香港联交所最新资料显示，9月5日，小摩增持江苏宁沪高速（600377）公路(00177)365.4万股，每股作 价9.1505港元，总金额约为3343.59万港元。增持后最新持股数目约为7505.03万股，最新持股比例为 6.14%。 ...

智通财经APP获悉，香港联交所最新资料显示，9月5日，小摩增持江苏宁沪高速公路(00177)365.4万 股，每股作价9.1505港元，总金额约为3343.59万港元。增持后最新持股数目约为7505.03万股，最新持 股比例为6.14%。 ...

证券研究报告 非金融公司|公司点评|宁沪高速（600377） 受投资收益扰动影响，H1 业绩同比下 滑 请务必阅读报告末页的重要声明 glzqdatemark1 2025年09月08日 证券研究报告 |报告要点 公司发布 2025 年半年报。2025H1，公司实现营业收入 94.1 亿元，同比下降 5.6%，实现归母 净利润 24.2 亿元，同比下降 11.8%。其中 2025Q2，公司实现营业收入 46.2 亿元，同比下降 28.7%，实现归母净利润 12.1 亿元，同比下降 19.2%。 |分析师及联系人 李蔚 李天琛 SAC：S0590522120002 SAC：S0590525070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2025年09月08日 宁沪高速(600377) 受投资收益扰动影响，H1 业绩同比下滑 | 行 业： | 交通运输/铁路公路 | | --- | --- | | 投资评级： | 增持（维持） | | 当前价格： | 13.29 元 | 基本数据 公司发布 2025 年半年报。2025H1，公司实现营业收入 94.1 亿元， ...

风险提示：收费标准降低风险；不可抗力；竞争性线位导致车流转移。 机构：申万宏源研究 研究员：闫海/严天鹏/范晨轩 事件：宁沪高速发布2025 年中报，公司实现营业收入94.06 亿元，同比下降5.6%；剔除建造收入影响 后，营收同比下降0.99%，主业经营基本稳定。归属于上市公司股东的净利润为24.24 亿元，同比下降 11.8%，主要受联营企业投资收益减少及江苏银行分红周期调整影响。业绩略低于预期。 25 年H1 通行费收入稳中有增，江苏银行分红周期调整影响投资收益。25 年H1，公司共实现通行费收 入约人民币46 亿元，同比增长约1.65%，主要路段受改扩建影响，增速呈现分化状态。江苏银行公司分 红周期调整，于2024 年11 月实施2024 年度中期分红，25H1江苏银行分红为扣除中期分红后的年度分 红，约人民币1.68 亿元，24 年同期为全口径年度分红，约人民币3.68 亿元，同比下降54.38%。 核心路产改扩建持续推进，"低空+交通"赋能安全智慧管养新生态。根据公司路产改扩建计划，宁扬长 江大桥北接线项目预计将于25 年底前全线开通。此外，锡宜高速南段改扩建也将于2026 年6 月通车， 届时， ...

成本下降主要系养护成本明显下降：公司上半年营业成本剔除建造成本影响后同比下降6.37%，其中收 费公路业务成本16.94 亿元，同比下降4.84%，主要是由于养护成本由去年同期的2.15 亿元降至1.14 亿 元。 核心路产沪宁高速收入26.63 亿元，日均收入同比增长8.18%。主要系沪武高速太仓至常州段扩建工程 施工导致部分车辆改走沪宁高速，该影响同时导致宁常高速日均收入下降15.59%，但整体看对公司属 于利好。 锡宜高速和常宜高速本报告期内日均通行费收入同比分别下降28.08%和12.28%，主要系沪宜高速公路 部分路段改扩建半幅封闭施工影响，五峰山大桥本日均通行费收入同比增长13.08%，主要系4 月起扬溧 高速镇江南至丹徒枢纽段改扩建工程封闭施工，部分车辆改走五峰山大桥。 宁杨长江大桥本体已经贯通，但目前收入水平较低，主要系大桥北接线项目还未贯通。预计北接线在25 年末开通，宁杨大桥收入预计在26 年有较大增长。 机构：东兴证券 研究员：曹奕丰 事件：2025 上半年公司实现营收94.06 亿元，同比下降5.56%。若剔除建造收入影响，则公司营收同比 下降0.99%。实现归母净利润24.24 亿元 ...

Core Viewpoint - Ninghu Expressway reported a decline in revenue and net profit for the first half of 2025, with a focus on stable toll road operations and growth in electricity sales despite challenges in construction services [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 9.406 billion yuan, a year-on-year decrease of 5.56%, and a net profit attributable to shareholders of 2.424 billion yuan, down 11.81% [1]. - For Q2 2025, revenue was 4.624 billion yuan, a significant decline of 28.71%, while net profit was 1.213 billion yuan, down 19.21% [1]. - Toll road business remained stable with revenue of 2.278 billion yuan in Q2, a slight increase of 1.04%, while construction service revenue fell to 1.726 billion yuan, down 51.40% [1][2]. Profitability Metrics - The gross margin for Q2 2025 was 31.61%, an increase of 10.81 percentage points year-on-year. Excluding construction service revenue, the gross margin was approximately 50.43%, up 4.46 percentage points [2]. - Investment income for Q2 was 479 million yuan, a decrease of 36.32% year-on-year, primarily due to reduced dividends from Jiangsu Bank [2]. Strategic Developments - The company is advancing several new construction and expansion projects, including the Ningyang Yangtze River Bridge North Connection Project (expected to open by the end of 2025) and the expansion of the Xiyi Expressway South Section (expected to open by June 2026) [2]. - Ongoing planning for future expansion projects is also being actively pursued [2]. Earnings Forecast - The company is expected to focus on core road assets and maintain steady growth, with projected net profits of 4.916 billion yuan, 5.092 billion yuan, and 5.378 billion yuan for 2025-2027, corresponding to P/E ratios of 13.8, 13.3, and 12.6 respectively [3].

