Changjiang Securities: Maintain a "buy" rating on China Shipbuilding. The overall market outlook for new shipbuilding is expected to continue to improve throughout the year.

The research report of Yangtze Securities pointed out that China Shipbuilding achieved a net profit attributable to the parent company of 5.852 billion yuan in the first three quarters, an increase of 115.41% year-on-year; in Q3, it achieved a net profit attributable to the parent company of 2.074 billion yuan, an increase of 97.56% year-on-year. The shipbuilding industry has been booming since the beginning of the year. For the future, the demand for old ship replacement and green ships such as dual-fuel ships continues to grow. As the suppressive factors on the shipbuilding industry at the policy level are eliminated, the market outlook for new shipbuilding is expected to continue to improve. After the inclusion of China Heavy Industry, the company's shipbuilding efficiency continues to improve and is expected to further enhance the company's profit-making ability. Meanwhile, the continuous promotion of deep-sea technology policies is expected to help explore new growth points for the company. Taking into account the impact of the inclusion of China Heavy Industry, it is expected that the company will achieve a net profit attributable to the parent company of 10.315 billion yuan and 18.171 billion yuan in 2025 and 2026, respectively, with corresponding PEs of 25 times and 14 times, maintaining a "buy" rating.