上海港湾基础建设（集团）股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 上海港湾 2024 年年度股东大会会议资料 会议资料目录 | 2024 年年度股东大会会议须知 | | 1 | | | --- | --- | --- | --- | | 2024 年年度股东大会会议议程 | | 3 | | | 关于 年年度报告及其摘要的议案 | 2024 | | 5 | | 关于 年度财务决算报告的议案 | 2024 | | 6 | | 关于 年度董事会工作报告的议案 | 2024 | | 10 | | 关于 年度监事会工作报告的议案 | 2024 | | 11 | | 关于 年度独立董事述职报告的议案 | 2024 | | 12 | | 关于 年度利润分配预案的议案 | 2024 | | 13 | | 关于确认董事 2024 年度薪酬并拟定 2025 | | 年度薪酬方案的议案 | 14 | | 关于确认监事 2024 年度薪酬并拟定 2025 | | 年度薪酬方案的议案 | 16 | | 关于公司为子公司、子公司之间 2025 | | 年预计担保额度的议案 | 18 | | 关于 年向金融机构 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7] Core Views - The company is expected to achieve a significant recovery in performance in Q1 2025, with a projected revenue growth of 29% [2] - The company has signed new contracts worth 2.053 billion yuan in 2024, representing a year-on-year increase of 93%, indicating strong future revenue growth potential [4] - The establishment of a subsidiary focused on space-grade perovskite solar power generation is anticipated to create new growth opportunities in the commercial aerospace sector [5] Financial Performance Summary - In 2024, the company reported total revenue of 1.3 billion yuan, a year-on-year increase of 1.5%, but a decline in net profit attributable to shareholders to 90 million yuan, down 47% [2] - The gross profit margin for 2024 was 30%, a decrease of 4.7 percentage points year-on-year, primarily due to high initial costs associated with the Dalian Airport project [3] - The company’s operating cash flow showed a net outflow of 80 million yuan in 2024, which is a significant increase in cash outflow compared to the previous year [3] Revenue and Profit Forecast - The company is projected to achieve net profits of 259 million yuan in 2025, representing a year-on-year growth of 180% [6] - The earnings per share (EPS) for 2025 is estimated to be 1.05 yuan, with a corresponding price-to-earnings (P/E) ratio of 20 times [6] Market Position and Growth Drivers - The company’s business is concentrated in Southeast Asia and the Middle East, benefiting from increased infrastructure demand driven by urbanization and industrialization [4] - The company has established a complete supply chain for aerospace quality, successfully supporting the launch of 15 satellites and over 40 satellite power systems [5]

证券代码：605598 证券简称：上海港湾 公告编号：2025-023 上海港湾基础建设（集团）股份有限公司 关于参加 2025 年上海辖区上市公司集体业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 05 月 15 日（星期四）15:00-16:30 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 公司董事长徐士龙先生、总经理徐望先生、董事兼副总经理刘剑先生、独立 董事李仁青先生、独立董事陈振楼先生、财务总监金忻女士、董事会秘书王懿倩 女士（如有特殊情况，参会人员将可能进行调整）。 四、 投资者参加方式 （一）投资者可在 2025 年 05 月 15 日（星期四）15:00-16:30，通过互联网 登录上证路演中心（https://roadshow.sseinfo.com/），在线参与本次业绩说明 会，公司将 ...

