2024 年 09 月 02 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 张艺露 S0350523110003 zhangyl01@ghzq.com.cn [Table_Title] 半年新签创新高，业绩有望迎来拐点 ——上海港湾（605598）2024 中报点评 最近一年走势 事件: 2024 年 8 月 30 日，上海港湾发布 2024 年中报：2024H1，公司实现营 业收入/归母净利润/扣非归母净利润 6.3/0.7/0.7 亿元，分别同比 +11.3%/-30.4%/-31.6%；2024Q2，公司实现营业收入/归母净利润/扣非 归母净利润 3.4/0.4/0.4 亿元，分别同比-5.9%/-43.6%/-47.0%。 投资要点: 主业稳健增长，毛利率同比改善：2024H1 地基处理/桩基工程收入 为 4.1/2.2 亿元，同比-10.3%/+100.9%；收入占比为 64.9%/34.4%， 同比-15.6/+15.3pct。2024H1 公司毛利率为 36.4%，同比+1.1pct； 地基处理/桩基工程毛利率分别为 40.3%/28.6%。分区域看，境内/ 东南亚/中东收入分别 ...

公司报告 | 半年报点评 新签订单同比增长 78%，股份支付费用拖累利润增速 营收稳步增长，股份支付费用影响利润增速 24H1 公司实现收入 6.31 亿，同比+11.34%，归母、扣非归母净利润为 0.74、 0.68 亿，同比-30.43%、-31.65%；24Q2 单季实现营收 3.43 亿，同比-5.90%， 归母净利润为 0.44 亿元，同比-43.56%，扣非归母净利润为 0.39 亿，同比 -47.01%。利润承压主要系产生股份支付费用 3165.02 万元，导致管理费用 较上年同期大幅上升。我们预计公司 24-26 年归母净利润为 2.1、2.7、3.4 亿，对应 PE 为 19.2、15.3、12.0 倍，维持"买入"评级。 桩基工程增长较快，毛利率小幅提升 分业务来看，24H1 公司地基处理、桩基工程分别实现收入 4.09、2.17 亿， 同比-10.27%、+100.92%，毛利率为 40.33%、28.62%，综合毛利率为 36.4%， 同比+1.13pct，单二季度毛利率为 35.67%，同比-1.15pct。分区域来看，公 司持续深耕并巩固优势的东南亚市场，深挖"一带一路"沿线重点 ...

Investment Rating - The report maintains an "Accumulate" rating for Shanghai Port Bay (605598) [5] Core Views - The company reported a revenue of 631 million yuan for the first half of 2024, representing a year-on-year increase of 11.34%, while the net profit attributable to shareholders decreased by 30.43% to 73.81 million yuan [5] - The significant growth in overseas business, particularly in Southeast Asia and the Middle East, contributed to the revenue, with overseas income reaching 568 million yuan, a year-on-year increase of 59.84%, accounting for 90.15% of total revenue [6] - New signed orders reached a historical high of 1.187 billion yuan, indicating strong future performance potential [7] Summary by Sections Financial Performance - The company achieved a total revenue of 631 million yuan in H1 2024, with a net profit of 73.81 million yuan, reflecting a decline in profitability due to share-based payment expenses [5] - The gross margin for H1 was 36.43%, slightly up from the previous year, while the second quarter saw a decline in gross margin to 35.67% [6] Business Segments - The overseas business saw substantial growth, with Southeast Asia and the Middle East contributing significantly to revenue, with respective increases of 77.92% and 15.75% [6] - Domestic revenue, however, fell by 71.42% to 6 million yuan, indicating challenges in the local market [6] Order Book and Future Outlook - The company secured new orders worth 1.187 billion yuan in H1 2024, a 78.21% increase year-on-year, with overseas orders making up a significant portion [7] - The report anticipates continued growth in new orders, particularly from overseas markets and key domestic projects [7] Profit Forecast and Valuation - The profit forecasts for 2024-2026 are set at 233 million yuan, 327 million yuan, and 447 million yuan respectively, with corresponding PE ratios of 18, 13, and 9 times based on the stock price as of August 30 [7][8]

证券研究报告·公司点评报告·专业工程 上海港湾（605598） 2024 半年报点评：境外订单增速亮眼，股份 支付费用短期影响公司业绩 2024 年 09 月 01 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 885.11 | 1,277.45 | 1,707.82 | 2,304.78 | 2,946.70 | | 同比（ % ） | 20.50 | 44.33 | 33.69 | 34.95 | 27.85 | | 归母净利润（百万元） | 156.79 | 174.10 | 214.97 | 306.44 | 370.57 | | 同比（ % ） | 155.61 | 11.04 | 23.48 | 42.55 | 20.93 | ...

