On November 25th, Gelonghui reported that China Merchants Securities' research report pointed out that China Shipbuilding Industry Group Power (600482.SH) continues to undergo deep integration in the diesel engine sector, with the ship power segment leading the way again. The integration of subsidiary equity will promote efficient decision-making in the diesel engine business, and is expected to increase the contribution of subsidiaries to the listed company from the financial statements (China Ship Diesel Engine achieved revenue of 17.397 billion in the first three quarters of 2024, with a net income of 0.998 billion). In terms of profitability: In Q3 of 2024, the sales gross margin reached 14.87%, an increase of 3.12% year-on-year and 2.03% quarter-on-quarter. In the short term, since 2022, new ship prices have continued to rise, while ship steel plate prices have continued to fall, creating a profit gap; in the long term, driven by international marine low-carbon emission reduction policies and the demand for replacing old ships, the ship industry is expected to embrace a long-term outlook of sustained prosperity. Maintaining a "strong buy" rating.