Shenwan Hongyuan Securities·2025-10-30 03:46Investment Rating - The report maintains a "Buy" rating for Ninghu Expressway (600377) [2][7] Core Insights - The company reported a third-quarter profit growth of 3.06% year-on-year, despite a decline in total revenue for the first three quarters [7] - The toll revenue for the first three quarters was approximately RMB 7.2 billion, showing a year-on-year increase of about 1.03% [7] - The report projects net profits for 2025E-2027E at RMB 5.447 billion, RMB 5.790 billion, and RMB 6.049 billion, respectively, with corresponding PE ratios of 13, 12, and 11 [7] Financial Data Summary - Total revenue for 2025 is estimated at RMB 23.935 billion, with a year-on-year growth rate of 3.2% [6][8] - The net profit for 2025 is projected to be RMB 5.447 billion, reflecting a year-on-year growth of 10.1% [6][8] - The gross profit margin is expected to be 27.1% in 2025, with a return on equity (ROE) of 12.7% [6][8]