二、监事会会议审议情况 证券代码：605598 证券简称：上海港湾 公告编号：2024-043 上海港湾基础建设（集团）股份有限公司 第三届监事会第九次临时会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 上海港湾基础建设（集团）股份有限公司（以下简称"公司"、"上海港湾"） 第三届监事会第九次临时会议于 2024 年 12 月 19 日以现场结合通讯表决的形式 召开，本次会议通知已于 2024 年 12 月 16 日以电子邮件等形式发出。会议应出 席监事 3 名，实际出席监事 3 名，公司高级管理人员列席本次会议。本次会议 的召集、召开程序符合《公司法》和《公司章程》等的相关规定。监事会主席刘 亮亮先生主持本次会议。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）及指 定媒体上的《上海港湾关于继续使用部分暂时闲置募集资金进行现金管理的公告》 （公告编号：2024-045）。 （三）审议并通过《关于继续使用部分暂时闲置自有资金进行现金管理的议 案》 经核查，监事 ...

（一）现金管理目的 上海港湾基础建设（集团）股份有限公司 关于继续使用部分暂时闲置自有资金进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 现金管理种类：风险可控、安全性较高、流动性较好的理财产品，包括 但不限于国债、定期存款、结构性存款、银行理财产品、券商理财产品等。 现金管理金额：不超过人民币 40,000 万元（含本数）。 已履行的审议程序：2024 年 12 月 19 日，上海港湾基础建设（集团）股 份有限公司（以下简称"公司"）召开第三届董事会第九次临时会议、第三届监 事会第九次临时会议，审议通过了《关于继续使用部分暂时闲置自有资金进行现 金管理的议案》，同意公司在确保不影响日常经营需求和保障资金安全的前提下， 使用不超过人民币 40,000 万元（含本数）的部分暂时闲置自有资金进行现金管 理。使用期限自董事会审议通过之日起 12 个月内有效，在上述额度内，资金可 滚动使用。 风险提示：尽管公司选择的现金管理产品属于流动性较好、风险可控的 理财产品，但金融市场受宏观经济、财政及货币政 ...

中原证券股份有限公司 关于上海港湾基础建设（集团）股份有限公司 继续使用部分暂时闲置募集资金进行现金管理的核查意见 根据中国证券监督管理委员会出具的《关于核准上海港湾基础建设（集团） 股份有限公司首次公开发行股票的批复》（证监许可〔2021〕2618 号），公司首次 公开发行 4,319.3467 万股人民币普通股（A 股）股票，发行价格为 13.87 元/股， 募集资金总额为人民币 59,909.34 万元，扣除各项新股发行费用后，实际募集资 金净额为人民币 51,976.65 万元。立信会计师事务所（特殊普通合伙）对上述募 集资金到位情况进行了审验，并出具了信会师报字[2021]第 ZA15524 号《验资报 告》。公司对募集资金进行专户管理，并与开户银行、保荐机构签署了《募集资 金专户存储三方监管协议》。 根据公司《首次公开发行 A 股股票招股说明书》，募集资金投资项目及募 集资金使用计划如下： 单位：万元 | 序号 | 项目名称 | 投资总额 | 募集资金投入金额 | | --- | --- | --- | --- | | 1 | 总部基地升级及信息化建设项目 | 37,578.82 | 12,697 ...

证券代码：605598 证券简称：上海港湾 公告编号：2024-045 上海港湾基础建设（集团）股份有限公司 关于继续使用部分暂时闲置募集资金进行现金管理的公告 现金管理金额：不超过人民币 5,000 万元（含本数） 履行的审议程序：2024 年 12 月 19 日，上海港湾基础建设（集团）股份 有限公司（以下简称"公司"）召开第三届董事会第九次临时会议、第三届监事 会第九次临时会议，审议通过了《关于继续使用部分暂时闲置募集资金进行现金 管理的议案》，同意公司在确保不影响募集资金安全和投资项目资金使用进度安 排的前提下，使用不超过人民币 5,000 万元（含本数）的部分暂时闲置募集资金 进行现金管理。使用期限自董事会审议通过之日起 12 个月内有效，在上述额度 内，资金可滚动使用。保荐机构中原证券股份有限公司已发表明确同意的核查意 见。 特别风险提示：尽管公司选择的现金管理产品属于安全性高、流动性好 的保本型投资产品属于较低风险理财品种，但金融市场受宏观经济、财政及货币 政策等宏观政策的影响较大，不排除相关投资可能受到市场波动的影响，从而影 响预期受益。 一、现金管理情况概述 （一）现金管理目的 为提高募集资 ...

