2023年报及2024年一季报点评：境外营收高速增长，有望持续斩获优质订单

Investment Rating - The report maintains an "Accumulate" rating for Shanghai Port and Bay [1] Core Views - The company reported a significant increase in overseas revenue, with a focus on high-quality orders, particularly in Southeast Asia and the Middle East [1] - The company achieved a total revenue of 1.28 billion yuan in 2023, representing a year-on-year growth of 44.3%, and a net profit attributable to shareholders of 174.1 million yuan, up 11.0% year-on-year [1] - The report highlights the company's strong performance in overseas markets, with a notable increase in revenue from foundation treatment and pile foundation engineering [1] Financial Performance Summary - In 2023, the company generated revenue of 1.28 billion yuan, with a year-on-year increase of 44.3%, and a net profit of 174.1 million yuan, reflecting an 11.0% growth [1] - The revenue from foundation treatment and pile foundation engineering reached 990 million yuan and 280 million yuan, respectively, with year-on-year growth of 30.9% and 149.3% [1] - The company’s comprehensive gross margin for 2023 was 34.3%, a decrease of 2.1 percentage points year-on-year, while the gross margins for foundation treatment and pile foundation engineering were 38.3% and 19.5%, respectively [1] - The company’s overseas orders accounted for over 80% of new contracts signed in 2023, with a total order amount of 1.06 billion yuan [1] Future Outlook - The report projects a net profit of 230 million yuan for 2024 and 304 million yuan for 2025, with a new forecast for 2026 set at 380 million yuan [1] - The closing price on April 26 corresponds to price-to-earnings ratios of 18, 14, and 11 times for 2024, 2025, and 2026, respectively [1] - The company is expected to benefit from the high demand for infrastructure investment in Southeast Asia and the Middle East, aligning with the Belt and Road Initiative [1]