Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 28.6 billion yuan in Q2 2025, a year-on-year decline of 3.4%, and a net profit attributable to shareholders of 11.7 billion yuan, down 17.0% year-on-year [2][4]. - The overall revenue for the first half of 2025 was 56.6 billion yuan, reflecting a 5.36% decrease compared to the previous year, with a net profit of 25.0 billion yuan, down 7.56% year-on-year [4]. Summary by Sections Revenue Performance - In Q2 2025, the company experienced a revenue decline primarily due to the exclusion of the Bozhou-Fu expressway, leading to a total revenue of 28.6 billion yuan [4]. - The operating costs increased by 6.8% year-on-year to 19.6 billion yuan, which negatively impacted profitability, resulting in a gross profit of 9.0 billion yuan, down 20% year-on-year [8]. Traffic Volume and Cost Impact - The traffic volume for freight showed signs of recovery, with a 2.7% increase in Q2 2025 compared to the same period in 2024 [8]. - The company’s various operational segments reported mixed results, with the investment operation segment and traffic technology segment seeing declines in gross margins [8]. Investment Income and Expense Management - Investment income for Q2 2025 was recorded at 11.8 billion yuan, a decrease of 3.7% year-on-year, influenced by traffic volume fluctuations and the integration of other expressway companies [8]. - The company successfully reduced its period expenses to 6.0 billion yuan, a significant decrease of 4.9% year-on-year, which provided some support to overall performance [8]. Future Outlook - The company is positioned as a leading highway operator with strong growth potential, supported by acquisitions and a robust operational background [8]. - The projected net profits for 2025, 2026, and 2027 are estimated at 55.0 billion yuan, 60.5 billion yuan, and 62.6 billion yuan, respectively, with corresponding PE ratios of 12.9, 11.7, and 11.3 [8].
招商公路（001965）：收入表现稳健，成本拖累Q2业绩