【私募调研记录】正圆投资调研浙江交科

Group 1 - Zhejiang Jiaokao plans to complete a comprehensive transportation investment of 350 billion yuan in 2025, aiming for 360 billion yuan [1] - Zhejiang Transportation Group aims to achieve transportation investment of over 73.9 billion yuan in 2025, with total project investment reaching 576.5 billion yuan [1] - The company reported a revenue of 18.647 billion yuan and a net profit of 545 million yuan in the first half of 2025, representing a year-on-year growth of 6.43% [1] Group 2 - The gross profit margin for construction business is 9.15%, while the maintenance business revenue increased by 87.82% year-on-year [1] - New orders amount to 32.157 billion yuan, with remaining uncompleted contracts valued at 133.214 billion yuan [1] - The maintenance business covers 37 counties and districts in Zhejiang, holding approximately 80% market share in provincial highway maintenance [1] Group 3 - Ongoing PPP projects include Hangjinqu Liaison Line and Yongzhou复线 [1] - Yitong Special Technology achieved revenue of 188 million yuan and net profit of 13 million yuan in the second quarter of 2025 [1] - The company is exploring low-altitude and water conservancy businesses, as well as new equipment and materials [1] Group 4 - A dividend of 1.25 yuan per 10 shares (tax included) is planned for the 2024 fiscal year, with future optimization of the dividend plan [1] - The company is actively planning its "14th Five-Year" development strategy to become a leading enterprise in new infrastructure [1]