Core Viewpoint - Sichuan Expressway's 1H25 results show a decline in revenue but an increase in net profit, aligning with expectations, indicating resilience amid challenging conditions [1][2]. Financial Performance - Revenue decreased by 23.14% YoY to Rmb4,126 million in 1H25, with a net profit attributable to shareholders rising by 19.93% YoY to Rmb837 million [1]. - In 2Q25, revenue fell 32.17% YoY to Rmb2.28 billion, while net profit attributable to shareholders increased by 24.2% YoY to Rmb381 million [1]. - Toll revenue slightly decreased by 2.25% YoY to Rmb2.27 billion in 1H25, with mixed performance across core road assets [1][2]. Expense Management - Financial expenses decreased by 31.0% YoY, and general and administrative expenses fell by 14.8% YoY, contributing to profit through cost reduction and efficiency improvements [2]. Growth Potential - The expansion of Chengle Expressway is nearing completion, and Chengya Expressway has secured an expansion bid, expected to allow for higher toll rates and longer tolling periods [3]. - The acquisition of the Second Ring (Western) Expressway is projected to contribute Rmb160 million in profit in 2025, along with a cumulative compensation of Rmb31.48 million for 2023-2024 [4]. Shareholder Returns - The company emphasizes shareholder returns, with a dividend payout ratio not lower than 60% for 2023-2025, leading to a 2024 dividend yield of 6.4%, one of the highest in the highway sector [5]. - Estimated dividend yields for 2025 and 2026 are projected at 7.0% and 7.4%, respectively, indicating attractive returns [5]. Valuation - A-shares are trading at 10.9x 2025e and 10.4x 2026e P/E, while H-shares are at 8.6x 2025e and 8.1x 2026e P/E [6]. - Target prices are set at Rmb6.85 for A-shares (implying 13.3x 2025e P/E) and HK$5.61 for H-shares (implying 10.0x 2025e P/E), with respective upsides of 21.9% and 16.4% [6].

Core Viewpoint - The company's 1H25 performance aligns with expectations, showing a decline in revenue but an increase in net profit, indicating effective cost management and operational efficiency [1][2]. Financial Performance - In 1H25, the company reported revenue of 4.126 billion yuan, a year-on-year decrease of 23.14%, while net profit attributable to shareholders was 837 million yuan, up 19.93% year-on-year, meeting expectations [1]. - For Q2 2025, revenue was 2.276 billion yuan, down 32.17% year-on-year, but net profit increased by 24.2% to 381 million yuan [1]. Revenue Trends - Toll revenue slightly declined, with a total of 2.274 billion yuan in 1H25, down 2.25% year-on-year. Key toll roads like Chengle and Chengyu saw revenue increases of 0.92% and 0.52%, respectively, while Chengya and Chengren experienced declines of 2.33% and 7.21% due to new road openings and competition from railways [1]. - The company managed to reduce financial expenses by 31.0% and management expenses by 14.8%, contributing positively to profit margins [1]. Growth Prospects - The company is investing in core assets, with the Chengle Expressway expansion nearing completion and the Chengya Expressway already awarded an expansion project, which is expected to enhance toll rates and extend toll collection periods post-completion [2]. - The acquisition of Chengdu Erxinan is projected to contribute 160 million yuan in profit for 2025, along with an expected cumulative compensation of 31.48 million yuan from 2023 to 2024, indicating significant profit growth potential [2]. Shareholder Returns - The company emphasizes shareholder returns, with a commitment to a dividend payout ratio of no less than 60% from 2023 to 2025, a notable increase from previous levels [2]. - The projected dividend yield for 2024 is 5.2%, positioning the company among the leaders in the highway industry, with potential yields of 5.5% and 5.8% for 2025 and 2026, respectively [2]. Valuation and Forecast - The company maintains its profit forecasts for 2025 and 2026, with current A-share prices reflecting a price-to-earnings ratio of 10.9 and 10.4 for those years, and H-share prices at 8.6 and 8.1 [2]. - The target price for A-shares is set at 6.85 yuan, suggesting a 21.9% upside potential, while the target price for H-shares is 5.61 HKD, indicating a 16.4% upside [2].

