根据深圳证券交易所债券上市的有关规定，招商局公路网络科技控股股份有 限公司 2025 年面向专业投资者公开发行科技创新可续期公司债券（第一期）符 合深圳证券交易所债券上市条件，将于 2025 年 10 月 29 日起在深圳证券交易所 上市，并面向专业投资者中的机构投资者交易，交易方式包括匹配成交、点击成 交、询价成交、竞买成交和协商成交。债券相关要素如下： | 债券名称 | 招商局公路网络科技控股股份有限公司 年面向专业投资 2025 | | | | | | --- | --- | --- | --- | --- | --- | | | 者公开发行科技创新可续期公司债券（第一期） | | | | | | 债券简称 | 25 招路 KY01 | | | | | | 债券代码 | 524480.SZ | | | | | | 信用评级 | 主体 AAA/债项 AAA | | | | | | 评级机构 | 中诚信国际信用评级有限责任公司 | | | | | | 发行总额（亿元） | 15.50 | | | | | | 债券期 限 | 本期债券发行期限为 2+N 年期 | | | | | | 票面年利率（%） | 2. ...

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Views - Crude oil freight rates have decreased month-on-month, while container shipping rates on long-distance routes have increased. The China Import Crude Oil Comprehensive Index (CTFI) reported 1632.26 points on October 23, down 8.9% from October 16. The VLCC market remains cautious due to the implementation of special port fees between China and the US, leading to a weak sentiment among shipowners [2][13] - Guangdong Province has released a high-quality development plan for the low-altitude economy, aiming to establish itself as a national leader in this sector. The civil aviation industry has shown steady growth in the first three quarters of 2025, with a total transport turnover of 1220.3 billion ton-kilometers, a year-on-year increase of 10.3% [2][15][16] - In Shenzhen, the monthly delivery volume of autonomous vehicles has surpassed one million, with a year-on-year growth of 12.7% in express delivery volume in September. The postal industry reported a total business income of 152.57 billion yuan in September, up 6.8% year-on-year [2][22][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, while container shipping rates on long-distance routes have increased. The CTFI reported a decrease of 8.9% [2][13] - Guangdong's low-altitude economy development plan aims to optimize airspace management and promote low-altitude logistics [15][16] - Shenzhen's autonomous vehicle delivery volume has exceeded one million, with express delivery volume growing by 12.7% [22][24] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index has shown a month-on-month increase of 6.9% [26] - Domestic cargo flights have increased by 3.05% year-on-year, while international flights have risen by 15.86% [32] - The express delivery business volume in September increased by 12.7% year-on-year, with total business income reaching 127.37 billion yuan [50][54] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized Carriers, China Merchants Energy Shipping, and Huamao Logistics [4] - Pay attention to the low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Consider investment opportunities in the highway and railway sectors, recommending companies like Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Explore investment opportunities in the express delivery sector, recommending SF Express, Jitu Express, and Yunda Express [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a year-on-year profit growth in Q3 2025, indicating a relief in operational pressure despite a slight decline in revenue [5][3]. - The company is positioned as a leading highway operator with strong growth drivers, supported by its background in the China Merchants Group [5]. - The company has a commitment to high dividend payouts, with a promise that the dividend ratio will not be less than 55% from 2022 to 2024 [5]. Financial Performance Summary - In Q3 2025, the company achieved operating revenue of 3.04 billion yuan, a year-on-year decrease of 1.7%, while net profit attributable to shareholders was 1.51 billion yuan, an increase of 3.9% [3][5]. - For the first three quarters of 2025, the company reported total operating revenue of 8.70 billion yuan, down 4.12% year-on-year, and a net profit of 4.01 billion yuan, a decline of 3.6% [3][5]. - The company's gross profit for Q3 2025 was 1.05 billion yuan, reflecting a year-on-year decline of 15.2%, although the decline rate narrowed compared to Q2 [10]. Operational Insights - The company experienced a slight increase in investment income, reaching 1.23 billion yuan in Q3 2025, up 2.0% year-on-year, attributed to increased travel demand during the summer peak season [10]. - The company successfully reduced its operating expenses significantly, with total expenses in Q3 2025 amounting to 575 million yuan, down 8.8% year-on-year [10]. - The overall traffic volume on highways remained stable, with a 3.0% year-on-year increase in freight traffic and a slight decline of 2.0% in passenger turnover [10].