Core Viewpoint - The company received an "AA" rating for its 2021 second phase medium-term notes, indicating a stable outlook for its financial health and operations [1]. Company Overview - The company is a key player in the infrastructure construction sector in Suizhou City, benefiting from a favorable external development environment and continued external support [2]. - In 2024, the company's total operating revenue is expected to remain stable, primarily derived from municipal infrastructure and shantytown renovation projects [2]. Financial Performance - The company has a significant amount of ongoing construction projects that have not yet been settled, which may provide future revenue support, although the settlement timing is heavily influenced by government funding arrangements [2]. - The company's assets are mainly composed of inventory and receivables from the Suizhou City Finance Bureau, with asset quality being average and heavily reliant on government funding [2]. - The company's equity structure remains stable, and its debt burden is moderate, but there will be significant pressure for bond repayments in 2025 and 2026 [2]. Profitability and Risks - Government subsidies contribute significantly to the company's total profit, leading to average performance in profitability indicators [2]. - Short-term debt repayment indicators are strong, while long-term repayment indicators are weak, indicating potential liquidity concerns [2]. - The company engages in guarantee business, which necessitates attention to the risk of compensation related to these guarantees [2].