上海港湾2024年财报：净利润腰斩，全球化布局能否扭转颓势？

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]