Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook compared to the market performance [6]. Core Insights - The company reported a revenue of 631 million yuan for the first half of 2024, reflecting a year-on-year growth of 11.3%, but the net profit decreased by 30.4% to 74 million yuan [6]. - The company has seen significant growth in new contracts, with a total of 1.19 billion yuan in new orders signed in the first half of 2024, a year-on-year increase of 78.2% [6]. - The company is focusing on expanding its operations in Southeast Asia, with 75.1% of its revenue coming from this region [6]. - The company’s gross profit margin improved to 36.4%, up 1.1 percentage points year-on-year [6]. Financial Summary - Total revenue is projected to grow from 1,277 million yuan in 2023 to 2,463 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 21.8% [5][8]. - The net profit is expected to increase from 174 million yuan in 2023 to 404 million yuan in 2026, reflecting a strong growth trajectory [5][8]. - Earnings per share (EPS) are forecasted to rise from 0.71 yuan in 2023 to 1.64 yuan in 2026 [5][8]. - The company maintains a healthy balance sheet with a debt-to-asset ratio of 19.5% [6].

Summary of Conference Call Company and Industry - The discussion revolves around the construction industry, specifically focusing on Shanghai Port's soft soil foundation treatment, which is identified as a leading technology in the sector [1]. Core Points and Arguments - The company emphasizes the potential for explosive growth both domestically and internationally in the field of soft soil foundation treatment [1]. - The call is part of a series aimed at deepening understanding of leading technologies in the construction sector, indicating a strategic focus on innovation and market leadership [1]. Other Important Content - The company plans to continue discussions on various leading technologies in future calls, suggesting a commitment to ongoing engagement with investors and stakeholders [1].

本次股票上市流通总数为 168,140,000 股, 均为首次公开发行限售股。 证券代码：605598 证券简称：上海港湾 公告编号：2024-034 上海港湾基础建设（集团）股份有限公司 首次公开发行限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发股份；股票认购方式为网下，上市股数为 168,140,000 股。 本次股票上市流通日期为 2024 年 9 月 26 日。 一、本次限售股上市类型 经中国证券监督管理委员会《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）核准，上海港湾基础建 设（集团）股份有限公司（以下简称"公司"或"上海港湾"）向社会公众首次公 开发行（以下简称"首发"）43,193,467 股人民币普通股股票（以下简称"A 股"）， 并经上海证券交易所《关于上海港湾基础建设（集团）股份有限公司人民币普通股 股票上市交易的通知》（[2021]199 号）审核同意，于 2021 年 9 月 1 ...

