SDRB(SZ:000498) Zhong Zheng Wang·2025-04-16 12:46Core Viewpoint - Shandong Road and Bridge (000498) reported a slight decline in revenue but a modest increase in net profit, indicating stable performance amid challenges in cash flow management and a commitment to shareholder returns through dividends [1][3][4] Financial Performance - The company achieved an operating revenue of 71.348 billion yuan, a year-on-year decrease of 2.29% [1] - Net profit attributable to shareholders was 2.322 billion yuan, reflecting a year-on-year growth of 1.47% [1] - The net cash flow from operating activities was -5.139 billion yuan, a decline of 29.88% year-on-year, indicating cash flow pressure [3] Business Development - The company secured a record-high order volume of 91.48 billion yuan, marking a significant year-on-year increase [2] - The traditional road and bridge segment remains strong, accounting for approximately 30% of total orders, while urban renewal projects have increased their share to 47.9% [2] - Overseas bidding reached 9.13 billion yuan, a remarkable year-on-year growth of 117.4%, with key projects signed in Africa and Southeast Asia [2] Shareholder Returns - The company announced a cash dividend plan, proposing a distribution of 1.7 yuan per 10 shares, totaling 264 million yuan, which represents 11.36% of net profit [4] - The increase in dividend payout reflects the company's strong profit quality and commitment to shareholder returns [4] - Analysts suggest that the company’s low valuation in the industry, combined with its robust order reserves and diversified structure, enhances its long-term investment appeal [4]