SDHS(SH:600350) Tai Ping Yang Zheng Quan·2026-02-11 00:25Investment Rating - The report maintains an "Accumulate" rating for Shandong Expressway (600350) [1][5] Core Views - The introduction of a new shareholder, Anhui Expressway, is expected to enhance collaboration in traditional road network connectivity, operational improvements, and technological applications [5] - The transaction allows Shandong Expressway to slightly reduce its shareholder ratio, providing more room for future capital operations [5] - The company has shown stable operational performance with a net profit of 2.619 billion RMB for the first three quarters, reflecting a year-on-year increase of 4.11% [4] - The average dividend payout ratio over the past five years is approximately 65%, indicating a solid foundation for shareholder value [4] Financial Summary - Total shares outstanding: 4.835 billion [3] - Total market capitalization: 49.216 billion RMB [3] - The highest and lowest stock prices in the last 12 months were 11.57 RMB and 8.47 RMB, respectively [3] - Forecasted revenue for 2024 is 28.494 billion RMB, with a year-on-year growth of 7.34% [6] - Projected net profit for 2026 is 3.402 billion RMB, reflecting a year-on-year increase of 2.83% [6] - The diluted earnings per share (EPS) for 2026 is estimated at 0.70 RMB [6] - The price-to-earnings (PE) ratio for 2026 is projected to be 14.47 [6]