| 证券代码：601107 | 证券简称：四川成渝 | | 公告编号：2025-054 | | --- | --- | --- | --- | | 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 2025年第三次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 151 | | --- | --- | | 股股东人数 其中：A | 150 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,814,941,039 | | 其中：A 股股东持有股份总数 | 1,730,893,980 | | 境外上市外资股股东持有股份总数（H 股 ...

一、董事会会议召开情况 （一）四川成渝高速公路股份有限公司（以下简称"公司"或"本公司"） 第八届董事会第四十二次会议于 2025 年 12 月 24 日在四川省成都市武侯祠大街 252 号本公司住所四楼 420 会议室以现场及通讯表决相结合的方式召开。 | 证券代码：601107 | 证券简称：四川成渝 | 公告编号：2025-055 | | --- | --- | --- | | 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 第八届董事会第四十二次会议决议公告 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。 （二）会议通知、会议资料已于 2025 年 12 月 16 日以电子邮件和专人送达 方式发出。 （三）出席会议的董事应到 12 人，实到 12 人。 （四）会议由董事长罗祖义先生主持，公司高级管理人员列席了会议。 （五）会议的召开符合《公司法》和本公司《公司章程》的有关规定。 二、 ...

四川成渝公告，控股子公司中路能源拟向中石油四川及其下属公司采购成品油，并与中石油四川签署 《成品油买卖关联交易框架协议》。协议期限自2026年1月1日至2026年12月31日，预计日常关联交易总 金额不超过人民币14亿元。交易标的物为符合国家现行标准的成品油，定价按销售价格加运费厘定，运 费分别为50元/吨和0元/吨。付款方式为先款后货，中石油四川集团提供90日免费仓储。 ...

Core Viewpoint - Sichuan Chengyu plans to acquire 85% stake in Jingyi Expressway for cash, which is expected to enhance dividend yield by 2026 [1] Group 1: Company Overview - Sichuan Chengyu is the only publicly listed platform for expressways under Shudao Group, leveraging the group's substantial resources for development [1] - Shudao Group, a provincial state-owned enterprise, has total assets reaching 1.5 trillion yuan by the end of 2024, with over 500 wholly-owned and controlled enterprises [1] Group 2: Business Operations - Shudao Group operates over 11,400 kilometers of expressways and 6,700 kilometers of railways, covering investment, construction, and operation in both sectors [1] - The company is focused on expanding its road network and improving cost efficiency, with significant synergy potential from its rich road asset resources [1] Group 3: Financial Projections - The projected net profit for Sichuan Chengyu from 2025 to 2027 is estimated at 1.61 billion, 1.96 billion, and 2.17 billion yuan respectively [1] - The current price-to-earnings (PE) ratios are expected to be 11.8, 9.7, and 8.8 times for the years 2025, 2026, and 2027 [1] - With a 60% dividend payout ratio, the expected dividend yields are approximately 5.1%, 6.2%, and 6.9% for the same years [1]

Core Viewpoint - Sichuan Chengyu is making a significant acquisition to enhance its highway business by purchasing 85% of Hubei Jingyi Highway Co., Ltd. for 2.409 billion yuan, aiming to increase its asset scale and improve operational efficiency [1][2]. Group 1: Acquisition Details - Sichuan Chengyu's wholly-owned subsidiary, Shunan Investment, plans to acquire 85% of Jingyi Company for 2.409 billion yuan, which operates the Jingyi Highway [2]. - The acquisition will allow Sichuan Chengyu to directly increase the number of controlled highway projects and expand its asset scale and road network coverage [2]. - After the transaction, Jingyi Company will become a subsidiary of the listed company, with its financial performance included in the consolidated financial statements [2]. Group 2: Expansion Strategy - Sichuan Chengyu is pursuing a dual strategy of "expanding outside the province and enhancing quality within the province" to solidify its industry position [1][4]. - The company is also advancing the expansion project of Chengya Highway, having signed contracts exceeding 20 billion yuan for related engineering work [1][3]. - The Chengya Highway expansion project, which is crucial for the company, will help alleviate the pressure of expiring toll rights and ensure stable cash flow and profit growth [3]. Group 3: Financial Performance - Sichuan Chengyu's net profit attributable to shareholders has shown continuous growth, with a 90.15% increase in 2023 to 1.187 billion yuan, and projected growth of 22.91% in 2024 and 15.78% in the first three quarters of 2025 [3]. - The company aims to strengthen its core business in highway investment, construction, and operation while exploring related economic and green energy investments [4].

