附调研内容：一、介绍公司情况 二、互动交流 1.公司现金流回款情况如何？ 公司注重加强"两金"清收 和现金流管理，2025年一季度，经营活动产生的现金流量净额同比增长81.03%，净现金流有所改善。 2025 年，公司将以"严控增量、化解存量、防范风险"为核心目标，将"两金"清收、营收现金比等指标 纳入权属单位年度绩效考核，加大回款力度，改善现金流状况。 2.公司如何应对外汇风险？ 公司海外 项目主要分布在"一带一路"沿线国 家。针对汇率风险，公司进行持续监测，并通过以下三点积极应 对。一是涉外合同签订方面，充分考虑汇率风险影响，约定好相应条款；二是在海外原材料采购上，根 据汇率波动预测，提前做好采购规划；三是海外合同签订和项目结算方面，优选汇率稳定的币种作为本 位币。通过多措并举，减少汇率波动风险。 3.请介绍下公司重要子公司情况？ 公司核心子公司路桥集 团成立于 1948 年，主要业务为路桥建设施工、路桥养护施工，具有"双特双甲"资质，77 年来积淀了深 厚的技术优势、人才优势、管理优势、品牌优势等，业务竞标能力强。2024年，路桥集团总资产达到 622.36 亿元，营业收入293.55 亿元，营业利润 ...

Group 1: Company Overview - Shandong Road and Bridge Group Co., Ltd. focuses on cash flow management, achieving a net cash flow increase of 81.03% year-on-year in Q1 2025 [2] - The core goal for 2025 is to strengthen cash flow management by emphasizing "strict control of increment, resolving stock, and preventing risks" [2] Group 2: Foreign Exchange Risk Management - The company actively monitors foreign exchange risks associated with overseas projects, particularly in countries along the "Belt and Road" initiative [3] - Strategies include careful contract terms regarding exchange rate impacts, advance procurement planning based on exchange rate forecasts, and selecting stable currencies for contracts and settlements [3] Group 3: Subsidiary Performance - The core subsidiary, Road and Bridge Group, established in 1948, reported total assets of 62.236 billion yuan, operating income of 29.355 billion yuan, operating profit of 1.614 billion yuan, and net profit of 1.396 billion yuan in 2024 [4] Group 4: Financing Channels and Costs - The company holds a 3A credit rating, providing access to diverse and low-cost financing channels [5] - In 2024, the average financing costs were 3.88% for bank loans, 2.97% for medium-term notes, and 2.60% for corporate bonds [5]

Financial Performance - In Q1 2025, the company achieved a net profit of 249 million CNY, representing a year-on-year increase of 1.89% [2] - Revenue increased by 1.95% year-on-year [2] - Net cash flow from operating activities grew by 81.03% year-on-year, indicating improved cash flow management [3] Business Development - A new wholly-owned subsidiary, Shandong Highway Engineering Equipment Co., Ltd., was established in March 2025, focusing on high-end equipment manufacturing [3] - The company plans to deepen its road and bridge construction business while expanding into new sectors, including water conservancy, environmental protection, and high-speed rail [4] - The 2025 revenue target is set at 74.02 billion CNY, a 3.74% increase from 2024, with a net profit target of 3.13 billion CNY, reflecting a 3.59% growth [4] Industry Outlook - The civil engineering construction industry is supported by national policies, solidifying its status as a pillar of the national economy [5] - In Shandong Province, a total investment of 250 billion CNY in comprehensive transportation is planned for 2025, with highway mileage expected to exceed 9,300 kilometers [5][6] - Nationally, the goal is to establish a comprehensive transportation network of approximately 700,000 kilometers by 2035, with significant investments planned for infrastructure [7][8] Competitive Position - The company maintains a stable development trend amid complex domestic and international environments, leveraging its comprehensive service capabilities across multiple sectors [8] - The company is positioned as a full-spectrum engineering service provider, enhancing its risk resistance through a diversified business structure [8]

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 2025 年 5 月十大转债 报告摘要： [Table_Summary] 5 月十大转债如下： 中证转债指数 [Table_Report] 相关报告 《2025 年 4 月转债新券点评合集》 --20250430 《特朗普还有哪些牌？》 --20250428 《转债市场一周回顾（2025/04/21-2025/04/25）》 --20250427 《关税冲击逐步显现，"四稳"兜牢民生底线— —政策及基本面周度观察（20250426）》 --20250427 《【东北资产配置】政策博弈期，大类资产怎么 看？——东北证券大类资产配置报告（第 5 期）》 --20250425 首席分析师：刘哲铭 执业证书编号：S0550524040002 18801785199 liuzm1@nesc.cn 证券分析师：薛进 [Table_Invest] [Table_Author] ① 中特转债（AAA，4 月末收盘价 107.723 元，转股溢价率 111.03%， 正股 PE-TTM 11.5） ② 山路转债（AAA，4 月 ...

