国泰君安则指出，中国联塑公司管道业务销售转型较好，非地产+非华南拓展迅速。非地产业务的拓展和华南外市场的拓展迅速，农业领域发展领先。公司前期地产业务应收账款，高风险房企的应收或充分计提75%以上，抵房进行中整体风险消较好。公司目前动态PE已经下降到4x左右，主要受到出身港股影响；而且在目前产能利用率不足的背景下，公司向新能源转型的增加其实也难以明显增加capex，经营风险相对可控。China Lesso (02128) is now up more than 5%, as of the time of publication, it has increased by 5.12% to 3.9 Hong Kong dollars, with a turnover of 57.1892 million Hong Kong dollars.
According to the Wisdom Finance APP, China Lesso (02128) is now up more than 5%, with an increase of 5.12% to 3.9 Hong Kong dollars, and a turnover of 57.1892 million Hong Kong dollars.
On the news side, Liu Sushe, Deputy Director of the National Development and Reform Commission, stated at a press conference of the State Council Information Office that the construction and renovation of underground pipe networks is expected to require the transformation of various types of networks such as gas, water supply and drainage, and heating in the next five years, with a total length of nearly 0.6 million kilometers and a total investment requirement of 4 trillion yuan. Ningxia Qinglong Pipes Industry Group stated that the new national policy of "5 years, 0.6 million kilometers of underground pipe network construction, total investment requirement of 4 trillion" is expected to significantly boost industry demand and improve project funding.
GTJA pointed out that the pipeline business sales transformation of China Lesso is doing well, with rapid expansion in non-real estate + non-South China. The rapid expansion of non-real estate business and external market expansion in South China, leading in the field of agriculture development. The accounts receivable of the company's previous real estate business, with accounts receivable from high-risk real estate companies being fully provisioned at 75% or more, are relatively good in terms of overall risk reduction. The current dynamic PE of the company has dropped to around 4x, mainly due to its Hong Kong stock background; and in the current context of underutilization of production capacity, the increase in transformation to new energy sources is actually difficult to significantly increase capex, with relatively manageable operational risks.
