Summary of Conference Call Notes Industry Overview - The focus is on Southeast Asia, the Middle East, and gradually expanding into Africa, highlighting Southeast Asia's geographical advantages and stable political environment as a preferred location for global manufacturing transfer [1][2] - Southeast Asia has a total area of 4.57 million square kilometers and a population of 680 million, comparable to China's population density in the 1990s [1] - The region benefits from low labor costs, with daily wages for workers in Indonesia around 80 yuan, translating to over 2,000 yuan per month [1] Key Points on Southeast Asia - There has been a significant increase in infrastructure development due to the influx of manufacturing, leading to unprecedented opportunities in the construction industry [2] - Indonesia is identified as the largest economy in ASEAN, with a population of 290 million and a GDP growth rate consistently above 5% [3] - The Indonesian government has planned to relocate the capital to Kalimantan, with infrastructure investments projected to exceed $2 trillion and a compound growth rate of 7.5% [4] - The Philippines has initiated a large-scale infrastructure plan with a budget of approximately $160 billion, covering various sectors including railways, airports, and water management [6] Market Opportunities - The construction sector in Southeast Asia is experiencing a boom, driven by the need for infrastructure to support industrial transfers [2] - The Philippines aims to increase its renewable energy share to 35% by 2030, with significant investments in wind and new energy projects [7] - The company is optimistic about growth in the Philippines, with strong demand for infrastructure projects [6] Middle East Insights - The Middle East, particularly Saudi Arabia's Vision 2030, presents numerous projects, although the execution pace is slower compared to Southeast Asia [9] - The company is involved in various large-scale projects in the region, including ports and urban developments, but is still in the tracking phase for many of these projects [9] Domestic Market Challenges - The company maintains a cautious approach to domestic projects due to cash flow concerns and the current economic climate, which has led to a lack of substantial project guarantees [10][11] - There is a focus on selecting projects with favorable business terms to mitigate risks associated with receivables and bad debts [11] Competitive Advantages - The company prioritizes markets with strong infrastructure needs and stable political environments, differentiating itself from state-owned enterprises by relying on market-driven strategies [13] - The company emphasizes a localized management approach, employing local workers to enhance operational efficiency and project execution [23] Financial Performance and Projections - The company aims for a gross margin target of around 30%, which is not a fixed number but varies based on project specifics [17] - The management believes that maintaining a gross margin above 30% is a natural outcome of their operational model, which focuses on direct project management rather than subcontracting [17] Project Execution and Payment Terms - Projects typically take six months to a year to complete, with payment schedules being more favorable than domestic projects, often based on milestones [26] - The company retains about 5% of the project value as a warranty deposit, which is released upon project completion [26] Conclusion - The company is optimistic about its growth prospects in Southeast Asia and the Middle East, with a strong focus on infrastructure development and renewable energy projects, while remaining cautious about domestic market conditions and cash flow management [12][10]

Financial Performance - The company reported a net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, which decreased due to share-based payment expenses of 40.1729 million yuan from the 2023 restricted stock incentive plan and employee stock ownership plan, leading to a significant increase in management expenses compared to the same period last year [1] - In the first three quarters of 2024, the company achieved new signed contracts totaling 1.874 billion yuan, with overseas new contracts accounting for 83.20% and domestic new contracts accounting for 16.80% [2][4] Market Insights - The global construction market size was approximately 15.2 trillion USD in 2023 and is projected to grow to 21.38 trillion USD by 2030, indicating a robust demand for infrastructure development [2] - The geotechnical engineering sector, which is crucial for construction quality and safety, represents about 5%-10% of the total construction market, highlighting significant market potential [3] Strategic Outlook - The company aims to leverage the rapid advancement of global industrialization and urbanization to