Core Viewpoint - The company plans to acquire 85% equity of the Qinbin Expressway for 1.154 billion yuan, which has a total length of 60.7 kilometers and a remaining toll collection period of slightly over 20 years, with the asset already generating profits [1][3]. Group 1: Acquisition Details - The acquisition price of 1.154 billion yuan corresponds to a total valuation of 1.357 billion yuan for 100% equity of the project company [3]. - The Qinbin Expressway connects multiple ports in the Bohai Bay area, enhancing its geographical advantage as a key coastal expressway [1]. - The expressway has demonstrated strong revenue-generating capabilities, with revenues of 563 million yuan, 752 million yuan, and 546 million yuan for the first eight months of 2023, 2024, and 2025 respectively [1][2]. Group 2: Revenue and Profitability - The average daily revenue per kilometer for the Qinbin Expressway is 25,000 yuan, which is considered top-tier among dual four-lane expressways [2]. - The projected internal rate of return for the acquisition is estimated at 10.43%, which is favorable compared to the previous acquisition of Pinglin Expressway at 9.2% [2][3]. - The remaining toll collection period for the expressway is significant, with the section from the Luji boundary to Zhanhua set to expire in January 2047, ensuring a long-term revenue stream [3]. Group 3: Financial Impact - The acquisition is expected to enhance the company's performance and operational capacity, with an estimated net profit contribution of around 1 billion yuan in 2026 [4]. - The weighted average remaining toll collection period for the company's controlled expressways will increase by approximately 0.8 years post-acquisition [4]. - Without considering the acquisition, the company's projected net profits for 2025-2027 are 755 million yuan, 769 million yuan, and 822 million yuan, respectively [4].

机构：中金公司 研究员：张文杰/冯启斌 公司近况 收购进展不及预期，改扩建进度不及预期，分流风险超预期，经济增速不及预期。 收购补充资产组合，减轻现有路产压力。标的路段2024 年实现收入7.5 亿元，占公司2024 年总收入的 19.5%。标的路段2025年1-8 月实现收入5.5 亿元，净利润2.7 亿元，分别占到2024 年全年的72.5%和 94.9%。我们认为本次收购可对公司的资产组合形成有益补充。 标的路段2026 年因分流收入暂时回落，净利润至2028 年预计呈增长趋势。根据公司公告，2026 年标的 路段通行费收入预计同比-33.2%，主要因为秦滨高速天津段大修和G228 沧州段完工，但净利润同比 +10.5%，2026-2028 年标的公司收入、EBIT、净利润预计CAGR达到7.3%/11.9%/25.5%，我们认为压降 债务和降低财务成本或贡献了利润空间，有利于增厚公司整体利润。 盈利预测与估值 因收购尚未落地，我们维持2025/26 年净利润分别为7.39 /7.70亿元。当前股价对应2025/2026 年9.5/9.0 倍P/E。维持跑赢行业评级，考虑到近期市场风险偏好上行，市场应给 ...

香港联交所最新资料显示，12月18日，招商局公路网络科技控股股份有限公司增持越秀交通基建 (01052)188.6万股，每股作价4.611港元，总金额约为869.63万港元。增持后最新持股数目约为2.51亿 股，最新持股比例为15%。 ...

智通财经APP获悉，香港联交所最新资料显示，12月18日，招商局公路网络科技控股股份有限公司增持 越秀交通基建(01052)188.6万股，每股作价4.611港元，总金额约为869.63万港元。增持后最新持股数目 约为2.51亿股，最新持股比例为15%。 ...

Group 1 - The company, Yuexiu Transportation Infrastructure (01052), announced the issuance of a super short-term financing bond for the amount of RMB 600 million for the third phase of 2025 [1] - The bond was issued on December 18, 2025, with a coupon rate of 1.69% and a maturity period of 180 days [1] - The funds raised will be used to repay existing loans of the company's subsidiary [1]

Group 1 - The company, Yuexiu Transport Infrastructure (01052), announced the issuance of a super short-term financing bond amounting to RMB 600 million for the third phase of 2025, which was issued on December 18, 2025 [1] - The bond has a coupon rate of 1.69% and a maturity period of 180 days [1] - The funds raised will be used to repay existing loans of the company's subsidiaries [1]

Group 1 - The company, Yuexiu Transportation Infrastructure (01052.HK), announced the issuance of a super short-term financing bond for the year 2025, amounting to RMB 600 million [1] - The bond has a coupon rate of 1.69% and a maturity period of 180 days [1] - The company received a credit rating of "AAA" from China Chengxin International Credit Rating Co., Ltd [1]

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 本 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。 本 公 告 只 可 作 參 考 用 途，並 不 構 成 邀 請 或 在 香 港 或 其 他 地 區 收 購、購 買 或 認 購 本 公 司 及 其 附 屬 公 司 任 何 證 券 的 要 約。 （在 百 慕 達 註 冊 成 立 之 有 限 公 司） – 1 – 本 公 司 認 為，發 行 二 ○ 二 五 年 度 第 三 期 超 短 期 融 資 券 乃 於 其 日 常 及 一 般 業 務 過 程 中 進 行，而 作 出 本 公 告 旨 在 讓 投 資 者 知 悉 本 公 司 的 業 務 發 展 情 況。所 募 集 的 資 金 將 用 於 償 還 本 公 司 附 屬 公 司 存 量 借 款。 （股 份 代 號：01052） 自願公告 完成在中國公開發行超短期融資券 此乃越秀交通基建有限公司（「本公司」）作 出 之 自 願 公 告。 茲 提 述 本 公 ...

