证券研究报告 | 公司点评 gszqdatemark 2025 06 22 年 月 日 四川路桥（600039.SH） 再论四川路桥高分红的持续性如何？ 四川交通基建需求广阔、财政充沛，四川路桥订单充裕、有望向业绩持续 转化。 从四川交通基建需求来看，2024 年四川完成公路水路交通固定资产投资 2608 亿元，连续 4 年超 2000 亿元，2024 年占全国的比为 9.3%，连续 4 年稳步提升，2015-2024 年投资额复合增速 8.2%；2024 年底四川高速公 路通车里程 10310 公里，占全国的比为 5.4%，连续 10 年占比提升。四 川规划到 2035 年高速公路网达 2 万公里，因此未来 10 年省内高速公路 有翻倍建设空间。此外，四川省已被明确定义为国家战略腹地省市，预计 后续将在国家战略腹地建设中占据核心地位，若后续国家战略腹地顶层设 计出台，四川高速公路项目及大量基建项目有望获国家专项补助资金，保 障项目现金流、利润率，并驱动项目加快推进。 从四川财政情况来看，2024 年四川省地方财政收入 5635 亿元，全国排名 第 7；地方财政支出 1.34 万亿元，全国排名第 3。四川财政 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [4] Core Viewpoints - The western fixed asset investment (FAI) is experiencing high growth, with the issuance of special bonds accelerating, which will provide stronger support for infrastructure [1][21] - The GDP growth rate in the western region from 2019 to 2024 has reached a compound annual growth rate (CAGR) of 7%, with significant support from central financial policies and national strategic planning [28][32] - The issuance of special bonds in the central and western regions has significantly accelerated, with a notable increase in new special bonds in provinces like Sichuan and Shaanxi [21][32] Summary by Sections 1. High Prosperity of Western Fixed Asset Investment - The western region has maintained double-digit growth in FAI, with provinces like Inner Mongolia, Xinjiang, and Tibet showing strong performance [1] - The issuance of special bonds has increased significantly, with Sichuan's issuance up by 162% year-on-year [21] 2. Investment Opportunities in Key Regions - **Sichuan-Chongqing**: The transportation planning investment in Sichuan during the 14th Five-Year Plan is expected to increase by 16.5% compared to the previous plan, benefiting local construction companies [2][36] - **Tibet**: Active mining and robust infrastructure projects are expected to drive high regional investment demand, with significant projects like the construction of major copper mines [2][48] - **Xinjiang**: The coal chemical industry is thriving, with nearly 500 billion yuan invested in the past five years, and the region is expected to see continued infrastructure support [3][60] 3. Major Infrastructure Projects Boosting Regional Investment - The construction of the Pinglu Canal is expected to significantly enhance water transport infrastructure in Guangxi, with a total investment of approximately 727 billion yuan [3] - The Western Land-Sea New Corridor is projected to connect multiple provinces and enhance regional infrastructure growth, with completion expected by 2035 [3][60] 4. Investment Recommendations - Key stocks recommended include Sichuan Road and Bridge, China Chemical, and China Energy Engineering, all rated as "Buy" [9][47]

证券代码：600039 证券简称：四川路桥 公告编号：2025-061 四川路桥建设集团股份有限公司 2025 年度第一期中期票据发行结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 四川路桥建设集团股份有限公司（以下简称公司）于2024年7月9日、2024 年7月25日先后召开第八届董事会第四十次会议和2024年第五次临时股东大会， 审议通过了《关于统一注册多品种债务融资工具的议案》，具体内容详见公司于 2024年7月10日在上海证券交易所网站（http://www.sse.com.cn）披露的公告编 号为2024-069的《四川路桥关于统一注册发行多品种债务融资工具的公告》。 2024年9月，公司收到中国银行间市场交易商协会下发的《接受注册通知书》 （中市协注〔2024〕DFI49号），该协会决定接受公司债务融资工具注册，具体内 容详见公司于2024年9月19日在上海证券交易所网站（http://www.sse.com.cn） 披露的公告编号为2024-090的《四川路桥关于收到中国银行间市场交易商协会< 接受注册 ...

