主题策略研究之船舶：景气修复叠加中特估光环，看好中船系公司表现

投资要点   50% 40% 30% 20% 10% 0% -10% -20% -30% 000300.SHH11055.CSI   请阅读最后评级说明和重要声明 一、船舶行业1-5月统计数据同比增长3 1．1-5月全国三大造船指标均继续向好3 2．1-5月重点监测企业指标表现亮眼4 二、景气修复叠加“中特估”光环，船舶企业表现亮眼5 三、投资建议6 1.中国船舶6 2.中国重工6 3.中船防务7 四、风险提示8 ..............................................................................................3 .............................................................................................................3 .............................................................................................................3 .................................................................................................................4 .................................................................................................................4 ......................................................................................................6 ..........................................................................................................6 ......................................................................................................7 ..........................................................................................................7 ....................................................................................................7 ........................................................................................................7 ....................................................................................................................5 2 3.6% 17.8% 48.1% 30.5% 中国韩国日本其他 1.8% 8.1% 22.8% 67.3% 中国韩国日本其他 2.3% 2.8% 27.2% 55.0% 12.7% 散货船油船集装箱船气体船其他 9.8% 8.0% 42.1% 10.8% 29.3% 散货船油船集装箱船气体船其他 700 160% 6 0% 600 140%120% 5 -5% 500 100% 4 -10% 400 80% 3 -15% 300 60% -20% 200 40% 2 -25% 100 20%0% 1 -30% 0 -20% 0 -35% 201820192020202120222023Q1 营业收入YOY 201820192020202120222023Q1 净利润YOY 500 450 400 350 300 250 200 150 100 50 0 15% 10% 5% 0% -5% -10% -15% -20% 201820192020202120222023Q1 营业收入 YOY 10 0% 5 -200% 0 2018201920202021 20222023Q1 -400% -5 -10 -15 -600% -800% -20 -1000% -25 -1200% 净利润 YOY 250 200 150 100 50 0 20% 10% 0% -10% -20% -30% -40% -50% 201820192020202120222023Q1 营业收入 YOY 40 30 20 10 0 201820192020202120222023Q1 -10 -20 -30 900% 800% 700% 600% 500% 400% 300% 200% 100% 0% -100% -200% 净利润 YOY