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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]