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China Shipping Defense's huge loss exceeded 2 billion year-on-year expansion 36 times
The main income of the shipbuilding industry fell sharply, the huge loss of profits exceeded 2 billion yuan, and the loss expanded 36 times year-on-year. Fortunately, the volume of orders received increased significantly. This also made China's first shipbuilding industry listed company, China Shipbuilding Defense, see a little hope.
Loss of 2.4 billion, shipbuilding business fell 16.34% year-on-year
On March 22, CSSC announced its 2018 annual results. In 2018, CSIC's defense business achieved a turnover of 19.214 billion yuan, which was 89.24% of the annual plan, down 16.17% year-on-year; total profit was -24.60 billion yuan, a decrease of 2.482 billion yuan; net profit attributable to shareholders of listed companies was -1.869 billion. Yuan, the loss increased by 36 times compared with the same period of the previous year; the annual business operation received 24.129 billion yuan, an increase of 78.02%; the basic loss per share was 1.3223 yuan.
Last year, the main business income of CSSC Defense was 19.003 billion yuan, a year-on-year decrease of 16.20%. Among them, the shipbuilding, offshore and steel structure business sectors decreased by a large margin year-on-year, down 16.34%, 33.39% and 28.19% respectively; ship repair and modification, mechanical and electrical products and other business sectors increased year-on-year, up 6.97% and 33.10 respectively. %. Gross profit from main business was -1.447 billion, gross profit margin was -0.77%, down 6.76% year-on-year. Except for the year-on-year growth of gross profit margin of ship repair and modification business, the gross profit of other business segments declined year-on-year.
According to the International Ship Network, China Shipbuilding Defense achieved an operating income of 22.313 billion yuan in 2017, and the net profit attributable to shareholders of listed companies was 87.796 million yuan.
CSSC explained that the revenue from shipbuilding business fell by 16.34% year-on-year to 20.575 billion yuan in 2018, mainly due to the delayed delivery of some ships, the construction of the first ship and the short production preparation time, and the holdings. The relocation of the company's Guangzhou Shipyard International Tsuen Wan plant has a large adverse impact on shipbuilding production, so the revenue from shipbuilding business decreased.
From the perspective of product structure, the proportion of the ship and sea business in revenue has remained stable, maintaining a level of 87%-89% for two years. Among them, the shipbuilding business accounted for 79.33% of the revenue in 2018, down 0.14 percentage points year-on-year; the offshore industry accounted for 7.53% of the revenue, down 1.94 percentage points year-on-year; the proportion of ship repair, steel structure engineering and electromechanical sectors accounted for 2017 is flat. In addition, in 2018, CSSC’s cash and cash equivalents were negative 3.908 billion yuan, a year-on-year decrease of 4.718 billion yuan. In 2018, the asset impairment loss was 677 million yuan, a year-on-year increase of 233.5 percent.
China Shipbuilding Defense stated that in the face of the sluggish market environment, CSSC's defense entity enterprises have worked hard to overcome a series of difficulties such as uneven production and tight production cycle, and strive to strengthen the control of production processes, vigorously promote the construction and construction of ships under construction, and lay a solid battle for key products. To ensure the successful completion of the delivery task, the Gotland passenger rolling boat, the condensate tanker, the submarine pipeline inspection vessel, and the 1600-ton deep submerged wind power engineering ship were successfully delivered.
Orders of 24.1 billion, orders increased by 78.02% year-on-year
In 2018, the number of orders received by CSSC in the whole year reached 24.129 billion yuan, a year-on-year increase of 78.02%, exceeding the target. This year, China Shipbuilding Defense plans to undertake a new order of 29 billion yuan, an increase of about 20% compared to the number of orders received in 2018.
CSSC said that in 2018, the Group firmly grasped the opportunity of the recovery of orders in the ship market at the beginning of the year, and fully exerted its core competitiveness, and achieved certain results in the fields of passenger ships, oil tankers, official ships, and scientific research vessels. The annual contract was 24.219 billion yuan, exceeding the annual plan of 3.46%, an increase of 78.02%.
It is reported that last year, CSSC received a total of 71 ship orders, far exceeding the 43 ships in 2017, including 5,000-ton integrated supply carriers, 10,000 tons of sea cruise ships, and new geophysical comprehensive scientific research vessels.
Looking forward to 2019, China Shipbuilding Defense plans to achieve operating income of 21.6 billion yuan, plans to undertake contracts of 29 billion yuan. CSSC will continue to deepen reforms, strengthen innovation and lead, actively respond to challenges, ensure steady growth of production and operation, adhere to the promotion of relevant diversified development, accelerate the layout of emerging industries, and improve quality and efficiency through cost control, optimized management and resource integration. To achieve the 2019 business plan.
According to public information, CSSC (formerly Guangzhou Shipyard International) landed in A-shares in 1993 and is the first listed company in China's shipbuilding industry. Known for the production of high-value-added ships such as flexible tankers and semi-submersible vessels, it is the largest manufacturer of handy-type tankers in China, the largest manufacturer of military auxiliary vessels in China, and the only shipyard in China that manufactures advanced semi-submersible and passenger rolling ships. .
In 2015, GSI International Co., Ltd. changed its name to “Zhongzhou Marine and Defense Equipment Co., Ltd.”. After the renaming, CSSC is positioned as a large-scale comprehensive marine and defense equipment enterprise group, which integrates marine defense equipment, marine transportation equipment and ocean. Development equipment and marine scientific research equipment in one. Its holding companies include Guangzhou Shipyard International Co., Ltd., China Shipbuilding Huangpu Wenchong Ship Co., Ltd., Guangzhou Huangchuan Ocean Engineering Co., Ltd., etc.
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