Ge Long Hui A P P·2025-12-23 06:48Core Viewpoint - Sichuan Chengyu plans to acquire 85% stake in Jingyi Expressway for cash, which is expected to enhance dividend yield by 2026 [1] Group 1: Company Overview - Sichuan Chengyu is the only publicly listed platform for expressways under Shudao Group, leveraging the group's substantial resources for development [1] - Shudao Group, a provincial state-owned enterprise, has total assets reaching 1.5 trillion yuan by the end of 2024, with over 500 wholly-owned and controlled enterprises [1] Group 2: Business Operations - Shudao Group operates over 11,400 kilometers of expressways and 6,700 kilometers of railways, covering investment, construction, and operation in both sectors [1] - The company is focused on expanding its road network and improving cost efficiency, with significant synergy potential from its rich road asset resources [1] Group 3: Financial Projections - The projected net profit for Sichuan Chengyu from 2025 to 2027 is estimated at 1.61 billion, 1.96 billion, and 2.17 billion yuan respectively [1] - The current price-to-earnings (PE) ratios are expected to be 11.8, 9.7, and 8.8 times for the years 2025, 2026, and 2027 [1] - With a 60% dividend payout ratio, the expected dividend yields are approximately 5.1%, 6.2%, and 6.9% for the same years [1]