上海港湾：在手订单充足，看好未来订单逐步转化

Investment Rating - The report maintains an "Outperform" rating for Shanghai Port Bay, indicating a positive outlook for the company's stock performance relative to the market [3]. Core Insights - The company reported a revenue of 940 million yuan for the first three quarters of 2024, reflecting a year-on-year increase of 4.8%, while the net profit attributable to shareholders decreased by 24.5% to 110 million yuan [3][4]. - The gross margin slightly increased to 34.5%, but the net profit margin decreased to 11.4% due to rising R&D and financial expenses [3][4]. - The company is focusing on its soft soil foundation treatment business, leveraging advanced technology to maintain a leading position in the market and expanding its international presence, particularly in Southeast Asia and Middle Eastern countries [3][4]. - New orders signed in the first half of 2024 reached 1.19 billion yuan, a significant year-on-year increase of 78.2%, with domestic orders growing by 40.9% and overseas orders by 92.0% [3][4]. - The company forecasts revenues of 1.56 billion, 2.02 billion, and 2.46 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 205 million, 324 million, and 401 million yuan [3][4]. Summary by Sections Market Data - Closing price as of October 31, 2024: 19.08 yuan - Market capitalization: 4,637 million yuan - Price-to-book ratio: 2.5 - Dividend yield: 1.12% [1][2]. Financial Performance - Earnings per share for 2024 is projected at 0.83 yuan, with a gross margin of 36.4% and a return on equity (ROE) of 10.7% [4][6]. - The company’s total revenue for 2023 was 1,277 million yuan, with a significant increase expected in the following years [4][6]. Order and Revenue Outlook - The company has a strong order backlog, with expectations for continued revenue growth driven by new contracts and international expansion [3][4].