Investment Rating - The report maintains a "Strong Buy" rating for Sichuan Chengyu [2][6] Core Views - The report emphasizes that there is still a significant expectation gap in the market regarding Sichuan Chengyu, despite its strong performance in revenue growth and cash dividends [6][8] - The analysis is based on four dimensions: asset quality, dividend capability, earnings growth certainty, and future growth potential [6][8] Summary by Relevant Sections 1. Asset Quality - The company's road assets are strategically located, with toll revenue growth and profitability ranking among the industry leaders [9][13] - The overall profitability of the company's road assets is high, with a projected toll gross margin of 59.6% for 2024, second only to Guangdong Expressway and Anhui Expressway [21][24] - The company has achieved a compound annual growth rate (CAGR) of 11% in toll revenue over the past three years, indicating strong revenue resilience [15][16] 2. Dividend Capability - The company has increased its dividend payout ratio to over 60% in 2023, maintaining a dividend yield of 5.05%, making it the only highway stock in A-shares with a yield above 5% [30][39] - The peak of capital expenditure may have passed, with a projected free cash flow of 650 million yuan in 2024, indicating a stronger and sustainable internal cash dividend capability [9][30] 3. Earnings Growth Certainty - Future earnings growth is expected to be driven by natural growth in traffic and toll revenue, with financial expenses likely to decrease significantly [9][10] - The company has a seven-year performance commitment for the second ring road, providing substantial growth support and profit elasticity in the medium to long term [10][11] 4. Growth Potential - The company is seen as undervalued in terms of growth potential, supported by the classic logic of "large group, small company" [10][11] - The integration of high-quality road resources with the support of the Shudao Group is ongoing, which is expected to enhance the company's market value [10][11] 5. Investment Recommendations - The report maintains profit forecasts for 2025-2027 at 1.58 billion, 1.71 billion, and 1.84 billion yuan, with corresponding earnings per share (EPS) of 0.52, 0.56, and 0.60 yuan [10][11] - The target price is set at 7.75 yuan for A-shares and 6.01 HKD for H-shares, indicating a potential upside of 35% and 39% respectively from current prices [10][11]

Investment Rating - The report maintains a "Strong Buy" rating for Sichuan Chengyu [2][8] Core Views - The report emphasizes that there is still a significant expectation gap in the market regarding Sichuan Chengyu, despite its strong performance in revenue growth and cash dividends [6][8] - The analysis is based on four dimensions: asset quality, dividend capability, earnings growth certainty, and future growth potential [6][8] Summary by Relevant Sections 1. Asset Quality - The company's road assets are strategically located, with toll revenue growth and profitability ranking among the industry leaders. The toll revenue has a compound annual growth rate (CAGR) of 11% over the past three years, second only to China Merchants Highway [6][9] - The overall profitability of the company's road assets is also among the highest in the industry, with a toll gross margin of 59.6% in 2024, just behind Guangdong Highway and Anhui Expressway [9][21] 2. Dividend Capability - The company has shown a strong commitment to returning value to shareholders, with a dividend payout ratio increased to over 60% in 2023 and maintained in 2024, resulting in a dividend yield of 5.05%, making it the only highway stock in A-shares with a yield above 5% [6][30] - Capital expenditures are expected to decline, with a projected free cash flow of 650 million in 2024, indicating a stronger and sustainable internal cash dividend capability [9][30] 3. Earnings Growth Certainty - Future earnings growth is expected to be driven by natural growth in traffic and toll revenue, with financial expenses likely to decrease significantly. The company is expected to benefit from a long-term interest rate decline [9][10] - The company has a seven-year performance commitment for the second ring road, providing significant growth support and profit elasticity in the medium to long term [9][10] 4. Growth Potential - The company is seen as undervalued in terms of growth potential, with a low asset securitization rate compared to other provinces. The integration of high-quality road resources with the support of the Shudao Group is ongoing [9][10] - The report draws parallels with Anhui Expressway, which has successfully achieved a virtuous cycle of "market value-dividend-assets" since 2021, suggesting a similar path for Sichuan Chengyu [9][10] 5. Investment Recommendations - The report maintains profit forecasts for 2025-2027 at 1.58 billion, 1.71 billion, and 1.84 billion, with corresponding earnings per share (EPS) of 0.52, 0.56, and 0.60, and price-to-earnings (PE) ratios of 11, 10, and 10 times [10][11] - The target price is set at 7.75 yuan for A-shares and 6.01 HKD for H-shares, indicating a potential upside of 35% and 39% from the current prices, respectively [10][11]

