上海港湾：新签订单快速增长，桩基工程增长亮眼

Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook compared to the market performance [6]. Core Insights - The company reported a revenue of 631 million yuan for the first half of 2024, reflecting a year-on-year growth of 11.3%, but the net profit decreased by 30.4% to 74 million yuan [6]. - The company has seen significant growth in new contracts, with a total of 1.19 billion yuan in new orders signed in the first half of 2024, a year-on-year increase of 78.2% [6]. - The company is focusing on expanding its operations in Southeast Asia, with 75.1% of its revenue coming from this region [6]. - The company’s gross profit margin improved to 36.4%, up 1.1 percentage points year-on-year [6]. Financial Summary - Total revenue is projected to grow from 1,277 million yuan in 2023 to 2,463 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 21.8% [5][8]. - The net profit is expected to increase from 174 million yuan in 2023 to 404 million yuan in 2026, reflecting a strong growth trajectory [5][8]. - Earnings per share (EPS) are forecasted to rise from 0.71 yuan in 2023 to 1.64 yuan in 2026 [5][8]. - The company maintains a healthy balance sheet with a debt-to-asset ratio of 19.5% [6].