Dongxing Securities·2025-08-29 11:15Investment Rating - The report maintains a "Strong Buy" rating for the company [2][11]. Core Views - The company achieved a revenue of 3.741 billion yuan in the first half of the year, representing a year-on-year growth of 11.7%, and a net profit attributable to shareholders of 960 million yuan, up 4.0% year-on-year [3]. - The newly acquired assets have started contributing to profits, with the net profit from the newly acquired companies accounting for 12.3% of the total net profit in the first half of the year [3]. - The revenue from the Xuan-Guan Expressway has shown a significant recovery, with a year-on-year increase of 98.67% to 224 million yuan, while the Guangci Expressway experienced a decline of 64.85% due to construction [4]. - The overall toll revenue from the Xuan-Guan and Guangci Expressways has recovered to 90% of the level before the expansion, indicating potential for further growth [4]. - The company’s other toll revenues have shown steady performance, with notable increases in several key routes [5]. Financial Forecast and Investment Rating - The company is expected to achieve net profits of 1.93 billion yuan, 2.00 billion yuan, and 1.86 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.17, 1.21, and 1.12 yuan [6]. - The report highlights a strong dividend capability, indicating confidence in the company's future performance [11].