expand its domestic and international market presence, focusing on high-value integrated services to enhance customer loyalty and achieve further growth in scale and efficiency [4][6] - The company plans to deepen its market penetration in Southeast Asia and the Middle East, capitalizing on the increasing infrastructure investment driven by government policies and economic growth in these regions [5][6] Competitive Landscape - The main competitors in the geotechnical engineering sector include Keller (UK), Menard (France), Bauer (Germany), and others, indicating a competitive market environment [3] - The company emphasizes its commitment to sustainable value creation and aims to enhance its global service capabilities and brand influence [5][6] Human Resources and Talent Management - The company has increased its investment in human resources, focusing on attracting skilled professionals to support project advancement and market growth, with nearly 70% of its workforce being foreign employees from 26 countries [6] - A talent strategy that includes stock incentives and employee ownership plans is in place to align employee interests with the company's growth objectives [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 944 million yuan for the first three quarters of 2024, representing a year-on-year increase of 4.78%, while the net profit attributable to shareholders decreased by 24.48% to 109 million yuan [1] - The revenue for the third quarter was 314 million yuan, a year-on-year decline of 6.31%, with a net profit of approximately 35.06 million yuan, down 7.90% year-on-year [1] - The decline in revenue is attributed to fewer new orders signed in 2023 and disruptions in the confirmation of major projects, but a recovery in revenue is expected in the fourth quarter due to a significant increase in new orders in the first half of the year [1] - The gross margin for the first three quarters was 34.49%, an increase of 1.29 percentage points year-on-year, while the gross margin for the third quarter was 30.61%, up 0.96 percentage points year-on-year but down 5.06 percentage points quarter-on-quarter [1] - The company's expense ratio increased due to information technology investments and foreign exchange losses, with a total expense ratio of 20.13% for the first three quarters, up 5.11 percentage points year-on-year [1] Financial Summary - The company expects net profits for 2024-2026 to be 205 million yuan, 269 million yuan, and 348 million yuan, respectively, corresponding to a price-to-earnings (P/E) ratio of 23, 17, and 14 times based on the stock price as of November 1 [2] - The revenue forecast for 2024 is 1,639 million yuan, with a year-on-year growth rate of 28.33% [4] - The company's total market capitalization is approximately 4,748.10 million yuan, with a closing price of 19.32 yuan per share [3]

Investment Rating - The report maintains an "Outperform" rating for Shanghai Port Bay, indicating a positive outlook for the company's stock performance relative to the market [3]. Core Insights - The company reported a revenue of 940 million yuan for the first three quarters of 2024, reflecting a year-on-year increase of 4.8%, while the net profit attributable to shareholders decreased by 24.5% to 110 million yuan [3][4]. - The gross margin slightly increased to 34.5%, but the net profit margin decreased to 11.4% due to rising R&D and financial expenses [3][4]. - The company is focusing on its soft soil foundation treatment business, leveraging advanced technology to maintain a leading position in the market and expanding its international presence, particularly in Southeast Asia and Middle Eastern countries [3][4]. - New orders signed in the first half of 2024 reached 1.19 billion yuan, a significant year-on-year increase of 78.2%, with domestic orders growing by 40.9% and overseas orders by 92.0% [3][4]. - The company forecasts revenues of 1.56 billion, 2.02 billion, and 2.46 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 205 million, 324 million, and 401 million yuan [3][4]. Summary by Sections Market Data - Closing price as of October 31, 2024: 19.08 yuan - Market capitalization: 4,637 million yuan - Price-to-book ratio: 2.5 - Dividend yield: 1.12% [1][2]. Financial Performance - Earnings per share for 2024 is projected at 0.83 yuan, with a gross margin of 36.4% and a return on equity (ROE) of 10.7% [4][6]. - The company’s total revenue for 2023 was 1,277 million yuan, with a significant increase expected in the following years [4][6]. Order and Revenue Outlook - The company has a strong order backlog, with expectations for continued revenue growth driven by new contracts and international expansion [3][4].