中国动力：船周期高景气向上传导从制造到维保有望开辟第二成长曲线

申万宏源研究2025-03-08

投资要点：隶属中船集团，国内船用低速机龙头。中国动力是中船集团旗下发动机业务上市平台，主营业务涵盖燃气动力、蒸汽动力、化学动力、全电动力、柴油机动力、热气机动力及核动力设备等七大动力领域及相关辅机配套，是国内船用动力设备龙头。船周期上涨中继，景气度向上游发动机传导。量：全球船队平均船龄持续上行，当前老船替换度刚刚过半，替换需求仍旧充足。价：考虑通胀后当前船价仅为上轮周期高点的65%，上行空间充足。...

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中国动力：船周期高景气向上传导 从制造到维保有望开辟第二成长曲线

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中国动力：船周期高景气向上传导从制造到维保有望开辟第二成长曲线