证券代码：605598 证券简称：上海港湾 公告编号：2024-030 上海港湾基础建设（集团）股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 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个别及连带责任。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求（2022 年修订）》《上海证券交易所上市公司自律监 管指引第 1 号——规范运作》以及《上海证券交易所上市公司自律监管指南第 1 号——公告格式（2023 年 12 月修订）》等相关规定，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"）将 2024 年半年度募集资金 存放与使用情况专项报告如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 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，上海港湾首次 公开发行 43,193,467 股人民币普通股（A 股）股票，发行价格为 13.87 元/股 ...

第三届董事会第七次会议决议公告 一、 董事会会议召开情况 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。 证券代码：605598 证券简称：上海港湾 公告编号：2024-028 上海港湾基础建设（集团）股份有限公司 经审核，董事会认为：公司 2024 年半年度报告及摘要公允地反映了公司 2024 年 1-6 月的财务状况和经营成果，所披露的信息真实、准确、完整。董事会 承诺其中不存在任何虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、 准确性和完整性承担个别和连带的法律责任。 本议案已经公司董事会审计委员会审议通过。 表决结果：同意 5 票、反对 0 票、弃权 0 票。 具体详见公司同日披露于上海证券交易所网站（www.sse.com.cn）上的《上 海港湾 2024 年半年度报告》及《上海港湾 2024 年半年度报告摘要》。 （二）审议并通过《关于 2024 年半年度募集资金存放与使用情况的专项报 告的议案》 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"） 第三届董事会第七次会议于 2024 年 ...

