Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 2.099 billion yuan in the first half of 2025, representing a year-on-year increase of 14.9%. The net profit attributable to the parent company was 361 million yuan, also up by 14.9%. The interim dividend payout ratio was 50.6% [1][2] - Revenue growth was primarily driven by the consolidation of Pinglin Expressway and increased toll revenue from Hubei Han'e Expressway. The acquisition of a 55% stake in Pinglin Expressway in November 2024 contributed an additional 256 million yuan in toll revenue. The toll revenue from Hubei Han'e Expressway increased by 56.6% year-on-year to 154 million yuan due to the closure of competing routes [1][2] - The current estimated dividend yield is approximately 6.5%, with an interim dividend of 0.12 HKD per share, unchanged from the first half of 2024. The company is expected to maintain a dividend of 0.25 HKD per share for 2025, consistent with 2024 [3] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 2.099 billion yuan, a 14.9% increase year-on-year, with toll revenue contributing 2.059 billion yuan, up 15.2% [1] - The net profit attributable to the parent company was 361 million yuan, reflecting a 14.9% increase year-on-year. The contribution from Pinglin Expressway was 42 million yuan, while Hubei Han'e Expressway contributed 57 million yuan, a significant increase of 987.3% [2] - Financial expenses decreased by 11.1% to 222 million yuan, attributed to management's optimization of the debt structure and reduction of interest rates [2] Future Projections - The company is projected to achieve earnings per share (EPS) of 0.44, 0.45, and 0.46 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 7.98, 7.81, and 7.70 [3][4] - The estimated revenue for 2025 is 4.389 billion yuan, with a growth rate of 13%, followed by 4.511 billion yuan in 2026 and 4.605 billion yuan in 2027 [4]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a net profit of 361 million HKD for the first half of 2025, which is a 14.9% year-on-year increase, driven by the acquisition of Pinglin Expressway and positive network changes benefiting Hubei-Han Expressway [1][2] - The company plans to distribute an interim dividend of 0.12 HKD per share for 2025, maintaining a dividend payout ratio of 50.6% [1] - The target price has been adjusted to 4.79 HKD based on an updated profit forecast for 2025-2027, reflecting an 8.5% increase in net profit estimates for 2025 [5][9] Summary by Sections Financial Performance - The company's revenue for the first half of 2025 was 2.099 billion HKD, up 14.9% year-on-year, with net profit reaching 361 million HKD, also a 14.9% increase [1] - The acquisition of Pinglin Expressway contributed approximately 39 million HKD to the net profit, accounting for about 80% of the total net profit increase [2] - The financial costs decreased by 28 million HKD year-on-year due to lower market interest rates, with the average borrowing rate dropping to 2.57% [2] Revenue Drivers - Toll revenue increased by 15.2% year-on-year, with a 3.1% increase in non-consolidated toll revenue, primarily due to the performance of Hubei-Han Expressway, which saw a 57% increase in toll revenue [3] - The overall impact of network changes in 2025 is expected to be neutral, with slight variations in toll revenues across different expressways [4] Profit Forecast and Valuation - The net profit forecast for 2025-2027 has been raised by 8.5%, 5.1%, and 10.4% respectively, with projected net profits of 730 million, 745 million, and 757 million HKD [5] - The estimated dividend yield for 2025 is projected to be 6.8%, indicating strong attractiveness for dividend investors [5]

Core Viewpoint - Yuexiu Transportation Infrastructure reported a 14.9% year-on-year increase in revenue to 2.099 billion HKD and a 14.9% rise in shareholder profit to approximately 361 million HKD for the first half of 2025, primarily driven by the contribution from the Pinglin Expressway [2] Financial Performance - The company declared an interim dividend of 0.12 HKD per share, with a payout ratio of 50.6%, down from 58.5% in the same period last year [2] - Total assets amounted to 37.379 billion HKD, with total liabilities at 21.634 billion HKD, resulting in a capital borrowing ratio of 48.5% and a total asset liability ratio of 57.9% [5] - Cash and cash equivalents increased by 190 million HKD to 2.17 billion HKD by the end of the reporting period [5] Project Contributions - The Pinglin Expressway generated toll revenue of 256 million HKD and a profit attributable to shareholders of 42 million HKD in the first half of 2025 [2] - Other expressways, such as the Cangyu Expressway and Chang-Zhu Expressway, benefited from increased travel, showing a year-on-year increase in both daily toll traffic and revenue [3] Impact of External Factors - The Humen Bridge experienced a 26.5% year-on-year decline in daily toll revenue due to traffic diversion from the Shenzhen-Zhongshan Channel [4] - The Guangzhou North Second Ring Expressway saw a slight decrease in toll revenue by 0.5% due to a minor reduction in truck traffic [3][4] Future Outlook - The company anticipates stable performance from the Pinglin Expressway, with expected earnings for the first and second halves of the year remaining relatively consistent [2] - The management is considering the acquisition of the Shandong Qinbin Expressway from the parent company, contingent on financial and resource assessments [4] Financing and Support - The company has received approval to issue 5 billion HKD in panda bonds and 3 billion HKD in ordinary corporate bonds, along with a 15 billion HKD debt financing tool quota [6] - The Guangzhou North Second Ring expansion project has secured a credit limit of 11.9 billion HKD, with an additional 2 billion HKD in standby credit [6]

