ACEG(SH:600502) East Money Securities·2025-10-13 12:20Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [7]. Core Insights - The company is positioned to benefit from the high investment intensity in Anhui Province's 14th Five-Year Plan, particularly in highway and municipal construction, with a projected average annual increase in highway operational mileage of 363 kilometers, a 21% increase from the previous plan [6]. - The company has shown resilience with a year-on-year increase of 2.68% in new orders to 75.086 billion yuan in the first half of 2025, despite industry headwinds [6]. - The company is expanding its geographical reach and operational capabilities, establishing 18 branches outside Anhui and focusing on key markets such as Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Greater Bay Area [6]. - The company has a strong dividend profile, with a cash dividend of 463 million yuan in 2024, a payout ratio of 34.46%, and a dividend yield of 5.9% as of September 30 [6]. Financial Projections - The projected net profit attributable to the parent company for 2025-2027 is 1.338 billion, 1.439 billion, and 1.538 billion yuan, respectively, with corresponding P/E ratios of 5.99, 5.57, and 5.21 [7]. - Revenue forecasts for 2024-2027 are 96.502 billion, 92.332 billion, 94.614 billion, and 96.997 billion yuan, with growth rates of 5.76%, -4.32%, 2.47%, and 2.52% [8].