Xin Lang Cai Jing·2025-09-25 10:30Core Viewpoint - Hongrun Construction Group is actively engaging with institutional investors to discuss its business status and development plans, highlighting its focus on stable cash flow from infrastructure projects rather than high profit margins [1] Business Status and Profit Levels - Hongrun Construction's urban infrastructure business is primarily concentrated in the Yangtze River Delta region, maintaining stable revenue through continuous order acquisition, emphasizing cash flow stability over high profit margins [2] - The real estate sector is currently in a phase of inventory reduction, with net profit in the first half of the year declining compared to 2024 due to the impact of land value-added tax settlements [2] New Energy Business - The new energy segment has turned profitable, with a net profit of 52 million yuan in the first half of 2025, recovering from losses in 2024, driven by stable component prices and contributions from photovoltaic EPC projects [3] - The company anticipates an annual component output of 2 to 2.5 GW, primarily through ODM, with cash flow expected to balance despite potential depreciation impacts [3] - Hongrun Construction has established strong partnerships with state-owned enterprises, allowing for further expansion in the new energy sector [3] Multi-Project Investment Returns - The company is benefiting from multiple projects, including an 80 MW photovoltaic power station in Qinghai and the Hangzhou-Shaoxing-Taihu high-speed rail project, which is expected to enhance profitability as train operations increase [4] Strategic Layout - The strategic plan of Hongrun Construction is centered around "Construction + New Energy + Technology," with a focus on integrating technology into its operations [5] - The company is actively involved in the robotics sector, leveraging its experience in joint research and development of shield tunneling robots [5] Capital Structure Optimization - In response to relaxed financing policies for real estate companies, Hongrun Construction successfully raised 500 million yuan through a private placement, optimizing its capital structure and enhancing its financing capabilities [6] - The company is involved in projects like the Ningbo Zhongxing Bridge, where it holds a 70% investment share, ensuring stable returns as the project enters the government buyback phase [6]