SRBC(SH:600039) Xin Lang Cai Jing·2025-04-30 09:10Core Viewpoint - Sichuan Road and Bridge (600039.SH) reported steady growth in Q1 2025, with revenue of 22.986 billion yuan, a year-on-year increase of 3.98%, and a net profit attributable to shareholders of 1.774 billion yuan, up 0.99% year-on-year, indicating consistent performance improvement since Q2 2024 [1] Group 1: Financial Performance - The company achieved a revenue of 22.986 billion yuan in Q1 2025, reflecting a 3.98% increase compared to the previous year [1] - The net profit attributable to shareholders reached 1.774 billion yuan, marking a 0.99% year-on-year growth [1] - The company has maintained a continuous growth in net profit for four consecutive quarters since Q2 2024 [1] Group 2: Project and Market Development - As of the end of Q1, the company has won 77 projects with a total bid amount of 34.681 billion yuan, representing an 18.87% increase year-on-year [1] - In the infrastructure sector, the company secured 35 projects with a bid amount of 30.456 billion yuan, showing a year-on-year growth of 27.95% [1] - Key ongoing projects include the Chengyu Middle Line Railway and various highway expansions, indicating a continuous expansion of business scale [1] Group 3: International Expansion - Sichuan Road and Bridge signed a contract for the Tanzania Tanga Irrigation Project, valued at approximately 137 million yuan, aimed at improving agricultural irrigation and food security in the region [1] - The company also made progress on the Tunisian Bizerte Grand Bridge project, with the successful pouring of the first test pile, laying a solid foundation for subsequent construction [1] Group 4: Cost Management and Governance - The company reduced management expenses by 16.52% and financial expenses by 20.67% during the reporting period, demonstrating significant cost control achievements [2] - Sichuan Road and Bridge is integrating AI technology into engineering construction, enhancing digital transformation in the industry [2] Group 5: Strategic Positioning - The company is positioned as a key player in major national strategies, including the development of the Chengdu-Chongqing economic circle, with a focus on infrastructure growth [2] - The 2025 Sichuan Provincial Key Project List outlines plans for 280 infrastructure projects and an investment of 348.3 billion yuan, indicating a robust pipeline for future growth [2] Group 6: Share Buyback Plan - The company announced a share buyback plan, intending to repurchase shares worth between 100 million and 200 million yuan at a maximum price of 12.54 yuan per share [3] - As of April 29, the company's rolling P/E ratio was 10.74 and the P/B ratio was 1.56, suggesting that the stock is undervalued [3] - The buyback initiative reflects the company's long-term confidence in future growth and commitment to protecting investor interests [3]