HEC(SZ:000886) 2 1 Shi Ji Jing Ji Bao Dao·2025-11-24 03:55Group 1 - The core issue revolves around Hainan Highway's acquisition of an asset worth 46.6751 million yuan, which has raised inquiries from the Shenzhen Stock Exchange regarding the sustainability of the target company's operations in light of the policy banning fuel vehicles by 2030 in Hainan Province [1] - The evaluation agency stated that the assessment process adequately considered the impact of clean energy policies, projecting a 1.5% annual decline in fuel sales starting in 2026, based on the stagnation of fuel vehicle ownership growth in Hainan [1] - The discount rate used in the valuation was calculated using the Weighted Average Cost of Capital (WACC) model, resulting in a rate of 9.31%, with parameters based on industry guidelines and comparable listed company data [1] Group 2 - The assumption of continued operations is deemed reasonable, as the current large stock of fuel vehicles in Hainan (1.7155 million by the end of 2024) and their natural scrapping cycle (approximately 10 years) suggest a gradual decline in market demand rather than a sharp drop [2] - The target company is expected to maintain stable cash flow in the short term and has plans to transition into a comprehensive energy service provider integrating oil, gas, hydrogen, and electricity [2] - The transaction's pricing reflects a price-to-earnings ratio of 18.31 and a price-to-book ratio of 1.38, both of which are below the industry average for comparable cases [2]