Core Viewpoint - Dongxing Securities reports that Yuexiu Transportation Infrastructure (01052) plans to acquire 85% equity of the Qinbin Expressway from the Luji boundary to Zhanhua section for 1.154 billion yuan, with the asset covering a total length of 60.7 kilometers and a remaining toll collection period of slightly over 20 years. The acquisition is expected to enhance the company's future performance and the prospects of the Guangzhou North Second Ring Expressway expansion, maintaining a "strongly recommended" rating for the company [1]. Group 1 - The Qinbin Expressway connects multiple ports in the Bohai Bay area, showcasing significant geographical advantages. It serves as the fastest coastal expressway in the Bohai Rim, starting from Qinhuangdao Port and extending southward through Tianjin Port and Huanghua Port to Zhanhua District in Shandong [2]. - The Qinbin Expressway has demonstrated excellent revenue-generating capabilities, with revenues for the years 2023, 2024, and 2025 (January to August) reported at 563 million, 752 million, and 546 million yuan respectively. The average daily revenue per kilometer for the expressway is 25,000 yuan, 34,000 yuan, and 37,000 yuan, indicating a strong performance compared to other four-lane expressways [3]. - The acquisition price for the Qinbin Expressway is considered reasonable, with an internal rate of return (IRR) estimated at 10.43%. The total enterprise value of the project is calculated at 6.225 billion yuan, corresponding to a unit cost of approximately 1 billion yuan per kilometer, which is below the average construction cost of similar expressways in southeastern coastal provinces [4]. Group 2 - The project is expected to enhance the company's performance and operational capacity, with the average remaining toll collection period for the company's controlled expressways extending by approximately 0.8 years. The projected net profits for the years 2026, 2027, and 2028 are estimated at 124 million, 162 million, and 195 million yuan respectively, indicating a potential annual profit increase of around 100 million yuan post-acquisition [5]. - Without considering the acquisition of the Qinbin Expressway, the company’s projected net profits for 2025, 2026, and 2027 are 755 million, 769 million, and 822 million yuan, corresponding to price-to-earnings ratios of 8.7X, 8.6X, and 8.0X. The acquisition is expected to further enhance the company's earnings in 2026 and beyond [6].

Core Viewpoint - Dongxing Securities reports that Yuexiu Transportation Infrastructure (01052) plans to acquire 85% equity of the Qinbin Expressway from the Luji boundary to Zhanhua section for 1.154 billion yuan, with the asset covering a total of 60.7 kilometers and a remaining toll collection period of slightly over 20 years. The acquisition is expected to enhance the company's performance and the prospects of the Guangzhou North Second Ring Expressway expansion, maintaining a "strongly recommended" rating for the company [1]. Group 1 - The Qinbin Expressway connects multiple ports in the Bohai Bay, showcasing significant geographical advantages. It serves as the fastest coastal expressway in the Bohai Rim, starting from Qinhuangdao Port and extending southward through Tianjin Port and Huanghua Port to Zhanhua District in Shandong [2]. - As a four-lane expressway, the Qinbin Expressway demonstrates excellent revenue-generating capabilities. The revenue for the years 2023, 2024, and 2025 from January to August is reported as 563 million, 752 million, and 546 million yuan respectively, indicating a daily average revenue per kilometer of 25,000, 34,000, and 37,000 yuan [3]. - The revenue per kilometer of 25,000 yuan is considered top-tier among four-lane expressways, despite the contribution from the Zhangwei New River Bridge toll fees potentially inflating this figure. The Qinbin Expressway's revenue generation capacity is already higher than that of all other controlled road assets outside the Guangzhou North Second Ring [3]. Group 2 - The acquisition price is deemed reasonable, with an internal rate of return (IRR) calculated at 10.43%. The total enterprise value (EV) of the project, including equity consideration and total liabilities, amounts to 6.225 billion yuan, translating to a unit cost of just over 1 billion yuan per kilometer [4]. - The remaining toll collection period is substantial, with the section from Chengkou to Zhanhua expiring on November 15, 2045, and the Luji boundary to Chengkou section (including the Zhangwei New River Bridge) expiring on January 20, 2047. This long remaining toll period contributes to the calculated IRR exceeding 10% [4]. Group 3 - The project is expected to enhance the company's performance and operational capacity. If the acquisition is completed, the weighted average remaining toll collection period of the company's controlled expressways will extend by approximately 0.8 years. The projected net profits for the years 2026, 2027, and 2028 are estimated at 124 million, 162 million, and 195 million yuan respectively, with an anticipated annual profit increase of around 100 million yuan for 2026 [5]. - Without considering the acquisition of the Qinbin Expressway, the company forecasts net profits of 755 million, 769 million, and 822 million yuan for the years 2025 to 2027, corresponding to price-to-earnings ratios (PE) of 8.7X, 8.6X, and 8.0X. The acquisition is expected to further bolster the company's earnings in 2026 and beyond [6].