LYCG(SH:600491) Zheng Quan Zhi Xing·2025-04-30 06:51Core Viewpoint - Longyuan Construction has shown signs of recovery despite the overall downturn in the real estate industry, with a significant reduction in losses and a positive profit in the first quarter of 2025, indicating a potential turnaround [1][6]. External Drivers - The company has enhanced its financing capabilities through strategic cooperation with Hangzhou Transportation Investment Group, which has become the controlling shareholder, providing low-cost financing and stable project resources [2][3]. - The successful acquisition of multiple projects in Hangzhou and the acceleration of local government debt issuance are expected to improve asset quality and provide a safety net for future profit releases [3]. Internal Drivers - Longyuan Construction has adjusted its business structure, increasing its focus on municipal public construction projects, resulting in a 17.82% year-on-year revenue growth in the infrastructure segment [4]. - The green building sector is emerging as a significant growth area, with the company developing BIPV technology and achieving revenue growth of 8.28% in this segment [5]. Conclusion - The dual approach of external empowerment through state-owned capital and internal transformation has allowed Longyuan Construction to navigate the challenges of the real estate downturn, positioning itself for future growth in high-value infrastructure and green technology [6].