Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - 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 [2] - The company is focusing on expanding its business in countries along the "Belt and Road" initiative, which may temporarily affect domestic revenue growth due to structural adjustments [2] - New contract signing remains at a historically high level, with a total of 1.87 billion yuan in new contracts signed from January to September 2024, including 690 million yuan in the third quarter [2] Summary by Sections Financial Performance - Total revenue for 2022 was 885.11 million yuan, with a year-on-year growth of 20.50%. For 2023, the revenue is projected to be 1,277.45 million yuan, reflecting a growth of 44.33% [1] - The net profit attributable to shareholders for 2022 was 156.79 million yuan, with a significant year-on-year increase of 155.61%. The forecast for 2023 is 174.10 million yuan, showing an 11.04% growth [1] - The latest diluted EPS is projected to be 0.71 yuan for 2023, with a P/E ratio of 27.10 [1] Cost and Margin Analysis - The gross margin for the third quarter of 2024 was 30.6%, an increase of 1.0 percentage points year-on-year, although it decreased by 5.1 percentage points from the previous quarter [2] - The operating expense ratio slightly increased, with the sales, management, R&D, and financial expense ratios reported at 0.7%, 16.1%, 2.9%, and 0.7% respectively [2] Cash Flow and Balance Sheet - The net cash flow from operating activities for the third quarter of 2024 was -56.55 million yuan, indicating a cash outflow increase of 140 million yuan year-on-year [2] - As of the end of the third quarter, the company's accounts receivable balance was 470 million yuan, an increase of 150 million yuan year-on-year [2] Market Position and Future Outlook - The company is well-positioned to benefit from the high demand for infrastructure in Southeast Asia and the Middle East, supported by its ability to secure overseas orders [2] - The adjusted net profit forecasts for 2024-2026 are 200 million yuan, 290 million yuan, and 350 million yuan respectively, with corresponding P/E ratios of 24, 16, and 13 [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 940 million yuan for the first three quarters of 2024, a year-on-year increase of 4.8%, while the net profit attributable to shareholders decreased by 24.5% to 110 million yuan [2] - The company is focusing on expanding its business in countries along the "Belt and Road" initiative, which may temporarily affect domestic revenue growth due to structural adjustments [2] - New contract signing remains at a historically high level, with a total of 1.87 billion yuan in new contracts signed from January to September 2024, including 690 million yuan in the third quarter [2] Summary by Sections Financial Performance - Total revenue for 2022 was 885.11 million yuan, with a year-on-year growth of 20.50%. For 2023, the revenue is projected to be 1,277.45 million yuan, reflecting a growth of 44.33% [1] - The net profit attributable to shareholders for 2022 was 156.79 million yuan, with a significant year-on-year increase of 155.61%. The forecast for 2023 is 174.10 million yuan, showing an 11.04% growth [1] Profitability Metrics - The latest diluted EPS for 2022 was 0.64 yuan per share, with projections of 0.71 yuan for 2023 and 0.81 yuan for 2024 [1] - The P/E ratio based on the latest diluted EPS is 30.09 for 2022, decreasing to 27.10 for 2023 and further to 23.79 for 2024 [1] Cash Flow and Expenses - The company reported a net cash outflow from operating activities of 56.55 million yuan in Q3 2024, which is a significant increase in cash outflow compared to the previous year [2] - The company’s operating expense ratios for sales, management, R&D, and financial expenses were 0.7%, 16.1%, 2.9%, and 0.7% respectively in Q3 2024, with management expenses showing a year-on-year increase [2] Market Position and Future Outlook - The company is expected to benefit from high infrastructure demand in Southeast Asia and the Middle East, supported by its ability to secure overseas orders [2] - The report adjusts the net profit forecast for 2024-2026 to 200 million, 290 million, and 350 million yuan respectively, reflecting the impact of domestic performance decline and project delays [2]

