瑞银：降江苏宁沪高速公路目标价至10.2港元 维持“中性”评级

Core Viewpoint - UBS reports that Jiangsu Ninhuhighway (600377) experienced a 12% year-on-year decline in recurring net profit for the first half of the year, falling short of both UBS and market expectations, primarily due to the mid-year dividend payment from Jiangsu Bank (600919) in the second half of last year [1] Financial Performance - Excluding the dividend income, the group's recurring net profit for the first half of the year only grew by 2% year-on-year, which still did not meet expectations [1] - The significant drop in highway traffic volume was attributed to expansion projects [1] Earnings Forecast and Valuation - Due to weak toll revenue performance, UBS has revised down its earnings forecast for 2025 to 2027 by 7% to 9% [1] - Limited dividend growth potential is anticipated for 2025 to 2028, leading to a neutral rating and a target price reduction from HKD 11.6 to HKD 10.2 [1]