Zhong Guo Zheng Quan Bao·2025-06-03 20:40Core Viewpoint - Sichuan Chengyu (601107) is the only A+H share listed infrastructure company in Western China, focusing on enhancing its core competitiveness in the highway sector while providing high dividends to attract investors [1][6] Business Strategy - The company aims to strengthen its main business by upgrading existing roads, asset integration, and acquiring quality road assets [1][3] - Sichuan Chengyu's highway assets are strategically located in economically developed and tourist areas of Sichuan, which supports stable toll revenue despite concerns about competition from high-speed rail [2][3] Financial Performance - In 2024, the average daily traffic on Chengyu Highway is projected to be 20,600 vehicles, a year-on-year increase of 1.15%, with toll revenue expected to reach 855 million yuan, up 4.20% year-on-year [2] - The company has a high dividend payout ratio, with a planned cash distribution of at least 60% of net profit for the years 2023-2025, and a dividend ratio of 61.83% in 2023 [6][7] Investment and Growth Opportunities - Sichuan Chengyu is exploring diversification into emerging industries such as smart driving and low-altitude economy, with a focus on integrating drone technology into highway operations [3][4] - The company has initiated drone inspections on several highways, significantly improving efficiency and reducing operational costs [4][5] New Business Development - The comprehensive energy business is showing initial success, providing charging services for 3.325 million electric vehicles in 2024, with charging revenue exceeding 100 million yuan for the first time [6] - Sichuan Chengyu operates 313 charging stations and 2,275 charging piles, with significant growth in charging volume and frequency during the recent holiday period [6] Market Position and Shareholder Engagement - The company's A and H shares have reached nearly ten-year highs, attracting attention from institutional investors focused on stable performance and dividend policies [6][7] - The company is committed to enhancing operational efficiency and optimizing its business structure to increase profitability and shareholder returns [7]