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 940 million yuan for the first three quarters of 2024, reflecting a year-on-year increase of 4.8%, while the net profit attributable to shareholders decreased by 24.5% to 110 million yuan [2] - The company is focusing on expanding its business in countries along the "Belt and Road" initiative, which may temporarily affect domestic revenue growth due to structural adjustments [2] - New contract signing remains at a historically high level, with a total of 1.87 billion yuan in new contracts signed from January to September 2024, including 690 million yuan in the third quarter [2] Summary by Sections Financial Performance - Total revenue for 2022 was 885.11 million yuan, with a year-on-year growth of 20.50%. For 2023, the revenue is projected to be 1,277.45 million yuan, reflecting a growth of 44.33% [1] - The net profit attributable to shareholders for 2022 was 156.79 million yuan, with a significant year-on-year increase of 155.61%. The forecast for 2023 is 174.10 million yuan, showing an 11.04% growth [1] - The latest diluted EPS is projected to be 0.71 yuan for 2023, with a P/E ratio of 27.10 [1] Cost and Margin Analysis - The gross margin for the third quarter of 2024 was 30.6%, an increase of 1.0 percentage points year-on-year, although it decreased by 5.1 percentage points from the previous quarter [2] - The operating expense ratio slightly increased, with the sales, management, R&D, and financial expense ratios reported at 0.7%, 16.1%, 2.9%, and 0.7% respectively [2] Cash Flow and Balance Sheet - The net cash flow from operating activities for the third quarter of 2024 was -56.55 million yuan, indicating a cash outflow increase of 140 million yuan year-on-year [2] - As of the end of the third quarter, the company's accounts receivable balance was 470 million yuan, an increase of 150 million yuan year-on-year [2] Market Position and Future Outlook - The company is well-positioned to benefit from the high demand for infrastructure in Southeast Asia and the Middle East, supported by its ability to secure overseas orders [2] - The adjusted net profit forecasts for 2024-2026 are 200 million yuan, 290 million yuan, and 350 million yuan respectively, with corresponding P/E ratios of 24, 16, and 13 [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 940 million yuan for the first three quarters of 2024, a year-on-year increase of 4.8%, while the net profit attributable to shareholders decreased by 24.5% to 110 million yuan [2] - The company is focusing on expanding its business in countries along the "Belt and Road" initiative, which may temporarily affect domestic revenue growth due to structural adjustments [2] - New contract signing remains at a historically high level, with a total of 1.87 billion yuan in new contracts signed from January to September 2024, including 690 million yuan in the third quarter [2] Summary by Sections Financial Performance - Total revenue for 2022 was 885.11 million yuan, with a year-on-year growth of 20.50%. For 2023, the revenue is projected to be 1,277.45 million yuan, reflecting a growth of 44.33% [1] - The net profit attributable to shareholders for 2022 was 156.79 million yuan, with a significant year-on-year increase of 155.61%. The forecast for 2023 is 174.10 million yuan, showing an 11.04% growth [1] Profitability Metrics - The latest diluted EPS for 2022 was 0.64 yuan per share, with projections of 0.71 yuan for 2023 and 0.81 yuan for 2024 [1] - The P/E ratio based on the latest diluted EPS is 30.09 for 2022, decreasing to 27.10 for 2023 and further to 23.79 for 2024 [1] Cash Flow and Expenses - The company reported a net cash outflow from operating activities of 56.55 million yuan in Q3 2024, which is a significant increase in cash outflow compared to the previous year [2] - The company’s operating expense ratios for sales, management, R&D, and financial expenses were 0.7%, 16.1%, 2.9%, and 0.7% respectively in Q3 2024, with management expenses showing a year-on-year increase [2] Market Position and Future Outlook - The company is expected to benefit from high infrastructure demand in Southeast Asia and the Middle East, supported by its ability to secure overseas orders [2] - The report adjusts the net profit forecast for 2024-2026 to 200 million, 290 million, and 350 million yuan respectively, reflecting the impact of domestic performance decline and project delays [2]

