Jiangsu Expressway(600377) 申万宏源证券·2025-03-27 08:15Investment Rating - The report maintains a "Buy" rating for Ninghu Expressway (600377) [1] Core Views - The company reported a revenue of 23.198 billion yuan for 2024, a year-on-year increase of 52.7%, slightly exceeding expectations [6] - The growth in passenger traffic significantly contributed to the company's performance in 2024, with a 4.24% increase in overall traffic, including a 4.00% rise in passenger vehicles and a 5.21% increase in freight vehicles [6] - The company is investing in infrastructure projects, such as the Danjin project, which will enhance regional traffic capacity and efficiency, thereby supporting future revenue growth [6] - The company has a diversified business model, with stable development in ancillary sectors and a consistent dividend policy, distributing 0.49 yuan per share in cash dividends [6] Financial Data and Profit Forecast - Total revenue projections for 2025E-2027E are 23.935 billion yuan, 24.730 billion yuan, and 25.436 billion yuan, respectively, with year-on-year growth rates of 3.2%, 3.3%, and 2.9% [5] - The net profit attributable to the parent company is forecasted to be 5.447 billion yuan in 2025E, 5.790 billion yuan in 2026E, and 6.049 billion yuan in 2027E, with corresponding growth rates of 10.1%, 6.3%, and 4.5% [5][7] - The report slightly revises the profit forecast upwards based on the company's performance, maintaining a price-to-earnings ratio of 13 for 2025E [6]