证券代码：605598 证券简称：上海港湾 公告编号：2024-042 上海港湾基础建设（集团）股份有限公司 （二）审议并通过《关于继续使用部分暂时闲置募集资金进行现金管理的议 案》 一、董事会会议召开情况 上海港湾基础建设（集团）股份有限公司（以下简称"公司"、"上海港湾"） 第三届董事会第九次临时会议于 2024 年 12 月 19 日以现场结合通讯表决的形式 召开，本次会议通知已于 2024 年 12 月 16 日以电子邮件等形式发出。会议应出 席董事 5 名，实际出席董事 5 名，公司监事、部分高级管理人员列席本次会议。 本次会议的召集、召开程序符合《公司法》和《公司章程》等的相关规定。董事 长徐士龙先生主持本次会议。 二、董事会会议审议情况 （一）审议并通过《关于预计 2025 年日常关联交易额度的议案》 经审议，董事会认为：公司与关联方之间的日常关联交易是基于公司经营业 务开展及办公需要，为提高公司经营效率而做出的市场化选择。此次日常关联交 易系公司与关联方之间正常、合法的经济往来活动，交易符合商业惯例。公司与 关联方之间的交易基于一般的商业条款签订相关协议，遵循了公平、公正、公开 的原则，以市场 ...

证券代码：605598 证券简称：上海港湾 公告编号：2024-041 上海港湾基础建设（集团）股份有限公司 关于注销部分募集资金专项账户的公告 三、本次部分募集资金专户注销情况 秉承公司效益和股东效益最大化原则，为更好的提升公司核心竞争力和净资 产收益率，提高募集资金使用效率，公司经审慎研究决定，并经第三届董事会第 六次临时会议、第三届监事会第六次临时会议和2024年第一次临时股东大会审议 通过了《关于变更部分募集资金投资项目并延期的议案》。公司将"总部基地升 级及信息化建设项目"尚未使用的募集资金10,596.34万元（包含扣除银行手续 费后累计收到的理财收益及银行存款利息，因部分资金理财产品尚未到期,具体 金额以结转当日募集资金专户实际金额为准）用于"购置施工机械设备项目"， 并延长该项目的实施周期。具体内容详见公司于2024年8月17日披露在上海证券 交易所网站（www.sse.com.cn）及指定媒体上的《上海港湾关于变更部分募集资 金投资项目并延期的公告》（公告编号：2024-026）。 截至本公告披露日，公司"总部基地升级及信息化建设项目"尚未使用的募 集资金已全部转入"购置施工机械设备项目"的 ...

Summary of Conference Call Notes Industry Overview - The focus is on Southeast Asia, the Middle East, and gradually expanding into Africa, highlighting Southeast Asia's geographical advantages and stable political environment as a preferred location for global manufacturing transfer [1][2] - Southeast Asia has a total area of 4.57 million square kilometers and a population of 680 million, comparable to China's population density in the 1990s [1] - The region benefits from low labor costs, with daily wages for workers in Indonesia around 80 yuan, translating to over 2,000 yuan per month [1] Key Points on Southeast Asia - There has been a significant increase in infrastructure development due to the influx of manufacturing, leading to unprecedented opportunities in the construction industry [2] - Indonesia is identified as the largest economy in ASEAN, with a population of 290 million and a GDP growth rate consistently above 5% [3] - The Indonesian government has planned to relocate the capital to Kalimantan, with infrastructure investments projected to exceed $2 trillion and a compound growth rate of 7.5% [4] - The Philippines has initiated a large-scale infrastructure plan with a budget of approximately $160 billion, covering various sectors including railways, airports, and water management [6] Market Opportunities - The construction sector in Southeast Asia is experiencing a boom, driven by the need for infrastructure to support industrial transfers [2] - The Philippines aims to increase its renewable energy share to 35% by 2030, with significant investments in wind and new energy projects [7] - The company is optimistic about growth in the Philippines, with strong demand for infrastructure projects [6] Middle East Insights - The Middle East, particularly Saudi Arabia's Vision 2030, presents numerous projects, although the execution pace is slower compared to Southeast Asia [9] - The company is involved in various large-scale projects in the region, including ports and urban developments, but is still in the tracking phase for many of these projects [9] Domestic Market Challenges - The company maintains a cautious approach to domestic projects due to cash flow concerns and the current economic climate, which has led to a lack of substantial project guarantees [10][11] - There is a focus on selecting projects with favorable business terms to mitigate risks associated with receivables and bad debts [11] Competitive Advantages - The company prioritizes markets with strong infrastructure needs and stable political environments, differentiating itself from state-owned enterprises by relying on market-driven strategies [13] - The company emphasizes a localized management approach, employing local workers to enhance operational efficiency and project execution [23] Financial Performance and Projections - The company aims for a gross margin target of around 30%, which is not a fixed number but varies based on project specifics [17] - The management believes that maintaining a gross margin above 30% is a natural outcome of their operational model, which focuses on direct project management rather than subcontracting [17] Project Execution and Payment Terms - Projects typically take six months to a year to complete, with payment schedules being more favorable than domestic projects, often based on milestones [26] - The company retains about 5% of the project value as a warranty deposit, which is released upon project completion [26] Conclusion - The company is optimistic about its growth prospects in Southeast Asia and the Middle East, with a strong focus on infrastructure development and renewable energy projects, while remaining cautious about domestic market conditions and cash flow management [12][10]

