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研報掘金丨華源證券:中國船舶業績兑現逐漸加速,維持“買入”評級
格隆匯 09-04 15:53
華源證券研報指出,中國船舶(600150.SH)高價訂單逐漸交付,業績兑現逐漸加速,維持“買入”評級。Q2實現歸母淨利潤10.11億元,扣非歸母淨利潤8.6億元。根據克拉克森數據,按CGT計,預計中國船舶2024年交付訂單主要為2021年訂單,佔69.74%,剩下30.26%均為2022年訂單,船價較2023年交付訂單更高;同時,中國船舶交付的高價值船型佔比在2024年提升,該行預計船舶價值更高的集裝箱船在交付量(按CGT計)佔比從2023全年的35.24%提升到2024全年的47.91%,低價值的散貨船佔比從2023 全年的20.50%下降至2024全年的12.41%。根據公司年報與季報,看扣非歸母淨利潤,2023年Q4實現轉正,2024年Q1實現環比大升146.72%,2024Q2實現環比大升154.44%,業績持續兑現。公司訂單飽滿,在手訂單交付期已排至2027-2028年。
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