行业报告 | 行业研究周报 建筑装饰 证券研究报告 基建投资景气上行，顺周期煤化工有望贯穿全年主线 核心观点 本周 CS 建筑上涨 1.54%，沪深 300 上涨 1.67%，建筑跑输大盘 0.12%。中小 市值转型的相关标的涨幅居前，传统基建央企仍表现偏弱。传统基建层面， 25 年 1-3 月专项债密集发行，基建投资延续发力，且水泥、沥青等建材高 频数据进一步验证景气上行。顺周期方面，Q1 较多煤化工项目进入前期密 集开工阶段，随着招投标工作的深入推进，建议继续关注相关企业的订单 及业绩弹性，重点推荐硫磺回收领域拿单优势凸显的三维化学。新兴业务 板块，建议继续关注与算力、IDC 等相关的投资机会，以及部分中小市值建 筑公司的转型机遇，主题层面建议继续关注西南水电及国际工程相关品种。 多维度验证 Q1 基建景气上行，煤化工项目进入密集开工阶段 1）从投资数据来看：25 年 1-3 月狭义基建、广义基建投资同比分别+5.8%、 +11.5%，3 月单月同比分别+5.9%、+12.6%（增速环比+0.3、+2.6pct），细 分项中，传统交通运输类投资强度增长仍较为有限，而水电燃热、水利投 资保持高增长态势，1- ...

证券代码：605598 证券简称：上海港湾 公告编号：2025-004 上海港湾基础建设（集团）股份有限公司 关于更换持续督导保荐代表人的公告 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。 上海港湾基础建设（集团）股份有限公司（以下简称"公司"）近日收到公 司首次公开发行 A 股股票并在主板上市的保荐机构中原证券股份有限公司（以下 简称"中原证券"）送达的《关于更换上海港湾基础建设（集团）股份有限公司 持续督导保荐代表人的函》。中原证券原委派的持续督导保荐代表人为封江涛先 生和温晨先生，现因温晨先生工作变动不再继续担任公司持续督导期间的保荐代 表人，中原证券决定委派保荐代表人白林女士接替温晨先生担任公司持续督导期 间的保荐代表人，继续履行持续督导职责。 本次变更不影响中原证券对公司的持续督导工作。本次变更后，公司持续督 导保荐代表人为白林女士和封江涛先生。根据《证券发行上市保荐业务管理办法》 等相关规定，公司首次公开发行 A 股股票并上市的持续督导期已于 2023 年 12 月 31 日届满。截至目前，公司首次公开发行 A ...

Investment Rating - Industry rating is maintained at "Outperform the Market" [6] Core Viewpoints - The announcement of "reciprocal tariffs" by Trump has exceeded expectations, reinforcing the logic of domestic demand recovery. The focus is on infrastructure and key strategic industries like coal chemical investments, which are expected to receive policy support [2][21] - The construction index rose by 0.13% this week, outperforming the Shanghai and Shenzhen 300 index by 0.57 percentage points, with significant gains in small and mid-cap transformation stocks [1][31] - The first quarter of 2025 saw a significant increase in local government bond issuance, indicating potential for local investment release despite external demand pressures [4][21] Summary by Sections Section 1: Tariff Impact and Domestic Demand - Trump's new tariffs, including a 10% baseline tariff and higher rates for major trade deficit countries, are expected to suppress overseas and manufacturing investments while boosting domestic demand [2][14] - The previous trade friction period saw a decline in manufacturing and infrastructure investments, with real estate becoming a key contributor to economic stability [3][21] Section 2: Market Performance - The construction index's performance this week was driven by sectors such as professional engineering and building design, with notable stock gains from companies like Shanshui Bide and Zhongyan Dadi [1][31] Section 3: Investment Recommendations - Focus on infrastructure-related stocks, particularly in high-growth regions like Tibet and Xinjiang, and sectors benefiting from domestic demand recovery [21][28] - Coal chemical projects are expected to see significant investment, with recommendations for companies like Sanwei Chemical and China Chemical [28] - Companies with production layouts in North America or Mexico are likely to benefit, with recommendations including China Jushi and Puyang Refractories [28] Section 4: Fiscal Policy and Investment Opportunities - The first quarter of 2025 saw local government bond issuance reach approximately 2.84 trillion yuan, a year-on-year increase of about 80%, indicating a strong fiscal push for infrastructure investment [4][21] - The report emphasizes the importance of structural and regional characteristics in infrastructure investment, particularly in water conservancy and transportation sectors [38]

