According to the Dongwu Securities Research Report, the Q3 net profit of Songfa Co., Ltd. exceeded expectations by 3.1 billion yuan, and its profitability continued to increase from month to month. Looking ahead, under the gap between supply and demand, the boom in the shipping industry is expected to continue until 2030, and ship prices and order amounts will remain high. Hengli Heavy Industries is backed by Hengli Group, with large production capacity, excellent operating efficiency, and prominent alpha attributes. It will become the most flexible shipbuilding company in this cycle: production capacity expansion: the company's existing production lines are saturated, and production expansion is being accelerated through three key projects such as “integration of green smart ship manufacturing”. In August, it was announced that it will recruit another 100,000 industrial workers. Order optimization: Upgrading to high-value-added vessels such as VLCC, oversized container ships, and VLAC, and the profit center continues to increase. The entire industry chain is autonomous and controllable: The company has an annual production capacity of 300 marine engines, which can cover the four types of LNG, LPG, methanol and ammonia dual-fuel engines to ensure supply chain safety while contributing to additional volume. I am optimistic that the company will be the one with the greatest flexibility and the highest degree of fulfillment in this shipbuilding cycle. Considering the boom in the new shipbuilding market, adjust the company's 2026-2028 net profit forecast to be 89/174/222 billion yuan, respectively. Corresponding to the current stock price PE is 18/9/7x, respectively, to maintain the “increase in holdings” rating.

According to the Dongwu Securities Research Report, the Q3 net profit of Songfa Co., Ltd. exceeded expectations by 3.1 billion yuan, and its profitability continued to increase from month to month. Looking ahead, under the gap between supply and demand, the boom in the shipping industry is expected to continue until 2030, and ship prices and order amounts will remain high. Hengli Heavy Industries is backed by Hengli Group, with large production capacity, excellent operating efficiency, and prominent alpha attributes. It will become the most flexible shipbuilding company in this cycle: production capacity expansion: the company's existing production lines are saturated, and production expansion is being accelerated through three key projects such as “integration of green smart ship manufacturing”. In August, it was announced that it will recruit another 100,000 industrial workers. Order optimization: Upgrading to high-value-added vessels such as VLCC, oversized container ships, and VLAC, and the profit center continues to increase. The entire industry chain is autonomous and controllable: The company has an annual production capacity of 300 marine engines, which can cover the four types of LNG, LPG, methanol and ammonia dual-fuel engines to ensure supply chain safety while contributing to additional volume. I am optimistic that the company will be the one with the greatest flexibility and the highest degree of fulfillment in this shipbuilding cycle. Considering the boom in the new shipbuilding market, adjust the company's 2026-2028 net profit forecast to be 89/174/222 billion yuan, respectively. Corresponding to the current stock price PE is 18/9/7x, respectively, to maintain the “increase in holdings” rating.