上海港湾（605598）：2024年报及2025年一季报点评：费用前置阶段性拖累，看好双轮驱动的长期前景

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a total revenue of 1.297 billion yuan in 2024, a year-on-year increase of 1.51%, while the net profit attributable to shareholders was 0.9252 billion yuan, a decrease of 46.86% year-on-year [8] - The company has focused on Southeast Asia and the Middle East, leveraging its 20 years of experience to secure high-quality orders, with 72 new projects signed in 2024 amounting to 2.05 billion yuan, a year-on-year increase of 93% [8] - The company is experiencing a temporary drag due to upfront expenses, but the long-term outlook remains positive due to dual growth drivers [8] Financial Summary - Total revenue forecast for 2025 is 2 billion yuan, with a year-on-year growth of 54.24% [1] - The net profit forecast for 2025 is 0.2521 billion yuan, reflecting a significant recovery from the previous year's decline [1] - The company's comprehensive gross margin for 2024 was 29.6%, a decrease of 4.7 percentage points year-on-year, with domestic and international gross margins at 20.3% and 31% respectively [8] - The company’s cash flow from operating activities was -0.83 billion yuan in 2024, a decline of 2.17 billion yuan year-on-year [8] - The asset-liability ratio at the end of 2024 was 22.4%, an increase of 3.1 percentage points year-on-year [8]