Quan Jing Wang·2026-01-23 13:01Group 1 - The core viewpoint of the report is that with a stable fundamental base, the growth potential of the company is promising [1][3] - Hongrun Construction is one of the earliest private enterprises to enter the shield tunneling construction sector in China, with over 300 kilometers of cumulative tunneling in more than 20 cities, showcasing its leading position in technical experience and project management capabilities [1] - The company is deepening its engagement in core urban agglomerations under the "Yangtze River Delta Integration" strategy, with stable business segments in urban rail transit and underground space [1] Group 2 - The company is expanding its business from traditional infrastructure to include investments in photovoltaic power plants and energy storage, forming a more balanced growth structure [1] - The new energy business is entering a high growth phase, projected to achieve a revenue increase of 298% year-on-year in 2024 and 94% in the first half of 2025, contributing significantly to profit growth [1] - The strategic shift from "construction contracting" to "infrastructure + new energy" is beginning to show results as projects accelerate [1] Group 3 - The company is strategically investing in AI robotics, establishing a joint venture with Matrix Super Intelligence to focus on key modules such as servo motors and intelligent algorithms [2] - The construction industry is currently in a contraction phase due to tightening local finances, with new contracts declining for two consecutive years, leading to pressure on the company's main business profitability [2] - As debt reduction policies continue to improve the cash flow environment, there are signs of recovery in the company's operating cash flow and cash collection ratio for 2024-2025H1 [2] Group 4 - The partnership with Matrix Super Intelligence aims to promote the large-scale application of robotics in urban infrastructure and industrial operations [3] - The ongoing commissioning of new energy projects is expected to drive performance growth, while traditional municipal construction is anticipated to gradually recover as debt reduction progresses [3] - Overall, the company's growth potential remains promising with a stable fundamental base [3]