China Securities Journal: According to the statistics of China Shipbuilding Industry Association, the completion volume, new orders, and hand-held orders of the shipbuilding market in the first five months of this year showed a downward trend. How do you evaluate the current industry boom?
Liu Nan: The shipbuilding industry is closely related to the world economy. In 2008, both the world economy and the shipbuilding industry were at their peak. After that, many industries were in the stage of de-capacity, especially in the shipbuilding industry. Since 2009, due to the impact of the international financial crisis, the world trade has declined, the demand for ships directly related to shipping has been greatly reduced, and the orders for shipbuilding industry have turned from a prosperous to a downturn. However, since the construction period of large ships is 3-4 years, the impact of the international financial crisis on the shipbuilding industry in the past two years has really emerged.
The ship market rebounded in 2010, but it was only a small spring. Until this year, the bulk cargo market was still very large, and new orders were falling. We judge that, according to such a cycle, after 3-4 years, shipbuilding will return to another peak period.
China Securities Journal: As you said, the entire shipbuilding market is still in the midst of the last down cycle, so can the entire shipbuilding market find its highlights this year?
Liu Nan: Overall, the market demand this year is not much different from last year. From the numerical point of view, many indicators are declining, but in fact, the industry is quietly undergoing some structural changes, such as the demand for bulk carriers is decreasing, and the demand for container ships is increasing.
This year, offshore vessels such as some LNG vessels and container ships will be better than last year's market, and the small handysize is better than the 30,000-ton ship market. These are some new changes. At present, domestic shipbuilding orders are mainly bulk carriers and container ships, while high value-added ships such as oil tankers, LNG carriers, offshore platforms, etc. have few orders. In these respects, the domestic comprehensive capacity is not strong and requires domestic Shipbuilding companies are constantly seeking breakthroughs.
The company's basic goal this year is to stabilize last year's orders, undertake new orders that continue to be virtuous, and form new business growth points, such as increasing EPC business orders and focusing on nurturing the yacht market.
China Securities Journal: What opportunities and challenges does the company face in the ship design and manufacturing business?
Liu Nan: We must follow the market environment. As far as the company's actual situation is concerned, the current market conditions are not bad for us. The company's traditional ship design business is not completely synchronized with the shipbuilding cycle. The production capacity is relatively flexible and can win some opportunities in the recovery of market demand.
In recent years, the company has increased its R&D investment in environmental protection and offshore engineering in design, and is also working with partners to develop new concept ship types with high technology content such as chemical tankers, container ships, LNG and multi-purpose ships. In addition, the company has been developing EPC business since last year. Although the gross profit margin of this business is lower than the design, its business scale is large and the comprehensive income is very good. The company's third business is the sales and manufacturing of yachts, which is the new growth point business we cultivate.
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