Zhongyuan Expressway(SH:600020) Ge Long Hui A P P·2025-08-12 07:34Core Viewpoint - The report from Huayuan Securities indicates that Zhongyuan Expressway's debt structure optimization is showing results, and while toll revenue is under pressure, overall growth remains intact. [1] Group 1: Toll Revenue and Demand - In Q2, toll revenue experienced pressure, potentially due to a decline in truck demand, with expectations for recovery in macroeconomic demand. [1] - The company operates several key expressway segments, such as the Zhengzhou to Zhumadian section of the Jinggang'ao Expressway and the Zhengmin Expressway, which play a crucial role in connecting regional economies. [1] - The proportion of truck traffic is expected to increase as logistics recover. [1] Group 2: Zhenglu Project Progress - The Zhenglu project is progressing steadily, with a cumulative investment of 6.93 billion yuan expected by mid-2025. [1] - Key engineering milestones, such as the completion of the South Ridge Bridge and the 100% completion of the Suota for the He River Bridge, have been achieved ahead of schedule. [1] - The project has a total construction period of four years, with completion anticipated in 2026, which is expected to release incremental revenue. [1] Group 3: Business Structure and Dividend Policy - The company is continuously improving its road network scale and optimizing its business structure. [1] - An increase in the dividend payout ratio is expected to enhance the dividend yield and overall value. [1] - The recommendation to maintain a "buy" rating reflects confidence in the company's growth potential. [1]