四川路桥（600039）：现金收购新筑交科落地，产业链进一步完善

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company plans to acquire 100% equity of Xin Zhu Jiao Ke for 628 million yuan, enhancing its industrial chain and profitability [5][10]. - Xin Zhu Jiao Ke generated revenue of 469 million yuan and a net profit of 30.57 million yuan in 2024, with 1-5 months of 2025 showing revenue of 179 million yuan and a net profit of 24.40 million yuan [10]. - The acquisition was evaluated using asset-based and income approaches, with the asset-based method determining the final valuation of 628 million yuan, reflecting a 16.85% increase over the book value [10]. - The company reported a significant turnaround in Q3, with revenue of 29.75 billion yuan, a 14% year-on-year increase, and a net profit of 2.52 billion yuan, up 59.72% year-on-year [10]. - The company has a strong order backlog, with a cumulative bid amount of 97.17 billion yuan in the first three quarters, a 25% increase year-on-year [10]. - The strategic location of Sichuan is expected to sustain construction demand, supported by government initiatives [10]. - The company plans to increase its dividend payout ratio to 60% for 2025, indicating a dividend yield of 5.5% based on projected earnings [10]. Summary by Sections Acquisition Details - The company intends to acquire Xin Zhu Jiao Ke for 628 million yuan, which will include related assets and liabilities [5][10]. Financial Performance - In Q3, the company achieved a revenue of 29.75 billion yuan and a net profit of 2.52 billion yuan, marking significant growth [10]. - The projected revenue for 2024 is 107.24 billion yuan, with a net profit of 7.365 billion yuan [14]. Market Outlook - The company is well-positioned to benefit from the ongoing infrastructure demand in Sichuan, which is recognized as a strategic area for national development [10]. - The government has emphasized the importance of infrastructure projects in the region, which is expected to drive future growth [10].