申万宏源：首予安徽皖通高速公路(00995)“增持”评级 长三角一体化赋能流量增长

Core Viewpoint - Shenwan Hongyuan initiates coverage on Anhui Wantuo Expressway (00995) with a "Buy" rating, projecting net profits for 2025-2027 to be 1.955 billion, 2.002 billion, and 2.119 billion yuan respectively, indicating year-on-year growth of 17%, 2%, and 6% [1] Group 1: Business Operations - Wantuo Expressway's core assets are located in the economically vibrant Yangtze River Delta, with significant advantages in location, operating approximately 745 kilometers of expressways as of June 30, 2025 [1] - The company has been actively acquiring local expressway resources since its listing, completing multiple acquisitions in 2003, 2005, 2012, 2021, and 2025, thereby controlling several high-quality road assets [2] Group 2: Financial Performance - The company maintains a high dividend payout ratio, consistently providing substantial returns to shareholders, with a target of distributing at least 60% of net profits in cash from 2025 to 2027 [3] - Wantuo Expressway's return on equity (ROE) was 11.45% in Q3 2025, outperforming industry peers, and its debt-to-asset ratio has remained low, providing a solid financial foundation for business expansion [3]