松发股份 (603268.SH): Guangdong Songfa - A: MSC adds 20 post-Panamax ships; expanded capacity filled through 2029

MSC's latest 20-vessel order reinforces our positive stance on Songfa, whose shares have corrected 14% from their September peak versus a 7% decline in the CSI 300. We highlight three takeaways: (1) MSC has ordered another 20 24,000-TEU post-Panamax containerships worth an indicative US$4.9bn, bringing its cumulative Hengli orders to 70 vessels; (2) our proprietary orderbook analysis shows the 2029-30 backlog rising 27% to 8.40mn CGT, with capacity fully committed through 2029 even after the initial Phase 4 expansion;