CDLQ(SZ:002628) Mei Ri Jing Ji Xin Wen·2025-04-17 02:07Core Viewpoint - Chengdu Road and Bridge achieved a revenue of 810 million yuan in 2024, reflecting a 30.53% year-on-year decline, while facing complex economic conditions and industry challenges. Despite a net loss of 92.17 million yuan, the company made strategic breakthroughs in key areas and began to resolve historical issues, laying a foundation for future high-quality development [2][3][4]. Financial Performance - The company reported a revenue of 810 million yuan in 2024, down 30.53% year-on-year, with a net profit attributable to shareholders of -92.17 million yuan, indicating a loss [3]. - The net profit loss was primarily due to a significant reduction in investment income and increased credit impairment losses, with credit impairment losses amounting to 98.25 million yuan and fair value impairment reaching 41.86 million yuan [3][4]. - The company maintained stable bidding for its main projects despite the challenges, indicating resilience in its operational performance [3]. Business Development - Chengdu Road and Bridge has undertaken several major projects related to local government infrastructure, which are linked to the resolution of local government hidden debts. The recovery of receivables may improve the company's financial situation as national policies advance [4]. - The company achieved substantial breakthroughs in expanding its business outside the province, with revenue from outside the province reaching 230 million yuan, accounting for 28.33% of total revenue, compared to only 4.46% in 2023 [4]. - The company is actively exploring new opportunities in infrastructure and mining, including acquiring a construction company to enhance its qualifications and entering the Hainan market [4]. Strategic Initiatives - Chengdu Road and Bridge aims to drive development through a dual approach of focusing on its core business and expanding into emerging sectors, despite facing external pressures and internal challenges [5]. - The company plans to deepen strategic cooperation with provincial state-owned enterprises and local governments, while also seizing opportunities from urban renewal policies [8]. - The company is set to enhance its valuation through five key measures, including focusing on core business upgrades, expanding into new sectors, and pursuing mergers and acquisitions to strengthen its competitive edge [8][9]. Industry Context - The transportation infrastructure market is experiencing intensified competition, but policy incentives continue to support the long-term stable development of regional leaders [6]. - The demand for highway construction is expected to grow, particularly in underdeveloped areas, providing significant growth potential for companies like Chengdu Road and Bridge [7]. - The company has already secured a major project in early 2025, with a contract value of 620 million yuan, which represents 76% of its 2024 revenue [7].