Core Viewpoint - 越秀交通基建在2025年上半年实现了收入和股东应占盈利的双位数增长，显示出公司在交通基建领域的稳健发展和良好的财务表现 [1][2] Financial Performance - 2025年上半年，公司收入为20.99亿元，同比增长14.9%；股东应占盈利为3.61亿元，同比增长14.9% [1] - 中期派息每股0.12港元，派息比率超过50% [1] Operational Highlights - 公司在报告期内实施了精益管理，提升了经营质量，推动了收入和盈利的增长 [1] - 10个控股项目的日均路费收入和日均收费车流量均实现同比增长，特别是广西、湖南、湖北等地的高速公路受益于人员出行的增长 [1] Growth Drivers - 近年收购的项目为公司注入了新的增长动力，特别是2024年收购的河南平临高速，带来了约2.56亿元的路费收入和约0.42亿元的应占盈利 [2] - 公司致力于成为国内领先的交通基建资产管理公司，实施"3331"发展战略，聚焦高速公路主业和相关辅业的拓展 [2] Industry Outlook - 2025年上半年，中国GDP增长达5.3%，预计国内高速公路行业将保持稳定发展，客车车流量预期将增长 [3] - 公司将继续把握高速公路投资并购的战略机遇，重点关注粤港澳大湾区和中东部地区 [3]

（原标题：越秀交通基建(01052)将于11月27日派发中期股息每股0.12港元） 智通财经APP讯，越秀交通基建(01052)发布公告，该公司将于2025年11月27日派发中期股息每股0.12港 元。 ...

越秀交通基建(01052)发布公告，该公司将于2025年11月27日派发中期股息每股0.12港元。 ...

EF001 | 其他信息 | | | --- | --- | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公告刊發日期，董事會成員包括： | | | 執行董事： 劉艷（董事長）、陳靜、蔡銘華及潘勇強 | | | 獨立非執行董事： 馮家彬、劉漢銓、張岱樞及彭申 | | 免責聲明 第 2 頁 共 2 頁 v 1.1.1 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 越秀交通基建有限公司 | | 股份代號 | 01052 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止半年度之中期股息 | | 公告日期 | 2025年8月15日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 ...

Core Viewpoint - Yuexiu Transportation Infrastructure (01052) reported a 14.9% year-on-year increase in net profit attributable to shareholders, amounting to approximately 361 million yuan for the first half of 2025, driven by revenue growth and improved financial management [1][1][1] Financial Performance - The company achieved revenue of approximately 2.099 billion yuan, reflecting a 14.9% increase compared to the previous year [1][1][1] - Basic earnings per share were reported at 0.2156 yuan, with an interim dividend of 0.12 HKD per share [1][1][1] Revenue Drivers - Revenue growth was primarily attributed to the consolidation of Henan Pinglin Expressway's financial performance, which contributed an additional 256 million yuan in toll revenue since its consolidation on November 27, 2024 [1][1][1] - The toll revenue from Hubei Han-E Expressway increased by 55.63 million yuan due to the closure of the competing Wuhuang Expressway for construction starting May 10, 2024 [1][1][1] - The sale of Tianjin Jinxiong Expressway in December 2024 did not contribute any revenue, contrasting with the previous year's contribution of 38.83 million yuan [1][1][1] Profitability Factors - The increase in net profit attributable to shareholders was also supported by the management's efforts to optimize the overall debt structure and reduce debt interest rates [1][1][1] - A decrease in financial expenses was noted due to lower market interest rates [1][1][1]

Core Viewpoint - Yuexiu Transportation Infrastructure (01052) reported a mid-year performance for 2025, showing a revenue increase of approximately 14.9% year-on-year, driven by the consolidation of Henan Pinglin Expressway's financial performance and other factors [1] Financial Performance - Revenue reached approximately 2.099 billion RMB, marking a year-on-year increase of 14.9% [1] - Shareholders' profit attributable to the company was about 361 million RMB, also reflecting a 14.9% year-on-year growth [1] - Basic earnings per share were reported at 0.2156 RMB, with an interim dividend of 0.12 HKD per share [1] Revenue Drivers - The revenue growth was primarily attributed to the consolidation of Henan Pinglin Expressway's financial performance, which contributed an increase of 256 million RMB in toll revenue since its consolidation into the group’s financial statements from November 27, 2024 [1] - The toll revenue from Hubei Han-E Expressway increased by 55.63 million RMB due to the closure of the competing Wuhuang Expressway for construction starting May 10, 2024 [1] - The sale of Tianjin Jinxiong Expressway in December 2024 did not contribute any revenue, contrasting with the previous year’s contribution of 38.83 million RMB [1] Profitability Factors - The increase in shareholders' profit was also supported by the management's ongoing efforts to optimize the overall debt structure and reduce debt interest rates [1] - A decrease in financial expenses was noted, attributed to lower market interest rates [1]

Core Viewpoint - The company reported a significant increase in revenue and profit for the first half of 2025, driven by the consolidation of new assets and favorable market conditions [1] Financial Performance - The company's revenue for the first half of 2025 reached RMB 2.099 billion, representing a year-on-year growth of 14.90% [1] - Shareholder profit for the same period was RMB 361 million, an increase of 14.92% compared to the previous year [1] - Basic earnings per share were RMB 0.2156, with an interim dividend declared at HKD 0.12 per share [1] Revenue Drivers - The revenue increase of RMB 272 million was primarily due to the consolidation of Henan Pinglin Expressway, which contributed an additional RMB 256 million in toll revenue [1] - The toll revenue from Hubei Han-E Expressway increased by RMB 55.63 million due to the closure of the competing Wuhuang Expressway for construction starting May 10, 2024 [1] - The sale of Tianjin Jinxiong Expressway in December 2024 did not contribute to revenue during the reporting period [1] Profitability Factors - The increase in shareholder profit was also attributed to the management's efforts to optimize the overall debt structure and reduce debt interest rates [1] - A decrease in financial expenses was noted due to lower market interest rates [1]