【机构调研记录】泓德基金调研银龙股份

Group 1 - Hongde Fund recently conducted research on a listed company, Yilong Co., which highlighted the advantages of 2200-2400MPa ultra-high-strength steel strands and their applications in multiple high-speed rail constructions [1] - The company’s export business typically has a shorter account period compared to domestic business, with 90% and 80% of customers having account periods within one year, respectively [1] - Yilong Co.'s products are primarily used in railway, water conservancy, bridges, highways, new energy infrastructure, and civil construction, with the railway market being a core focus [1] Group 2 - The company is considering factory upgrades and capacity expansion, having requested authorization from the board to proceed with a simplified procedure for issuing stocks to specific targets [1] - The execution cycle of contracts varies based on product type and contract amount, with longer execution cycles for concrete products used in rail transit [1] - Pre-stressed materials have transportation radius requirements, and concrete products for rail transit need to be constructed near new high-speed rail projects [1] Group 3 - Hongde Fund was established in 2015, with a total asset management scale of 46.34 billion yuan, ranking 86 out of 210 [2] - The fund's best-performing public fund product in the past year is Hongde Digital Economy Mixed Initiation A, with a latest net value of 1.19 and a growth of 38.5% over the past year [2] - The latest public fund product raised by Hongde Fund is Hongde Yuhui Bond A, which is a bond-type mixed secondary fund, with a concentrated subscription period from June 3, 2025, to June 23, 2025 [2]