泉果基金调研山东路桥

Core Insights - The article discusses the recent research conducted by QuanGuo Fund on Shandong Road and Bridge, highlighting the fund's performance and the company's financial health and strategies [1] Group 1: Fund Overview - QuanGuo Fund was established on February 8, 2022, with a total asset management scale of 17.09 billion and manages 7 funds with 5 fund managers [1] - The fund's performance over the past year shows the following returns: - Fund Code 019624: 8.59% return - Fund Code 019625: 8.15% return - Fund Code 018329: 6.47% return - Fund Code 018330: 6.06% return - Fund Code 016709: 4.49% return - Fund Code 016710: 4.09% return [1] Group 2: Company Financials - In Q1 2025, the company reported a net cash flow from operating activities that increased by 81.03% year-on-year, indicating improved cash flow management [1] - The company aims to enhance cash flow by focusing on "strict control of new increments, resolving existing stock, and preventing risks" in 2025 [1] Group 3: Risk Management - The company has overseas projects primarily in countries along the Belt and Road Initiative and actively monitors exchange rate risks through contract terms, procurement planning, and currency selection for project settlements [1] Group 4: Subsidiary Performance - The core subsidiary, Luqiao Group, established in 1948, reported total assets of 62.236 billion, operating revenue of 29.355 billion, operating profit of 1.614 billion, and net profit of 1.396 billion in 2024 [1] Group 5: Financing Strategy - The company holds a 3A credit rating, providing it with diverse financing channels and low costs. The average financing costs for various instruments in 2024 were as follows: - Bank loans: 3.88% - Medium-term notes: 2.97% - Corporate bonds: 2.60% [1]