一、 监事会会议召开情况 证券代码：605598 证券简称：上海港湾 公告编号：2024-029 上海港湾基础建设（集团）股份有限公司 第三届监事会第七次会议决议公告 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。 表决结果：3 票同意、0 票反对、0 票弃权。 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 2024 年半年度募集资金存放与使用情况的专项报告》（公告 编号：2024-030）。 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"） 第三届监事会第七次会议于 2024 年 8 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 8 月 19 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。 特此公告。 二、监事会会议审议情况 （一）审议并通过《关于公司 2024 年 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥630,527,193.98, representing an increase of 11.34% compared to ¥566,298,004.56 in the same period last year[14]. - The net profit attributable to shareholders of the listed company decreased by 30.43% to ¥73,811,827.82 from ¥106,090,614.36 year-on-year[14]. - The net cash flow from operating activities was negative at -¥15,741,088.41, a decline of 128.39% compared to ¥55,454,167.43 in the previous year[14]. - Basic earnings per share decreased by 29.55% to ¥0.31 from ¥0.44 in the same period last year[15]. - The weighted average return on net assets decreased by 2.32 percentage points to 4.14% from 6.46% year-on-year[15]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 68.40 million yuan, a year-on-year decrease of 31.65%[16]. - The company reported a significant increase in interest income, reaching CNY 6,279,329.26, compared to CNY 4,195,254.00 in the previous year, marking a growth of 49.7%[83]. - The total profit for the first half of 2024 was CNY 100,007,923.23, a decrease of 20.8% from CNY 126,215,854.10 in the same period last year[83]. - The company reported a net profit margin improvement, with net profit for the first half of 2024 reflecting operational efficiency gains[81]. Assets and Liabilities - The net assets attributable to shareholders of the listed company increased by 1.01% to ¥1,771,313,393.70 from ¥1,753,543,596.46 at the end of the previous year[14]. - Total assets rose by 1.30% to ¥2,201,774,194.31 from ¥2,173,616,430.48 at the end of the previous year[14]. - The company's total assets at the end of the reporting period are 1,009,649,613.65 RMB[100]. - The total liabilities decreased to ¥223,069,718.40 from ¥264,064,093.16, a reduction of approximately 15.5%[80]. - The total owner's equity at the end of the reporting period is 1,678,894,796.78 RMB[97]. - The total accounts receivable at the end of the period amounted to ¥491,257,856.93, a decrease from ¥548,333,295.80 at the beginning of the period, representing a decline of approximately 10.4%[193]. - The bad debt provision at the end of the period was ¥122,056,269.37, down from ¥124,286,934.44 at the beginning, indicating a reduction of about 1.8%[197]. Market and Orders - The company achieved new signed orders of 1.187 billion CNY in the first half of 2024, with domestic orders totaling 252 million CNY and overseas orders reaching 935 million CNY[22]. - Southeast Asia contributed significantly to overseas orders, with new signed orders of 782 million CNY, accounting for 83.67% of overseas new orders[22]. - The global geotechnical engineering market was valued at approximately 48.5 billion USD in 2022 and is expected to grow from 51.7 billion USD in 2023 to 86.2 billion USD by 2032, reflecting a compound annual growth rate of 6.60%[19]. - The "Belt and Road" initiative presents unprecedented development opportunities for Chinese geotechnical engineering companies, with infrastructure investment demand projected to reach 94 trillion USD by 2040[19]. Operational Efficiency and Strategy - The company focuses on enhancing profitability and cash flow, successfully winning the bid for the Dalian New Airport project domestically[22]. - The company aims to enhance its global competitiveness by focusing on high-quality overseas markets, particularly in Southeast Asia and the Middle East[25]. - The company is actively pursuing digital transformation in engineering construction to improve operational efficiency and project management[24]. - The company emphasizes a talent-driven strategy, continuously attracting and nurturing high-quality talent to support its growth objectives[23]. Research and Development - Research and development expenses increased by 70.50% to ¥18,642,313.15, up from ¥10,933,639.12, highlighting the company's focus on innovation[26]. - The company’s research and development expenses increased to CNY 14,661,612.50, up from CNY 10,933,639.12, reflecting a growth of 34.8%[85]. Risk Management - The company faces macroeconomic risks due to geopolitical tensions and economic recovery challenges, impacting infrastructure demand[35]. - The company plans to enhance macroeconomic risk management and strengthen internal management to improve competitiveness[35]. - The company is exposed to foreign exchange risks due to its overseas operations and will implement measures to mitigate these risks[36]. Shareholder and Equity Information - The company reported a profit distribution of -15,690,732.02 RMB for the period[96]. - The total amount of guarantees provided by the company to subsidiaries during the reporting period was RMB 6.62 million, with a total guarantee balance of RMB 30.10 million at the end of the period[58]. - The company has a total of 2,240,000 restricted stock units held by directors and senior management[71]. - The largest shareholder, Shanghai Longwan Investment Holding Co., Ltd., holds 168,000,000 shares, accounting for 68.36% of total shares[67]. Compliance and Governance - The company’s financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance and accuracy[104]. - The company has committed to maintaining a long-term effective commitment to resolve related party transactions and competition issues[46]. - The company ensures that no competitive products will be developed or operated by controlling shareholders or related entities[47]. Sustainability and Development - The company is committed to sustainable development and has been recognized for its engineering quality, winning multiple industry awards[23]. - The company actively promotes green development and has implemented innovative green processes, significantly improving the living environment in Southeast Asia and the Middle East[43]. - The company aims to reduce carbon emissions by integrating ESG principles into its operational management and enhancing digital management levels[44].

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会议资料 2024 年 8 月 上海港湾 2024 年第一次临时股东大会会议资料 会议资料目录 | 2024 年第一次临时股东大会会议须知 1 | | --- | | 2024 年第一次临时股东大会会议议程 3 | | 关于变更部分募集资金投资项目并延期的议案 5 | | 关于修订《子公司利润分配管理制度》的议案 13 | 1 上海港湾 2024 年第一次临时股东大会会议资料 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会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 会议的顺利进行，上海港湾基础建设（集团）股份有限公司（以下简称"公司"） 根据有关法律法规和《上市公司股东大会规则》《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》"）等文件要求，特制定本须知。 一、董事会应以维护全体股东的合法权益、确保股东大会正常秩序和议事效 率为原则，认真履行《公司章程》中规定的职责。 二、参加本次会议的股东为截至本次股东大会股权登记日收市后在中国证券 登记结算有限责任公司上海分公司 ...

证券代码：605598 证券简称：上海港湾 公告编号：2024-027 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 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第一次临时股东大会 召开的日期时间：2024 年 9 月 4 日 15 点 00 分 召开地点：上海市静安区江场路 1228 弄 6A 栋 5 楼 9 号会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年9月4日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 9 月 4 日 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券 ...