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四川成渝高速公路(00107) - 截至二零二五年八月三十一日止股份发行人的证券变动月报表
2025-09-01 08:37
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 | | | --- | --- | --- | --- | --- | --- | --- | ...
四川成渝(601107):公路主业整体稳健,费用改善推动盈利提升
Hua Yuan Zheng Quan· 2025-09-01 07:08
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]
四川成渝(601107):1H25业绩符合预期 降本控费成效明显
Ge Long Hui· 2025-08-30 03:47
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].
四川成渝2025年中报简析:净利润同比增长19.93%,盈利能力上升
Zheng Quan Zhi Xing· 2025-08-29 22:42
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].
四川成渝: 四川成渝第八届董事会第三十八次会议决议公告
Zheng Quan Zhi Xing· 2025-08-29 16:40
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]
四川成渝(601107):25Q2业绩同比+24%超预期,H1业绩同比+20%,存在预期差的低估值红利资产
Huachuang Securities· 2025-08-29 05:12
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]
四川成渝(601107.SH):2025年中报净利润为8.37亿元、同比较去年同期上涨19.93%
Xin Lang Cai Jing· 2025-08-29 01:19
Financial Performance - The company's total operating revenue for the first half of 2025 was 4.126 billion yuan, ranking 6th among disclosed peers [1] - The net profit attributable to shareholders was 837 million yuan, ranking 8th among disclosed peers, representing an increase of 139 million yuan or 19.93% year-on-year [1] - The net cash inflow from operating activities was 1.407 billion yuan, ranking 8th among disclosed peers [1] Financial Ratios - The latest debt-to-asset ratio is 66.28%, a decrease of 0.34 percentage points from the previous quarter and a decrease of 6.09 percentage points from the same period last year [3] - The latest gross profit margin is 37.44%, ranking 10th among disclosed peers, with an increase of 7.75 percentage points year-on-year, marking three consecutive years of growth [3] - The latest return on equity (ROE) is 4.28%, ranking 11th among disclosed peers [3] Earnings Metrics - The diluted earnings per share (EPS) is 0.26 yuan, ranking 10th among disclosed peers, with an increase of 0.03 yuan or 13.71% year-on-year [3] - The latest total asset turnover ratio is 0.07 times [3] - The latest inventory turnover ratio is 93.07 times, ranking 6th among disclosed peers, with an increase of 69.02 times year-on-year, representing a 286.96% increase [3]
四川成渝:8月28日召开董事会会议
Mei Ri Jing Ji Xin Wen· 2025-08-28 18:47
Group 1 - The company Sichuan Chengyu (SH 601107) held its 38th meeting of the 8th Board of Directors on August 28, 2025, to discuss the mid-term adjustment of the 2025 investment plan [1] - For the first half of 2025, the company's revenue composition is as follows: 55.1% from highway bridge management and maintenance, 26.19% from sales, 15.76% from highway bridge construction, 1.94% from BT project income, and 0.76% from leasing [1]
四川成渝高速公路与宏达股份订立了浮选磷精矿运输合同
Zhi Tong Cai Jing· 2025-08-28 14:09
四川成渝(601107)高速公路(00107)公布,2025年8月28日,公司间接全资附属公司成渝物流与宏达股 份(600331)订立了浮选磷精矿运输合同,据此,成渝物流向宏达股份提供浮选磷精矿运输服务,总服 务费用上限预计为人民币6,120万元。此前,宏达股份就徵集运输服务供应商进行了公开招标,而成渝 物流最终中标。 ...
四川成渝高速公路(00107)与宏达股份订立了浮选磷精矿运输合同
智通财经网· 2025-08-28 14:07
智通财经APP讯,四川成渝高速公路(00107)公布,2025年8月28日,公司间接全资附属公司成渝物流与 宏达股份订立了浮选磷精矿运输合同,据此,成渝物流向宏达股份提供浮选磷精矿运输服务,总服务费 用上限预计为人民币6,120万元。此前,宏达股份就徵集运输服务供应商进行了公开招标,而成渝物流 最终中标。 ...