“东方红隧道股份REIT”受理意见

Core Viewpoint - The exchange has issued review opinions on the listing of the "Dongfanghong Tunnel Co., Ltd. Intelligent Operation and Maintenance High-Speed Closed Infrastructure Securities Investment Fund" and the transfer application for the "Dongfanghong Tunnel Co., Ltd. Intelligent Operation and Maintenance High-Speed Infrastructure Asset-Backed Special Plan" Group 1: Toll Revenue - The construction of the Hangzhou Ring Road's Jiangdong Third Road crossing is expected to be completed by early 2030, with an estimated impact of -9.07% on traffic volume and -10.07% on revenue for this project in 2030 [1][11] - The project currently faces competition from existing projects such as the Xiangshan Bridge and the Jiaoshao Bridge, with future impacts expected from new roads including the Kezhu Expressway and the intercity railway connecting to Xiaoshan Airport [1][11] Group 2: Traffic Flow Forecast - The projected standard traffic volume for the project is 60,051 pcu/day in 2025 and 79,125 pcu/day in 2026, with growth rates of 33.8% and 30.8% respectively [2][13] - The opening of the Sutai Expressway and the Deqing Link Line is expected to increase traffic volume by 27.43% in 2025 and 26.44% in 2026 [2][13] Group 3: Capital Expenditure - The overall technical condition of the Qianjiang Tunnel is rated as Class 2, with planned annual investments for smart operation and maintenance expenditures during the forecast period [3][13] - The management is required to disclose the basis for predicting operational maintenance costs, including historical maintenance expenditures and future maintenance plans [3][14] Group 4: Cash Flow Forecast - The project forecasts EBITDA and net profit growth rates of 34.19% and 69.16% respectively for 2026, with a request for clarification on the reasons for the net profit growth rate being significantly higher than traffic volume and EBITDA growth rates [3][14] Group 5: Operational Management Arrangements - The operational management fee is based on the actual toll revenue, with a tiered fee structure of 30%, 50%, and 60% [4][15] - The management is required to justify the reasonableness of the operational management fee rates based on historical performance and similar projects [4][15] Group 6: Other Feedback Issues - The project is required to disclose arrangements for asset transfer upon expiration of the toll period, ensuring that transfer costs are considered in the valuation [5][18] - The project currently has an insurance coverage amount of 2.539 billion yuan, which does not cover the valuation, necessitating further disclosure of future insurance arrangements [5][19]