中国国际金融股份有限公司 关于蜀道投资集团有限责任公司 豁免要约收购四川成渝高速公路股份有限公司 的持续督导意见 中国国际金融股份有限公司（以下简称"中金公司"、"财务顾问"）接受委 托，担任蜀道投资集团有限责任公司（以下简称"蜀道集团"、"收购人"）豁免 要约收购四川成渝高速公路股份有限公司（以下简称"四川成渝"、"上市公司"） 的财务顾问，依照《上市公司收购管理办法》第六十九条、第七十一条、《上市 公司并购重组财务顾问业务管理办法》第三十一条以及《上海证券交易所上市公 司自律监管指引第11号——持续督导》等有关规定，持续督导期从四川成渝公告 收购报告书至收购完成后的12个月止（即从2021年6月4日至收购完成后的12个月 止）。2025年4月30日，四川成渝披露了2025年第一季度报告。结合上述2025年第 一季度报告及日常沟通，中金公司出具了2025年第一季度报告（从2025年1月1 日至2025年3月31日，以下简称"本持续督导期"）的持续督导意见（以下简称"本 意见"）。 一、交易资产的交付或过户情况 （一）本次收购情况概述 2021 年 4 月 2 日，四川省交通投资集团有限责任公司（以下简称"四 ...

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。 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。 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《中 國 國 際 金 融 股 份 有 限 公 司 關 於 蜀 道 投 資 集 團 有 限 責 任 公 司 豁免要約收購四川成渝高速公路股份有限公司的持續督導意見》，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 執行董事兼聯席公司秘書 中華人民共和國 • 四川省 • 成都市 二零二五年五月十四日 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 ...

[ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万) | 10,362 | 10,702 | | 11,058 | 11,519 | | 同比增速(%) | -11.1% | 3.3% | | 3.3% | 4.2% | | 归母净利润(百万) | 1,459 | 1,579 | | 1,706 | 1,843 | | 同比增速(%) | 22.9% | 8.2% | | 8.0% | 8.0% | | 每股盈利(元) | 0.48 | 0.52 | | 0.56 | 0.60 | | 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 4 月 29 | 日收盘价 | | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 公司研究 证 券 研 究 报 告 四川成渝 ...

| 证券代码：601107 | 证券简称：四川成渝 | | 公告编号：2025-022 | | --- | --- | --- | --- | | 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 第八届监事会第二十五次会议决议公告 本公司及监事会全体成员保证公告内容不存在虚假记载、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）四川成渝高速公路股份有限公司（以下简称"公司"或"本公司"） 第八届监事会第二十五次会议于 2025 年 4 月 29 日在四川省成都市武侯祠大街 252 号本公司住所二楼 223 会议室以现场与通讯相结合的方式召开。 （二）会议通知、会议资料已于 2025 年 4 月 15 日以电子邮件和专人送达方 式发出。 （三）出席会议的监事应到 4 人，实到 4 人。 （四）会议由李桃女士主持，公司董事会秘书及财务总监列席了会议。 （五）会议的召开符合《公司法》和本公司《公司章程》的有关规定。 ...

| 证券代码：601107 | 证券简称：四川成渝 | | 公告编号：2025-021 | | --- | --- | --- | --- | | 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 第八届董事会第三十三次会议决议公告 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"） 第八届董事会第三十三次会议于 2025 年 4 月 29 日在四川省成都市武侯祠大街 252 号本公司住所四楼 420 会议室以现场及通讯相结合的方式召开。 （二）会议通知、会议资料已于 2025 年 4 月 15 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，公司监事、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 ...

