Ships builder COMEC (00317) continued its upward momentum in Hong Kong trading, advancing nearly 5% to mark a fifth consecutive session of gains. At the time of writing, the stock was up 4.81% at HK$14.6, with turnover reaching HK$63.11 million.

The latest data shows the New Vessel Price Index stood at 186.34 in August, reflecting a 0.04% year-on-year increase and a 0.46% month-on-month uptick, marking the fifth consecutive month of recovery. Analysts at Sinolink Securities believe the trend of vessel prices entering a second upward trajectory is firmly established.

The rise in ship prices is enhancing the long-term profit contribution of existing orders, extending the period of sustained high earnings growth for domestic shipbuilders. COMEC earlier disclosed its interim results, reporting net profit attributable to shareholders of 840 million yuan for the first half of the year, a 59% jump year-on-year.

The company's current order book for shipbuilding stands at 73.4 billion yuan, encompassing 173 vessel products and one offshore engineering unit, totaling 6.28 million deadweight tonnes. Analysts at Shenwan Hongyuan Securities noted that the company continues to benefit from the high prosperity of the shipbuilding industry, with a substantial order backlog and a steady influx of high-value-added vessel orders.