According to the Huayuan Securities Research Report, Shanghai Port's gross margin and depreciation affected performance, but new orders in Q3 reached a record high. Net profit to mother for the first three quarters was 63,3259 million yuan, -179.95% YoY; of these, net profit to mother for the third quarter was 32.8297 million yuan, -367.03% YoY. The Q3 revenue growth rate turned positive, and new orders were at a record high, but gross margin was clearly dragged down. New orders: 26Q1-3 achieved 1,912 million yuan of new orders, +68.40% year over year, including 1,703 billion yuan of new overseas orders, +101.74% year on year, and 209 million yuan of new domestic orders, -28.39% year over year. 26Q3 achieved 806 million yuan of new orders, +170.37% year over year, a record high for quarterly orders, including 711 million yuan for new overseas orders, +180.85% year on year, and 95 million yuan for new domestic orders, +107.25% year over year. The increase in orders is mainly due to the large volume of orders from the Philippine and UAE markets, significant progress in market development in the Saudi region, and continued implementation of benchmark projects in the Middle East and Southeast Asia incremental markets. Net profit due to mother for 2026-2028 is estimated to be -53 million yuan, 66 million yuan, and 90 million yuan. Net profit attributable to mother in 2027-2028 corresponds to the share price PE on November 4, 91 and 67 times. Maintain an “Overweight” rating.

According to the Huayuan Securities Research Report, Shanghai Port's gross margin and depreciation affected performance, but new orders in Q3 reached a record high. Net profit to mother for the first three quarters was 63,3259 million yuan, -179.95% YoY; of these, net profit to mother for the third quarter was 32.8297 million yuan, -367.03% YoY. The Q3 revenue growth rate turned positive, and new orders were at a record high, but gross margin was clearly dragged down. New orders: 26Q1-3 achieved 1,912 million yuan of new orders, +68.40% year over year, including 1,703 billion yuan of new overseas orders, +101.74% year on year, and 209 million yuan of new domestic orders, -28.39% year over year. 26Q3 achieved 806 million yuan of new orders, +170.37% year over year, a record high for quarterly orders, including 711 million yuan for new overseas orders, +180.85% year on year, and 95 million yuan for new domestic orders, +107.25% year over year. The increase in orders is mainly due to the large volume of orders from the Philippine and UAE markets, significant progress in market development in the Saudi region, and continued implementation of benchmark projects in the Middle East and Southeast Asia incremental markets. Net profit due to mother for 2026-2028 is estimated to be -53 million yuan, 66 million yuan, and 90 million yuan. Net profit attributable to mother in 2027-2028 corresponds to the share price PE on November 4, 91 and 67 times. Maintain an “Overweight” rating.