Investment Rating - The report maintains a "Buy" rating for Sichuan Road and Bridge (600039 CH) with a target price of RMB 11.35 [7][8]. Core Views - The company has announced a shareholder return plan for 2025-2027, increasing the cash dividend payout ratio from 50% to at least 60% of net profit attributable to shareholders, indicating strong investment value [1][4]. - Sichuan Province's strategic importance supports ongoing investment in infrastructure, which is expected to benefit the company's fundamentals and profit stability [1][2]. - The positive cycle between the controlling shareholder, Shudao Group, and Sichuan Road and Bridge enhances the company's development and cash flow [3][4]. Summary by Sections Shareholder Return Plan - The company plans to distribute cash dividends of no less than 60% of net profit from 2025 to 2027, up from the previous 50% [1]. - Estimated dividend yields for 2025 and 2026 are projected at 7.28% and 7.66%, respectively, based on a closing price of RMB 7.20 on February 24 [1]. Infrastructure Investment in Sichuan - The Sichuan Provincial Highway Network Layout Plan (2022-2035) aims for a total of 20,000 kilometers of highways, with 10,310 kilometers already operational by the end of 2024 [2]. - The province plans to maintain an average annual construction intensity of 969 kilometers over the next decade, with a target investment of RMB 2,600 billion in 2025 [2]. Synergy with Shudao Group - Shudao Group holds 79.22% of Sichuan Road and Bridge's shares, creating a beneficial cycle where project investments secure orders for the company, ensuring market share and cash flow [3]. - The increased dividend payout ratio is expected to further enhance this synergy, supporting the company's growth [3]. Profit Forecast and Valuation - The net profit forecasts for 2024-2026 are adjusted to RMB 7.994 billion, RMB 7.609 billion, and RMB 8.008 billion, respectively [4]. - The target price is adjusted to RMB 11.35, based on a 13x PE ratio for 2025, reflecting a higher dividend yield compared to peers [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has increased its dividend payout ratio to no less than 60% of the net profit attributable to shareholders, enhancing its attractiveness through high dividend yields [6][4] - The infrastructure investment in Sichuan province is expected to continue growing, with plans to exceed 280 billion yuan in transportation construction investment in 2025, which will benefit the company [6] - The company is projected to achieve steady growth in performance, supported by a favorable infrastructure environment and strong backing from its major shareholder, Shudao Group [6] Financial Summary - The company's total market capitalization is approximately 60,985.85 million yuan, with a circulating market value of 46,925.48 million yuan [2] - The company's revenue is forecasted to decline from 135,151 million yuan in 2022 to 104,590 million yuan in 2024, before recovering to 122,705 million yuan by 2026 [5] - The net profit attributable to shareholders is expected to decrease from 11,213 million yuan in 2022 to 8,018 million yuan in 2024, with a projected increase to 9,538 million yuan by 2026 [5] - The company's earnings per share (EPS) is forecasted to be 1.29 yuan in 2022, declining to 0.92 yuan in 2024, and recovering to 1.09 yuan by 2026 [5] - The company maintains a high return on equity (ROE) of 26.83% in 2022, projected to decrease to 16.32% in 2024, and stabilize around 16.39% by 2026 [5] Dividend Policy - The company has committed to a dividend payout ratio of at least 60% of net profit for the years 2025 to 2027, an increase from the previous commitment of 50% [6] - The projected dividend yields for 2024, 2025, and 2026 are expected to be 6.6%, 8.5%, and 9.4% respectively, highlighting the company's strong dividend characteristics [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [12]. Core Views - The company has announced a shareholder return plan for the next three years (2025-2027), prioritizing cash dividends while also allowing for stock dividends or a combination of both [2][6]. - The company aims to establish a clear and stable profit distribution mechanism, ensuring that cash dividends are distributed at least 60% of the net profit attributable to shareholders after covering losses and legal reserves [12]. - The company has consistently maintained a leading dividend payout ratio among local state-owned enterprises, with the planned increase to 60% expected to boost investor confidence [12]. - The demand for infrastructure in Sichuan province is strong, with the company participating in several highway projects, which is anticipated to support steady revenue growth [12]. - The major shareholder, Shudao Group, continues to provide substantial support, which is expected to improve the company's cash flow and fund the high dividend plan [12]. Summary by Sections Shareholder Return Plan - The company has outlined a shareholder return plan for 2025-2027, focusing on cash dividends as the primary method of profit distribution [2][6]. - The plan allows for stock dividends if the company's earnings and stock price are deemed misaligned with its capital structure [8]. Financial Performance and Projections - The company projects revenues of 80.0 billion, 87.4 billion, and 96.1 billion for the years 2024-2026, with corresponding price-to-earnings ratios of 7.6, 7.0, and 6.3 [12]. - The expected dividend yield for 2025, based on a 60% payout ratio, is approximately 8.6% [12]. Market Position and Growth Potential - The company is well-positioned to benefit from the ongoing infrastructure projects in Sichuan, with significant investments planned in the region [12]. - The company has a strong order backlog as contracts are signed, which will support future revenue growth [12].