Core Viewpoint - Sichuan Chengyu (601107) reported a decline in total revenue for the first half of 2025, while net profit increased, indicating a mixed performance in financial results [1]. Financial Performance - Total revenue for the first half of 2025 was 4.126 billion yuan, a decrease of 23.14% year-on-year [1]. - Net profit attributable to shareholders reached 837 million yuan, an increase of 19.93% year-on-year [1]. - In Q2 2025, total revenue was 2.276 billion yuan, down 32.17% year-on-year, while net profit was 381 million yuan, up 24.17% year-on-year [1]. - Gross margin improved to 37.44%, up 26.12% year-on-year, and net margin increased to 21.33%, up 56.61% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 549 million yuan, accounting for 13.3% of revenue, a slight decrease of 0.87% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) for the first half of 2025 was 0.26 yuan, an increase of 13.71% year-on-year [1]. - Cash flow per share was 0.46 yuan, a decrease of 15.44% year-on-year [1]. - The company's return on invested capital (ROIC) was 4.21%, indicating weak capital returns [1]. - The debt-to-asset ratio for interest-bearing liabilities reached 61.4% [3]. Business Model and Growth Drivers - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of capital projects [2]. - Recent growth in net profit is attributed to a focus on the core highway business and improved financial efficiency, with net profit expected to reach 1.587 billion yuan in 2025 [5]. Shareholder Information - The estimated dividend yield for the company is 4.56% [2]. - Notable funds holding shares in Sichuan Chengyu include Huisheng Huize Mixed A and Zhongyou Ruixin Enhanced Bond, among others [4].

证券代码：601107 证券简称：四川成渝 公告编号：2025-037 债券代码：241012.SH 债券简称：24 成渝 01 债券代码：102485587 债券简称：24 成渝高速 MTN001 四川成渝高速公路股份有限公司 第八届董事会第三十八次会议决议公告 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。 一、董事会会议召开情况 （一）四川成渝高速公路股份有限公司（以下简称"公司"或"本公司"） 第八届董事会第三十八次会议于 2025 年 8 月 28 日在四川省成都市武侯祠大街 （二）会议通知、会议资料已于 2025 年 8 月 18 日以电子邮件和专人送达方 式发出。 （三）出席会议的董事应到 12 人，实到 12 人。 （四）会议由董事长罗祖义先生主持，公司高级管理人员列席了会议。 （五）会议的召开符合《公司法》和本公司《公司章程》的有关规定。 二、董事会会议审议情况 （三）审议通过了《关于本公司 2025 年投资计划中期调整的议案》 根据所属企业上报的各企业 2025 年度投资计划中期调整方案，经本公司论 证，形 ...

证 券 研 究 报 告 四川成渝（601107）2025 年中报点评 强推（维持） 25Q2 业绩同比+24%超预期，H1 业绩同比 +20%，存在预期差的低估值红利资产 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 10,362 | 9,984 | 10,229 | 10,596 | | 同比增速(%) | -11.1% | -3.7% | 2.5% | 3.6% | | 归母净利润(百万) | 1,459 | 1,630 | 1,728 | 1,867 | | 同比增速(%) | 22.9% | 11.7% | 6.0% | 8.0% | | 每股盈利(元) | 0.48 | 0.53 | 0.57 | 0.61 | | 市盈率(倍) | 12 | 11 | 10 | 9 | | 市净率(倍) | 0.9 | 0.9 | 0.9 | 0.8 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 8 月 28 日收盘价 公 ...