Core Viewpoint - The dividend performance of listed companies in Sichuan has shown significant improvement, characterized by increased dividend payout ratios, stable dividend amounts, and the gradual establishment of a normalized dividend mechanism, enhancing investment value [1][2]. Group 1: Dividend Payout Ratio - The annual dividend payout ratio for Sichuan-listed companies reached 50.28%, an increase of 7.02 percentage points from the previous year. Approximately 40% of the 43 companies had a payout ratio exceeding 50%, indicating a strong commitment to shareholder returns [1]. Group 2: Stability of Dividend Amounts - Despite some companies facing performance pressures, 105 Sichuan-listed companies announced a total cash dividend of 57.766 billion yuan in 2024, maintaining the same level as the previous year, even with a decrease in profitable companies. Notably, some companies with negative net profits still distributed dividends, reflecting their focus on investor relations [1]. Group 3: Leading Role of Major Companies - In 2024, seven Sichuan-listed companies distributed dividends exceeding 1 billion yuan each, collectively contributing about 43 billion yuan, which accounts for 74% of the total dividend amount [2]. Group 4: Performance of Newly Listed Companies - Over 60% of the 20 newly listed companies in the past three years introduced cash dividend plans for 2024, with an average payout ratio exceeding 50%. Six of these companies executed multiple dividend distributions within the year [2]. Group 5: Normalized Dividend Mechanism - A total of 27 companies increased their frequency of dividend payments by 285% year-on-year, with over 12 billion yuan distributed before the Spring Festival. Additionally, 61 companies have maintained continuous dividends for five years, and 53 companies have disclosed long-term return plans or sought shareholder approval for mid-term dividend strategies [2].

Group 1 - The core viewpoint of the news is that the China Securities State-Owned Enterprises Dividend Index (000824) has shown a slight increase, indicating a positive trend in state-owned enterprises' stock performance, particularly in dividend-paying stocks [1][2] - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index account for 15.83% of the index, highlighting the concentration of investment in a few key companies [2] - The report from Xinda Securities suggests that if significant monetary and fiscal policies are implemented, there could be improvements in M2 and M1-M2 differential, which may positively impact market conditions [1] Group 2 - The China Securities State-Owned Enterprises Dividend ETF (159515) closely tracks the performance of the China Securities State-Owned Enterprises Dividend Index, which includes 100 listed companies with high and stable cash dividend yields [2] - As of May 30, 2025, the top weighted stocks include COSCO Shipping Holdings (601919), Jizhong Energy (000937), and Chengdu Bank (601838), among others, indicating a diverse portfolio within the index [2][4] - The report indicates that the absolute and relative price-to-earnings (PE) ratios are high, but the trading volume has decreased since early April, suggesting a potential for future market adjustments [1]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [12] Core Insights - The construction sector is favored for high dividend investment opportunities, particularly in Hong Kong and A-shares [2] - Key companies highlighted include China State Construction, Sichuan Road and Bridge, and international engineering firms benefiting from the Belt and Road Initiative [2][10] - The report emphasizes the importance of stable growth and infrastructure as a cornerstone of economic development, with significant government spending planned for 2025 [9] Summary by Sections High Dividend Opportunities - The report continues to favor high dividend investment opportunities in the construction sector, particularly focusing on state-owned enterprises and local government enterprises [2] - China State Construction is identified as a top pick due to its strong fundamentals and high dividend yield [10] Performance of Hong Kong Construction Stocks - Hong Kong construction stocks have performed well, with notable increases in share prices for companies like China Communications Construction and China Railway Group [8] - The report attributes this performance to overall market strength and significant liquidity inflows [8] A-Share Recommendations - In A-shares, China State Construction is recommended for its high dividend yield and robust order growth, with new contracts expected to reach 1.4149 trillion yuan in 2024, a 21.1% increase year-on-year [10] - Sichuan Road and Bridge is highlighted for its increasing dividend payout ratio and confidence in future growth [10] International Engineering Opportunities - The report emphasizes the potential of international engineering firms, particularly those involved in the Belt and Road Initiative, with companies like China Steel International and China National Materials recommended for their high dividend yields [10] Market Outlook - The outlook for 2025 remains positive, with infrastructure investment expected to benefit from government policies and increased fiscal spending [9][10] - The report notes that the construction sector is positioned to capitalize on these trends, making it an attractive investment area [9]