Investment Rating - The report maintains a "Buy" rating for Sichuan Road and Bridge (600039) with a target price not specified [5]. Core Views - The company plans to increase its cash dividend payout ratio to no less than 60% of the annual net profit attributable to shareholders from 2025 to 2027, up from a previous minimum of 50% from 2022 to 2024, highlighting its high dividend investment value [1]. - The collaboration between Shudao Group and Sichuan Road and Bridge has created a unique development model, with Sichuan Road and Bridge contributing over 60% of Shudao's profits in 2023, indicating its critical role in Shudao's expansion [2]. - Sichuan's infrastructure investment is expected to grow, with a target of 280 billion yuan in 2025, representing a 7.7% increase from 260 billion yuan in 2024, which supports the company's long-term performance [3]. Financial Data and Valuation - The projected net profit attributable to shareholders for 2024, 2025, and 2026 is 7.8 billion yuan, 8.6 billion yuan, and 9.2 billion yuan respectively, with corresponding dividend yields of 6.4%, 8.4%, and 9.1% based on the closing price as of February 21 [1]. - The company's revenue for 2024 is estimated at 105.9 billion yuan, with a decline of 7.99% from 2023, followed by a recovery in 2025 with an expected growth of 8.06% [4]. - The company's earnings per share (EPS) is projected to be 0.90 yuan in 2024, with a price-to-earnings (P/E) ratio of 7.82 [4].

Investment Rating - The investment rating for Sichuan Road and Bridge (600039) is "Buy" with a target price not specified [5]. Core Views - The company plans to maintain a cash dividend ratio of no less than 60% of the annual net profit attributable to the parent company from 2025 to 2027, an increase from the previous 50% for 2022-2024, highlighting its high dividend investment value [1]. - The collaboration between Shudao Group and Sichuan Road and Bridge has created a unique development model, with Sichuan Road and Bridge being a core contributor to Shudao's revenue and profit [2]. - Sichuan's infrastructure investment is expected to grow, with a target of 280 billion yuan in 2025, which supports the company's long-term performance [3]. Financial Data and Valuation - The projected net profit attributable to the parent company for 2024, 2025, and 2026 is 7.8 billion, 8.6 billion, and 9.2 billion yuan respectively, with corresponding dividend yields of 6.4%, 8.4%, and 9.1% based on the current stock price [1]. - The company's revenue for 2024 is estimated at 105.9 billion yuan, with a growth rate of -7.99% compared to 2023 [4]. - The earnings per share (EPS) for 2024 is projected to be 0.90 yuan, with a price-to-earnings (P/E) ratio of 7.82 [4]. Industry Insights - Sichuan Road and Bridge is positioned within the construction and infrastructure sector, which is expected to benefit from ongoing provincial infrastructure investments [5]. - The company has integrated six subsidiaries into the Shudao Maintenance Group, aiming for revenue exceeding 6 billion yuan by the end of the 14th Five-Year Plan [3].

Investment Rating - The report maintains a "Buy" rating for Sichuan Road and Bridge (600039.SH) [6] Core Views - The company has increased its minimum cash dividend payout ratio from 50% to 60%, enhancing its high dividend investment value [1] - The core drivers for maintaining a high dividend rate include its role as a profit center for the major shareholder, Shudao Group, and the supportive policies from the Sichuan government aimed at promoting high-quality capital market development [2] - Sichuan's infrastructure investment is expected to remain robust, with plans to double the highway network by 2035, which will provide a steady stream of high-quality orders for the company [3] Financial Summary - The projected net profits for 2024-2026 are 79 billion, 84 billion, and 89 billion respectively, with year-on-year changes of -12.2%, +6.6%, and +6.1% [3] - The current price-to-earnings (P/E) ratios for 2024-2026 are estimated at 7.7, 7.2, and 6.8 times [3] - The expected dividend rates for 2024-2026 are 50%, 60%, and 60%, leading to projected dividend yields of 6.5%, 8.3%, and 8.8% respectively [3] Financial Indicators - The company's revenue for 2022 was 135.151 billion, with a projected decline to 104.623 billion in 2024, followed by a recovery to 110.256 billion in 2025 and 116.083 billion in 2026 [5] - The net profit for 2022 was 11.212 billion, expected to decrease to 7.906 billion in 2024, then increase to 8.431 billion in 2025 and 8.948 billion in 2026 [5] - The return on equity (ROE) is projected to decline from 26.8% in 2022 to 15.4% in 2026 [5]