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。 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。 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 三 次 會 議 決 議 公 告》及《四 川 成 渝 高 速 公 路 股 份 有 限 公 司 第 八 屆 監 事 會 第 二 十 五 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 執行董事兼聯席公司秘書 中華人民共和國 • 四川省 • 成都市 二零二五年四月二十九日 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 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,849,869,296.47, representing a decrease of 8.08% compared to CNY 2,012,495,619.91 in the same period last year[3] - Net profit attributable to shareholders increased by 16.61% to CNY 456,446,940.45 from CNY 391,428,528.81 year-on-year[3] - Basic and diluted earnings per share rose by 11.33% to CNY 0.1425 from CNY 0.1280 in the previous year[4] - Total operating revenue for Q1 2025 was ¥1,849,869,296.47, a decrease of 8.09% from ¥2,012,495,619.91 in Q1 2024[22] - Net profit for Q1 2025 reached ¥477,424,961.00, an increase of 17.43% compared to ¥406,578,028.41 in Q1 2024[23] - Total comprehensive income for the period reached CNY 475,507,836.91, an increase from CNY 411,264,331.75 in the previous year, representing a growth of approximately 15.6%[24] - Basic and diluted earnings per share increased to CNY 0.1425 from CNY 0.1280, reflecting a rise of about 3.5%[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 63,374,669,479.87, reflecting a growth of 3.77% from CNY 61,070,435,445.00 at the end of the previous year[4] - Total liabilities increased to ¥42,217,542,279.56 from ¥41,574,810,358.73, reflecting a growth of 1.55%[19] - Long-term borrowings stood at ¥35,281,441,819.17, an increase from ¥33,593,725,819.17, indicating a growth of 5.02%[18] - The company reported a decrease in short-term borrowings to ¥510,308,194.45 from ¥710,503,750.01, a reduction of 28.19%[18] Shareholder Information - Shareholders' equity attributable to the parent company increased by 8.91% to CNY 20,044,104,190.31 from CNY 18,404,171,806.44 year-on-year[4] - The total number of ordinary shareholders at the end of the reporting period was 49,867[9] - The total number of ordinary shareholders as of the report date is 49,867, including 49,625 A-share shareholders and 242 H-share shareholders[11] - The top 10 shareholders hold a significant portion of the company's shares, with Shudao Investment Group holding 1,218,979,662 shares, representing 39.86% of the total[10] - The company’s major shareholder, Shudao Investment Group, has a 5.77% stake in the controlling subsidiary, indicating a complex ownership structure[11] Cash Flow - The net cash flow from operating activities decreased by 35.88% to CNY 512,374,211.98, down from CNY 799,025,576.88 in the same period last year, primarily due to lower operating revenue and unreceived tax refunds[7] - Cash flow from operating activities generated a net amount of CNY 512,374,211.98, down from CNY 799,025,576.88, indicating a decrease of approximately 35.9%[27] - Cash inflow from financing activities significantly increased to CNY 7,542,854,000.00 compared to CNY 1,585,410,000.00 in the previous year, marking a growth of about 376.5%[27] - The net cash flow from investing activities was negative at CNY -798,159,992.14, an improvement from CNY -1,003,295,308.12 year-over-year[27] - The ending balance of cash and cash equivalents rose to CNY 4,512,436,933.83, up from CNY 2,666,369,525.39, representing an increase of approximately 69.1%[28] - Cash received from sales of goods and services was CNY 1,713,290,749.11, a decrease from CNY 2,042,567,783.24, reflecting a decline of about 16.1%[26] - Total cash outflow from operating activities was CNY 1,392,907,317.61, slightly down from CNY 1,393,365,311.69, indicating a marginal decrease of 0.03%[27] - Cash received from investment activities totaled CNY 32,877,693.35, compared to CNY 14,550,695.71 in the previous year, showing an increase of approximately 125.5%[27] Projects and Investments - The Chengle Expressway expansion project has a total estimated investment of approximately RMB 251.5 billion, with cumulative investments reaching about RMB 137.82 billion as of March 31, 2025[12][13] - The Tianqiong Expressway BOT project has an estimated total investment of approximately RMB 86.85 billion, with cumulative investments of about RMB 69.56 billion as of March 31, 2025[14] - The company is involved in the investment and construction of the Chengdu Tianfu New Area to Qionglai Expressway project, which is expected to be completed by September 13, 2024[14] - The company has completed the dual-lane operation of the Chengle Expressway expansion project, enhancing overall traffic capacity and service levels[12] Audit and Review - The company did not conduct an audit for the quarterly financial report[2] - The company’s financial statements are unaudited as of March 31, 2025, indicating a need for further review before finalizing financial results[15] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[12] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and revenue growth[29]

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。 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。 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 投 資 者 關 係 活 動 記 錄 表》，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 執行董事兼聯席公司秘書 3.高管您好。请问贵公司本期财务报告中，盈利表现如何？谢 谢。 中華人民共和國 • 四川省 • 成都市 二零二五年四月二十二日 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 ...