Financial Performance - The company's total operating revenue for the first half of 2025 was 4.126 billion yuan, ranking 6th among disclosed peers [1] - The net profit attributable to shareholders was 837 million yuan, ranking 8th among disclosed peers, representing an increase of 139 million yuan or 19.93% year-on-year [1] - The net cash inflow from operating activities was 1.407 billion yuan, ranking 8th among disclosed peers [1] Financial Ratios - The latest debt-to-asset ratio is 66.28%, a decrease of 0.34 percentage points from the previous quarter and a decrease of 6.09 percentage points from the same period last year [3] - The latest gross profit margin is 37.44%, ranking 10th among disclosed peers, with an increase of 7.75 percentage points year-on-year, marking three consecutive years of growth [3] - The latest return on equity (ROE) is 4.28%, ranking 11th among disclosed peers [3] Earnings Metrics - The diluted earnings per share (EPS) is 0.26 yuan, ranking 10th among disclosed peers, with an increase of 0.03 yuan or 13.71% year-on-year [3] - The latest total asset turnover ratio is 0.07 times [3] - The latest inventory turnover ratio is 93.07 times, ranking 6th among disclosed peers, with an increase of 69.02 times year-on-year, representing a 286.96% increase [3]

Group 1 - The company Sichuan Chengyu (SH 601107) held its 38th meeting of the 8th Board of Directors on August 28, 2025, to discuss the mid-term adjustment of the 2025 investment plan [1] - For the first half of 2025, the company's revenue composition is as follows: 55.1% from highway bridge management and maintenance, 26.19% from sales, 15.76% from highway bridge construction, 1.94% from BT project income, and 0.76% from leasing [1]

四川成渝（601107）高速公路(00107)公布，2025年8月28日，公司间接全资附属公司成渝物流与宏达股 份（600331）订立了浮选磷精矿运输合同，据此，成渝物流向宏达股份提供浮选磷精矿运输服务，总服 务费用上限预计为人民币6,120万元。此前，宏达股份就徵集运输服务供应商进行了公开招标，而成渝 物流最终中标。 ...

（在中華人民共和國註冊成立之股份有限公司） （股份編號：00107） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 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。 四川成渝高速公路股份有限公司 Sichuan Expressway Company Limited* 茲載列四川成渝高速公路股份有限公司（「本公司」）在上海證券交易所網站發佈的 《四川成渝高速公路股份有限公司第八屆董事會第三十八次會議決議公告》，僅供 參閱。 承董事會命 四川成渝高速公路股份有限公司 姚建成 執行董事兼公司秘書 中華人民共和國 • 四川省 • 成都市 二零二五年八月二十八日 於本公告之日，董事會成員包括：執行董事羅祖義先生（董事長）、游志明先生 （副董事長）、馬永菡女士、姚建成先生及毛渝茸女士，非執行董事楊少軍先生 （副董事長）、李成勇先生及陳朝雄先生，獨立非執行董事余海宗先生、步丹璐女 士、周華先生及姜濤先生。 * 僅供識別 | 证 ...

近一个月融资买入量占成交量50%以上个股 四川成渝8月28日因融资买入量占当日总交易量的比例超50%而登上龙虎榜。 | 代码 | 简称 | 上榜日期 | 融资买入量占成交量比 | 当日涨跌幅 | 成交总量（万 | 成交金额（万 | | --- | --- | --- | --- | --- | --- | --- | | | | | 例（%） | （%） | 股） | 元） | | 601107 | 四川成 渝 | 2025.08.28 | 55.71 | 0.18 | 2012.58 | 11264.51 | | 603083 | 剑桥科 技 | 2025.08.27 | 60.23 | 10.00 | 393.04 | 34661.92 | 证券时报·数据宝统计，四川成渝收盘价为5.62元，收盘上涨0.18%，全天成交量为2012.58万股，成交额 为11264.51万元，融资买入量占当日成交量的比例为55.71%，上榜的营业部当日合计融资买入金额为 6024.20万元，其中，第一大融资买入会员为中信证券股份有限公司，当日融资买入金额为2386.11万 元。 （文章来源：证券时报网） ...