证券研究报告 山东路桥 (000498 CH) Q1 业绩稳健，现金流显著改善 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 建筑施工 | 公司发布一季报：2025Q1 实现营收 97.6 亿元，同比+1.95%，归母净利 2.49 亿元，同比+1.89%。我们认为随着政策转向稳增长、化债加码，公司需求 和现金流有望迎来改善。4 月 29 日公司发布回购公告，拟回购股份注销， 回购金额不低于 5000 万至 1 亿元，股价不超过 8.68 元/股，预计回购股份 数量约 576~1152 万股，占总股本 0.37%~0.74%，公司对未来发展信心充 足，积极维护股东利益，维持"买入"。 25Q1 综合毛利率同比下滑，期间费用率优化，归母净利率持平 25Q1 公司综合毛利率为 11.5%，同比-0.63pct。期间费用率为 7.83%，同 比-0.19pct，其中管理/研发/财务费用率分别为 3.92%/1.83%/2.07%，同比 +0.11/-0.18/-0.11pct，管理费用同比+4.7%，费用率有所提 ...

Summary of Shandong Road and Bridge Conference Call Company Overview - Shandong Road and Bridge is a comprehensive engineering construction service provider with qualifications in highway and municipal engineering construction. The company has a strong bidding and project undertaking capability, with a complete business system including research, design, construction, maintenance, and investment financing. [3] Financial Performance - In 2024, Shandong Road and Bridge reported revenue of 71.348 billion yuan, a decrease of 2.93% year-on-year. The net profit attributable to shareholders was 2.322 billion yuan, an increase of 1.47%. The net cash flow from operating activities was negative 5.139 billion yuan, a decrease of 29.88% year-on-year. [2][5] - The company expects 2025 revenue to reach 74.02 billion yuan, a growth of 3.74%, and a net profit of 3.13 billion yuan, an increase of 3.59%. [2][6] Dividend Policy - The company emphasizes investor returns and plans to continue its multi-period dividend policy in 2025, maintaining the same structure as 2024, which includes semi-annual and quarterly pre-dividends. The 2024 dividend was approximately 2 yuan for every 10 shares. [2][7][13] Order and Project Updates - In Q1 2025, the company secured stable new orders, including significant projects such as an energy project in Handan, Hebei (over 1.1 billion yuan), and a construction project for Shandong Highway Group (25.74 MW). [2][9] - The company has a project reserve of over 90 billion yuan, which supports future growth. [4][20] Profitability and Margin Improvement - The gross profit margin for the road and bridge engineering business is approximately 12%. The company aims to improve profitability through management optimization, cost reduction, and claims adjustments. [2][10][11] Market and Investment Strategy - The company is focusing on enhancing its market value management, which includes an evaluation plan to boost valuation through increased dividends and share buybacks. [4][14][15] - The company has invested 43.2 billion yuan in infrastructure projects and is optimistic about domestic market conditions, particularly in Shandong Province. [4][20] Overseas Business - The company has been expanding its overseas business, particularly in countries along the Belt and Road Initiative, with a significant increase in overseas orders (over 110% year-on-year). [15][19] - The impact of tariff policies on overseas business is minimal, as the company primarily operates in countries with favorable relations with China. [16] Cash Flow Management - The company is actively managing accounts receivable and cash flow, with a significant improvement in cash flow management noted in Q1 2025, showing an increase of over 80% year-on-year. [8] Conclusion - Shandong Road and Bridge is positioned for stable growth with a focus on improving profitability, expanding its market presence both domestically and internationally, and enhancing shareholder returns through a consistent dividend policy and strategic investments. [2][20]

