上海港湾：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-20250502

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company reported a total revenue of 1.297 billion yuan in 2024, a year-on-year increase of 1.51%, and a net profit attributable to shareholders of 92.52 million yuan, a decrease of 46.86% year-on-year [8] - The company focuses on Southeast Asia and the Middle East, leveraging 20 years of experience to enhance customer loyalty and pursue high-quality orders, achieving 72 new projects worth 2.05 billion yuan in 2024, a 93% increase year-on-year [8] - The company is expected to benefit from its innovative technology and comprehensive geotechnical engineering services, with a second growth curve driven by perovskite materials [8] Financial Summary - Total revenue forecast for 2025 is 2 billion yuan, with a year-on-year growth of 54.24% [8] - The net profit forecast for 2025 is 252.11 million yuan, reflecting a significant recovery from the previous year's decline [8] - The company's comprehensive gross margin for 2024 was 29.6%, down 4.7 percentage points year-on-year, with a net profit margin of 6.7%, down 6.6 percentage points year-on-year [8] - The company’s cash flow from operating activities was -83 million yuan in 2024, a decline of 217 million 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]