COMEC (00317) rose more than 6% during the trading session. As of the time of writing, the stock was up 5.25% at HK$16.43, with a turnover of HK$64.3762 million.
On the news front, data released by the Ministry of Industry and Information Technology on May 9 showed that in the first quarter of 2026, China's shipbuilding industry led the world in three core indicators: completed ship tonnage, new orders received, and order backlog. Significant progress has been made in shipbuilding efficiency, full industrial chain capability, and green transformation. By the end of March, China's shipbuilding order backlog reached 322.30 million deadweight tons, a year-on-year increase of 43.6%, accounting for 69.8% of the global market share. Currently, production orders at some large shipyards are scheduled through the next three years.
Notably, COMEC reported a 115% year-on-year increase in net profit attributable to shareholders in the first quarter. The significant earnings growth was primarily due to a further reduction in the construction cycle of main ship types, leading to a year-on-year increase in product gross profit; and a notable improvement in the operating performance of associated enterprises, resulting in a substantial year-on-year rise in investment income recognized by the company.
Zheshang Securities pointed out that with the cyclical upturn in the industry, demand for multiple ship types is rising, and shipyard profitability is improving.
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