Financial Performance - The company's operating revenue for Q3 2024 was ¥313,645,066.84, representing a decrease of 6.31% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥35,059,171.84, down 7.90% year-over-year, while the year-to-date net profit decreased by 24.48% to ¥108,870,999.67[2]. - The basic earnings per share for Q3 2024 was ¥0.14, reflecting a decline of 12.50% compared to the same period last year[3]. - The weighted average return on equity for Q3 2024 was 1.93%, a decrease of 0.41 percentage points year-over-year[3]. - Total operating revenue for the first three quarters of 2024 reached CNY 944,172,260.82, an increase of 4.8% compared to CNY 901,083,958.75 in the same period of 2023[14]. - Net profit for the first three quarters of 2024 was CNY 107,880,938.17, a decrease of 25.0% from CNY 144,128,581.01 in the previous year[15]. - Comprehensive income attributable to the parent company was CNY 114,995,455.94, down from CNY 180,003,743.13 in the previous year, a decrease of 36.1%[17]. Cash Flow - The net cash flow from operating activities for the year-to-date period was -¥72,286,347.34, a significant decline of 151.55% compared to the same period last year[5]. - Cash flow from operating activities totaled CNY 875,982,410.78, slightly down from CNY 876,866,624.76 in the previous year[18]. - The net cash flow from operating activities was -$72.29 million, compared to $140.22 million in the previous period[19]. - The net cash flow from investing activities was $87.74 million, a significant improvement from -$173.87 million in the prior period[19]. - The net cash flow from financing activities was -$57.04 million, compared to -$7.21 million in the previous period[19]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,295,535,844.39, an increase of 5.61% from the end of the previous year[3]. - As of September 30, 2024, the company's total assets reached approximately 2.296 billion RMB, an increase from 2.174 billion RMB at the end of 2023[11]. - The total liabilities of the company as of September 30, 2024, were approximately 437 million RMB, compared to 419 million RMB at the end of 2023, showing a slight increase[12]. - The company's equity attributable to shareholders reached approximately 1.858 billion RMB, an increase from 1.755 billion RMB at the end of 2023[12]. Costs and Expenses - The company reported a significant increase in costs, which contributed to the negative cash flow from operating activities[5]. - Total operating costs increased to CNY 809,520,282.11, up 9.5% from CNY 739,040,008.46 year-over-year[14]. - Research and development expenses increased significantly to CNY 27,798,891.37, compared to CNY 14,335,561.50 in the same period last year, reflecting a growth of 94.5%[14]. - The company reported a decrease in sales expenses to CNY 6,551,290.08 from CNY 8,341,230.13, a reduction of 21.4% year-over-year[14]. Shareholder Information - The largest shareholder, Shanghai Longwan Investment Holding Co., Ltd., holds 168,000,000 shares, accounting for 68.36% of the total shares[6]. Strategic Focus - The company is focusing on expanding its international business, particularly in Southeast Asia and the Middle East, while also exploring opportunities in Africa[9]. - The company continues to emphasize its commitment to sustainable value creation through a global strategy in the geotechnical engineering market[9]. Other Income and Gains - The company received government subsidies amounting to ¥639,690.85 during the reporting period, contributing to its non-operating income[4]. - The total non-recurring gains and losses for the reporting period amounted to -¥1,033,148.47, with a year-to-date total of ¥4,379,520.80[4]. - Other income rose to CNY 3,164,312.22, compared to CNY 2,726,012.59 in the previous year, marking an increase of 16.1%[14]. Accounting Standards - The company has adopted new accounting standards starting in 2024, which may affect future financial reporting[20].

证券代码：605598 证券简称：上海港湾 公告编号：2024-038 上海港湾基础建设（集团）股份有限公司 关于高级管理人员辞任及聘任财务总监的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 公司于 2024 年 10 月 29 日召开第三届董事会第八次会议，审议通过了《关 于聘任公司财务总监的议案》，根据《公司法》以及《公司章程》的有关规定， 经总经理徐望先生提名，并经董事会提名委员会和董事会审计委员会事前审核通 过，公司董事会同意聘任金忻女士（简历附后）为公司财务总监，任期自本次董 事会审议通过之日起至第三届董事会任期届满之日为止。 金忻女士具备担任公司财务总监的专业素质和工作能力。截至本公告披露 日，金忻女士未直接或间接持有公司股份，与公司控股股东、实际控制人以及 其他董事、监事、高级管理人员及持股 5%以上的股东不存在关联关系，不存在 《公司法》《公司章程》规定禁止任职的情形，未受到中国证监会的行政处 罚，未受到上海证券交易所的公开谴责或通报批评，亦不存在被上海证券交易 所认定不适合担任公司高级管理人员的其他情 ...

证券代码：605598 证券简称：上海港湾 公告编号：2024-039 上海港湾基础建设（集团）股份有限公司 关于在 2024 年度担保预计额度内增加被担保对象的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 新增被担保人名称：Geoharbour Construction Philippines Inc.（以 下简称"港湾菲律宾建设"）、Geoharbour Ground Engineering Pte.Ltd.（以 下简称"港湾新加坡"）,系上海港湾基础建设（集团）股份有限公司（以下简 称"公司"、"上海港湾"）合并报表范围内子公司。 本次担保金额及已实际为其提供的担保余额：公司拟在 2024 年度预计担 保额度内（担保总额不变）增加港湾菲律宾建设、港湾新加坡为被担保对象。截 至本公告披露日，公司已实际为港湾菲律宾建设、港湾新加坡提供的担保余额为 0 元。 本次担保是否有反担保：无 公司于 2024 年 4 月 25 日召开第三届董事会第四次会议，于 2024 年 6 月 7 日召开 2023 年年度 ...

证券代码：605598 证券简称：上海港湾 公告编号：2024-040 上海港湾基础建设（集团）股份有限公司 关于参加 2024 年上海辖区上市公司三季报集体业绩说明会 会议召开地点：上海证券交易所上证路演中心（以下简称"上证路演中 心"）（网址：http://roadshow.sseinfo.com/） 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 会议召开时间：2024 年 11 月 13 日（星期三）下午 15:00-16:30 会议召开方式：上证路演中心网络互动 投资者可于 11 月 12 日(星期二)下午 16:00 前通过公司邮箱 （ir@geoharbour.com）进行提问，公司将在信息披露允许的范围内对投资者普 遍关注的问题进行回答。 上海港湾基础建设（集团）股份有限公司（以下简称"公司"）于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了 解公司 2024 年第三季度经营成果、财务状况，公司将参加 2024 年上海辖区上市 公司三季报集体业绩说明 ...