Group 1: Financial Performance - The company achieved a revenue of 631 million yuan in the first half of 2024, representing a year-on-year growth of 11.34% [3] - New contracts signed reached 1.187 billion yuan, marking the best performance for the same period historically, with domestic contracts totaling 252 million yuan and overseas contracts totaling 935 million yuan [3] - Southeast Asia contributed significantly with new contracts of 782 million yuan, accounting for 83.67% of overseas new contracts [3] Group 2: Market Expansion and Strategy - The company is leveraging its 15 years of overseas experience to deepen market penetration in Southeast Asia, the Middle East, and other regions [3][5] - The construction market in Indonesia is projected to reach 284.17 billion USD by 2024, with a compound annual growth rate of 7.5% [4] - The company aims to expand into Africa and Latin America while focusing on sustainable markets and attractive projects [5] Group 3: Project Involvement and Challenges - The company has participated in over 700 major geotechnical engineering projects globally, including significant infrastructure projects in Singapore, Cambodia, and Indonesia [5][8] - Challenges faced include differing standards and regulations in various countries, which the company addresses through localized operations and strong technical capabilities [8][9] - The company emphasizes the importance of early involvement in projects to mitigate risks and enhance value creation for stakeholders [6][9] Group 4: Competitive Advantage and Risk Management - The company maintains a competitive edge by focusing on market-driven strategies, technological innovation, and a skilled workforce, with over 70% of its employees being international [8] - It employs a digital management approach to enhance operational efficiency and project execution [8] - The company actively monitors macroeconomic risks and adjusts its strategies accordingly to safeguard its international operations [6][7]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][3]. Core Views - The company is a leading player in soft foundation treatment, benefiting from the "Belt and Road" infrastructure wave, with a significant recovery in performance since 2022, achieving a CAGR of 68% in net profit from 2021 to 2023 [1]. - The demand for foundation treatment is expected to rise due to rapid urbanization in emerging countries, particularly in Southeast Asia and the Middle East, where substantial infrastructure investments are planned [1]. - The company has a technological edge with its proprietary "High Vacuum Densification Method," which significantly reduces construction time and costs compared to traditional methods [1]. Company Overview - The company, established in 2001, pioneered the "High Vacuum Densification Method" for soft foundation treatment, expanding its market influence through landmark projects like the Shanghai Pudong Airport [1][13]. - It has extended its operations to overseas markets, particularly in Southeast Asia, with a strong presence in Indonesia and Vietnam [1][13]. Financial Analysis - The company reported a significant increase in revenue, with 2023 revenue reaching 1.277 billion yuan, a 44.3% year-on-year growth [2]. - The net profit for 2023 was 174 million yuan, reflecting an 11% increase compared to the previous year [2]. - The gross profit margin for 2022 was 36.3%, slightly decreasing to 34.3% in 2023 due to a higher proportion of lower-margin pile foundation business [23][25]. Industry Analysis - The global foundation treatment market is valued at approximately 363 billion yuan, with a significant portion attributed to soft foundation treatment due to the poor performance of soft soil [1]. - Infrastructure investment in Southeast Asia is projected to exceed 14 trillion yuan from 2021 to 2030, with Indonesia leading the charge [1]. - Saudi Arabia's Vision 2030 aims to invest over 3 trillion USD in various mega projects, further driving demand for foundation treatment services [1]. Competitive Landscape - The company faces competition from global players like Keller and Menard, which primarily operate in Europe and North America, while the company focuses on Southeast Asia and the Middle East [1]. - The report highlights that the top three companies in the foundation treatment market hold a combined market share of approximately 17% [1]. Order Growth and Performance Outlook - In the first half of 2024, the company secured new orders worth 1.2 billion yuan, marking a 78% year-on-year increase, with significant contributions from both domestic and international markets [1]. - The company anticipates continued growth in new orders, supported by a strong pipeline of infrastructure projects and favorable market conditions [1]. Profit Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 222 million yuan, 288 million yuan, and 365 million yuan, respectively, with corresponding EPS of 0.90, 1.17, and 1.49 yuan [2]. - The current price-to-earnings ratios are projected at 20, 15, and 12 for the years 2024, 2025, and 2026, indicating a favorable valuation for potential investors [2].

证券代码：605598 证券简称：上海港湾 公告编号：2024-033 上海港湾基础建设（集团）股份有限公司 关于参加上海辖区上市公司 2024 年投资者网上集体接待日 暨中报业绩说明会的公告 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。 为进一步加强与投资者的互动交流，上海港湾基础建设（集团）股份有限公 司（以下简称"公司"）将参加由上海上市公司协会与深圳市全景网络有限公司 联合举办的"2024 年上海辖区上市公司投资者集体接待日暨中报业绩说明会"， 现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net/html/143790.shtml），或关注微信公众号：全景财经， 或下载全景路演 APP,参与本次互动交流，活动直播时间为 2024 年 9 月 13 日（周 五） 14:00-16:30。届时公司高管将在线就公司 2024 年度中报业绩、公司治理、 发展战略、经营状况、股权激励和可持续发展等投资者关心的问题，与投资者进 行沟通与交流，欢迎广大投资 ...