Investment Rating - The report maintains a "Buy" rating for Sichuan Road and Bridge (600039.SH) [6] Core Views - The company has increased its minimum cash dividend payout ratio from 50% to 60%, enhancing its high dividend investment value [1] - The core drivers for maintaining a high dividend rate include its role as a profit center for the major shareholder, Shudao Group, and the supportive policies from the Sichuan government aimed at promoting high-quality development in the capital market [2] - Sichuan's infrastructure investment is expected to remain robust, with plans to double the highway network by 2035, which will provide a steady stream of high-quality orders for the company [3] Financial Summary - The projected net profits for 2024-2026 are 79 billion, 84 billion, and 89 billion respectively, with year-on-year changes of -12.2%, +6.6%, and +6.1% [3] - The current price-to-earnings (P/E) ratios for 2024-2026 are estimated at 7.7, 7.2, and 6.8 times [3] - The expected dividend rates for 2024-2026 are 50%, 60%, and 60%, leading to projected dividend yields of 6.5%, 8.3%, and 8.8% respectively [3] Financial Indicators - The company's revenue for 2022 was 135.151 billion, with a projected decline to 104.623 billion in 2024, followed by a slight recovery to 110.256 billion in 2025 [5] - The net profit for 2022 was 11.212 billion, expected to decrease to 7.906 billion in 2024, and then increase to 8.431 billion in 2025 [5] - The earnings per share (EPS) for 2024 is projected at 0.91, with a gradual increase to 1.03 by 2026 [5]

四川路桥建设集团股份有限公司 未来三年（2025 年度-2027 年度）股东回报规划 一、股东回报规划的制定原则 为充分维护股东依法享有的资产收益等权利，重视股东 合理的投资回报，兼顾公司的稳健及可持续发展，增强利润 分配决策的透明度和可操作性，根据相关法律法规和公司 《章程》的规定，四川路桥建设集团股份有限公司（以下简 称公司）结合实际情况，特制定股东回报规划。 二、制定公司三年股东回报规划主要考虑因素 公司着眼于长远和可持续的发展，综合考虑公司战略规 划、发展目标、股东意愿、实际情况等因素，建立对投资者 持续、稳定、科学的回报规划与机制，对公司利润分配作出 明确的制度性安排，并将持续优化现金流管理，强化资金管 控，科学规划收支安排，以保证利润分配政策的连续性和稳 定性。 三、未来三年（2025 年度-2027 年度）的具体股东回报 规划 （一）利润分配形式 公司利润分配可以采取现金、股票、现金和股票相结合 或者法律许可的其他方式，并优先考虑现金分红方式。 （二）现金分红的条件 1.在符合分红条件情况下，公司原则上每年进行一次现 金分红。经股东会审议通过，公司根据盈利状况可以进行中 1 期现金分红。 2.公 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-018 四川路桥建设集团股份有限公司 第八届董事会第五十二次会议决议的公告 二、董事会会议审议情况 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。 一、董事会会议召开情况 （一）本次董事会会议的召开符合《公司法》、公司《章程》的规定。 （二）本次董事会于 2025 年 2 月 21 日以现场结合通讯方式召开。根据公司 《董事会议事规则》中会议通知的相关规定，本次会议通知于 2025 年 2 月 20 日以电话的方式发出。 （一）审议通过了《关于<四川路桥未来三年（2025 年度-2027 年度）股东 回报规划>的议案》 （三）本次董事会应出席人数 10 人，实际出席人数 10 人。其中委托出席 2 人，董事长孙立成因其他公务未能亲自出席，委托副董事羊勇代为行使表决权； 董事赵志鹏因其他公务未能亲自出席，委托董事朱年红代为行使表决权；董事李 黔、独立董事周友苏以通讯方式参会。 （四）会议由副董事长羊勇主持，公司部分监事及高级管理人员列席会议。 特此公告。 1 证券代 ...

Investment Rating - The report assigns an initial investment rating of "Buy" for Sichuan Road and Bridge [4][6]. Core Views - Sichuan Road and Bridge is positioned to benefit from the ongoing infrastructure investment in the Sichuan-Chongqing economic circle, focusing on its core business to explore new growth opportunities [4][8]. - The company has a strong market position in the Sichuan province, with a solid financial structure and ample funding support for infrastructure projects [5][41]. Summary by Sections Financial Performance - The company is projected to achieve a net profit attributable to shareholders of 8.018 billion, 8.637 billion, and 9.538 billion RMB for the years 2024 to 2026, with growth rates of -10.94%, +7.71%, and +10.44% respectively [4][6]. - Revenue forecasts for the same period are -9.08%, +7.43%, and +9.21%, indicating a compound annual growth rate of +8.31% [7][8]. Market Environment - Sichuan province's infrastructure investment is expected to continue growing, with public road investment increasing from 123.98 billion RMB in 2016 to 255.57 billion RMB in 2023, reflecting a CAGR of 10.89% [5][41]. - The province's comprehensive financial strength reached 1,938.907 billion RMB in 2023, ranking fifth among 20 provinces, with a debt ratio of only 105%, indicating a healthy fiscal structure [5][57]. Business Strategy - The company has optimized its shareholding structure, increasing the stake in its profitable road and bridge mining segment from 60% to 64%, which is expected to enhance operational efficiency and reduce pressure from non-core businesses [5][8]. - Sichuan Road and Bridge maintains a high dividend payout ratio of 50%, which is expected to continue, reflecting its commitment to shareholder returns [5][32]. Growth Potential - The report highlights the potential for recovery and growth following the impact of the "8.21" flood event, with new leadership expected to drive higher quality growth and transformation [5][36][37]. - The ongoing development of the Chengdu-Chongqing economic circle is anticipated to further enhance the company's market opportunities, with significant investments planned in transportation infrastructure [5][51].