indicating that in the post-epidemic era, the Asian region is still full of economic vitality and drives inter-regional trade and maritime volume to maintain a high level of growth. The prosperity of inter-regional trade will continue to drive the demand for branch container ships. Currently, the average age of branch container ships has reached 15 years, and the demand for renewal after dismantling in the future will also support the demand for newer branch container ships.
In accordance with the strategic requirements of offshore defense and far-sea defense, my country will accelerate the transformation from nearshore defense to far-sea defense, improve strategic deterrence and counterattack, maritime mobile combat, joint maritime combat, comprehensive defense operations and comprehensive support capabilities, and strive to build a strong modern navy. Huangpu Wenchong is an important construction force of my country's advanced frigate , air cushion landing craft and military auxiliary ships. It is expected that the company's military ship business will maintain stable growth.
Company is a world-renowned construction company for small and medium-sized warships , branch container ships and special ships. In terms of civil ships, the company's branch container ships have reached the global advanced level and will fully benefit from regional economic development and ship renewal cycle. In addition, the demand for special ships may bring new profit growth points to the company. In terms of military ships, as an advanced frigate manufacturer, we will fully benefit from my country's process of building a modern navy. The company's rising shipping prices and the company's shipbuilding efficiency will effectively improve the company's gross profit margin and profit level.
Wang Chunyang: Tsinghua University Master of Business Administration, Shanghai Jiaotong University Bachelor of Ship and Marine Engineering, 3 years of experience in the ship unit. Joined the military industrial team of CITIC Construction Investment in 2018. The fourth team member of the Crystal Ball military industry in 2018, the first team member of the military industry in WIND in 2018-2019, the best military industry analysis team member of the 2019 Golden Bull Award, and the most accurate analyst team member of the industry profit forecast in 2019 "Finance" research list.
Lu Juan: Managing Director of , Shanghai Regional Director, Chief Analyst of the High-end Manufacturing Group Leader, and Chief Analyst of the Mechanical Industry. Master of Economics at Fudan University, French EDHEC Exchange Student of Financial Engineering at EDHEC Business School, Bachelor of Mechanical Engineering and Automation at Hohai University, 2007.07-2016.12 He worked as Chief Analyst of Machinery at Guotai Junan Securities Research Institute, 2017.01-2019.07 He worked as Managing Director, Deputy Director, and Chief Analyst of Machinery at Founder Securities Research Institute. He has won the first place in the Best Analyst for New Fortune, Taurus, IAMAC, Crystal Ball, , First Financial , and WIND.
Li Taoyang: chief analyst of the military industry. Peking University Master. The first core member of the New Fortune Military Industry in 2015-2017, the first core member of the Crystal Ball military industry in 2015-2016, the first core member of the Wind military industry in 2015-2016, the first core member of the Wind military industry in 2016, the first core member of the Insurance Asset Management Most Popular Analyst in 2016, the second core member of the Insurance Asset Management Most Popular Analyst in 2017, the second core member of the Insurance Asset Management Second, the second core analyst of the Crystal Ball military industry in 2018-2019, the fourth core analyst of the Industry in 2019, the most accurate analyst of the industry profit forecast in 2019. The new Fortune military industry was shortlisted in 2020, and the fifth place in the crystal ball military industry in 2020.
Securities research report name: " China Shipbuilding Defense (600685): Military and civilian ship demand continues to improve, and the turning point of profit improvement is approaching"
external release time: September 6, 2022
Report release agency: CICC Securities Co., Ltd.
Analyst of this report:
Wang Chunyang SAC Certification number: S1440520090001
Lu Juan SAC Certification number: S1440519080001
SFC Central number: BOU764
Li Taoyang SAC Certification number: S1440519080001
SFC Central number: BOU764
Li Taoyang SAC Certificate number: S1440516090001
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