行业研究丨深度报告丨建筑与工程 [Table_Title] 深度探索建筑民企转型方向 ——建筑并购重组系列 2 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 建筑行业集中度加速提升，头部央企依托规模、产业链及政策优势持续挤压中小民企生存空间。 园林工程等细分市场受需求萎缩与竞争加剧双重压制，企业营收趋弱、盈利承压、财务结构恶 化。部分企业正借力低效资产重置、资金禀赋及业务关联等优势，叠加控制权变动预期，依托 政策方向引领，蓄力向新基建领域战略转型。跟踪关注筛选后得到企业的转型机会。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SFC：BUT917 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% research.95579.com 2 张弛 张智杰 袁志芃 [Table_Title 深度探索建筑民企转型方向 2] ——建筑并购重组系列 2 [Table_Summary2] 民企面临生存空间压缩及风 ...

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Core Viewpoint - Shanghai Port Bay experienced a significant decline of 7.80% in stock price, with a trading volume of 455 million yuan and a market capitalization of 9.512 billion yuan [1] Group 1: Company Performance - In the first nine months of 2025, Shanghai Port Bay achieved a revenue of 1.13 billion yuan, representing a year-on-year growth of 19.64%, while the net profit attributable to shareholders decreased by 27.25% to 79.203 million yuan [9] - The company has a total market capitalization of 9.512 billion yuan, with a trading turnover rate of 4.76% [1] - The average trading cost of the stock is 32.77 yuan, with the stock price fluctuating between resistance at 45.35 yuan and support at 34.82 yuan [8] Group 2: Business Strategy and Innovations - The company is actively implementing its "going out" strategy, focusing on soil remediation and foundation treatment projects in countries along the Belt and Road Initiative, contributing to local sustainable development [2] - Shanghai Port Bay's subsidiary, Fuxi Xinkong, specializes in providing lightweight, cost-effective, and efficient space energy systems, having successfully supported the launch of 15 satellites [4] - The company has developed high-efficiency perovskite solar cells, achieving a certification efficiency of 18.06% for 30×30 cm modules, positioning itself in the leading tier of the industry [3] Group 3: Market and Financial Insights - The company's overseas revenue accounted for 83.01% of total revenue, benefiting from the depreciation of the yuan [5] - The stock has seen a net outflow of 21.2855 million yuan from major investors, indicating a reduction in holdings over the past two days [6][7]