公司将根据上级主管部门统一部署，确保按时终止收费，并做好后续相关工 作。城北出口高速 2024 年度通行费收入总计为 10,329.7 万元，占公司 2024 年 度通行费收入总额 477,713.53 万元的比重较小，收费期限届满不会对公司业绩 产生重要影响。敬请广大投资者注意投资风险。 | 证券代码：601107 | 证券简称：四川成渝 | | 公告编号：2025-038 | | --- | --- | --- | --- | | 债券代码：241012.SH | 债券简称：24 | 成渝 01 | | | 债券代码：102485587 | 债券简称：24 成渝高速 | MTN001 | | 四川成渝高速公路股份有限公司 关于成都城北出口高速公路收费期限届满 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 四川成渝高速公路股份有限公司（"本公司""公司"）之控股子公司成都城 北出口高速公路有限公司（本公司持有其 60%股份）投资的成都城北出口高速公 路（"城北出口高速"）将于 2025 年 9 月 17 日收费期限 ...

四川成渝高速公路股份有限公司公告，其控股子公司成都城北出口高速公路有限公司投资的城北出口高 速，将于2025年9月17日收费期限届满，自当日24时起停止收费，对通行车辆免收通行费。公司将按部 署按时终止收费并做好后续工作。该高速2024年度通行费收入10329.7万元，占公司2024年度通行费收 入总额477713.53万元比重较小，收费期满对公司业绩无重要影响，提醒投资者注意风险。 ...

Core Viewpoint - Sichuan Chengyu (601107.SH) announced that its subsidiary Chengdu North Export Expressway Co., Ltd. will stop charging tolls for the Chengdu North Export Expressway after September 17, 2025, which will not significantly impact the company's financial performance due to the relatively small contribution of toll revenue from this expressway [1] Financial Impact - The total toll revenue from the Chengdu North Export Expressway for the year 2024 is projected to be 103 million yuan, which accounts for a minor portion of the company's total toll revenue of 4.777 billion yuan for the same year [1]

Core Viewpoint - Sichuan Chengyu (601107.SH) announced that its subsidiary Chengdu North Export Expressway Co., Ltd. will stop charging tolls for the Chengdu North Export Expressway after September 17, 2025, which will not significantly impact the company's financial performance due to the relatively small contribution of toll revenue from this expressway [1]. Summary by Relevant Sections - **Toll Collection Termination** The Chengdu North Export Expressway will cease toll collection starting from September 17, 2025, at 24:00, as per the announcement from the Sichuan Provincial Department of Transportation [1]. - **Financial Impact** The toll revenue from the Chengdu North Export Expressway for the year 2024 is projected to be 103 million, which represents a small portion of the total toll revenue of 4.777 billion for the company in 2024, indicating that the termination of tolls will not have a significant impact on the company's overall performance [1]. - **Operational Preparedness** The company will ensure the timely cessation of toll collection and will prepare for subsequent related activities in accordance with directives from higher authorities [1].

FF301 本月底法定/註冊股本總額： RMB 3,058,060,000 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601107 | 說明 | | A股（上海證券交易所） | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,162,740,000 | RMB | | 1 RMB | | 2,162,740,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,162,740,000 | RMB | | 1 RMB | | 2,162,740,000 | | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's main business in highways is stable, and cost improvements are driving profit growth [5][7] - The company is steadily advancing highway expansion projects, which are expected to release incremental revenue [7] Financial Summary - As of August 29, 2025, the closing price is 5.66 yuan, with a market capitalization of 17,308.62 million yuan and a total share capital of 3,058.06 million shares [3] - The company reported a revenue of 41.26 billion yuan in H1 2025, a year-on-year decrease of 23.14%, while the net profit attributable to shareholders was 8.37 billion yuan, an increase of 19.93% [7] - Revenue from road tolls was approximately 22.74 billion yuan, down 2.25% year-on-year, while income from BT/PPP projects increased by 19.96% [7] Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 11,220 million yuan, 11,543 million yuan, and 11,949 million yuan, respectively, with corresponding growth rates of 8.28%, 2.88%, and 3.51% [6] - The net profit attributable to shareholders is expected to be 1,557 million yuan in 2025, with a growth rate of 6.74%, and 1,685 million yuan in 2026, with a growth rate of 8.18% [6] - The price-to-earnings ratio (P/E) for 2025 is projected to be 11.11, decreasing to 9.21 by 2027 [6]

Core Viewpoint - The company's 1H25 performance aligns with expectations, showing a decline in revenue but an increase in net profit, indicating effective cost management and operational efficiency [1][2]. Financial Performance - In 1H25, the company reported revenue of 4.126 billion yuan, a year-on-year decrease of 23.14%, while net profit attributable to shareholders was 837 million yuan, up 19.93% year-on-year, meeting expectations [1]. - For Q2 2025, revenue was 2.276 billion yuan, down 32.17% year-on-year, but net profit increased by 24.2% to 381 million yuan [1]. Revenue Trends - Toll revenue slightly declined, with a total of 2.274 billion yuan in 1H25, down 2.25% year-on-year. Key toll roads like Chengle and Chengyu saw revenue increases of 0.92% and 0.52%, respectively, while Chengya and Chengren experienced declines of 2.33% and 7.21% due to new road openings and competition from railways [1]. - The company managed to reduce financial expenses by 31.0% and management expenses by 14.8%, contributing positively to profit margins [1]. Growth Prospects - The company is investing in core assets, with the Chengle Expressway expansion nearing completion and the Chengya Expressway already awarded an expansion project, which is expected to enhance toll rates and extend toll collection periods post-completion [2]. - The acquisition of Chengdu Erxinan is projected to contribute 160 million yuan in profit for 2025, along with an expected cumulative compensation of 31.48 million yuan from 2023 to 2024, indicating significant profit growth potential [2]. Shareholder Returns - The company emphasizes shareholder returns, with a commitment to a dividend payout ratio of no less than 60% from 2023 to 2025, a notable increase from previous levels [2]. - The projected dividend yield for 2024 is 5.2%, positioning the company among the leaders in the highway industry, with potential yields of 5.5% and 5.8% for 2025 and 2026, respectively [2]. Valuation and Forecast - The company maintains its profit forecasts for 2025 and 2026, with current A-share prices reflecting a price-to-earnings ratio of 10.9 and 10.4 for those years, and H-share prices at 8.6 and 8.1 [2]. - The target price for A-shares is set at 6.85 yuan, suggesting a 21.9% upside potential, while the target price for H-shares is 5.61 HKD, indicating a 16.4% upside [2].

