603268.SH · A-shares
603268.SH Songfa: Hengli Heavy commercial shipbuilding platform
Songfa (Hengli Heavy) Post Hengli Heavy injection, Songfa is a commercial shipyard platform. In SW defense, but military content is thin vs CSSC — separate defense beta from commercial shipping.
Cite a section with a deep link, e.g. /en/r/songfa-hengli-603268-research#thesis
Snapshot
- Price (~)
- CNY 192.6
- Market cap (~)
- CNY 196.2B
- Revenue (latest FY/cum)
- CNY 21.6B
- Latest NI (attr.)
- CNY 3.6B
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Songfa (Hengli Heavy) Post Hengli Heavy injection, Songfa is a commercial shipyard platform. In SW defense, but military content is thin vs CSSC — separate defense beta from commercial shipping. Price ~¥192.60, mkt ~¥1962B; PE-TTM 27.2x.
Business
Model: large oceangoing ships via Hengli Heavy. Flagships: VLCC and other high-value orders. Boundary: ceramics out, Hengli in. Strategy: capacity/docks to deliver backlog.
Value chain
Commercial yard; upstream steel/equipment; downstream owners. Risks: freight/ship prices; ramp; leverage/dilution.
Corporate events
Events
| Date | Event | Detail | Note |
|---|---|---|---|
| 2025 | 重大资产置换 | 置入恒力重工 100% | 主业切换为民船 |
| 2026 | 定增扩产（申报） | 拟募资扩造船产能 | 稀释与执行风险 |
Valuation
Trades on backlog conversion; mislabeling as pure defense amplifies volatility.
Valuation snapshot
| Metric | Value | Note |
|---|---|---|
| 现价 | 192.60 | 东方财富行情 |
| 总市值 | 1962.05 亿 | f116 |
| PE-TTM | 27.2x | 亏损则为 null |
| PB | 9.81x | 行情字段 |
Valuation · ~3y QE
Interactive chart available in the reader.
Price · ~3y QE
Interactive chart available in the reader.
Financial trends (~24m)
Single-quarter revenue/NI from Eastmoney cumulative filings via differencing; gross margin is reported period GM. Null when missing.
Quarterly revenue · 8Q
Interactive chart available in the reader.
Gross margin · reported
Interactive chart available in the reader.
Quarterly NI · 8Q
Interactive chart available in the reader.
Financial health
| Item | Value | Note |
|---|---|---|
| 经营现金流（约，每股×股本） | 89.29 亿 | MGJYXJJE×股本估算，非审计 |
| 资产负债率 | 82.5% | 最新报告期 |
| ROE（加权） | 32.06% | 报告期 |
| 审计/持续经营 | 以最新年报审计意见为准 | 未在本包重审 |
Operations
Volume: orders/deliveries; price: newbuild prices; cost: steel/utilization.
Operating snapshot
| Item | Value | YoY/note | Note |
|---|---|---|---|
| 最新报告期 | 2026-Q2 | — | 东方财富 MAINFINADATA |
| 单季营收 | 146.16 亿 | 见收入图 YoY | 累计拆单季 |
| 单季归母净利 | 25.15 亿 | 见利润图 | 累计拆单季 |
| 毛利率（报告期披露） | 23.7% | — | 销售毛利率字段 |
| 赛道 | 航海装备 | — | 申万国防军工二级语境 |
Competition
Defense market share is usually undisclosed; share charts use nulls.
Peers
| Name | Role | Note | Strength | Weakness |
|---|---|---|---|---|
| 松发/恒力 | 民船 | 高 | 订单弹性 | 军品弱 |
| 中国船舶 | 军民 | 中 | 规模 | 估值重 |
| 中船防务 | 偏军 | 中 | 军船 | 弹性低 |
Management
Management / control
| Role | Name | Since | 24m change |
|---|---|---|---|
| 实控人 | 陈建华 / 范红卫 | 重组后 | 需跟踪持股与关联交易 |
| 经营层 | 以最新年报披露为准 | 持续 | — |
Stability: Chen/Fan control; monitor post-reorg governance.
Outlook
Watch deliveries, GM, follow-on raise, leverage.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Orders/deliveries beat | Earnings + multiple |
| Base | Steady production | Hold/watch recognition |
| Bear | Destock/budget slip | Theme + earnings drawdown |
Risks
Cycle; cancellations; capex/financing; related-party governance.
Tracking
- Quarterly revenue/NI YoY and contract liabilities
- Gross margin, inventory, receivables
- OCF vs CapEx
- Material reorg/program disclosures
- Defense index relative performance / crowding
References
- CNINFO — https://www.cninfo.com.cn/new/disclosure/stock?stockCode=603268
- Eastmoney quotes & MAINFINADATA
- Other: https://stock.10jqka.com.cn/20260824/c679231868.shtml
Not investment advice.
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