SDHS(SH:600350) Xin Lang Cai Jing·2025-10-30 13:54Core Viewpoint - Shandong Expressway is a leading player in the national highway sector, with strong revenue performance and a focus on infrastructure investment and management [1][2]. Group 1: Business Performance - In Q3 2025, Shandong Expressway achieved a revenue of 16.841 billion yuan, ranking first among 20 companies in the industry, significantly higher than the industry average of 4.278 billion yuan [2]. - The company's net profit for the same period was 3.264 billion yuan, ranking third in the industry, with the top performer, China Merchants Expressway, reporting a net profit of 4.423 billion yuan [2]. Group 2: Financial Ratios - As of Q3 2025, Shandong Expressway's debt-to-asset ratio was 63.83%, a decrease from 64.93% year-on-year but still above the industry average of 41.31% [3]. - The company's gross profit margin was 33.23%, an increase from 27.82% year-on-year, yet lower than the industry average of 46.20% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 32.40% to 44,900, while the average number of shares held per shareholder decreased by 24.77% to 107,600 [5]. - Major shareholders include Huatai-PineBridge SSE Dividend ETF and Southern S&P China A-share Large Cap Dividend Low Volatility ETF, with significant increases in their holdings [5]. Group 4: Strategic Developments - On October 21, 2025, the controlling shareholder, High-Speed Group, planned to transfer 7% of its shares to Wantong Expressway, which will allow Wantong to nominate one director, optimizing the shareholding structure [6]. - The company is focused on shareholder returns and is expected to see steady growth in net profit, projected at 3.346 billion yuan, 3.630 billion yuan, and 3.871 billion yuan for 2025 to 2027 [6].