研報掘金丨東吳證券:維持中國船舶“買入”評級 在手訂單兌現超市場預期
東吳證券研報指出,中國船舶2025H1業績預增98%-119%,在手訂單兌現超市場預期。對應單Q2歸母淨利潤17-20億元,同比增長65%~95%。同時,中國重工7月10日亦發佈業績預告,2025年上半年實現歸母淨利潤15~18億元,同比增長182%~238%,中國船廠在手訂單放量、利潤率修復邏輯持續兌現。截至2025年5月,中國船舶手持民船訂單322艘、2461萬載重噸,產能已排期至2029年,展望後續,301法案悲觀情緒逐漸修復,此前抑制的需求有望逐步釋放,南北船合併發揮協同效應,中國造船產業鏈綜合競爭力將持續增強。業績預增超市場預期,全球造船業領先地位穩固。維持“買入”評級。
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