That damage was caused by electrolysis, likely from staying in contact with a damp surface. If that hull is a weldable alloy of aluminum, it could be repaired by placing backing material on the inside, and welding the holes up. Another method would be to weld aluminum angle along those damaged gutters, welding all around, to seal it up.
You might also be able to repair it with 5200. Put the boat in the sun, or a heated shop, and thoroughly clean the bad areas, inside and out, with a wire wheel, then wipe down with acetone. Place masking tape on the outside of the damaged areas. Fill the bad areas from the inside with 5200, and let it set up for 1 week. As long as you get the material clean and have good adhesion, 5200 will hold up, and will last for a long time.
Regardless of which method you use, before launch, check for leaks by filling the boat with a few inches of water while it's on the trailer.