德才股份：经营韧性凸显 发展前景可期 2025向好

Core Viewpoint - The construction industry is under pressure, with new contract amounts declining for two consecutive years, yet the company demonstrates operational resilience through strategic focus and cash flow management [1] Group 1: Financial Performance - In Q1 2025, the company reported revenue of 5.51 billion and a net profit attributable to shareholders of 437.98 million, reflecting a year-on-year growth of 17.11% [1] - For the reporting period, the company recorded revenue of 41.34 billion and a net loss attributable to shareholders of 2.87 billion, primarily due to market demand slowdown and increased competition [1] - The operating cash flow reached a historical high of 4.55 billion in 2024, indicating healthy liquidity [1] Group 2: Strategic Focus - The company emphasizes "urban renewal" and "urban supporting" projects, which accounted for over 80% of new signed project amounts in 2024 [1] - The company is actively expanding its business in first-tier cities like Shenzhen and Shanghai, achieving significant results [1] - The company is leveraging the "EPC+" model to enhance its competitive edge across the entire industry chain [1] Group 3: Risk Management and Innovation - The company has established a multi-dimensional risk prevention system and strengthened accounts receivable management to cope with industry pressures [1] - The technology center has been recognized as a national enterprise technology center, focusing on green construction and smart system windows [1] - The company has implemented multiple stock buybacks, with a total buyback amount of 25.51 million, and plans for a new buyback program in January 2025, estimated between 35 million and 70 million [1]