现代投资上半年净利润同比增15.97% “一体两翼”战略驱动价值回归

Core Viewpoint - Modern Investment Co., Ltd. reported a dual growth in revenue and net profit for the first half of 2025, underpinned by its "one body, two wings" development strategy, indicating a solid financial performance and strategic execution [1] Financial Performance - The company achieved total operating revenue of 4.042 billion yuan, a year-on-year increase of 11.74% [2] - Net profit attributable to shareholders reached 299 million yuan, up 15.97% year-on-year, while the net profit after deducting non-recurring gains and losses was 293 million yuan, reflecting a 15.78% increase [2] - The overall expense ratio decreased, with financial expenses reduced from 471 million yuan to 390 million yuan, a decrease of 17.28% [2] Operational Highlights - The highway business, as a core component, managed approximately 563 kilometers of operational highways, generating differentiated toll revenue growth [2] - Toll revenue from Xiangheng Expressway was 530 million yuan, up 12.16%, while Huai-Zhi Expressway revenue reached 37.99 million yuan, increasing by 11.67% [2] Digital Transformation - The company has made progress in digital transformation, launching the "Highway Hui Tong" platform and promoting the "pay later" service model, which has improved toll efficiency by 50% [3] - AI applications for intelligent inspections and smart maintenance decision models have been implemented [3] Business Expansion - Modern Investment is diversifying into financial, environmental, and new energy sectors, contributing to overall performance [4] - The financial segment generated 2.166 billion yuan in revenue, leveraging its multi-license advantages [4] - The environmental segment has strengthened its market position with successful permits and operational improvements [4] - The new energy sector is focusing on solar energy deployment along highways and exploring the "water + solar" market [4] Future Outlook - The company aims to expand its toll road assets through acquisitions and seek support from major shareholders [5] - There is a perceived mismatch between the company's valuation and its growth fundamentals, with a lower price-to-earnings ratio compared to the industry average [5] - A valuation enhancement plan was disclosed, indicating a move towards aligning with industry averages as operational results improve [5]