[Table_Title] 新房高频回暖，关注低位核心消费建材 [Table_Title2] 建筑材料 [Table_Summary] ►本周受益标的： （1）重点关注经营韧性强+超高分红的+扩内 需的消费建材品种，推荐东方雨虹、三棵树、兔宝宝、伟星新 材、北新建材等；推荐业绩亮眼，铜矿资源进入加速释放的金诚 信；（2）国家重大工程雅鲁项目主体工程有望进入开工期，推荐 重点工程中岩大地等；民爆需求高景气，广东宏大、雪峰科技等 受益。（3）"对等关税"环境下，内循环投资预期变强，推荐中国 建筑，中国交建、四川路桥等受益；推荐海螺水泥、华新水泥等 水泥龙头。（4）国产替代：推荐麦加芯彩，船舶涂料取证加速未 来有望持续国产替代；推荐松井股份，车身漆国产替代需求旺 盛。（5）贸易战环境下"一带一路"战略或再迎催化，推荐中国 建筑、中国中冶；上海港湾、中工国际、北方国际、中材国际、 中钢国际等国际工程公司受益。 证券研究报告|行业研究周报 [Table_Date] 2025 年 05 月 06 日 ►第 18 周（04/27-05/03）5.1 假期周度新房同比回暖，二手房交 易同比虽有增长，但环比下滑明显。（1） 3 ...

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]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a total revenue of 1.297 billion yuan in 2024, a year-on-year increase of 1.51%, while the net profit attributable to shareholders was 0.9252 billion yuan, a decrease of 46.86% year-on-year [8] - The company has focused on Southeast Asia and the Middle East, leveraging its 20 years of experience to secure high-quality orders, with 72 new projects signed in 2024 amounting to 2.05 billion yuan, a year-on-year increase of 93% [8] - The company is experiencing a temporary drag due to upfront expenses, but the long-term outlook remains positive due to dual growth drivers [8] Financial Summary - Total revenue forecast for 2025 is 2 billion yuan, with a year-on-year growth of 54.24% [1] - The net profit forecast for 2025 is 0.2521 billion yuan, reflecting a significant recovery from the previous year's decline [1] - The company's comprehensive gross margin for 2024 was 29.6%, a decrease of 4.7 percentage points year-on-year, with domestic and international gross margins at 20.3% and 31% respectively [8] - The company’s cash flow from operating activities was -0.83 billion yuan in 2024, a decline of 2.17 billion 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]

Core Viewpoint - Shanghai Port Bay (605598) reported a significant decline in net profit for 2024, despite a slight increase in total revenue, indicating challenges in cost control and profitability [1][4][6] Revenue and Profitability - The total revenue for 2024 was 1.297 billion yuan, a year-on-year increase of 1.51%, but this growth rate significantly slowed from 44.33% in 2023 [4] - The net profit attributable to shareholders was 93 million yuan, a substantial decrease of 46.86% year-on-year, while the non-recurring net profit fell by 49.22% to 85.09 million yuan [1][4] - Gross profit for 2024 was 384 million yuan, down 12.33% from 438 million yuan in 2023, indicating increasing pressure from raw material and labor costs [4] Global Expansion Efforts - The company continued to pursue global expansion, particularly in Southeast Asia and the Middle East along the "Belt and Road" initiative, which is seen as a key growth driver [1][5] - New signed orders amounted to 462.27 million yuan, showing growth compared to 2023, but did not significantly impact overall revenue and profit [4][5] Operational Challenges - The global expansion has led to higher operational costs and risks, with the company implementing digital reforms and innovation strategies to enhance competitiveness [5] - The effectiveness of these strategies remains uncertain, especially amid increasing global economic uncertainty [5] Dividend Policy and Investor Confidence - Despite the sharp decline in net profit, the company maintained a stable dividend policy, proposing a cash dividend of 1.14 yuan per 10 shares, totaling 27.88 million yuan, with a cash dividend ratio of 30.14% [6] - The stock price remained flat at 19.97 yuan as of April 30, 2024, with a high price-to-earnings ratio of 50.02, reflecting market concerns about future profitability [6]

上海港湾基础建设（集团）股份有限公司董事会审计委员会 2024 年度对会计师事务所履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》等法律法规、规范性文件，以及《公司章 程》《董事会审计委员会工作细则》等有关规定，上海港湾基础建设（集团）股 份有限公司（以下简称"公司"）董事会审计委员会本着勤勉尽责的原则，恪尽 职守，认真履职。现将董事会审计委员会对会计师事务所 2024 年度履行监督职 责的情况汇报如下： 一、 2024 年年审会计师事务所基本情况 （一）会计师事务所基本情况 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰斗 潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制 的特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。 立信是国际会计网络 BDO 的成员所，长期从事证券服务业务，新证券法实施前具 有证券、期货业务许可证，具有 H 股审计资格，并已向美国公众公司会计监督委 ...