Investment Rating - The report maintains an "Outperform" rating for the company [5]. Core Insights - The company's performance is under pressure due to increased expense ratios, although the order backlog remains substantial [1]. - The company reported a total revenue of 1.297 billion yuan in 2024, with a year-on-year growth of 1.5%, while the net profit attributable to the parent company was 93 million yuan, down 46.9% year-on-year [5][7]. - The overseas business showed steady growth, contributing 83% to total revenue, while domestic business faced significant declines [5]. - New signed orders reached 2.053 billion yuan in 2024, nearly doubling from the previous year, indicating strong growth potential [5]. - The company is focusing on its core geotechnical engineering business while actively expanding into the commercial aerospace sector [5]. Financial Summary - Total revenue projections for 2025 are estimated at 1.911 billion yuan, with a year-on-year growth rate of 47.4% [2]. - The net profit for 2025 is projected to be 265 million yuan, reflecting a significant increase of 186% year-on-year [2]. - The gross profit margin is expected to improve to 35.3% in 2025, up from 29.6% in 2024 [2]. - The company’s return on equity (ROE) is projected to rise to 12.8% in 2025 [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company has seen a significant increase in overseas orders, particularly in Southeast Asia and the Middle East, contributing to a 29.25% year-on-year revenue growth in Q1 [1]. - The company is investing in perovskite solar cells to explore new growth avenues, aiming to expand its market presence in emerging markets like the Philippines and Kenya [4]. - Despite a decline in domestic business margins, the company has achieved a 93% year-on-year increase in new contracts signed in 2024 [2]. Financial Performance Summary - In Q1 2025, the company reported revenues of 372 million, a 29.25% increase year-on-year, with a net profit of 36 million, up 18.59% [1]. - For the full year 2024, the company expects revenues of 1.297 billion, a slight increase of 1.51%, but a significant drop in net profit by 46.86% to 93 million due to declining gross margins and increased costs [1][5]. - The company’s gross margin for 2024 is projected to be 29.59%, down 4.67 percentage points year-on-year, with a notable decline in Q4 2024 [2][3]. Order and Revenue Trends - The company signed new contracts worth 2.053 billion in 2024, reflecting a 93% increase compared to the previous year [2]. - Revenue from the foundation treatment and pile foundation engineering segments for 2024 is expected to be 824 million and 430 million, respectively, with the latter showing a 55.10% increase [2]. Cash Flow and Expenses - The company experienced a cash flow from operations (CFO) of -83 million in 2024, a decrease of 217 million year-on-year, but a positive CFO of 45 million in Q1 2025 [3]. - The operating expense ratio for 2024 is projected to be 17.36%, an increase of 1.62 percentage points year-on-year, primarily due to rising management costs from overseas business growth [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6][18]. Core Views - The company has seen a significant increase in overseas orders, particularly in Southeast Asia and the Middle East, contributing to a 29.25% year-on-year revenue growth in Q1 [1]. - The company is investing in perovskite solar cells to explore new growth avenues, aiming to expand its market presence in emerging markets like the Philippines and Kenya [4]. - Despite a decline in domestic business margins, the company has achieved a 93% year-on-year increase in new contracts signed in 2024 [2]. Financial Performance Summary - In Q1 2025, the company reported revenues of 372 million, a 29.25% increase year-on-year, with a net profit of 36 million, up 18.59% [1]. - For the full year 2024, the company expects revenues of 1.297 billion, a slight increase of 1.51%, but a significant drop in net profit by 46.86% to 93 million due to declining gross margins and increased costs [1][5]. - The company’s gross margin for 2024 is projected to be 29.59%, down 4.67 percentage points year-on-year, with a further decline to 16.46% in Q4 2024 [2][3]. Order and Contract Growth - The company signed new contracts worth 2.053 billion in 2024, reflecting a 93% increase compared to the previous year [2]. - The breakdown of revenue by business segment shows a decline in the ground treatment business by 16.94% to 824 million, while the pile foundation engineering business grew by 55.10% to 430 million [2]. Cash Flow and Expenses - The company experienced a cash flow from operations (CFO) of -83 million in 2024, a decrease of 217 million year-on-year, but improved to 45 million in Q1 2025 [3]. - The operating expense ratio increased to 17.36% in 2024, primarily due to rising management costs associated with overseas business growth and increased R&D expenses in the new energy sector [3]. Future Projections - The company forecasts net profits of 250 million, 320 million, and 396 million for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 19.8, 15.6, and 12.6 [4][5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company is expected to achieve a revenue of 1.297 billion yuan in 2024, representing a year-on-year growth of 1.51%. However, the net profit attributable to shareholders is projected to decrease by 46.86% to 93 million yuan. The net profit after deducting non-recurring items is expected to decline by 49.22% to 85 million yuan [7][11]. - In the first quarter of 2025, the company reported a revenue of 372 million yuan, showing a year-on-year increase of 29.25%. The net profit attributable to shareholders increased by 18.59% to 36 million yuan, while the net profit after deducting non-recurring items rose by 34.24% to 39 million yuan [7][11]. Financial Performance Summary - In 2024, the company experienced a slight increase in revenue but a significant decline in profit due to a decrease in gross margin from domestic operations. The overall gross margin for 2024 was 29.59%, down 4.67 percentage points year-on-year, with a quarterly gross margin of 16.46%, down 20.34 percentage points year-on-year. The gross margin from domestic operations decreased by 26.73 percentage points, while the gross margin from overseas operations increased by 1.40 percentage points [11][13]. - The company faced increased impairment losses in 2024, exceeding 40 million yuan, which is an increase of approximately 15 million yuan year-on-year. In contrast, the first quarter of 2025 showed a recovery in profitability, with a gross margin of 25.88%, down 11.45 percentage points year-on-year, but a decrease in expense ratio to 16.22%, down 5.05 percentage points year-on-year [11][13]. - The company had a net cash outflow from operating activities of 8.3 million yuan in 2024, which turned positive in the first quarter of 2025 with a net inflow of 4.5 million yuan, primarily due to a significant increase in collections compared to the previous year [11][13]. - As of the end of 2024, the company had a substantial order backlog of 1.407 billion yuan, with new orders signed amounting to 2.053 billion yuan, nearly doubling year-on-year. The company is actively expanding its market presence in Southeast Asia and the Middle East, particularly in emerging markets like the Philippines and Kenya [11][13].

