Company Overview - The company announced the acquisition of 85% equity in the Qinbin Expressway segment from Zhanhua to the Hebei border, with a transaction price of 1.15 billion yuan [1] - The valuation of the target segment is considered reasonable, potentially extending the average operational lifespan of the company's road assets [1] Financial Metrics - The static P/E ratio of the target company based on the acquisition price is 5.0x, with projected P/E ratios for 2025 and 2026 at 12.6x and 11.4x respectively [1] - The internal rate of return for the project is reported at 10.43%, compared to 9.2% for the Pinglin Expressway, indicating a higher project return [1] Revenue and Profitability - The target segment is expected to generate revenue of 750 million yuan in 2024, accounting for 19.5% of the company's total revenue for that year [1] - For the first eight months of 2025, the target segment is projected to achieve revenue of 550 million yuan and a net profit of 270 million yuan, representing 72.5% and 94.9% of the total annual figures for 2024 respectively [1] Future Projections - In 2026, revenue from the target segment is expected to decline by 33.2% due to maintenance and completion of other segments, but net profit is projected to increase by 10.5% [2] - From 2026 to 2028, the compound annual growth rate (CAGR) for revenue, EBIT, and net profit of the target company is estimated at 7.3%, 11.9%, and 25.5% respectively [2] Valuation and Target Price - The company maintains net profit estimates of 739 million yuan and 770 million yuan for 2025 and 2026 respectively, with current stock prices corresponding to P/E ratios of 9.5x and 9.0x for those years [2] - The target price for 2025 is set at 5.13 HKD, reflecting a dividend yield of 5.5%, with an 18.2% increase in target price and P/E ratios of 10.6x and 10.1x for 2025 and 2026 respectively, indicating a potential upside of 12.2% from current stock prices [2]

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].

Investment Rating - The report maintains a "Strong Buy" rating for Yuexiu Transportation Infrastructure [6] Core Views - The acquisition of Qinbin Expressway is expected to significantly benefit the company's performance and operational sustainability [2][5] - The project is projected to enhance the company's revenue and extend the average remaining toll collection period of its controlled highways by approximately 0.8 years [5] Summary by Sections Acquisition Details - The company plans to acquire 85% of the Qinbin Expressway for CNY 1.154 billion, covering a total length of 60.7 kilometers with a remaining toll collection period of slightly over 20 years [2] - The expressway has already achieved profitability, with revenues for the years 2023, 2024, and 2025 (up to August) reported at CNY 563 million, CNY 752 million, and CNY 546 million respectively [3] Revenue Potential - The average daily revenue per kilometer for Qinbin Expressway is notably high, at CNY 25,000, CNY 34,000, and CNY 37,000 for the years 2023, 2024, and 2025 respectively [3] - The report anticipates a revenue drop in 2026 to CNY 599 million, which is still above the 2023 level, due to increased traffic on the expressway from the parallel expansion of the Rongwu Expressway [4] Financial Metrics - The internal rate of return (IRR) for the acquisition is estimated at 10.43%, which is favorable compared to the previous acquisition of Pinglin Expressway with an IRR of 9.2% [4] - The total enterprise value (EV) of the project is calculated at CNY 6.225 billion, translating to a unit cost of just over CNY 100 million per kilometer [4] Profit Forecast - The projected net profits for the company for 2025, 2026, and 2027 are CNY 755 million, CNY 769 million, and CNY 822 million respectively, with a significant increase expected from the acquisition [11] - The report suggests that the acquisition will add approximately CNY 1 billion to the company's earnings in 2026 [11]