淳厚瑞和债券A(016986)长期收益方面表现优秀，淳厚基金调研上市公司理工能科

Group 1 - The fund "Chunhou Stable and Beneficial Bond A" was established on November 20, 2019, with a total management scale of 4.122 billion yuan, focusing on risk and liquidity management while aiming for investment returns exceeding the performance benchmark [1] - As of April 22, 2025, the fund achieved a one-year return of 4.09%, and a two-year return of 9.06%, indicating strong long-term performance [1] - The fund has a 100% institutional holder ratio according to the 2024 annual report [1] Group 2 - In 2024, the company "LIGONG NENGKE" embraced digital transformation opportunities, achieving an operating income of 1.0765168 billion yuan and a net profit attributable to shareholders of 277.4857 million yuan, representing a year-on-year growth of 12.84% [3] - The software information technology segment saw a revenue growth of 3.32%, while the electric power software products and projects grew by 7.1%, meeting stable growth expectations [3] - The electric power smart instruments and operation maintenance services segment achieved nearly 200 million yuan in revenue, a year-on-year increase of 83.84%, with a gross margin of 56.75%, up 10.81% [3] Group 3 - The environmental smart instruments and operation maintenance services segment experienced a revenue decline of 5.14%, primarily due to a significant drop of 57.44% in the environmental smart instrument integration business [3] - The company won several contracts, including the "National Surface Water Environmental Quality Monitoring Operation and Maintenance Project" and various projects in Zhejiang Province, demonstrating resilience and comprehensive service capabilities in the environmental sector [3] - The company plans to strategically introduce advanced AI models and focus on overcoming technical challenges in smart manufacturing to revitalize the environmental segment [3] Group 4 - The company's operating cash flow decreased by 39.7% in 2024, influenced by changes in time deposits, but the net cash flow from operating activities remained stable at 322 million yuan after adjusting for these impacts [3] - The fourth quarter revenue exceeded the first three quarters, with net profit fluctuations attributed to seasonal revenue patterns and factors affecting electric power software product sales [3]