Shanxi Securities Co., Ltd. Li Kongyi recently conducted research on Chinese ships and released a research report "Performance is expected to enter the upward period". This report gave Chinese ships an buy rating , and the current stock price is 25.49 yuan.
China Shipbuilding (600150)
Event Description
China Shipbuilding released its third quarter report for 2022. During the reporting period, the company's operating income increased by 0.96% year-on-year; the net profit attributable to shareholders of listed companies was 1.463 billion yuan, an increase of 256% year-on-year; the net profit excluding non-operating items was -132 million yuan. The net profit excluding non-recurring items in the third quarter was -67.07 million yuan.
Event Comment
Revenue and Performance Inflection Points may have appeared. In the first half of the year, Shanghai was hit by the severe impact of the new crown pneumonia epidemic, and ships and other products were delivered as planned nodes. The company's operating income was 23.975 billion yuan, a year-on-year decrease of 11.54%. In the third quarter, the company actively resumed work and production, and its operating income increased by in a single quarter year-on-year. The company's gross sales profit margin rose from 8.62% in the first half of the year to 10.03%, indicating that the worst time may have passed. The company began to steadily advance production and operation work after resumption of work and production in the third quarter, and product construction was carried out in an orderly manner. As new orders received after the price of new ships rose in 2021 gradually entered the delivery and settlement period, the company's operating income and gross profit margin in the fourth quarter are expected to continue to rebound.
new orders rebounded again. In the first half of the year, new ship orders fell sharply due to the impact of the epidemic and other aspects. The company comprehensively improved the diversified and intelligent way of receiving orders, seized the opportunity of recovery in the ship industry, and achieved continuous high-quality and efficient acceptance of orders. Considering that the company's ship delivery schedule has been postponed to 2026 or even later, the price of new ships has maintained an upward trend, and the company's own ability to accept orders has not weakened. Orders have entered the upward channel since the third quarter. In October, the company's wholly-owned subsidiary Jiangnan Shipbuilding signed a new order totaling approximately US$1 billion. On the shipping market , the price of container transportation fell sharply in the third quarter, but oil transportation prices hit a new high, the transportation remains at a high level, and dry bulk cargo transportation rebounds rapidly. We believe that the overall high prosperity of the shipping market will continue for a period of time. A new round of rising cycle of the shipbuilding industry has begun. It is expected that the company's orders and performance will grow rapidly in 2023.
Investment advice
maintains the "Buy-A" rating. Global shipping remains highly prosperous, the shipbuilding industry enters an upward cycle, and the prices of new ships continue to rise. As the core platform for ship assembly, China Shipbuilding will also benefit from the continuous advancement of domestic central enterprise reform and the acceleration of the integration of China Shipbuilding Group's asset. We believe that the company's performance is expected to continue to grow high in the next three years, and the company's profit forecast is raised again. It is expected that China's ships' net profit attributable to shareholders will be RMB 1.948, RMB 2.934 and RMB 6.443 billion from 2022 to 2024, respectively, an increase of 811%, RMB 50.6% and RMB 119.6% year-on-year, corresponding to EPS of RMB 0.44, RMB 0.66 and RMB 1.44, and PE is 58.5, RMB 38.9 and RMB 17.7 times, maintaining the "Buy-A" rating.
risk warning
global economy risk of stagflation, cost-side price fluctuations risk, and repeated epidemic risk.
Securities Star Data Center calculates based on the research report data released in the past three years, Minsheng Securities Yin Huiwei's research team has conducted in-depth research on the stock. The average prediction accuracy in the past three years is 11.29%. It predicts that the attributable net profit in 2022 will be 1.688 billion yuan, and the predicted PE based on the current price conversion is 67.08.
latest profit forecast details are as follows:
A total of 11 institutions in this stock have given ratings in the past 90 days, 9 buy ratings and 2 increase ratings; the average target price of institutions in the past 90 days was 33.3. According to the financial report data in the past five years, Securities Star valuation analysis tool shows that China Shipbuilding (600150) has excellent competitive moats in the industry, poor profitability and poor revenue growth. There may be hidden financial concerns, and financial indicators that need to be paid attention to include: accounts receivable/profit ratio, accounts receivable/profit ratio growth in the past three years. The stock has a good company index of 0.5 stars, a good price index of 1.5 stars, and a comprehensive index of 1 star. (Indicators are for reference only, indicator range: 0 ~ 5 stars, maximum 5 stars)
or above is compiled by Securities Star based on public information and has nothing to do with the position of this site.Securities Star strives but does not guarantee the accuracy, completeness, validity, timeliness of all or part of the content of this information (including but not limited to text, video, audio, data and charts). If there are any problems, please contact us. This article is a data compilation and does not constitute any investment advice to you. Investment is risky, so please make prudent decisions.
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