Core Viewpoint - 越秀交通基建 reported a revenue of 2.099 billion yuan for the first half of 2025, representing a year-on-year increase of 14.9%, with a net profit attributable to shareholders of 361 million yuan, also up 14.9% year-on-year, driven by acquisitions and favorable network changes [1][2] Financial Performance - The company's financial expenses decreased by 28 million yuan year-on-year in 1H25, with the average borrowing rate dropping to 2.57% from 3.05% in 1H24 [2] - The toll revenue increased by 15.2% year-on-year in 1H25, with a non-consolidated toll revenue growth of 3.1% after excluding the impact of certain highways [2][3] - The company plans to distribute an interim dividend of 0.12 HKD per share for the 2025 fiscal year, maintaining a dividend payout ratio of 50.6% [1] Acquisition and Asset Management - The acquisition of Pinglin Expressway at the end of 2024 contributed significantly to the profit increase, while the disposal of Tianjin Jinxiong Expressway also played a role [1] - The company recorded an investment loss of 20.43 million yuan from a joint project in 1H24, which improved to a loss of 2.68 million yuan in 1H25 [1] Market and Industry Trends - The overall impact of road network changes in 2025 is expected to be neutral, with slight variations in toll revenues across different highways [2][3] - The company’s core asset, Guangzhou North Second Ring, is undergoing expansion, which is anticipated to have a minimal impact on traffic flow [2] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted upwards by 8.5%, 5.1%, and 10.4% to 730 million, 745 million, and 757 million yuan respectively [3] - The target price has been raised to 4.79 HKD based on a 10x PE ratio for 2025E, indicating a strong dividend yield of 6.8% [3]

Group 1 - The core viewpoint of the article highlights that Yuexiu Transportation Infrastructure (01052) experienced a stock price increase of over 4% following the release of its interim financial report, with a current price of 4 HKD and a trading volume of 17.6353 million HKD [1] - The company reported a revenue of 2.099 billion RMB for the first half of the year, representing a year-on-year increase of 14.9%, and a net profit of 361 million RMB, also up by 14.9% [1] - The earnings per share (EPS) was reported at 0.2156 RMB, and the company declared an interim dividend of 0.12 HKD, unchanged from the same period last year [1] Group 2 - Huatai Securities noted that the company's profit exceeded expectations primarily due to the lower-than-expected amortization of existing road assets [1] - The interim dividend payout ratio reached 50.6%, and the firm is optimistic about the company's ability to continue acquiring quality road assets at favorable prices, maintaining a "buy" rating [1] - Assuming a dividend payout ratio of 55% for the fiscal year 2025, the estimated dividend yield for 2025 is projected to be 6.8%, indicating strong attractiveness [1] Group 3 - As of August 15, the Hang Seng High Dividend Yield Total Return Index has risen by 29% year-to-date, supported by ample liquidity in the Hong Kong market and low Hibor rates, which bolster dividend valuations [1] - In the context of low domestic interest rates, there remains a demand from Chinese long-term funds to increase allocations in Hong Kong dividend stocks, with the company's southbound holdings rising from 18.8% at the beginning of the year to 20.3% by August 15 [1]

Core Viewpoint - Yuexiu Transportation Infrastructure (01052) reported a strong interim financial performance, leading to a stock price increase of over 4% following the announcement of its mid-year results [1] Financial Performance - The company reported a revenue of 2.099 billion RMB for the first half of the year, representing a year-on-year increase of 14.9% [1] - Net profit reached 361 million RMB, also reflecting a year-on-year growth of 14.9% [1] - Earnings per share were reported at 0.2156 RMB [1] Dividend Information - The company declared an interim dividend of 0.12 HKD, unchanged from the same period last year [1] - The dividend payout ratio for the interim period was 50.6% [1] Analyst Insights - Huatai Securities noted that the company's earnings exceeded expectations primarily due to lower-than-anticipated amortization adjustments on existing road assets [1] - The firm maintains a "buy" rating on the stock, projecting a dividend payout ratio of 55% for the fiscal year 2025, which would result in an estimated dividend yield of 6.8% [1] Market Context - The Hang Seng High Dividend Yield Total Return Index has increased by 29% year-to-date as of August 15 [1] - The liquidity in the Hong Kong market remains ample, with low Hibor rates supporting dividend valuations [1] - In the context of low domestic interest rates, there is a growing demand from Chinese long-term funds to allocate to Hong Kong dividend stocks, with the company's southbound holdings increasing from 18.8% at the beginning of the year to 20.3% by August 15 [1]

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 ...