Guangdong Songfa Ceramics Co (603268.SS): 2Q26 earnings strong beat, on earlier blocks construction pre phase III, better margin and operational efficiency; Buy

研报英文原文证据摘录

Guangdong Songfa Ceramics Co (603268.SS): 2Q26 earnings strong beat, on earlier blocks construction pre phase III, better margin and operational efficiency; Buy

Goldman Sachs Guangdong Songfa Ceramics Co (603268.SS)

to 100% capacity to the existing three phases, as we believe the expanded capacity

would be filled by strong new ship orders. Hengli’s order-winning momentum

remained strong in Jun-26. After winning Rmb15bn new orders at Posidonia Exhibition

(see Jun-26 report), news reported that MSC has ordered up to 20 x 20k TEU

containerships from Hengli recently, which we estimate is valued at US$4bn (based on

recent newbuild price), accounting for over 10% of the orderbook. We expect Hengli can

sustain its order-winning momentum benefiting from booming tanker orders and global

aging fleet. Hengli has a cover years of 2.7x (incl. Ph III capacity), and we expect the

company may continue to expand capacity via phase IV (see Jun-26 report). A

shorter-than-peers cover years (global avg at 3.8x years) is a key competitive moat for

Hengli when bidding for orders, because shippers mentioned it’s hard to find slots

delivered in 2028 among tier-1 shipyards (see Jul-26 report) and they are still actively

looking for slots from global shipyards for tanker delivery for 2H28-1H29 and are willing

to pay c.10% premium over those to be delivered in 2030 (see our shipbuilding trip

takeaways).

Exhibit 1: Hengli 1H26 prelim results and implied 2Q26 results

Source: Company data, Goldman Sachs Global Investment Research

Exhibit 2: Hengli deliveries (in CGT terms) by ship type as Exhibit 3: Hengli deliveries (in CGT terms) by ship type as

of Jul’26 of Mar’26

Hengli delivery by ship type (based on orderbook as of Jul'26) Hengli delivery by ship type (based on orderbook as of Mar'26)