Core Viewpoint - Sichuan Road and Bridge (四川路桥) is acquiring assets from its affiliate New筑股份 to enhance its bridge component business and strengthen market competitiveness, with the total asset scale exceeding 1.2 billion yuan [1][4]. Group 1: Acquisition Details - The acquisition involves cash payment for 100% equity of New筑交科 and other related assets and liabilities, aimed at solidifying the company's engineering construction business and improving technical advantages in bridge construction [2][3]. - The total scale of the acquired assets is approximately 1.227 billion yuan, which includes New筑交科's total assets of about 880 million yuan and other related assets totaling around 347 million yuan [3][4]. Group 2: Company Background and Financial Performance - Sichuan Road and Bridge has a stable operational performance, with annual revenues exceeding 100 billion yuan from 2022 to 2024, and a total net profit attributable to shareholders exceeding 27 billion yuan during the same period [1][7]. - The company has seen significant growth in total assets, increasing from approximately 1370.38 billion yuan at the end of 2021 to about 2409.15 billion yuan by the end of 2023, marking an increase of over 103.8 billion yuan in just two years [5][6]. Group 3: Historical Context and Future Outlook - The company has a history of strategic acquisitions and investments, including cross-border projects and renewable energy initiatives, indicating a proactive approach to expanding its business portfolio [5][6]. - In the first quarter of this year, the company reported a revenue of 229.86 billion yuan and a net profit of 17.74 billion yuan, showing a slight year-on-year growth and halting a previous downward trend [7].

证券代码：600039 证券简称：四川路桥 公告编号：2025-060 四川路桥建设集团股份有限公司 关于拟收购成都市新筑路桥机械股份有限公司桥梁 功能部件资产组暨关联交易的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●关联交易简要内容 四川路桥建设集团股份有限公司（以下简称公司）拟以支付现金的方式收购 关联方成都市新筑路桥机械股份有限公司（以下简称新筑股份）持有的成都市新 筑交通科技有限公司（以下简称新筑交科）100%股权、新筑股份其它与桥梁功 能部件业务有关的资产和负债（以下简称本次收购或本次关联交易）。最终的收 购方案待审计及评估工作完成后确定，并按公司《章程》的规定另行提交公司董 事会或股东会（如需）审议。 ●新筑股份为公司控股股东蜀道投资集团有限责任公司（以下简称蜀道集团） 的控股子公司，本次收购构成关联交易。 ●本次收购预计不构成重大资产重组。 ●风险提示 本次所签署的附条件生效的《成都市新筑路桥机械股份有限公司与四川路桥 建设集团股份有限公司之资产出售协议》为公司与新筑股份就本次收 ...

四川路桥建设集团股份有限公司 第八届监事会第四十三次会议决议的公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 （一）本次监事会会议的召开符合《公司法》、公司《章程》的规定。 证券代码：600039 证券简称：四川路桥 公告编号：2025-059 （四）本次监事会由监事会主席黄卫主持，公司部分高级管理人员列席了会 议。 二、监事会会议审议情况 （一）审议通过了《关于拟收购成都市新筑路桥机械股份有限公司桥梁功 能部件资产组的关联交易议案》 监事会同意公司以支付现金的方式收购关联方成都市新筑路桥机械股份有 限公司（以下简称新筑股份）持有的成都市新筑交通科技有限公司 100%股权、 新筑股份其它与桥梁功能部件业务有关的资产和负债。最终的收购方案待审计及 评估工作完成后确定，并按公司《章程》的规定另行提交公司董事会或股东会（如 需）审议。 具体内容详见公司公告编号为 2025-060 的《四川路桥关于拟收购成都市新 筑路桥机械股份有限公司桥梁功能部件资产组暨关联交易的提示性公告》。 此项议案涉及关联交易，关 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-060 四川路桥建设集团股份有限公司 关于拟收购成都市新筑路桥机械股份有限公司桥梁 功能部件资产组暨关联交易的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●关联交易简要内容 四川路桥建设集团股份有限公司（以下简称公司）拟以支付现金的方式收购 关联方成都市新筑路桥机械股份有限公司（以下简称新筑股份）持有的成都市新 筑交通科技有限公司（以下简称新筑交科）100%股权、新筑股份其它与桥梁功 能部件业务有关的资产和负债（以下简称本次收购或本次关联交易）。最终的收 购方案待审计及评估工作完成后确定，并按公司《章程》的规定另行提交公司董 事会或股东会（如需）审议。 ●新筑股份为公司控股股东蜀道投资集团有限责任公司（以下简称蜀道集团） 的控股子公司，本次收购构成关联交易。 ●本次收购预计不构成重大资产重组。 ●风险提示 本次所签署的附条件生效的《成都市新筑路桥机械股份有限公司与四川路桥 建设集团股份有限公司之资产出售协议》为公司与新筑股份就本次收 ...