In the new energy vehicles are becoming more and more involuted, new energy ships are a blue ocean market to be developed.
Jianglong shipbuilding is the main businessBusiness:Official law enforcement boats, tourism and leisure boats and special operation boats. The tourism and leisure boat market has broad prospects, through the layout of pure electric, methanol fuel power, hydrogen fuel cell power and hybrid power and other forms of new energy boats, so that the company's new energy boat scope covers a variety of inland and offshore ship types, laying a good foundation for the company to seize the green trend dividend of the shipbuilding industry.
In addition, it is also passedTechnological innovation in boat materials, so that the product types are further enriched, such as carbon fiber boats, steel-FRP composite boats, aluminum alloy-FRP composite boats, steel-aluminum alloy composite boats, etc. At present, the company can produce all-steel boats, all-aluminum alloy boats and multi-material composite boats at the same time to meet the market demand of various types of tourism and leisure boats, official law enforcement boats and special operation boats. The experience of new energy ship construction has been further accumulated, and the "Hydrogen Boat No. 1" and "Sanlongwan No. 2" have been deliveredA number of new energy vessels；Orders for wind power operation and maintenance ships continued to break out, and the subsidiary Aolong Shipbuilding signed 7 new 30-meter aluminum alloy catamaransWind power operation and maintenance vesselsOffshore wind demand）；The first 500kw hydrogen fuel cell powered ship "Three Gorges Hydrogen Boat 1" built by Jianglong Boats completed its maiden voyage in Yichang, Hubei Province, marking the completion of the first voyage in Yichang, Hubei ProvinceHydrogenFuel cellstechnology in inland waterway vesselsZero breakthroughs in applications.
2023Q3 results:Revenue 68.3 billion, a year-on-year increase of 7335%, net profit 01.6 billion, deducting non-net profit of 00.8 billion (net profit margin, gross profit margin is worrying);No pledge, no goodwill. The price-to-earnings ratio is high (valuations are at a high level). 2023Q3 inThe amount of construction projects has increased significantly, an increase of 187 from the end of the previous year54% from 05.1 billion grew to 14.7 billion, due to the investment in the construction of marine advanced ship intelligent manufacturing project, plans to build a new 1,000-ton marine advanced ship intelligent manufacturing base, project planning products include ultra-high-speed marine law enforcement ships, clean energy ships, mini cruises, high-end passenger ro-ro ships and other high-performance, high-tech, high value-added ship productsThere is an expectation of capacity growth to be released。In 2023Q3, the contract liabilities increased significantly, with an increase of 90% from the end of the previous year79% from 40.2 billion grew to 76.7 billion, from the departmentOrders increaseThis is due to an increase in the collection of advance payments from customers. The growth of construction in progress and contract liabilities reflects each other, corresponding to the expected revenue growthThe company's new energy boat business is developing rapidly, and the revenue of new energy boats in 2022 will be about 16.6 billion yuan, +271% year-on-year, and the proportion of revenue increased from 6. in 20217% to 25 in 20221%。
Orders in hand:From January to September 2023, the company and its subsidiariesNew SigningsAmount excluding tax186.5 billion yuan. As of September 30, 2023, the Company and its subsidiariesOrders in hand:The amount excluding tax246.8 billion yuan.
1）2023.11.09, signed a 600-ton fishery administration ship worth 77.66 million yuan with Jianglong Boat Technology.
2）2023.10.25. Signed a contract with Zhuhai Jiuzhou Marine Industry for a deep-sea aquaculture vessel worth 250.8 million yuan.
Capacity Expectations:Marine advanced boat intelligent manufacturing projectThe land works were completed at the end of 2022。After the completion of the land project, it can partially meet the production and construction needs of the ship before launching, and with the installation and commissioning of equipment and the gradual arrival of personnel, the project production capacity is gradually released. Underwater engineeringIt will proceed as plannedIt is expected to be completed and put into use in early 2024When the project reaches the design capacity, the estimated annual output value can reach 9100 million yuan (excluding tax). At present, the company's production capacity is roughly divided into Zhongshan No. 1 Plant (Zhongshan's original production base), Zhongshan No. 2 Plant (Marine Advanced Boat Intelligent Manufacturing Project), Zhuhai Plant, and Aolong Plant.
The above does not constitute investment advice;
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