研报掘金丨国泰海通：维持四川路桥“增持”评级，目标价11.93元

Core Viewpoint - Sichuan Road and Bridge reported a 59.7% increase in net profit attributable to shareholders in Q3, driven by accelerated project progress and reduced expenses [1] Financial Performance - Q3 operating net cash flow significantly improved [1] - Revenue and profit growth attributed to the acceleration of ongoing projects and faster processing of new project approvals [1] Strategic Context - The "14th Five-Year Plan" emphasizes the construction of national strategic hinterlands, which is expected to benefit the company [1] - The plan suggests enhancing national security capabilities in key areas and advancing the construction of strategic corridors [1] Market Outlook - The company is expected to benefit from multiple strategic initiatives, including the Western Development strategy and the Chengdu-Chongqing Economic Circle [1] - The expected dividend yield of 6.0% is considered cost-effective [1] Rating and Target Price - The company maintains an "Overweight" rating with a target price of 11.93 yuan [1]