Xin Lang Cai Jing·2025-10-30 14:38Core Viewpoint - Sichuan Chengyu Highway Co., Ltd. is a significant player in the transportation infrastructure sector in Sichuan Province, focusing on highway investment, construction, and operation, with a comprehensive industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Sichuan Chengyu reported revenue of 6.086 billion yuan, ranking 4th among 20 companies in the industry, surpassing the industry average of 4.278 billion yuan and the median of 3.529 billion yuan, but below the top two companies, Shandong Highway at 16.841 billion yuan and Ninghu Highway at 12.981 billion yuan [2] - The revenue composition includes highway revenue of 2.942 billion yuan (71.29%), traffic service revenue of 1.024 billion yuan (24.83%), engineering construction revenue of 86.3972 million yuan (2.09%), new energy technology revenue of 49.3275 million yuan (1.20%), and traffic logistics revenue of 27.6172 million yuan (0.67%) [2] - The net profit for the same period was 1.36 billion yuan, ranking 8th in the industry, above the average of 1.282 billion yuan and the median of 893 million yuan, but below the top two companies, China Merchants Highway at 4.423 billion yuan and Ninghu Highway at 4.037 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 66.38%, down from 71.63% year-on-year but higher than the industry average of 41.31% [3] - The gross profit margin for the same period was 39.34%, an increase from 33.86% year-on-year, but still below the industry average of 46.20% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 23.01% to 38,200, while the average number of circulating A-shares held per household increased by 29.89% to 56,600 [5] - The top ten circulating shareholders included Southern CSI 1000 ETF, which held 5.9378 million shares, a decrease of 91,300 shares from the previous period [5] Group 4: Future Outlook - The company is steadily advancing several highway expansion projects, including the Chengle Highway expansion (65% of estimated total investment completed), the Tianqiong Highway BOT project (42 km, opened in September 2024), and the Chengya Highway expansion project (estimated total investment of approximately 28.548 billion yuan) [5] - Forecasts for net profit from 2025 to 2027 are 1.56 billion yuan, 1.69 billion yuan, and 1.88 billion yuan, respectively, with a "buy" rating maintained [5] - Western Securities noted a slight decline in toll revenue but significant cost reduction effects leading to better profit growth, with an upward adjustment to a "buy" rating and projected earnings per share of 0.51 yuan, 0.51 yuan, and 0.52 yuan for 2025 to 2027 [6]