Company Study of Guangzhou Shipyard International Co., Ltd., H2 2007

The three indicators of global shipbuilding industry broke the record in 2006. Meanwhile, China's shipbuilding completion amounted to 14.52 million DWT, up by 19.8% year-on-year and taking a global share of 19%; the new ship trading volume was up to 42.51 million DWT, a year-on-year rise of 150% and a global share of 30%, enabling China to surpass Japan to be in the second place. At the end of 2006, the new shipbuilding orders held by shipbuilding enterprises in China arrived at 68.72 million DWT, increasing by 73% year-on-year and taking a global share of 24%.

Report Highlights

In 2006, Guangzhou Shipyard International Co., Ltd received 35 shipbuilding orders, with a total tonnage of 1.5162 DWT, and the contracted capital stood at RMB11.637 billion. As of the end of 2006, the company had held 59 shipbuilding orders with 2.5016 DWT, valuing RMB18.454 billion in the contract. These shipbuilding tasks are to be arranged till 2011. In Jan.-May, 2007, the company signed 7 new shipbuilding contracts; it had received about 9 shipbuilding orders in the first half of 2007.
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1. Overall Analysis of China Shipbuilding Industry
1.1 Transfer of China Shipbuilding Industry Accelerating
1.2 Oil Tanker Price and Bulk Cargo Ship Price
1.3 Profitability of China Shipbuilding Industry

2. Business Development
2.1Leader of Handysize Liquid Cargo Carrier
2.2 Sufficiency of Order Receiving
2.3 Orders Received in 2006 being beyond Expectation
2.4 Steady Receiving of Orders in H1 2007
2.5Shipbuilding Efficiency Improved; Production Capacity Has the Potential of Increasing

3. Analysis and Forecast of the Company's Profitability
3.1 High Shipbuilding Prices Enabling Gross Profit Margin to Rise
3.2 Shipbuilding Prices of Handysize Finished Oil Tanker Still Rising
3.3 Price of Orders received by the Company Rising Quarter by Quarter
3.4 Profitability Forecast

4. Analysis of Risks
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New Ship Trading Volume and Global Shares by Country, Jan.-Apr. 2007
Profit Growth of Key Machinery Sub-industries, Jan.-May of 2007
47,000-DWT Handysize Finished Oil Tanker Shipbuilding Price Trend (US$100 million/vessel)
Contracted Order Price Trend of Guangzhou Shipyard International Co., Ltd. (RMB/DWT)
Gross Profit Margin of Shipbuilding Business of Guangzhou Shipyard International Co., Ltd.
New Ship Trading Price of Main Models of Oil Tanker and Bulk Cargo Ship
Ranking of New Ship Trading Volume Worldwide, 2006
Ranking of Shipbuilding Orders Held by Shipbuilding Enterprises Worldwide, 2006
Ranking of New Ship Trading Volume of Shipbuilding Enterprises in China, 2006
Ranking of Shipbuilding Enterprises in China by Held Orders, 2006
Shipbuilding Completion and Received Orders of Guangzhou Shipyard International Co., Ltd.
Alternations in Plan of Finished Ships of Guangzhou Shipyard International Co., Ltd
Forecast of Finished Ships of Guangzhou Shipyard International Co., Ltd
Profitability Forecast of Main Products of Guangzhou Shipyard International Co., Ltd



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