Summary of Key Points Core Viewpoint - ST Er Ya (600107) has experienced significant stock price fluctuations, raising concerns about its financial stability and potential delisting risks due to ongoing losses and regulatory investigations [2][3]. Trading Information - As of December 22, 2025, ST Er Ya closed at 7.1 yuan, up 5.03%, with a turnover rate of 2.54% and a trading volume of 91,500 shares, amounting to a total transaction value of 64.74 million yuan [1]. - On the same day, the net inflow of main funds was 1.139 million yuan, accounting for 1.76% of the total transaction value, while retail investors saw a net outflow of 1.1152 million yuan, representing 1.72% of the total [1][3]. Stock Performance and Regulatory Issues - ST Er Ya was listed on the "Dragon and Tiger List" due to a cumulative price deviation of over 12% for three consecutive trading days, marking its first appearance on the list in the last five trading days [2][3]. - The company reported a net profit of -35.68 million yuan for the first three quarters of 2025, and if the annual revenue falls below 300 million yuan and continues to incur losses, it will face financial delisting risk warnings [2][3]. - The company's internal control audit report received a negative opinion, and if the 2025 internal control report also receives a negative opinion, it will trigger regulatory delisting risk warnings [2].

Core Viewpoint - Sichuan Chengyu Highway Co., Ltd. is acquiring 85% equity of Hubei Jingyi Highway Co., Ltd. for 2.409 billion yuan, marking its first cross-province asset acquisition to expand its national network [1][2] Group 1: Acquisition Details - The acquisition will make Jingyi Company a subsidiary of Sichuan Chengyu, which will be included in the consolidated financial statements [1] - The acquisition process was previously hindered by legal disputes over minority equity, which have now been resolved, allowing the transaction to proceed [1][2] Group 2: Strategic Importance - Jingyi Highway is a critical part of the national G42 highway and plays a key role in Hubei's transportation network, connecting major cities [2] - The highway has shown stable financial performance, with revenues of 512 million yuan and net profits of 192 million yuan in 2024, and 310 million yuan in revenue with 149 million yuan in net profit from January to July 2025 [2] Group 3: Market Insights - Experts suggest that this acquisition is crucial for Sichuan Chengyu to overcome regional limitations and diversify its business, providing new growth opportunities [2] - The acquisition is expected to enhance the company's operational radius and improve cash flow through synergies with existing networks, although there are concerns about the cash payment's impact on liquidity and increased management complexity [2]