Core Viewpoint - Sichuan Chengyu (601107) reported a decline in total revenue for the first half of 2025, while net profit increased, indicating a mixed performance in financial results [1]. Financial Performance - Total revenue for the first half of 2025 was 4.126 billion yuan, a decrease of 23.14% year-on-year [1]. - Net profit attributable to shareholders reached 837 million yuan, an increase of 19.93% year-on-year [1]. - In Q2 2025, total revenue was 2.276 billion yuan, down 32.17% year-on-year, while net profit was 381 million yuan, up 24.17% year-on-year [1]. - Gross margin improved to 37.44%, up 26.12% year-on-year, and net margin increased to 21.33%, up 56.61% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 549 million yuan, accounting for 13.3% of revenue, a slight decrease of 0.87% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) for the first half of 2025 was 0.26 yuan, an increase of 13.71% year-on-year [1]. - Cash flow per share was 0.46 yuan, a decrease of 15.44% year-on-year [1]. - The company's return on invested capital (ROIC) was 4.21%, indicating weak capital returns [1]. - The debt-to-asset ratio for interest-bearing liabilities reached 61.4% [3]. Business Model and Growth Drivers - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of capital projects [2]. - Recent growth in net profit is attributed to a focus on the core highway business and improved financial efficiency, with net profit expected to reach 1.587 billion yuan in 2025 [5]. Shareholder Information - The estimated dividend yield for the company is 4.56% [2]. - Notable funds holding shares in Sichuan Chengyu include Huisheng Huize Mixed A and Zhongyou Ruixin Enhanced Bond, among others [4].

Meeting Overview - The 38th meeting of the 8th Board of Directors of Sichuan Chengyu Expressway Co., Ltd. was held on August 28, 2025, in Chengdu, Sichuan Province, with all 12 directors present [1][2] - The meeting was chaired by Chairman Luo Zuoyi, and senior management attended [1] Financial Report - The board approved the unaudited financial report for the six months ending June 30, 2025, which showed a net profit attributable to the company's owners of approximately RMB 837.254 million, with earnings per share of approximately RMB 0.260 [2][3] Dividend and Capital Increase - The board decided not to distribute a mid-term dividend or conduct a capital reserve transfer to increase share capital for the year 2025, based on cash flow and funding needs for recent projects [2][3] Investment Plan Adjustment - The board approved the mid-term adjustment of the 2025 investment plan based on reports from subsidiary companies [2][3] Organizational Structure Optimization - The board approved the optimization and adjustment of the Emergency Dispatch Center and Operations Science and Technology Center to enhance operational management and service efficiency [3] Related Party Transactions - The board approved a proposal for the indirect subsidiary Sichuan Chengyu Logistics Co., Ltd. to provide transportation services to Sichuan Hongda Co., Ltd., with a total service fee cap of RMB 61.2 million [4]

Investment Rating - The report maintains a "Strong Buy" rating for Sichuan Chengyu (601107) [1] Core Views - The company's Q2 2025 performance exceeded expectations with a year-on-year growth of 24%, and H1 2025 performance showed a 20% year-on-year increase, indicating a potential undervaluation of this asset [1] Financial Summary - Total revenue for 2024A is projected at 10,362 million, with a decline of 11.1% year-on-year. For 2025E, revenue is expected to be 9,984 million, with a further decline of 3.7% [2] - Net profit attributable to shareholders for 2024A is estimated at 1,459 million, reflecting a year-on-year growth of 22.9%. For 2025E, net profit is projected at 1,630 million, with an 11.7% increase [2] - Earnings per share (EPS) for 2025E is forecasted at 0.53 yuan, with a price-to-earnings (PE) ratio of 11 times [2] - The company’s total market capitalization is 171.86 billion, with a circulating market value of 121.55 billion [3] Business Performance - In H1 2025, the company achieved a total revenue of 4.126 billion, a decrease of 23.14% year-on-year, primarily due to a decline in construction service revenue. However, net profit attributable to shareholders was 837 million, up 19.93% year-on-year [7] - The toll revenue from the Chengyu Expressway in H1 2025 was 422 million, a slight increase of 0.52% year-on-year, while the Chengren Expressway saw a decline of 7.21% [10] Investment Recommendations - The report suggests an upward revision of profit forecasts for 2025-2027, with net profits adjusted to 16.3 billion, 17.3 billion, and 18.7 billion respectively. This corresponds to EPS of 0.53, 0.57, and 0.61 yuan for the same years [7] - The target price is set at 8.00 yuan for A-shares and 6.32 HKD for H-shares, indicating a potential upside of 42% and 32% from current prices respectively [2][7]