Yangzijiang Shipbuilding (BS6) H2 2024 earnings summary

Executive summary

• Achieved record revenue of RMB26.5 billion in FY2024, up 10.1% year-over-year, driven by strong shipbuilding and shipping segments.

• Net profit attributable to shareholders surged 61.7% to RMB6.63 billion, with gross profit up 40.6% to RMB7.6 billion and margin rising to 28.7%.

• Secured USD14.6 billion in new orders, tripling the annual target, with 82% classified as eco-friendly vessels.

• Outstanding orderbook reached a record USD24.4 billion, 74% of which are clean energy vessels, providing earnings visibility through 2028.

• Proposed final dividend of 12 Singapore cents per share, an 84.6% increase, with a payout ratio of 38.6%.

Financial highlights

• Revenue: RMB26.54 billion (+10.1% YoY); Shipbuilding contributed 95% of sales.

• Net profit: RMB6.63 billion (+63.0% YoY); Basic EPS: 167.91 RMB cents.

• Gross profit: RMB7.6 billion (+40.6% YoY); Gross margin: 28.7% (+6.3 pts YoY).

• Cash and cash equivalents: RMB28.1 billion; Net asset value per share: RMB665.17.

• Dividend yield: 4.0%; Payout ratio: 38.6%; P/E: 9.48; P/B: 2.39.

Outlook and guidance

• Long-term outlook remains strong, supported by global decarbonisation and regulatory push for greener vessels.

• Near-term shipping market volatility expected due to geopolitical risks and trade conflicts.

• Capacity expansion (Project Hongyuan) on track, with new facility to be operational by end-2026.

• Continued focus on green shipbuilding and advanced vessel solutions to maintain competitive edge.