Group 1: Fixed Income Market - The recent volatility in the US Treasury market is largely attributed to the upcoming June maturity, which may be overestimated in terms of its impact on financial markets [2] - In the short term, the supply pressure from maturing US Treasuries is expected to be limited, with a more significant focus on the debt ceiling adjustments anticipated in Q3 [2] - Long-term demand for US Treasuries may face a downward trend, with potential alternatives including European and Japanese bonds, as well as gold [2] Group 2: Technology Sector - The report discusses India's potential as the next manufacturing hub for Apple, highlighting the competitive tariff advantages for Indian exports compared to China [4] - Apple theoretically has the capacity to produce the required number of iPhones in India, but initial production will still rely on Chinese exports due to current limitations [4] - The localization of components in India is still in its early stages, with significant reliance on supply chains from other Asian countries for critical parts [4] Group 3: Energy and New Energy - The lithium battery production forecast for May shows a slight decline in overall production, primarily due to the cancellation of mandatory storage policies and the impact of US tariffs on exports [5] - Despite short-term fluctuations, the long-term outlook for the lithium battery industry remains positive, driven by new vehicle models and technologies [5] - Recent power outages in Spain, Portugal, and southern France have underscored the need for investment in grid upgrades and DC grid technology, presenting opportunities for Chinese power equipment companies [6] Group 4: Media and Publishing - Phoenix Media reported a Q1 2025 revenue of 3.226 billion yuan, reflecting a year-over-year decline, but a significant increase in net profit due to continued tax incentives [7] - The company maintains a stable core business and is rated as a "buy" based on its solid performance and favorable tax policies [7] Group 5: Financial Sector - The report indicates that the China Construction Bank's Q1 2025 net profit and revenue showed slight year-over-year changes, with a focus on asset quality and credit expansion [9] - The bank's diversified income sources and stable operations support a "buy" rating [9] Group 6: Consumer Goods - The report highlights the strong performance of China National Offshore Oil Corporation, with Q1 revenues showing a significant year-over-year increase, driven by stable oil and gas production [20] - The company is expected to maintain a "buy" rating due to its robust operational performance and project advancements [20] Group 7: Real Estate - The report notes that China Petroleum's Q1 2025 revenue and net profit exceeded expectations, attributed to increased natural gas production and sales [34] - The company is rated as "increase" based on its strong performance and potential for further growth in the natural gas sector [34]

Group 1: Company Financial Performance - In Q1 2025, the net cash flow from operating activities increased by 81.03% year-on-year due to improved cash flow management [2] - The gross profit margin for 2024 was 13.20%, a 0.42% increase compared to the previous year, with construction and bridge engineering margins at 12.35% and 12.22% respectively [2][3] - The revenue forecast for 2025 is 74.02 billion CNY, representing a 3.74% increase from 2024, while the net profit is projected to be 3.13 billion CNY, a 3.59% increase [3][4] Group 2: Strategic Management and Operations - The company focuses on optimizing operational management and expanding market presence, covering 15 business areas to enhance profitability [3] - A standardized management system for project processes has been established to improve planning, risk management, and resource allocation [3] - The company has implemented a comprehensive cost control system, emphasizing profit enhancement activities and key management measures [3] Group 3: Market Outlook and External Factors - The company does not foresee direct impacts from tariff issues on its overseas projects, primarily located in countries along the Belt and Road Initiative [4] - Future performance is subject to various uncertainties, including macroeconomic conditions and market dynamics [4]

证券代码：000498 证券简称：山东路桥 公告编号：2025-40 山东高速路桥集团股份有限公司 关于 2025 年第一季度经营情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 山东高速路桥集团股份有限公司（以下简称"公司"、"本公司"） 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》 等规定，为方便投资者了解公司生产经营情况，现将 2025 年第一季度 主要经营情况披露如下： 注 1 数据为截至报告期末公司累计已签约但尚未完工订单合同总额中未完工部 分的金额。 二、重大项目进展情况 第一季度新签订单 截至第一季度末累计 已签约订单未完工部分 截至第一季度末累计 已中标尚未签约合同订单 数量 总金额（亿元） 数量 金额（亿元） 数量 金额（亿元） 238 223.54 498 1163.43 注 1 205 288.35 一、2025 年第一季度订单情况 | 公司名称 | | 合同金额（万 | 业务 | 开工日 | | 工程 | 确认收入（万 | 结算金额（万 | | 收款金额（万 | 合同对 | | --- | --- | ...

(一)股东大会届次：2024 年度股东大会 证券代码：000498 证券简称：山东路桥 公告编号：2025-39 (二)股东大会的召集人：公司董事会 山东高速路桥集团股份有限公司 关于召开 2024 年度股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 本次会议的召开已经公司第十届董事会第十次会议审议通过。 (三)会议召开的合法、合规性： 本次股东大会会议的召开符合有关法律、行政法规、部门规章、规范 性文件和公司章程的相关规定。 (四)会议召开的日期、时间： 1．现场会议时间：2025 年 5 月 19 日(星期一)14:30 2．网络投票的日期和时间为：2025 年 5 月 19 日，其中，通过深圳证 券交易所交易系统进行网络投票的具体时间为 2025 年 5 月 19 日 9:15-9:25， 9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统进行网 络投票的具体时间为 2025 年 5 月 19 日 9:15-15:00 期间的任意时间。 (五)会议的召开方式：现场投票结合网络投票方式 本 ...