SDHS(SH:600350) Hua Yuan Zheng Quan·2025-04-30 09:05Investment Rating - The investment rating for Shandong Expressway is "Buy" (maintained) [5] Core Views - The report emphasizes the strengthening of road asset scale and the realization of profit growth [5] - The company has shown steady performance in toll road operations, with revenue growth driven by completed upgrades and changes in the road network [7] - The management system's efficiency has improved, leading to enhanced profitability [7] Financial Summary - As of April 29, 2025, the closing price is 10.76 yuan, with a total market capitalization of 52,222.80 million yuan [3] - The company reported a revenue of 44.70 billion yuan in Q1 2025, a year-on-year decrease of 1.35%, while the net profit attributable to shareholders was 8.07 billion yuan, an increase of 4.85% [7] - The projected revenues for 2025-2027 are 28,471 million yuan, 29,067 million yuan, and 29,638 million yuan, respectively, with corresponding net profits of 3,216 million yuan, 3,378 million yuan, and 3,561 million yuan [6][8] Revenue and Profitability - The revenue from toll road operations in Q1 2025 was approximately 24.39 billion yuan, reflecting a year-on-year increase of 7.85% [7] - The gross profit margin for Q1 2025 was 39.18%, an increase of 3.54 percentage points year-on-year [7] - The company is expected to maintain a steady growth in net profit, with projections showing a slight increase in the coming years [7][8]