Zhongyuan Expressway(SH:600020) Ge Long Hui·2025-12-17 07:12Core Viewpoint - The report from Pacific Securities highlights that Zhongyuan Expressway's core business involves the investment, construction, and management of highways, with a total maintenance mileage of approximately 808 kilometers disclosed in the semi-annual report [1] Financial Performance - In the first three quarters, the core revenue from highway tolls reached 3.43 billion, representing a year-on-year increase of 1.63%, accounting for 72% of total revenue and contributing a gross profit of 1.837 billion [1] - Revenue from construction services accounted for 27.5% of total revenue, with a gross margin of zero due to accounting standards, while the real estate segment saw a significant year-on-year revenue decline of 50% [1] Future Outlook - The company is expected to achieve steady profit growth this year due to the increase in revenue from consolidated statements [1] - The company plans to maintain a dividend payout ratio of no less than 40% annually over the next three years [1] - The Zhenglu Expressway, a key project, is anticipated to be completed and operational by the end of 2026, with a feasibility study indicating its potential profitability [1] Strategic Initiatives - The company aims to enhance its core business while diversifying its operations [1] - It will leverage its subsidiary focused on digital and technological innovation to strengthen technological capabilities and has established a special fund for technology research and development [1] - The company is optimistic about its future development and maintains a "buy" rating [1]