【私募调研记录】幻方量化调研棕榈股份

Group 1: Company Overview - Palm Holdings has entered the high-standard farmland construction business since 2022, benefiting from continuous policy support and a broad market space [1] - The investment standard for this business is approximately 3000 yuan per mu, with increased subsidy intensity [1] - In Q1 2025, the company won contracts totaling approximately 860 million yuan, with a cumulative signed contract amount of about 3.3 billion yuan, indicating steady growth in order volume [1] Group 2: Business Operations - The company provides a full industry chain service that includes investment and financing, planning and design, construction, operation, and maintenance [1] - The controlling shareholder, Yuzhi Holdings Group, offers support to the company [1] - Palm Holdings plans to continue flexibly expanding its business, reducing financial costs, and mitigating debt risks [1] Group 3: Market Environment - The company is benefiting from government debt relief policies, which are accelerating project settlement and capital recovery [1]