Investment Rating - The industry rating is "Recommended" [4] Core Views - The new housing market is showing signs of recovery, with a notable increase in new home transactions in major cities, indicating a potential boost in demand for construction materials [2][20] - The cement market is experiencing a slight price decline, but demand is expected to improve as weather conditions stabilize and construction activities pick up [3][23] - The report emphasizes the importance of domestic consumption and infrastructure investment, particularly in light of the "equal tariff" environment, which is expected to strengthen domestic demand [7][9] Summary by Sections Housing Market - In the 18th week of the year, new home transaction area in 30 major cities reached 165.19 million square meters, up 21% year-on-year and 6.19% month-on-month [2][20] - The total transaction area for new homes in these cities is 29.32 million square meters, showing no year-on-year change [2][20] - Second-hand home transactions in 15 monitored cities increased by 56% year-on-year but saw a significant month-on-month decline [21] Cement Market - The national average cement price is 390.83 yuan per ton, down 0.8% from the previous week, with price increases mainly in Liaoning and Jilin [3][23] - The cement market is expected to stabilize as demand improves and companies engage in peak-shifting production practices [23] Investment Recommendations - Recommended companies include: - **Oriental Yuhong**, **Weixing New Materials**, and **Tubaobao** for their strong operational resilience and high dividends [7] - **China Construction** and **China Communications Construction** as beneficiaries of increased infrastructure investment [7] - **Jinchengxin** for its strong performance in copper resource development [7] - **Heilongjiang Hongda** and **Xuefeng Technology** in the civil explosives sector due to high demand [7] Industry Trends - The report highlights the ongoing trend of domestic substitution in various sectors, particularly in ship coatings and industrial coatings, with companies like **Maijia Xincai** and **Songjing Coatings** positioned to benefit [7] - The "Belt and Road" initiative is expected to gain momentum, benefiting international engineering companies such as **China Construction** and **China Metallurgical** [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company's domestic business is experiencing temporary pressure on profitability and operational quality [6] - The company reported a slight increase in revenue for 2024, with a year-on-year growth of 1.51%, but a significant decline in net profit by 46.86% [8] - The company has seen a substantial increase in new orders, with a year-on-year growth of 93.27% in 2024, indicating a strong order backlog [8] Financial Performance Summary - For 2023, the company is expected to generate revenue of 1,277 million yuan, with a year-on-year growth rate of 44.33% [7] - The projected revenue for 2025 is 1,966 million yuan, reflecting a growth rate of 51.63% [7] - The net profit for 2024 is forecasted to be 93 million yuan, a decrease of 46.86% compared to the previous year, while the net profit for 2025 is expected to rebound to 213 million yuan [7] - The earnings per share (EPS) for 2025 is projected to be 0.87 yuan, with a price-to-earnings (P/E) ratio of 23 [7] Market Performance - The company's total market capitalization is approximately 4,907.84 million yuan, with a closing price of 19.97 yuan [4] - The company has a debt-to-asset ratio of 20.45%, indicating a relatively low level of financial leverage [4] - The company plans to distribute a cash dividend of 1.14 yuan per 10 shares (including tax) [8]

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company reported a total revenue of 1.297 billion yuan in 2024, a year-on-year increase of 1.51%, and a net profit attributable to shareholders of 92.52 million yuan, a decrease of 46.86% year-on-year [8] - The company focuses on Southeast Asia and the Middle East, leveraging 20 years of experience to enhance customer loyalty and pursue high-quality orders, achieving 72 new projects worth 2.05 billion yuan in 2024, a 93% increase year-on-year [8] - The company is expected to benefit from its innovative technology and comprehensive geotechnical engineering services, with a second growth curve driven by perovskite materials [8] Financial Summary - Total revenue forecast for 2025 is 2 billion yuan, with a year-on-year growth of 54.24% [8] - The net profit forecast for 2025 is 252.11 million yuan, reflecting a significant recovery from the previous year's decline [8] - The company's comprehensive gross margin for 2024 was 29.6%, down 4.7 percentage points year-on-year, with a net profit margin of 6.7%, down 6.6 percentage points year-on-year [8] - The company’s cash flow from operating activities was -83 million yuan in 2024, a decline of 217 million yuan year-on-year [8] - The asset-liability ratio at the end of 2024 was 22.4%, an increase of 3.1 percentage points year-on-year [8]