Investment highlights:
The company's major shareholder is strong and has a military background. It is the largest shipbuilding enterprise in China, with a production capacity of 7 million deadweight tons, and the second largest shipbuilding enterprise in the world after Hyundai Heavy Industries. There may be big orders in the future.
No.600072
Investment highlights:
1. Building a leader in CSSC ship parts: The company hopes to realize business transformation and develop the ship parts business with the help of the relocation of the site. This business has strong profitability and large market capacity, and will become the second largest main business of the company in 2007. Two production bases of ship parts will be established, and the product types will be extended to the fields of ship electrical equipment and other deck machinery. In 2007 165438+ 10, Jiangnan Derris (Nantong) Marine Equipment Manufacturing Company was established with an investment of 50 million yuan (accounting for 50%), covering all kinds of marine hatches, ro-ro access equipment and other marine steel structures.
2. Create a high-end market for pressure vessels: pressure vessels are mainly used for offshore LNG ships, with a gross profit margin of over 32%. At present, the company has received an order for 13 pressure vessels, which is expected to be completed before April 2008. After the relocation of the factory site, the company plans to build super-large pressure vessels with a volume of 6.5438+0.6 million cubic meters, 22,000 cubic meters and 82,000 cubic meters. At present, only one company in China can build pressure vessels, which is in an absolute monopoly position in the market. After the relocation of the company, the annual completion of pressure vessels can be increased by at least 1 time, making it the third main business of the company.
3. Military concept: The company has a strong and profound military background. Jiangnan Shipbuilding (Group), the major shareholder of the company, is mainly engaged in military products and shipbuilding. The company has become the cradle of China's coastal defense forces and will benefit from the vigorous development of military industry.
000039 CIMC Group
Ocean engineering business will become a new profit growth point. CIMC Raffles is currently the largest semi-submersible offshore engineering equipment builder in China and the third largest in the world, with three categories of products: drilling platforms, special ships and luxury yachts. It is the only manufacturer in China with a full range of product lines of semi-submersible platforms, jack-up platforms and special marine vessels. The company has the largest semi-submersible platform construction base in China and has the ability to build six platforms at the same time. Compared with domestic enterprises, it has a complete platform delivery record and manufacturing cost advantages, and has a leading position in China. With the development of domestic deep-sea oil and the transfer of global offshore equipment to China in the next decade, it is estimated that the global demand for offshore development equipment will be $70-80 billion per year in the next few years, which will bring a broad market space for the company's drilling platforms and special ships. For luxury yachts, when the per capita income reaches $3,000, it will enter the era of yacht purchase. At present, China's per capita income has exceeded 3,000 US dollars, and the company has been in the forefront of international luxury yacht design and construction. With the growth of yacht demand in China, the yacht business of the company will develop rapidly. The huge market space and strong demand will make the offshore engineering business become the main source of profit growth for the company in the future.
600685 Guangzhou Shipyard International
Investment points:
Company announcement: 20 10 165438 10. On October 29th, the company signed eight construction contracts for 48,000-ton oil tankers with a total amount of about RMB1900 million yuan, which came into effect after signing. These ships will be started on 20 1 1 and delivered to the shipowner on 20 12.
The company's order recovery is in line with expectations, and we continue to be optimistic about the recovery of new orders for tankers. In the first half of the year, the company only received two new orders, and in the third quarter, it undertook three. The new orders received by tankers in the second half of the year were obviously better than those in the first half. The main reason is: 1, the demand for oil tankers has increased more than expected. IEA's energy forecast report has increased the demand for future oil transportation, and the increase of oil transportation distance in major economies including China has also reduced the turnover rate of oil tankers. 2.25% of tanker orders were not actually delivered, of which about 10% was expected to be cancelled, and the actual capacity expansion rate was lower than expected; 3.20 15 The elimination of single-hull tankers by inland navigation is also conducive to the recovery of new orders for portable tankers; 4. Judging from the global new orders in the first half of the year, shipowners' orders are more concentrated in leading enterprises, which is also conducive to the company taking orders.
