新华财经新加坡11月14日电 尽管新加坡海工巨头海庭（Seatrium Limited, SEAT.SI）近期遭遇了重大合 同终止等一系列挑战，华侨银行（OCBC）投资研究在13日发布的最新报告中，仍维持了对该公司 的"买入"评级，目标价维持在2.76新加坡元（简称新元）。 华侨银行的报告指出，海庭近期面临"一系列不幸事件"。最主要的是，该公司在10月10日收到了马士基 海上风电（Maersk Offshore Wind）关于"Sturgeon"号风力涡轮安装船（WTIV）的合同终止通知。该合 同总价值约为4.75亿美元（约6.1亿新元），项目已完成98.9%，原定于2026年1月交付。 分析师认为，这一意外的订单取消，反映了美国海上风电市场（尤其是在特朗普政府下）的持续波动， 预计将在短期内对海庭的股价构成压制。 尽管面临多重利空，华侨银行仍维持其"买入"评级和2.76新元的公允价值（FV）估算。分析师在报告中 称，已将潜在的拨备和订单增长放缓的预期纳入考量。 华侨银行认为，海庭的长期发展轨迹，特别是其设定的2028财年目标（包括EBITDA至少达到10亿新 元，股本回报率不低于8%等）"基本保持不变"。 ...

天眼查App显示，近日，上海庭园生物制药有限公司成立，法定代表人为杨德忠，注册资本50万人民 币，经营范围为一般项目：生物化工产品技术研发；化工产品生产（不含许可类化工产品）【分支机构 经营】；化工产品销售（不含许可类化工产品）；专用化学产品销售（不含危险化学品）；货物进出 口；技术进出口。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Company and Industry Overview * **Company**: Seatrium Limited (OTCPK: SMBMF) * **Industry**: Offshore & Marine Engineering, Energy Transition * **Focus**: Building FPSOs, Offshore Wind Projects, Repairs & Upgrades Key Financial Highlights * **Revenue**: SGD4.0 billion (39% increase YoY) * **Underlying EBITDA**: SGD390 million (9x increase YoY) * **Underlying Net Profit**: SGD115 million (turnaround from SGD264 million loss YoY) * **Net Order Book**: SGD26.1 billion (10-year high) * **Free Cash Outflow**: SGD1.0 billion (mainly due to working capital needs) Business Performance * **Strong Order Backlog**: Secured SGD13 billion in new orders in H1 2024, including FPSOs for Petrobras and TenneT's HVDC Offshore Converter Platform. * **Project Execution**: Focus on project execution, cost management, and operational efficiency driving profitability. * **R&D and Sustainability**: Investing in R&D for cleaner and greener solutions, including zero routine flaring and venting technologies. * **Repairs & Upgrades**: Growing segment contributing to steady baseload revenue. Strategy and Outlook * **Long-term Strategy**: Leverage industry tailwinds to transform and achieve 2028 financial targets. * **Global Delivery Model**: Integrating global assets and workforce for efficient operations and scalability. * **Sustainability**: Commitment to sustainability through the Sustainable Finance Framework and KPIs. * **Industry Outlook**: Positive outlook for offshore & marine industry, supported by demand in oil & gas and renewables sectors. Key Questions and Answers * **Profitability in H2 2024**: Management committed to sustaining improved financial performance for the full year. * **Billion Dollar Contracts**: Healthy order pipeline with potential for more billion-dollar contracts. * **Gross Margin**: Target mid-teens gross margin levels, driven by project execution and series-building strategy. * **Legacy Projects**: Majority of legacy projects expected to be completed by end-2024. * **Cost Savings**: On track to achieve SGD300 million in annual recurring savings by 2025. * **Debt Refinancing**: Proactive approach to managing cost of capital and working capital requirements. * **Share Buyback**: Continuing to execute SGD100 million share buyback program. Conclusion Seatrium Limited delivered strong financial results in H1 2024, driven by a robust order book, improved project execution, and focus on sustainability. The company is well-positioned for future growth and profitability, supported by its global delivery model and commitment to the energy transition.