上海港湾：25Q1业绩显著恢复，全年有望维持较快增速-20250511

Investment Rating - The report maintains a "Buy" rating for the company [6][7] Core Views - The company is expected to achieve a significant recovery in performance in Q1 2025, with a projected revenue growth of 29% [2] - The company has signed new contracts worth 2.053 billion yuan in 2024, representing a year-on-year increase of 93%, indicating strong future revenue growth potential [4] - The establishment of a subsidiary focused on space-grade perovskite solar power generation is anticipated to create new growth opportunities in the commercial aerospace sector [5] Financial Performance Summary - In 2024, the company reported total revenue of 1.3 billion yuan, a year-on-year increase of 1.5%, but a decline in net profit attributable to shareholders to 90 million yuan, down 47% [2] - The gross profit margin for 2024 was 30%, a decrease of 4.7 percentage points year-on-year, primarily due to high initial costs associated with the Dalian Airport project [3] - The company’s operating cash flow showed a net outflow of 80 million yuan in 2024, which is a significant increase in cash outflow compared to the previous year [3] Revenue and Profit Forecast - The company is projected to achieve net profits of 259 million yuan in 2025, representing a year-on-year growth of 180% [6] - The earnings per share (EPS) for 2025 is estimated to be 1.05 yuan, with a corresponding price-to-earnings (P/E) ratio of 20 times [6] Market Position and Growth Drivers - The company’s business is concentrated in Southeast Asia and the Middle East, benefiting from increased infrastructure demand driven by urbanization and industrialization [4] - The company has established a complete supply chain for aerospace quality, successfully supporting the launch of 15 satellites and over 40 satellite power systems [5]