The new order ship price is low, but the company's comprehensive gross profit margin remains stable. According to the company's data in the third quarter, the gross profit margin in a single quarter reached 18.4%, up 4.4 percentage points from the second quarter, second only to the second quarter of 2007. The main reason for the increase in the company's gross profit margin is that the company has strengthened cost management and high-priced ships have gradually entered the delivery cycle. The eight ships signed this time have dropped from high ship prices, but overall, the proportion of special ships and high-priced ships delivered in 201and 20 12 has increased, and the company's comprehensive gross profit margin should remain stable.
60 1989 China Heavy Industry
(1) the State Council's policy of accelerating the revitalization of equipment manufacturing industry will directly support equipment manufacturing enterprises in terms of funds and taxes. In addition, the reorganization and integration between central enterprises is also a major attraction of such stocks. China Heavy Industry (60 1989) is a representative stock.
(2)65438+ announced on February 20th last year, the company plans to purchase assets of174.38 million yuan and issue 25160,000 shares (the price is 6.93 yuan/share). After the reorganization, the main business of China Heavy Industry will form five business segments, including shipbuilding, repair, supporting, offshore engineering equipment and energy transportation equipment, and become one of the largest manufacturers of shipbuilding and offshore engineering equipment in China. China Shipbuilding Industry Corporation is the largest and most powerful naval equipment manufacturer in China. After this asset injection, the company will own almost all the shipbuilding business of the group. CSIC also said that it will solve the problem of horizontal competition, which means that a number of assets will be injected into listed companies in the next three years.
(3) The full name of China Heavy Industry is China Shipbuilding Industry (600 150), which is generally classified as a military enterprise in the market. The parent company CSSC is the largest supplier of naval ship equipment in China, accounting for about 80% of the naval ship equipment market in China. In the future, with the improvement of the overall equipment level of China Navy, about 70% of the assets of the Group's military products business will be injected into China Heavy Industry, which will be of great benefit. Some analysts say that China is expected to gain nearly 50% of the global market share in the new round of shipbuilding development and become a new shipbuilding center in the world. In recent years, China Heavy Industry has maintained a share of about 65,438+05% in the domestic shipbuilding market. Therefore, this transfer will definitely support the long-term high performance of China Heavy Industry.
002445 Zhongnan Heavy Industry
The company has eight classification society certifications and PED and AD certificates, and its research and development strength is leading in the industry. The company is in a leading position in the field of domestic high-end metal pipe fittings production. The company's product chain is complete, especially in high-end pipe fittings such as large caliber, composite materials and special materials.
The company's location advantage is remarkable, and it has high-quality and stable customer resources. Jiangyin and its surrounding areas are the gathering places of upstream raw material steel pipe industry and downstream petrochemical and shipbuilding enterprises, providing the company with rich raw material sources and stable downstream customer resources. The company has established long-term cooperative relations with many leading enterprises in petrochemical and shipbuilding industries, and is the only or largest supplier of related products of many shipbuilding groups such as Waigaoqiao Shipyard, Jiangnan Shipyard and Shanghai Shipyard.
Wei Chai heavy machinery company
On June 65438+1October 1 1, the company announced that the processing and commissioning production line of the high-power marine diesel engine project was completed and put into operation. Planning and positioning of domestic medium and high power marine diesel engine faucet project. The planned production capacity of large-scale machinery projects is 300 units/year, and it is estimated that all of them will reach production in 20 12. At present, a small number of orders have been signed, and it is difficult to achieve profit in the short term through CKD small batch trial production, but there is a large space for import substitution.
60 1890 Yaxing anchor chain
The company is the world's largest manufacturer of offshore anchor chains and offshore mooring chains, and also the production and export base of offshore anchor chains and offshore platform mooring chains in China. The company's main products are M2 and M3 marine anchor chains and accessories with a diameter of 12.5mm- 152mm, and R3, R3s, R4, R4s and R5 offshore platform mooring chains and accessories with a diameter of 50 mm-157 mm.. About 60% of the company's products are exported to Japan, South Korea, Europe, the United States and other countries and regions, enjoying a high reputation in the field of ship and ocean engineering in the world. The company's business scale ranks first in the industry, and its economies of scale are remarkable. In recent years, the company's anchor chain production and sales volume ranks first in the world year after year, and it is the most comprehensive modern enterprise.
