Hua Yuan Zheng Quan·2025-12-22 10:31Investment Rating - The investment rating for Sichuan Chengyu (601107.SH) is "Buy" (maintained) [5] Core Views - The company plans to acquire 85% of the equity of Jingyi Expressway for cash of 2.409 billion yuan, which is expected to enhance the dividend yield starting in 2026 [7] - The acquisition is anticipated to solidify the company's revenue stream, as Jingyi Expressway has shown stable profitability with a projected net profit of approximately 1.92 billion yuan in 2024 and 1.49 billion yuan in the first seven months of 2025 [7] - The company is expected to achieve a net profit of 1.613 billion yuan in 2025, with a growth rate of 10.58%, and a projected dividend yield of around 5.1% in 2025, increasing to 6.2% in 2026 and 6.9% in 2027 [7] Financial Summary - The company's total revenue is projected to be 11.220 billion yuan in 2025, with a year-on-year growth rate of 8.28% [6] - The net profit attributable to the parent company is expected to reach 1.613 billion yuan in 2025, with a corresponding earnings per share (EPS) of 0.53 yuan [6] - The company's return on equity (ROE) is forecasted to be 8.47% in 2025, increasing to 9.90% in 2026 [6][8]