SRBC(SH:600039) GOLDEN SUN SECURITIES·2025-03-16 08:43Investment Rating - The report maintains a rating of "Buy" for Sichuan Road and Bridge [4] Core Viewpoints - The construction of the national strategic hinterland is accelerating, with significant policy support expected to drive economic and investment growth in related regions [2][11] - Sichuan has been clearly defined as a national strategic hinterland province, with advantages in location, economy, resources, industry, and population [3][12] - The strategic hinterland construction is anticipated to focus on increasing investments in transportation infrastructure, manufacturing, warehousing, technology, and national defense, which will significantly boost demand for construction and engineering projects [3][14] Summary by Sections National Strategic Hinterland Construction - The national strategic hinterland is crucial for achieving national strategic goals and is expected to receive comprehensive support in terms of policy and funding [2][11] - The construction aims to enhance national security, optimize resource advantages, and balance regional economic development [2][11] Sichuan's Advantages - Sichuan is positioned as a transportation hub in the southwest, with a strong economic base (5th in GDP nationally in 2024) and abundant resources [3][12] - The province has a diverse industrial base and a large population, providing a solid foundation for strategic development [3][12] Investment Opportunities - Key sectors expected to benefit from the strategic hinterland construction include transportation engineering, municipal projects, and building materials [7][14] - Sichuan Road and Bridge is highlighted as a core beneficiary, with significant order backlogs and high-margin projects expected to drive profitability [8][19] Financial Projections - Sichuan Road and Bridge's projected net profits for 2024-2026 are 74.4 billion, 78.8 billion, and 82.8 billion respectively, with a current PE ratio of 9.1, 8.6, and 8.2 [8][19] - The company is expected to maintain a high dividend payout ratio, with forecasts of 50% to 60% from 2024 to 2027 [8][19]