Investment Rating - The investment rating for Sichuan Chengyu (601107.SH) is "Buy" (maintained) [5] Core Views - The company plans to acquire 85% of the equity of Jingyi Expressway for cash of 2.409 billion yuan, which is expected to enhance the dividend yield starting in 2026 [7] - The acquisition is anticipated to solidify the company's revenue stream, as Jingyi Expressway has shown stable profitability with a projected net profit of approximately 1.92 billion yuan in 2024 and 1.49 billion yuan in the first seven months of 2025 [7] - The company is expected to achieve a net profit of 1.613 billion yuan in 2025, with a growth rate of 10.58%, and a projected dividend yield of around 5.1% in 2025, increasing to 6.2% in 2026 and 6.9% in 2027 [7] Financial Summary - The company's total revenue is projected to be 11.220 billion yuan in 2025, with a year-on-year growth rate of 8.28% [6] - The net profit attributable to the parent company is expected to reach 1.613 billion yuan in 2025, with a corresponding earnings per share (EPS) of 0.53 yuan [6] - The company's return on equity (ROE) is forecasted to be 8.47% in 2025, increasing to 9.90% in 2026 [6][8]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing high dividends and capital operations as dual engines for growth [1]. Core Insights - The transportation sector has shown mixed performance, with the overall industry ranking 8th among 31 sectors in terms of growth, having increased by 1.68% from December 1 to December 19, 2025, outperforming the CSI 300 index by 0.76 percentage points [12][13]. - The report highlights that the dividend yield for major segments within the transportation sector, including highways, railways, and ports, remains in the 3%-4% range, with coal and banking sectors leading in yield [27][21]. - The report identifies several high-dividend stocks in the A and H-share markets, recommending companies such as Sichuan Chengyu Expressway (6.0% yield) and China Merchants Port (5.8% yield) as attractive investment opportunities [21][22]. Monthly Market Performance - The report notes that the performance of dividend assets in December 2025 was generally underwhelming, with highway, railway, and port segments showing cumulative changes of -1.45%, +1.12%, and +1.21%, respectively [13][11]. - The average daily transaction volume for ports increased by 26.7% year-on-year, while highway and railway transaction volumes decreased by 5.5% and 34.8%, respectively [26][23]. - The report indicates that the low interest rate environment continues to support the market, with the 10-year government bond yield remaining stable around 1.83% [25][23]. Capital Operations - Sichuan Chengyu plans to acquire 85% of Hubei Jingyi Expressway for 2.409 billion yuan in cash, shifting from a stock issuance to a cash purchase to avoid equity dilution [32]. - Ninghu Expressway is increasing its investment in the Jiangsu Longtan Bridge project by 3.26964 billion yuan, enhancing its stake in the project [34]. - Qingdao Port has terminated its cash acquisition of the Rizhao Port oil terminal due to potential business impacts from legal issues, prioritizing shareholder interests [35]. Highway Sector Tracking - In October 2025, highway passenger traffic was reported at 975 million, a decrease of 3.7% year-on-year, while freight traffic showed a slight increase of 0.1% [36]. - The report highlights the revenue performance of key companies, such as Gansu Expressway, which reported a slight decline in toll revenue for November 2025 [44]. Railway Sector Tracking - Railway passenger volume reached 410 million in October 2025, marking a 10.1% increase year-on-year, while freight volume showed a modest increase of 0.6% [52]. - The report notes that the Daqin Railway achieved a freight volume of 37.22 million tons in November 2025, reflecting a year-on-year growth of 1.75% [59]. Port Sector Tracking - The report indicates that monitored port cargo throughput reached 1.078 billion tons over four weeks, with a year-on-year growth of 2.6% [63]. - Container throughput for the year-to-date reached 31.0469 million TEUs, reflecting a 7.7% increase compared to the previous year [63].

Investment Rating - The report maintains a "Strong Buy" rating for Sichuan Chengyu (601107) [1] Core Views - The company plans to acquire 85% of Hubei Jingyi Expressway Co., Ltd. for a total cash consideration of 2.409 billion yuan, avoiding equity dilution and ensuring stable earnings growth [6] - The acquisition is expected to enhance the company's profitability and dividend capacity, with projected net profits from the acquired asset reaching 2.4 billion yuan in 2026, 2.5 billion yuan in 2027, and 2.7 billion yuan in 2028 [6] - The report emphasizes the company's strategy of integrating high-quality road assets to strengthen its core business and enhance shareholder returns [6] Financial Summary - Total revenue projections for 2024, 2025, 2026, and 2027 are 10,362 million yuan, 9,946 million yuan, 10,246 million yuan, and 10,717 million yuan respectively, with a year-on-year growth rate of -11.1%, -4.0%, 3.0%, and 4.6% [2] - Net profit attributable to shareholders is forecasted to be 1,459 million yuan in 2024, 1,630 million yuan in 2025, 1,728 million yuan in 2026, and 1,867 million yuan in 2027, reflecting growth rates of 22.9%, 11.7%, 6.0%, and 8.1% respectively [2] - Earnings per share (EPS) are projected to be 0.48 yuan in 2024, 0.53 yuan in 2025, 0.56 yuan in 2026, and 0.61 yuan in 2027 [2] Valuation Metrics - The target price is set at 7.70 yuan for A-shares and 6.81 HKD for H-shares, indicating a potential upside of 24% and 27% from the current prices respectively [3] - The price-to-earnings (P/E) ratio is expected to decrease from 13 in 2025 to 10 in 2027, while the price-to-book (P/B) ratio is projected to remain stable at around 0.9 [2][3]