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a steady growth in Q3 2025, with a year-on-year increase in net profit attributable to shareholders of 3.91% [2] - The company is recognized as a leading platform in highway operations, with positive growth prospects in both its core highway asset business and its transportation industry chain [5] - The company is expected to maintain a high dividend payout ratio, projected to exceed 53% in 2024, indicating strong shareholder returns [5] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 8.703 billion yuan, a decrease of 4.12% year-on-year, and a net profit of 4.012 billion yuan, down 3.56% year-on-year [2] - In Q3 2025, the company reported operating revenue of 3.040 billion yuan, a decline of 1.70% year-on-year, while net profit increased by 3.91% to 1.509 billion yuan [2] - The gross profit margin in Q3 2025 decreased by 5.48 percentage points to 34.55%, primarily due to a 7.28% increase in operating costs [3] Cost and Expense Analysis - Operating costs in Q3 2025 were 1.990 billion yuan, reflecting a year-on-year increase of 7.28% [3] - Period expenses decreased by 8.81% year-on-year to approximately 575 million yuan, with financial expenses down by 0.80 billion yuan to 352 million yuan [4] - Investment income remained stable at approximately 1.226 billion yuan in Q3 2025, up 2.01% year-on-year [4] Profit Forecast and Valuation - The company’s projected net profits for 2025, 2026, and 2027 are 5.534 billion yuan, 5.912 billion yuan, and 6.216 billion yuan, representing year-on-year growth rates of 3.97%, 6.84%, and 5.14% respectively [6] - The corresponding price-to-earnings (P/E) ratios for these years are expected to be 12.7x, 11.9x, and 11.3x [6]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expected outperformance of the benchmark index by 10%-20% over the next six months [1][20]. Core Insights - The company's Q3 performance showed slight revenue growth, with a significant reduction in financial expenses contributing to the positive outlook. The report emphasizes the company's enhanced attributes within the highway industry ETF [1]. - The company is recognized as a comprehensive highway operator with growth potential, benefiting from central enterprise platform integration and a history of acquiring quality road assets to boost performance [6]. - The report highlights a clear growth path through both internal expansion and external acquisitions, with ongoing projects and strategic investments in quality assets [6]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 12,728 million yuan, with a minimal growth rate of 0.1% compared to the previous year. The net profit attributable to the parent company is expected to be 5,486 million yuan, reflecting a growth of 3.1% [2]. - The earnings per share (EPS) is forecasted to be 0.80 yuan for 2025, with a price-to-earnings (P/E) ratio of 13 times [2]. - The company has successfully reduced financial expenses by 18.52% in Q3 2025, which is a significant factor in the growth of net profit for that quarter [6]. Growth and Dividend Strategy - The company has increased its cash dividend payout ratio from 40.13% in 2018 to 53.44% in 2024, demonstrating a commitment to shareholder returns [6]. - The report anticipates a target price of 12.86 yuan, suggesting a potential upside of 25% from the current price of 10.33 yuan [2][6].

