China CSSC (600150) H2 2024 earnings summary

Executive summary

• Achieved revenue of ¥78.58 billion in 2024, up 5.01% year-over-year; net profit attributable to shareholders was ¥3.61 billion, up 22.21% year-over-year.

• Shipbuilding and marine engineering revenue reached ¥75.37 billion, with application industry revenue at ¥2.29 billion.

• Delivered 93 vessels totaling 7.21 million DWT, exceeding annual plan by 12.74%.

• R&D investment reached ¥3.61 billion, with 1,674 patent applications and 383 patents granted.

• Major asset restructuring underway: progressing with absorption merger of China Shipbuilding Industry Company.

Financial highlights

• Revenue increased 5.01% year-over-year; net profit attributable to shareholders rose 22.21%.

• Operating cash flow was ¥5.24 billion, down 71.26% year-over-year due to increased inventory and procurement.

• Gross margin improved to 9.94%, up 0.43 percentage points year-over-year.

• Basic and diluted EPS were ¥0.81, up 22.73% year-over-year.

• Total assets at year-end were ¥181.98 billion, up 2.33% from previous year.

Outlook and guidance

• 2025 revenue target set at ¥80.5 billion.

• Plan to deliver 89 commercial vessels (6.34 million DWT), repair 270 vessels, and achieve application industry output of ¥1.61 billion.

• Focus on green and intelligent ship R&D, deep-sea technology, and completion of major asset restructuring.