Summary of Shanghai Port Bay Conference Call Company Overview - Shanghai Port Bay is a multinational enterprise specializing in geotechnical engineering, offering customized solutions for global clients since its inception in 2000. The company has developed proprietary high-vacuum precision technology that reduces costs by approximately 30% and construction time by about 50% compared to traditional soft foundation treatment methods. This technology is widely applied in various infrastructure projects across 17 countries, completing over 700 projects [3][4]. Core Business and Financial Performance - In the first three quarters of 2024, the company achieved new orders worth 1.874 billion, a year-on-year increase of 100%, with 83.2% of these orders coming from overseas [4]. - Despite the growth in new orders, profits declined by 24%, attributed to high initial costs for projects like Dalian Airport and new orders in the Philippines, as well as ongoing investments in the renewable energy sector [3][30]. Renewable Energy Initiatives - The company has initiated a second growth curve focusing on renewable energy, particularly in perovskite solar cells and space energy applications, collaborating with global universities [5]. - Shanghai Port Bay has developed over 30 satellite power systems and solar structures, holding more than 20 patents related to renewable energy [5]. - Perovskite materials are highlighted for their high efficiency, flexibility, radiation resistance, and lightweight characteristics, making them ideal for space energy systems [6]. Satellite Launches and Future Plans - The company successfully launched two satellites equipped with perovskite components, with plans to launch a new satellite in 2025 that will utilize high-efficiency perovskite batteries, aiming to gradually replace traditional chemical batteries [8][11]. - The first satellite launched in December 2023 is focused on testing the physical performance of perovskite batteries, while the second satellite, launched in November 2024, integrates a power control system [11][12]. Market Potential and Competitive Landscape - The market for perovskite batteries in aerospace is projected to grow significantly, with plans for over 1,000 satellite launches in 2024, potentially doubling in 2025 [13]. - The company faces competition in the perovskite battery sector but maintains a leading position in space applications, with ongoing efforts to enhance battery performance under extreme conditions [17][18]. Technical Advantages and Challenges - Shanghai Port Bay's expertise in geotechnical engineering allows it to handle complex geological conditions, which is a competitive advantage in various international markets [24]. - The company emphasizes a localized approach in foreign markets, achieving an 80% localization rate in regions like the Middle East to ensure project efficiency [25]. Future Outlook - The company remains optimistic about its order growth in 2025, particularly in Southeast Asia and the Middle East, with expectations of significant improvements in overseas business performance [28][30]. - The ongoing investments in renewable energy and the development of perovskite technology are seen as key drivers for future growth, despite current challenges in profitability [30].

证券代码：605598 证券简称：上海港湾 公告编号：2025-002 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：Pt.Geotekindo（以下简称"港湾印尼"）,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）增加港湾印尼为被担保对象。截至本公告披露日，公 司已实际为港湾印尼提供的担保余额为 0 元。 一、 担保情况概述 （一）本次担保基本情况 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 年年度股东大会，审议通过了《关于预计 2024 年度为合并范围内子 公司提供担保额度的议案》，同意公司对合并报表范围内子公司提供总额不超过 人民币 100,000 万元（或等值外币）的担保， ...

Summary of Conference Call Notes Company and Industry Overview - The company is involved in the satellite battery business, specifically focusing on calcium-based solar cells for satellite applications, which was established about one to two years ago, indicating a proactive approach rather than a reaction to market trends [1][2][3]. Core Insights and Arguments - The company aims to specialize in niche applications, such as calcium-based solar cells for satellites, which aligns with its current capabilities and market size [2]. - The satellite industry, particularly low Earth orbit (LEO) satellites, is experiencing rapid growth due to military and commercial demand, with countries accelerating their satellite launch plans [3][4]. - The International Telecommunication Union (ITU) requires countries to declare their satellite launch plans 2 to 7 years in advance, leading to a competitive race for satellite resources [4][5]. - The company’s satellite batteries must meet specific requirements, including stability in extreme temperatures and high radiation environments, which are critical for space applications [6][13]. Market Potential and Demand - The demand for satellite batteries is expected to grow significantly, with projections indicating a potential market worth billions as satellite launches increase [8][11]. - The company estimates that the production space for calcium-based solar cells in the satellite sector could reach over 200 million in conservative scenarios, with optimistic projections suggesting a market size in the hundreds of billions [8][11]. Competitive Advantages - Calcium-based solar cells offer advantages over traditional solar cells, including lighter weight and significantly lower costs, potentially only one-tenth of the cost of traditional solar cells [7][8][14]. - The company’s traditional business, primarily focused on underground engineering, has shown robust growth, with new orders reaching 1.87 billion in the first three quarters of 2024, indicating a strong operational foundation [9][10]. Challenges and Considerations - Previous limitations in the development of calcium-based solar cells included thermal stability issues in extreme environments, which have been addressed by advancements in technology [16][17]. - The company’s valuation is currently based mainly on its traditional business, with significant upside potential if the satellite battery segment gains traction [11][12]. Additional Important Points - The company has a strong presence in Southeast Asia and the Middle East, where infrastructure demands are increasing, further supporting its growth prospects [10]. - The competitive landscape includes companies like Quanneng Optoelectronics, which have high average price-to-earnings ratios, indicating a potentially lucrative market for satellite batteries [11].

