Huayuan Securities: Maintains a "buy" rating on China Shipbuilding, and pays attention to future ship prices and group integration.

Huayuan Securities research report pointed out that China Shipbuilding's Q2 performance is expected to increase significantly year-on-year, with a focus on future ship prices and group integration. The company is expected to achieve a net profit attributable to shareholders of between 9.2 billion and 11 billion yuan in the first half of 2026, an increase of 143.56% to 191.21% compared to the same period last year. Based on this calculation, it is estimated that the net profit attributable to shareholders in Q2 of 2026 is approximately 4.368-6.168 billion yuan, an increase of about 140%-239% year-on-year. As high-priced orders are delivered one after another, the company's future performance has a strong certainty of going up. It is believed that the long cycle of green ship renewal is far from over, and there may still be upward potential in future ship prices and performance, therefore, the "buy" rating is maintained.