According to the Zheshang Securities Research Report, China Shipbuilding's third quarter performance was in line with expectations, profits were realized on delivery volume, and cash flow improved dramatically. Net profit attributable to mother for the first three quarters of 2026 was 13.440 billion yuan, up 129.67% year on year; net profit attributable to mother for 2026 Q3 was 3.487 billion yuan, up 68.07% year on year. The shipping cycle is booming, and the company's industrial chain integration and production capacity advantages are obvious. Although the new ship price index is in a historically high range, considering factors such as larger ships, dual fuel upgrades, increased labor costs, and inflation, there is room for new ship prices to rise. The integration of China Shipbuilding Group's final assembly assets is expected to accelerate, the competitive landscape is expected to continue to improve, and efficiency improvements can be expected. China Shipbuilding Group's ship assembly assets are being consolidated, and the competitive landscape is continuously being optimized. At the same time, the integration of shipbuilding assets is expected to strengthen collaboration within the group, promote lean management, and fully unleash the scale effect. Maintain a “buy” rating.

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