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, but showed signs of recovery in Q3 with a slight increase in net profit despite a decrease in revenue [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved operating revenue of 8.7 billion yuan, a year-on-year decrease of 4.1%, and a net profit attributable to shareholders of 4.01 billion yuan, down 3.6% year-on-year [1]. - In Q3 2025, the company recorded operating revenue of 3.04 billion yuan, a year-on-year decline of 1.7%, but net profit attributable to shareholders increased by 3.9% to 1.51 billion yuan [1]. - The company's gross profit margin in Q3 2025 was 34.6%, a decrease of 5.5 percentage points year-on-year [2]. Cost and Expense Management - The company’s expense ratio in Q3 2025 was 18.9%, down 1.48 percentage points year-on-year, with a decrease in financial expenses contributing positively to profit [2]. - Financial expenses decreased by 0.8 billion yuan in Q3 2025 due to a reduction in interest-bearing liabilities and lower borrowing rates [2]. Investment and Strategic Developments - The company continues to develop its core highway investment operations, including the completion of a capital increase in the Zhejiang Zhijiang project, adding 135.3 kilometers of managed road [2]. - The company plans to reduce its stake in Wantong Expressway by up to 51.258 million shares, which may enhance its profits [3]. Profit Forecast and Valuation - The profit forecast for the company has been revised downwards for 2025-2027, with expected net profits of 5.43 billion yuan, 5.78 billion yuan, and 6.34 billion yuan respectively [4].

Core Viewpoint - The company has disclosed its third-quarter financial report and announced the continuation of its auditing relationship with KPMG Huazhen for the year 2025, alongside plans for a related party financing lease transaction with China Merchants Leasing Co., Ltd. [36][54] Financial Data Summary - The third-quarter financial report has not been audited [6] - The company confirms that there are no adjustments or restatements of previous accounting data [3] - The company has not identified any non-recurring gains or losses [3] Board Meeting Resolutions - The board of directors held its 37th meeting on October 24, 2025, where several resolutions were passed, including the approval of the third-quarter report and the proposal to reappoint KPMG Huazhen as the auditing firm for 2025 [7][54] - All 11 directors present voted in favor of the resolutions, with no opposition or abstentions [9][7] Related Party Transactions - The company plans to engage in financing lease transactions with China Merchants Leasing Co., Ltd., with a total financing limit of up to RMB 3 billion, valid for 12 months from the board's approval date [37] - The transaction is classified as a related party transaction due to common control by China Merchants Group [38] Audit Firm Information - KPMG Huazhen has been recognized for its independent auditing practices and is proposed to continue as the company's auditor for 2025 [54][55] - The firm has a strong track record, with significant revenue from auditing services and a large number of listed company clients [56] Upcoming Shareholder Meeting - A temporary shareholder meeting is scheduled for November 11, 2025, to discuss the resolutions passed by the board, including the reappointment of the auditing firm [68][70] - The meeting will allow for both in-person and online voting [71][70]

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company reported a marginal improvement in Q3 2025 performance, with a year-on-year increase in net profit of 3.91%, aligning with expectations despite a decline in revenue and net profit for the first three quarters of 2025 [3][4] - The company's toll revenue showed signs of recovery in Q3, alongside a significant reduction in financial expenses, which decreased by 18.46% year-on-year [3] - The earnings forecast for the company remains unchanged, with projected net profits for 2025E, 2026E, and 2027E at 6.645 billion, 6.758 billion, and 7.255 billion respectively, corresponding to price-to-earnings ratios of 11, 10, and 10 [3][4] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 14.841 billion, with a year-on-year growth rate of 16.8% [2] - The net profit attributable to the parent company is expected to be 6.645 billion in 2025, reflecting a year-on-year growth of 24.8% [2] - The earnings per share (EPS) is forecasted to be 0.97 yuan per share for 2025, with a gross margin of 35.9% [2][4]

Core Insights - The company reported a third-quarter revenue of 3.04 billion yuan, representing a year-on-year increase of 1.70% [1] - The net profit for the third quarter was 1.509 billion yuan, showing a year-on-year growth of 3.91% [1] - For the first three quarters, the company achieved a total revenue of 8.703 billion yuan, which is a year-on-year decrease of 4.12% [1] - The net profit for the first three quarters was 4.012 billion yuan, reflecting a year-on-year decline of 3.56% [1]

Core Insights - The company reported a revenue of 8.703 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 4.12% [1] - The net profit attributable to shareholders was 4.012 billion yuan, down 3.56% year-on-year [1] - The net profit excluding non-recurring items was 3.944 billion yuan, reflecting a decrease of 4.55% compared to the previous year [1] - The basic earnings per share stood at 0.5723 yuan [1]