上海港湾：2024中报点评：半年新签创新高，业绩有望迎来拐点

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][4]. Core Insights - The company has achieved a record high in new contracts signed in the first half of 2024, indicating a potential turning point in performance [1]. - The company's revenue for H1 2024 reached 630 million yuan, with a year-on-year increase of 11.3%, while net profit attributable to the parent company decreased by 30.4% [1][2]. - The company’s gross margin improved to 36.4%, up by 1.1 percentage points year-on-year, reflecting a stable growth in its core business [2]. Summary by Sections Financial Performance - In H1 2024, the company reported revenues of 630 million yuan, net profit of 70 million yuan, and net profit excluding non-recurring items also at 70 million yuan, with respective year-on-year changes of +11.3%, -30.4%, and -31.6% [1]. - For Q2 2024, revenues were 340 million yuan, with net profit and net profit excluding non-recurring items at 40 million yuan each, showing year-on-year declines of -5.9%, -43.6%, and -47.0% [1]. Revenue Breakdown - The revenue from foundation treatment and pile foundation engineering in H1 2024 was 410 million yuan and 220 million yuan, with year-on-year changes of -10.3% and +100.9% respectively [2]. - The company’s gross margin for H1 2024 was 36.4%, with foundation treatment and pile foundation engineering gross margins at 40.3% and 28.6% respectively [2]. Order Growth - New contracts signed in H1 2024 totaled 1.19 billion yuan, a significant increase of 78.2% year-on-year, surpassing the total new contracts signed in 2023 [2]. - The breakdown of new contracts shows domestic contracts at 250 million yuan and overseas contracts at 940 million yuan, with year-on-year increases of 40.9% and 92.0% respectively [2]. Future Projections - The report forecasts revenues of 1.59 billion yuan, 1.98 billion yuan, and 2.43 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 210 million yuan, 300 million yuan, and 380 million yuan for the same years [4][5]. - The expected EPS for 2024, 2025, and 2026 is 0.86 yuan, 1.23 yuan, and 1.54 yuan respectively, with corresponding P/E ratios of 19.77, 13.74, and 11.00 [5][7].