Financial Performance - The company's operating revenue for Q3 2024 was ¥313,645,066.84, representing a decrease of 6.31% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥35,059,171.84, down 7.90% year-over-year, while the year-to-date net profit decreased by 24.48% to ¥108,870,999.67[2]. - The basic earnings per share for Q3 2024 was ¥0.14, reflecting a decline of 12.50% compared to the same period last year[3]. - The weighted average return on equity for Q3 2024 was 1.93%, a decrease of 0.41 percentage points year-over-year[3]. - Total operating revenue for the first three quarters of 2024 reached CNY 944,172,260.82, an increase of 4.8% compared to CNY 901,083,958.75 in the same period of 2023[14]. - Net profit for the first three quarters of 2024 was CNY 107,880,938.17, a decrease of 25.0% from CNY 144,128,581.01 in the previous year[15]. - Comprehensive income attributable to the parent company was CNY 114,995,455.94, down from CNY 180,003,743.13 in the previous year, a decrease of 36.1%[17]. Cash Flow - The net cash flow from operating activities for the year-to-date period was -¥72,286,347.34, a significant decline of 151.55% compared to the same period last year[5]. - Cash flow from operating activities totaled CNY 875,982,410.78, slightly down from CNY 876,866,624.76 in the previous year[18]. - The net cash flow from operating activities was -$72.29 million, compared to $140.22 million in the previous period[19]. - The net cash flow from investing activities was $87.74 million, a significant improvement from -$173.87 million in the prior period[19]. - The net cash flow from financing activities was -$57.04 million, compared to -$7.21 million in the previous period[19]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,295,535,844.39, an increase of 5.61% from the end of the previous year[3]. - As of September 30, 2024, the company's total assets reached approximately 2.296 billion RMB, an increase from 2.174 billion RMB at the end of 2023[11]. - The total liabilities of the company as of September 30, 2024, were approximately 437 million RMB, compared to 419 million RMB at the end of 2023, showing a slight increase[12]. - The company's equity attributable to shareholders reached approximately 1.858 billion RMB, an increase from 1.755 billion RMB at the end of 2023[12]. Costs and Expenses - The company reported a significant increase in costs, which contributed to the negative cash flow from operating activities[5]. - Total operating costs increased to CNY 809,520,282.11, up 9.5% from CNY 739,040,008.46 year-over-year[14]. - Research and development expenses increased significantly to CNY 27,798,891.37, compared to CNY 14,335,561.50 in the same period last year, reflecting a growth of 94.5%[14]. - The company reported a decrease in sales expenses to CNY 6,551,290.08 from CNY 8,341,230.13, a reduction of 21.4% year-over-year[14]. Shareholder Information - The largest shareholder, Shanghai Longwan Investment Holding Co., Ltd., holds 168,000,000 shares, accounting for 68.36% of the total shares[6]. Strategic Focus - The company is focusing on expanding its international business, particularly in Southeast Asia and the Middle East, while also exploring opportunities in Africa[9]. - The company continues to emphasize its commitment to sustainable value creation through a global strategy in the geotechnical engineering market[9]. Other Income and Gains - The company received government subsidies amounting to ¥639,690.85 during the reporting period, contributing to its non-operating income[4]. - The total non-recurring gains and losses for the reporting period amounted to -¥1,033,148.47, with a year-to-date total of ¥4,379,520.80[4]. - Other income rose to CNY 3,164,312.22, compared to CNY 2,726,012.59 in the previous year, marking an increase of 16.1%[14]. Accounting Standards - The company has adopted new accounting standards starting in 2024, which may affect future financial reporting[20].

证券代码：605598 证券简称：上海港湾 公告编号：2024-038 上海港湾基础建设（集团）股份有限公司 关于高级管理人员辞任及聘任财务总监的公告 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。 公司于 2024 年 10 月 29 日召开第三届董事会第八次会议，审议通过了《关 于聘任公司财务总监的议案》，根据《公司法》以及《公司章程》的有关规定， 经总经理徐望先生提名，并经董事会提名委员会和董事会审计委员会事前审核通 过，公司董事会同意聘任金忻女士（简历附后）为公司财务总监，任期自本次董 事会审议通过之日起至第三届董事会任期届满之日为止。 金忻女士具备担任公司财务总监的专业素质和工作能力。截至本公告披露 日，金忻女士未直接或间接持有公司股份，与公司控股股东、实际控制人以及 其他董事、监事、高级管理人员及持股 5%以上的股东不存在关联关系，不存在 《公司法》《公司章程》规定禁止任职的情形，未受到中国证监会的行政处 罚，未受到上海证券交易所的公开谴责或通报批评，亦不存在被上海证券交易 所认定不适合担任公司高级管理人员的其他情 ...

证券代码：605598 证券简称：上海港湾 公告编号：2024-039 上海港湾基础建设（集团）股份有限公司 关于在 2024 年度担保预计额度内增加被担保对象的公告 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： 新增被担保人名称：Geoharbour Construction Philippines Inc.（以 下简称"港湾菲律宾建设"）、Geoharbour Ground Engineering Pte.Ltd.（以 下简称"港湾新加坡"）,系上海港湾基础建设（集团）股份有限公司（以下简 称"公司"、"上海港湾"）合并报表范围内子公司。 本次担保金额及已实际为其提供的担保余额：公司拟在 2024 年度预计担 保额度内（担保总额不变）增加港湾菲律宾建设、港湾新加坡为被担保对象。截 至本公告披露日，公司已实际为港湾菲律宾建设、港湾新加坡提供的担保余额为 0 元。 本次担保是否有反担保：无 公司于 2024 年 4 月 25 日召开第三届董事会第四次会议，于 2024 年 6 月 7 日召开 2023 年年度 ...