Financial Performance - The company reported a net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, which decreased due to share-based payment expenses of 40.1729 million yuan from the 2023 restricted stock incentive plan and employee stock ownership plan, leading to a significant increase in management expenses compared to the same period last year [1] - In the first three quarters of 2024, the company achieved new signed contracts totaling 1.874 billion yuan, with overseas new contracts accounting for 83.20% and domestic new contracts accounting for 16.80% [2][4] Market Insights - The global construction market size was approximately 15.2 trillion USD in 2023 and is projected to grow to 21.38 trillion USD by 2030, indicating a robust demand for infrastructure development [2] - The geotechnical engineering sector, which is crucial for construction quality and safety, represents about 5%-10% of the total construction market, highlighting significant market potential [3] Strategic Outlook - The company aims to leverage the rapid advancement of global industrialization and urbanization to expand its domestic and international market presence, focusing on high-value integrated services to enhance customer loyalty and achieve further growth in scale and efficiency [4][6] - The company plans to deepen its market penetration in Southeast Asia and the Middle East, capitalizing on the increasing infrastructure investment driven by government policies and economic growth in these regions [5][6] Competitive Landscape - The main competitors in the geotechnical engineering sector include Keller (UK), Menard (France), Bauer (Germany), and others, indicating a competitive market environment [3] - The company emphasizes its commitment to sustainable value creation and aims to enhance its global service capabilities and brand influence [5][6] Human Resources and Talent Management - The company has increased its investment in human resources, focusing on attracting skilled professionals to support project advancement and market growth, with nearly 70% of its workforce being foreign employees from 26 countries [6] - A talent strategy that includes stock incentives and employee ownership plans is in place to align employee interests with the company's growth objectives [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 944 million yuan for the first three quarters of 2024, representing a year-on-year increase of 4.78%, while the net profit attributable to shareholders decreased by 24.48% to 109 million yuan [1] - The revenue for the third quarter was 314 million yuan, a year-on-year decline of 6.31%, with a net profit of approximately 35.06 million yuan, down 7.90% year-on-year [1] - The decline in revenue is attributed to fewer new orders signed in 2023 and disruptions in the confirmation of major projects, but a recovery in revenue is expected in the fourth quarter due to a significant increase in new orders in the first half of the year [1] - The gross margin for the first three quarters was 34.49%, an increase of 1.29 percentage points year-on-year, while the gross margin for the third quarter was 30.61%, up 0.96 percentage points year-on-year but down 5.06 percentage points quarter-on-quarter [1] - The company's expense ratio increased due to information technology investments and foreign exchange losses, with a total expense ratio of 20.13% for the first three quarters, up 5.11 percentage points year-on-year [1] Financial Summary - The company expects net profits for 2024-2026 to be 205 million yuan, 269 million yuan, and 348 million yuan, respectively, corresponding to a price-to-earnings (P/E) ratio of 23, 17, and 14 times based on the stock price as of November 1 [2] - The revenue forecast for 2024 is 1,639 million yuan, with a year-on-year growth rate of 28.33% [4] - The company's total market capitalization is approximately 4,748.10 million yuan, with a closing price of 19.32 yuan per share [3]

Investment Rating - The report maintains an "Outperform" rating for Shanghai Port Bay, indicating a positive outlook for the company's stock performance relative to the market [3]. Core Insights - The company reported a revenue of 940 million yuan for the first three quarters of 2024, reflecting a year-on-year increase of 4.8%, while the net profit attributable to shareholders decreased by 24.5% to 110 million yuan [3][4]. - The gross margin slightly increased to 34.5%, but the net profit margin decreased to 11.4% due to rising R&D and financial expenses [3][4]. - The company is focusing on its soft soil foundation treatment business, leveraging advanced technology to maintain a leading position in the market and expanding its international presence, particularly in Southeast Asia and Middle Eastern countries [3][4]. - New orders signed in the first half of 2024 reached 1.19 billion yuan, a significant year-on-year increase of 78.2%, with domestic orders growing by 40.9% and overseas orders by 92.0% [3][4]. - The company forecasts revenues of 1.56 billion, 2.02 billion, and 2.46 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 205 million, 324 million, and 401 million yuan [3][4]. Summary by Sections Market Data - Closing price as of October 31, 2024: 19.08 yuan - Market capitalization: 4,637 million yuan - Price-to-book ratio: 2.5 - Dividend yield: 1.12% [1][2]. Financial Performance - Earnings per share for 2024 is projected at 0.83 yuan, with a gross margin of 36.4% and a return on equity (ROE) of 10.7% [4][6]. - The company’s total revenue for 2023 was 1,277 million yuan, with a significant increase expected in the following years [4][6]. Order and Revenue Outlook - The company has a strong order backlog, with expectations for continued revenue growth driven by new contracts and international expansion [3][4].