Investment Rating - The report gives the company an "Accumulate" rating with a target price of 29.31 RMB, based on a 28x valuation for 2025 [3][45]. Core Viewpoints - The company is positioned as a leader in soft soil foundation treatment, focusing on overseas expansion, particularly in Southeast Asia and the Middle East, where infrastructure demand is robust [1][20]. - The company has seen significant growth in overseas orders, with new contracts amounting to 1.874 billion RMB in the first three quarters of 2024, significantly exceeding the 1.062 billion RMB signed in 2023 [2][21]. - The company is expected to experience a marginal increase in performance growth starting in 2025, driven by high demand for infrastructure projects in Indonesia and Saudi Arabia [3][41]. Summary by Sections Company Overview - The company provides comprehensive geotechnical engineering services, including investigation, design, construction, and monitoring, primarily focusing on overseas markets [1][10]. - The company has a strong financial performance with high gross and net profit margins, and excellent cash flow quality compared to industry peers [1][15]. Overseas Market Expansion - The company benefits from the urbanization and industrialization processes in emerging countries, leading to high demand for geotechnical engineering services [2][20]. - Indonesia contributed 54.5% to the company's net profit in 2023, with a projected GDP growth rate of 8.8% from 2010 to 2023, indicating strong future infrastructure investment [2][27]. - Saudi Arabia accounted for approximately 20% of the company's net profit in 2023, with ongoing mega projects like Neom driving infrastructure demand [2][31]. Financial Forecast and Valuation - The company is expected to achieve net profits of 204 million RMB, 257 million RMB, and 328 million RMB for 2024, 2025, and 2026, respectively, with corresponding dynamic PE ratios of 31x, 25x, and 20x [3][44]. - The overall revenue is projected to grow from 14.69 billion RMB in 2024 to 25.62 billion RMB in 2026, with a compound annual growth rate (CAGR) of 26% [3][44]. - The company maintains a low debt ratio of 19.1%, indicating strong financial health and cash flow management [18][17].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is positioned to benefit from the emerging satellite perovskite battery sector, which is expected to contribute to new growth opportunities [3][6] - The company has a strong patent portfolio in the satellite perovskite battery technology, indicating a competitive advantage in this field [6][12] Financial Summary - The company's projected revenue for 2024 is 1,639 million RMB, with a year-on-year growth rate of 28.33% [5] - The projected net profit attributable to the parent company for 2024 is 205 million RMB, reflecting a year-on-year growth rate of 17.90% [5] - Earnings per share (EPS) is expected to reach 0.84 RMB in 2024, with a projected price-to-earnings (P/E) ratio of 27.63 [5] - The company’s return on equity (ROE) is forecasted to be 10.67% in 2024, increasing to 14.27% by 2026 [5] Market Performance - The closing price of the company's stock is 23.08 RMB, with a market capitalization of approximately 5,672.16 million RMB [2] - The stock has experienced a 52-week high of 25.59 RMB and a low of 13.82 RMB [2] Industry Context - The satellite internet sector is a key development area in China, with significant government initiatives aimed at expanding low Earth orbit satellite deployments [6] - The company is leveraging its technological advancements in perovskite solar cells, which are expected to outperform traditional solar technologies in space applications [6][9]

证券代码：605598 证券简称：上海港湾 公告编号：2024-044 上海港湾基础建设（集团）股份有限公司 关于预计 2025 年日常关联交易额度的公告 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： 本事项已经上海港湾基础建设（集团）股份有限公司（以下简称"公司"） 第三届董事会第九次临时会议审议批准，无需提交股东大会审议。 本次预计的日常关联交易是属于公司正常经营业务的范畴，以市场价格 为定价依据，遵循平等自愿原则，交易风险可控，不存在损害公司和非关联股东 尤其是中小股东利益的情形。本次日常关联交易不会影响公司的独立性，公司不 会对关联方形成较大的依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、董事会审议情况 2024 年 12 月 19 日，公司召开了第三届董事会第九次临时会议，审议通过了 《关于预计 2025 年日常关联交易额度的议案》，关联董事徐士龙先生回避表决， 其他 4 位非关联董事兰瑞学先生、刘剑先生、李仁青先生、陈振楼先生以 4 票同 意，0 票反对，0 票弃权审议通 ...

上海港湾基础建设（集团）股份有限公司 第三届董事会独立董事第二次专门会议决议 经审查，公司独立董事认为：公司预计与关联方发生的日常关联交易系正常 市场行为，符合公司的经营发展和办公需要，关联交易遵循了公平、公正、自愿、 诚信的原则，交易价格按照市场价格结算，该类交易对公司独立性无影响，不会 对公司及公司财务状况、经营成果产生不利影响，不存在损害公司及全体股东特 别是中小股东利益的情形，不会对公司独立性产生影响。综上,我们同意将该关 联交易事项提交公司董事会进行审议，在审议上述议案时关联董事应回避表决。 表决结果：同意 2 票、反对 0 票、弃权 0 票。 独立董事：李仁青、陈振楼 2024 年 12 月 16 日 上海港湾基础建设（集团）股份有限公司（以下简称"公司"）第三届董事 会独立董事第二次专门会议于 2024 年 12 月 16 日以现场会议的形式召开。会议 通知已于 2024 年 12 月 13 日通过电子邮件的形式发出。本次会议应出席独立董 事 2 人，实际出席 2 人，董事会秘书列席本次会议。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。会议由李仁青先生主持。 经各位独立董 ...