证券代码：605598 证券简称：上海港湾 公告编号：2024-040 上海港湾基础建设（集团）股份有限公司 关于参加 2024 年上海辖区上市公司三季报集体业绩说明会 会议召开地点：上海证券交易所上证路演中心（以下简称"上证路演中 心"）（网址：http://roadshow.sseinfo.com/） 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。 会议召开时间：2024 年 11 月 13 日（星期三）下午 15:00-16:30 会议召开方式：上证路演中心网络互动 投资者可于 11 月 12 日(星期二)下午 16:00 前通过公司邮箱 （ir@geoharbour.com）进行提问，公司将在信息披露允许的范围内对投资者普 遍关注的问题进行回答。 上海港湾基础建设（集团）股份有限公司（以下简称"公司"）于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了 解公司 2024 年第三季度经营成果、财务状况，公司将参加 2024 年上海辖区上市 公司三季报集体业绩说明 ...

上海港湾基础建设（集团）股份有限公司第三届董事会审计委员会 关于聘任公司财务总监的审核意见 董事会审计委员会委员：李仁青、陈振楼、徐士龙 2024 年 10 月 29 日 上海港湾基础建设（集团）股份有限公司董事会： 根据《中华人民共和国公司法》、《上海证券交易所股票上市规则》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》等有关 规定，作为上海港湾基础建设（集团）股份有限公司（以下简称"公司"）董 事会审计委员会成员，我们对拟提交公司第三届董事会第八次会议审议的关于 聘任公司财务总监的事项进行了认真的审阅，对候选人的履历等相关材料进行 了审查，发表书面审核意见如下： 1、财务总监的候选人具备担任公司高管的资格和能力，不存在《中华人民 共和国公司法》、《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》和《公司章程》等规定的不得担任公司高管的情形，未受到中国证监会的 行政处罚，未受到上海证券交易所的公开谴责或通报批评，亦不存在被上海证 券交易所认定不适合担任公司高管的其他情形。 2、同意提名金忻女士为公司财务总监，并提交公司董事会审议。 ...

证券代码：605598 证券简称：上海港湾 公告编号：2024-037 上海港湾基础建设（集团）股份有限公司 第三届监事会第八次会议决议公告 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"） 第三届监事会第八次会议于 2024 年 10 月 29 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 10 月 18 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。 二、监事会会议审议情况 具体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《上海港湾关于在 2024 年度担保预计额度内增加被担保对象的公告》（公 告编号：2024-039）。 特此公告。 上海港湾基础建设（集团）股份有限公司监事会 2024 年 10 月 31 日 （一 ...

证券代码：605598 证券简称：上海港湾 公告编号：2024-036 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"） 第三届董事会第八次会议于 2024 年 10 月 29 日以现场会议的形式召开，本次会 议通知已于 2024 年 10 月 18 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。 （一）审议并通过《关于聘任公司财务总监的议案》 鉴于 Vivienne Zhang 女士因个人原因申请辞去公司副总经理、财务总监职 务，为确保公司各项经营管理工作顺利进行，根据《公司法》以及《公司章程》 等的有关规定，经总经理徐望先生提名，董事会提名委员会、董事会审计委员会 事前审核通过，公司董事会同意聘任金忻女士为公司财务总监，任期自本次董事 会审议通过之日起至第三届董事会任期届满之日为止。 上海港湾基础建设（集团）股份有限公司 第三届董事会第八次会议决议公告 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 ...

上海港湾基础建设（集团）股份有限公司第三届董事会提名委员会 1、财务总监的候选人具备担任公司高管的资格和能力，不存在《中华人民 共和国公司法》、《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》和《公司章程》等规定的不得担任公司高管的情形，未受到中国证监会的 行政处罚，未受到上海证券交易所的公开谴责或通报批评，亦不存在被上海证 券交易所认定不适合担任公司高管的其他情形。 2、同意提名金忻女士为公司财务总监，并提交公司董事会审议。 关于聘任公司财务总监的审核意见 上海港湾基础建设（集团）股份有限公司董事会： 根据《中华人民共和国公司法》、《上海证券交易所股票上市规则》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》等有关 规定，作为上海港湾基础建设（集团）股份有限公司（以下简称"公司"）董 事会提名委员会成员，我们对拟提交公司第三届董事会第八次会议审议的关于 聘任公司财务总监的事项进行了认真的审阅，对候选人的履历等相关材料进行 了审查，发表书面审核意见如下： 董事会提名委员会委员：陈振楼、李仁青、刘剑 2024 年 10 月 29 日 ...