GUOTAI HAITONG SECURITIES·2025-11-14 06:53Investment Rating - The report maintains a rating of "Accumulate" for the company [6][12]. Core Insights - The company is expected to significantly enhance its performance through the acquisition of road assets in Q1 2025 and the completion of the expansion of the Xuan Guang highway in Q3, which will drive accelerated profit growth. The planned acquisition of a stake in Shandong Expressway is anticipated to further boost earnings, with a stable dividend policy in place [3][12]. Financial Summary - Revenue Forecast: The total revenue is projected to grow from 6,631 million yuan in 2023 to 8,820 million yuan in 2025, reflecting a growth rate of 27.4% in 2023 and 24.4% in 2025 [5]. - Net Profit: The net profit attributable to the parent company is expected to increase from 1,660 million yuan in 2023 to 1,976 million yuan in 2025, with a growth rate of 14.9% in 2023 and 18.4% in 2025 [5]. - Earnings Per Share (EPS): EPS is forecasted to rise from 0.97 yuan in 2023 to 1.16 yuan in 2025 [5]. - Return on Equity (ROE): The ROE is projected to be 13.1% in 2023, decreasing to 11.2% by 2027 [5]. Market Data - Current Price: The stock is currently priced at 15.37 yuan, with a market capitalization of 26,261 million yuan [7]. - 52-Week Price Range: The stock has traded between 12.89 yuan and 18.47 yuan over the past year [7]. - Dividend Yield: The company has committed to a dividend payout ratio of no less than 60% of net profit, resulting in a projected dividend yield of 4.7% for 2025 [12]. Strategic Moves - The company completed the acquisition of road assets in Q1 2025, which has significantly enhanced its earnings. The completion of the expansion of the Xuan Guang highway in Q3 is expected to release pent-up traffic demand, further driving profit growth [12]. - The planned acquisition of a 7% stake in Shandong Expressway is expected to add approximately 200 million yuan in annual investment income, enhancing the company's overall performance [12].