证券代码：605598 证券简称：上海港湾 公告编号：2025-010 上海港湾基础建设（集团）股份有限公司 关于确认 2024 年度董事、监事、高级管理人员薪酬并拟定 2025 年度薪酬方案的公告 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"）于 2025 年 4 月 28 日召开了第三届董事会第十二次会议、第三届监事会第十一次会议，审 议通过了《关于确认高级管理人员 2024 年度薪酬并拟定 2025 年度薪酬方案的议 案》；《关于确认董事 2024 年度薪酬并拟定 2025 年度薪酬方案的议案》和《关 于确认监事 2024 年度薪酬并拟定 2025 年度薪酬方案的议案》涉及全体董事、监 事，直接提交 2024 年年度股东大会审议。现将相关情况公告如下。 一、 2024 年度董事、监事、高级管理人员于公司领取薪酬的情况 | 单位：元 | | --- | 根据相关法律法规和《公司章程》等规定，结合目前经济环境、公司所处地 区、行业和规模等实际情况，在充分体现短期和长期 ...

一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 独立董事候选人声明与承诺 本人蒋明镜，已充分了解并同意由提名人上海港湾基础建设 （集团）股份有限公司董事会提名为上海港湾基础建设（集团） 股份有限公司第三届董事会独立董事候选人。本人公开声明，本 人具备独立董事任职资格，保证不存在任何影响本人担任上海港 湾基础建设（集团）股份有限公司独立董事独立性的关系，具体 声明并承诺如下： 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （三）中共中央纪委、教育部、监察部《关于加强高等学校 反腐倡廉建设的意见》的相关规定； （四）其他法律法规、部门规章、规范性文件和上海证券交 易所规定的情形。 三、本人具备独立性，不属于下列情形： （一）在上市公司或者其附属企业任职的人员及其配偶、父 母、子女 ...

上海港湾基础建设（集团）股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开了第三届董事会第十二次会议及第三届监事会第十一次会议，分 别审议通过了《关于 2025 年开展资产池业务的议案》，同意公司及控股子公司（含 新增或新设子公司及二级子公司）拟与国内资信较好的商业银行开展额度不超过 人民币10,000万元的资产池业务，有效期自公司董事会审议通过之日起12个月， 上述额度在有效期内可循环使用。根据《上海证券交易所股票上市规则》和《公 司章程》等相关规定，该事项在公司董事会决策权限内，无需提交公司股东大会 审议批准。具体内容如下： 一、 资产池业务情况概述 (一) 业务概述 资产池业务是指协议银行为满足企业或企业集团统一管理、统筹使用所持金 融资产需要，对其提供的资产管理与融资服务等功能于一体的综合金融服务平台， 是协议银行对企业提供流动性服务的主要载体。 资产池业务是指协议银行依托资产池平台对企业或企业集团开展的金融资 产入池、出池及质押融资等业务和服务的统称。资产池入池资产包括但不限于企 业合法持有的协议银行认可的存单、承兑汇票、信用证、理财产品、应收账款等 金融资产。 证券代码：605 ...

上海港湾基础建设（集团）股份有限公司 关于 2024 年度会计师事务所履职情况的评估报告 上海港湾基础建设（集团）股份有限公司（以下简称"公司"）聘请立信会 计师事务所（特殊普通合伙）（以下简称"立信"）作为公司 2024 年度财务审计 机构和内部控制审计机构。根据《中华人民共和国公司法》《中华人民共和国证 券法》《国有企业、上市公司选聘会计师事务所管理办法》和《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》等法律法规、规范性文件，公司 对立信 2024 年审计过程中的履职情况进行评估。经评估，公司认为立信的资质、 制度等方面合规有效，履职过程始终保持独立性，勤勉尽责，公允表达意见，能 够满足公司审计工作的要求。具体情况如下： 相应的专业胜任能力，近三年签署或复核上市公司审计报告 12 家。 一、 资质条件 1、基本情况 立信会计师事务所（特殊普通合伙）于 1927 年在上海创建，1986 年复办， 2010 年改制为特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人 为朱建弟先生。立信是国际会计网络 BDO 的成员所，长期从事证券服务业务，新 证券法实施前具有证券、期货业务许可证，具有 ...