证券代码：605598 证券简称：上海港湾 公告编号：2024-032 上海港湾基础建设（集团）股份有限公司 关于控股股东部分股份质押的公告 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: 上海港湾基础建设（集团）股份有限公司（以下简称"公司"）控股股 东上海隆湾投资控股有限公司（以下简称"上海隆湾"）持有上市公司股份 168,000,000 股，占公司总股本的比例为 68.36%，本次股份质押办理完成后， 上海隆湾累计质押公司股份 5,000,000 股，占公司总股本的比例为 2.03%。 一、上市公司股份质押 规要求及时履行披露义务。 二、控股股东及一致行动人累计质押情况 股东名称 是否为 控股股 东 本次质 押股数 是否为限 售股 是否 补充 质押 质押起 始日 质押 到期 日 质权人 占其所 持股份 比例 占公司 总股本 比例 质押融 资资金 用途 上海隆湾投 资控股有限 公司 是 5,000, 000 首发限售 股 否 2024/9/ 5 2025 /9/5 中信证券股 份有限公司 2.98% 2.0 ...

证券代码：605598 证券简称：上海港湾 公告编号：2024-031 上海港湾基础建设（集团）股份有限公司 2024 年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 106 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 183,313,700 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 74.5902 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，采用现场投票与网络投票相结合的方式进行表决， (一) 股东大会召开的时间：2024 年 9 月 4 日 (二) 股东大会召开的地点：上海市静安区江场路 1228 弄 6A 栋 5 楼 9 号会议 室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 现场会议由公司董事长徐士龙 ...

北京市中伦律师事务所 关于上海港湾基础建设（集团）股份有限公司 2024 年第一次临时股东大会的 法律意见书 二〇二四年九月 2024 年第一次临时股东大会的 法律意见书 致：上海港湾基础建设（集团）股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会发布的 《上市公司股东大会规则》（以下简称"《股东大会规则》"）的规定，北京市 中伦律师事务所（以下简称"本所"）接受上海港湾基础建设（集团）股份有限 公司（以下简称"公司"或"上海港湾"）的委托，指派本所律师出席公司 2024 年第一次临时股东大会（以下简称"本次股东大会"），对本次股东大会的相关 事项进行见证并出具法律意见。 为出具本法律意见书，本所律师审查了公司提供的相关文件，该等文件包括 但不限于： 1. 现行的公司章程； 2. 公司于 2024 年 8 月 17 日在上海证券交易所网站（www.sse.com.cn）披露 的《上海港湾基础建设（集团）股份有限公司关于召开 2024 年第一次临时股东 大会的通知》； 1 法律意见书 北京市中伦律师事务所 关于上海 ...

上海港湾基础建设（集团）股份有限公司 子公司利润分配管理制度 （2024 年 8 月修订） 第一章 总 则 （3）经子公司股东会决议，可以提取任意公积金； （4）子公司弥补亏损和提取公积金后所余税后利润，由子公司各股东进行分 配。 第一条 为进一步规范公司治理结构，加强对子公司的管理，更好地规范其行 为，完善、健全其法人治理结构，平衡各子公司业务发展的资金需求，建立科学、 持续、稳定的利润分配机制，依照《中华人民共和国公司法》、《中华人民共和国 证券法》等法律、法规、规范性文件及《上海港湾基础建设（集团）股份有限公 司章程》（以下简称"《公司章程》"）的有关规定，结合公司实际情况，特制定本 制度。 第二条 本制度所称"公司"为上海港湾基础建设（集团）股份有限公司，"子 公司"指的是公司持股比例超过 50%的法人主体，或者虽然持股比例未超过 50%， 但是依据协议或者公司所持股份的表决权能对被持股主体的董事/董事会、股东 会的决定/决议产生重大影响的主体。 第二章 利润分配政策 第三条 子公司的利润分配应重视对公司的合理回报并兼顾子公司的可持续 发展，利润分配政策应保持连续性和稳定性，并符合法律法规和规范性文件 ...