hyzqdatemark 2025 年 09 月 03 日 证券分析师 证券研究报告 交通运输 | 铁路公路 非金融|公司点评报告 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com | 收盘价（元） | | | | | | | 13.44 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 低 | | 高 | / | | | | 16.39/12.50 | | | | 最 | | | （元） | | | | | | | | | ...

公 司 研 究 宁沪高速（600377.SH）：盈利符合预期， 投资收益波动导致当期利润下降 事件：2025 上半年公司实现营收 94.06 亿元，同比下降 5.56%。若剔除建造 收入影响，则公司营收同比下降 0.99%。实现归母净利润 24.24 亿元，同比下 降 11.81%。报告期公司营业毛利润同比增长 4.31%，但受联营企业投资收益 减少以及江苏银行分红周期变化等因素影响，归母净利润下降。总体看公司盈 利符合预期。 收费公路业务收入略增，沪宁高速收入提升较明显：25 年上半年公司通行费 收入共计 46.04 亿元，同比增长 1.65%，收费公路业务毛利率提升 2.51pct 至 63.21%。 核心路产沪宁高速收入 26.63 亿元，日均收入同比增长 8.18%。主要系沪武高 速太仓至常州段扩建工程施工导致部分车辆改走沪宁高速，该影响同时导致宁 常高速日均收入下降 15.59%，但整体看对公司属于利好。 五峰山大桥本日均通行费收入同比增长 13.08%，主要系 4 月起扬溧高速镇江 南至丹徒枢纽段改扩建工程封闭施工，部分车辆改走五峰山大桥。 宁杨长江大桥本体已经贯通，但目前收入水平较低，主要系大桥 ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Ninghu Expressway [2][7][17] Core Views - The company's performance slightly underperformed expectations due to changes in the dividend cycle of Jiangsu Bank, with a reported revenue of RMB 9.406 billion, a year-on-year decrease of 5.6% [7] - The toll revenue for H1 2025 showed a stable increase, amounting to approximately RMB 4.6 billion, reflecting a year-on-year growth of about 1.65% [7] - The ongoing expansion projects are expected to significantly improve regional traffic flow, with the completion of key infrastructure projects by the end of 2025 and mid-2026 [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: RMB 15.192 billion - 2024: RMB 23.198 billion - 2025E: RMB 23.935 billion - 2026E: RMB 24.730 billion - 2027E: RMB 25.436 billion - Year-on-year growth rates for revenue are projected at 15% for 2023, 53% for 2024, and 3.2% for 2025E [6][8] - Net profit attributable to shareholders is forecasted as follows: - 2023: RMB 4.413 billion - 2024: RMB 4.947 billion - 2025E: RMB 5.447 billion - 2026E: RMB 5.790 billion - 2027E: RMB 6.049 billion - The projected PE ratios are 10 for 2023, 9 for 2024, and 8 for 2025E [6][8]

Performance Summary - In the first half of 2025, the company reported a revenue of 9.41 billion yuan, a year-on-year decline of 5.6%, and a net profit attributable to shareholders of 2.42 billion yuan, down 11.8% year-on-year [1] - In Q2 2025, the company achieved a revenue of 4.62 billion yuan, a significant year-on-year decline of 28.7%, with a net profit of 1.21 billion yuan, down 19.2% year-on-year [1] Revenue Breakdown - The decline in overall revenue was primarily due to a decrease in construction revenue, with a 0.99% decline when excluding construction income. However, toll revenue increased by 1.65%, with the average daily toll revenue on the Hu-Ning Expressway rising by 8.18% due to the impact of the Hu-Wu Expressway expansion [1] - Revenue from ancillary businesses decreased by 2.15%, despite an increase in oil sales volume, which was offset by a decline in sales price [1] - Revenue from the new energy sector fell by 3.7%, mainly due to reduced offshore wind power generation from the Yunshan Qingneng company's project in the Jiangsu region [1] - Real estate revenue plummeted by 84.9%, attributed to a decrease in delivery scale [1] Profitability and Costs - The company's gross margin for H1 2025 was 33.2%, an increase of 3.1 percentage points year-on-year, mainly due to a decrease in the proportion of zero-margin construction period revenue [2] - The company's expense ratio remained stable at 5.87%, with financial expenses decreasing by 0.11 percentage points to 4.7% due to lower interest rates [2] - Investment income fell to 700 million yuan, a decline of 33.2% year-on-year, primarily due to adjustments in the dividend cycle from Jiangsu Bank and the absence of asset disposal gains recorded in the previous year [2] Future Outlook - The company has adjusted its net profit forecasts for 2025-2027 to 5.04 billion yuan, 5.42 billion yuan, and 5.85 billion yuan, respectively, down from previous estimates [3] - The company continues to focus on cost reduction and efficiency improvements, optimizing existing road operations and utilizing diverse financing methods to lower financial costs [2]