释放可持续发展“压舱石”信号 德才股份现金流稳健增长

Core Viewpoint - 德才股份 demonstrates strong operational resilience despite challenges in the construction industry, leveraging multi-dimensional risk control and innovation-driven development strategies [1] Group 1: Financial Performance - In 2024, the company's operating cash flow reached a historical high of 455 million yuan, showing healthy and stable growth [1] - In Q1 2025, the company achieved revenue of 551 million yuan, with a corresponding net profit attributable to shareholders of 43.8 million yuan, reflecting a year-on-year increase of 17.11% [1] Group 2: Strategic Focus - The company focuses on "urban renewal" and "urban supporting" projects, which accounted for over 80% of the total new contract amount in 2024 [1] - In 2024, the new contract amount for "urban renewal" projects was approximately 1.983 billion yuan, while "urban supporting" projects amounted to about 1.510 billion yuan, together representing 80.38% of the total new contracts for the year [2] Group 3: Market Position and Projects - The company has a solid foundation in urban renewal, particularly in the renovation of old residential areas and the protection of historical buildings, with significant project bases [2] - The Qingdao Sifang Road historical cultural district protection project, in which the company participated, was selected as a typical case of urban renewal by the Ministry of Housing and Urban-Rural Development [2] Group 4: Future Opportunities - The company is actively engaging in the renovation of urban villages and the construction of affordable housing, with new project amounts in these areas showing year-on-year growth [3] - The company is also involved in public service facility construction, with notable projects such as the Shenzhen Baoan Air-Sea Rescue Hospital, which is the first of its kind in the country [3] - With increased fiscal policy support, the company is expected to encounter structural development opportunities in urban renewal and the "three major projects" construction [3]