Yangzijiang Shipbuilding (Holdings) Ltd. (YSHLF)
被低估基本面
72
价格
$5.07
市值
$20.62B
第一部分 · 这家公司值多少
概览
Yangzijiang Shipbuilding builds large commercial ships — container ships, bulk carriers, oil tankers and gas carriers — at four shipyards along the Yangtze River in Jiangsu, China. Shipowners from around the world, mostly in Europe and North America, place orders years in advance and pay in installments as the vessel is built; Yangzijiang delivers a physical, multi-million-dollar asset at the end rather than a recurring service. It is one of the largest privately owned shipbuilders in China.
盈利方式
Revenue is recognized as vessels progress through construction against a fixed orderbook price agreed years earlier, so today's results largely reflect ships priced and contracted long before delivery — 2025 revenue grew mainly because older contracts were signed at higher prices, not because more ships were sold this year. A smaller shipping arm charters bulk carriers, and a residual 'other' line covers terminal services, ship design and trading, adding modestly to the shipbuilding core.
分部营收
Construction of containerships, bulk carriers, oil tankers and gas carriers under multi-year contracts with global shipowners.
Charter revenue from a fleet of bulk carriers the Group owns and operates itself.
Terminal services, ship design fees and trading activity, including raw-material sales to an affiliated shipyard.
需求驱动因素
周期性Shipbuilding demand follows the global shipping cycle: newbuild orders and prices swing with world trade volumes, fleet age and replacement needs, and even regulatory shifts like new emissions rules that push owners to order cleaner vessels. Tariff announcements in early 2025 already delayed some ordering decisions before momentum picked back up later in the year.
看多理由
Buyers argue that a record order backlog worth US$22.4 billion through 2030, expanding gross margins from higher newbuild pricing, and a new shipyard expansion project position Yangzijiang to keep converting its backlog into growing profit for years.
看空理由
Sellers fear that shipbuilding is a boom-and-bust industry, that tariff disputes and trade tensions already delayed ordering in early 2025, and that today's high margins reflect a pricing peak that new capacity — including the company's own expansion — could erode over the coming years.
Written by the editors, published on 2026年8月18日
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资产负债表与流动性
营收
$33.16B
截至最近已公布季度的最近12个月 — 根据每股指标估算
净利润
$9.82B
截至最近已公布季度的最近12个月 — 根据每股指标估算
自由现金流
$-828M
股东权益合计
$6.33B
负债合计
$4.13B
流动比率
1.66
利息覆盖率
-
债务/EBITDA
0.37
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$13.52
当前价格
$5.07
安全边际
+62.5%
公允价值区间
$8.78 - $18.25
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
2.03
ROE
32.1%
市净率（P/B）
0.60
P/FCF
-
毛利率
35.2%
ROIC
83.2%
盈利能力雷达图
价值创造（经济护城河）
ROIC异常值ROIC
83.2%
WACC
8.0%
ROIC − WACC
+75.2 pp
ROIC 超过资本成本：公司正在为股东创造价值。
基本面分析标准
通过（15）
- Price CAGR 28.04%
- ROIC 83.2%
- Gross Margin 35.2%
- P/B Ratio 0.60
- Debt/Equity ratio
- Operating Margin 34.2%
- Current Ratio
- Debt/EBITDA
- Price below Graham Number
- ROE 30.1%
- Revenue Growth 5Y 13.9%
- Analyst Consensus 88% Buy
- Earnings Surprise avg 10.2%
- PEG Ratio 0.39
- Net Margin Trend 30.3% vs 25.0%
未通过（4）
- Positive Free Cash Flow
- DCF valuation (Unknown)
- Earnings Quality (OCF/NI) 0.60
- Piotroski F-Score 1/9
不可用（8）
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-评分
存在严重财务隐患
盈利质量
中等：利润与现金之间存在一定差距
股权稀释
正在回购股份，对股东友好
机构持股
该公司暂无机构申报数据。
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Letian Ren | Executive Chairman & CEO | 43 |
| Mr. Yu Weiping | Co-Founder | - |
| Ren Jinhua | Co-Founder | - |
| Jialu Huang | Co-Founder | - |
| Mr. Qiang Gao | Co-Founder | 61 |
| Zhengshun Cai | Co-Founder | - |
| Mr. Yi Fang Liu | Co-Founder | 78 |
| Lijun Xie | Co-Founder | - |
| Wenzhen Wang | Co-Founder | - |
| Pinhua Su | Co-Founder | - |
审计风险
4
董事会风险
10
薪酬风险
5
股东权利风险
8
第二部分 · 价格与买入时机
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Latest News
Recent headlines for YSHLF, sourced from Markets Gazette.