300 123 Sunbird
1, use of company products
The company's products are all kinds of composite ships. The main uses of the product are as follows:
(1) yacht
According to the different construction specifications, use purposes and certificates issued, the yacht products of the company can be divided into private yachts and business yachts. Private yacht is a kind of high-grade durable consumer goods for water entertainment, which integrates navigation, sports, entertainment and leisure to meet the needs of enjoying life. The yacht certificate is issued by the ship inspection department. Business boats are mainly used for business activities, public relations propaganda and consumption projects in tourist attractions, which conform to the concept or function of yacht (ship) in a broad sense. The ship inspection department issues certificates such as cruise ships and passenger ships. With the development of China's national economy and the continuous improvement of people's living standards, the use of yachts in China will become more and more popular.
(2) Special vessels
Special boats are generally purchased by government departments or military organizations, and are mainly used for water law enforcement, port pilotage, hydrological survey, scientific research, flood control and disaster relief, military and other special purposes. With the continuous improvement of China's water conservancy development level, the application scope of various special ships will be further expanded.
2. Performance characteristics of the company's products
The main technical features of the company's products are as follows: (1) The boats produced are all new non-metallic composite power boats; (2) The size of the ship is generally less than 40 meters. In the specification of international classification society, this kind of ship is called "small boat", which is suitable for sailing in offshore and fresh water areas. The company's products have advanced production technology, and the product performance has the advantages of light weight, high speed, strong life-cycle economy, energy saving and environmental protection.
Composite materials are the main materials for making yachts and other boats. Internationally, at present, more than 90% of boats are made of composite materials, and the steel structure owners are mainly large cruise ships and large ocean-going ships. According to the statistics of the Shipping Branch of China Shipbuilding Industry Association, the top ten enterprises in the industry are mainly composite shipbuilding. Composite materials for shipbuilding are mainly fiber reinforced materials, usually based on high molecular polyester resin or epoxy resin, and compounded with high elastic modulus fibers, which have the characteristics of light weight, high specific strength (referring to the ratio of the strength of the material at the breaking point to its density), corrosion resistance, anti-adhesion of marine organisms, good designability (simple molding), good manufacturability (flexible selection of molding process according to the product), low energy consumption in the product molding process, and convenient maintenance. Compared with traditional steel ships and wooden ships, composite ships have the following advantages:
(1) Expressway. The composite hull has low weight, the whole hull is formed at one time, the surface is smooth and the resistance is small. Compared with steel ships with the same horsepower, the speed can be greatly improved.
(2) Good stability and strong wind resistance. This new composite boat has low density and high strength. Compared with similar steel ships, the composite ship has greatly shortened rolling period, good buoyancy, strong toughness and enhanced wind resistance in wind and waves, so it is known as the "tumbler at sea".
(3) Environmental protection. The annual derusting of steel ships will produce a lot of marine pollutants, while the construction and maintenance of wooden ships need to consume a lot of wood. Wood is rarely used in the construction and maintenance of composite boats, which has the characteristics of corrosion resistance and has little impact on the environment during use.
(4) Good life cycle economy. Composite ships are easy to maintain and convenient to maintain. The average annual maintenance cost is only one tenth of that of steel ships, and fuel is saved when sailing, so the economy in the whole life cycle is much higher than that of steel ships. Under the condition that the ship type is the same size and the main engine power is lower than that of the metal ship, the main indexes of the composite boat are dominant in speed, cost, fuel consumption and maintenance cycle. With the development of materials science, a variety of high-performance new composite materials are constantly emerging and applied to the shipbuilding industry, such as sandwich composite materials and multi-hybrid composite materials that systematically combine various composite materials. The application of the above composite materials in the boat industry has greatly improved the performance of composite boat products. At present, the composite ship is developing towards large-scale and complicated products. For example, the Swedish navy's "Visby" 80-meter new stealth frigate uses new composite materials. Composite materials occupy a dominant position in the construction of small ships such as yachts and special boats because of their excellent material characteristics. All along, the companies that compete with the company are compound ship companies. Therefore, boats made of other materials, such as steel structure, do not compete with the company's products.