东莞控股（000828）：扣非利润符合预期，高分红吸引力仍强

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a non-recurring profit that met expectations, and its high dividend appeal remains strong [6] - The company is focusing on its core business while optimizing its investment structure, which includes a significant reduction in financing leasing income and an increase in investment income from associates [6] - The company plans to distribute a cash dividend of 0.475 yuan per share for the fiscal year 2025, resulting in an estimated dividend yield of approximately 4.4% based on the closing price of 10.70 yuan [6] Financial Performance Summary - For the fiscal year 2025, the company achieved operating revenue of 1.552 billion yuan, a year-on-year decrease of 8.28%, and a net profit attributable to shareholders of 824 million yuan, down 13.79% year-on-year [6] - The company's cash flow from operating activities increased significantly by 68.97% to 2.32 billion yuan [6] - The company’s gross profit margin improved to 74.04%, reflecting effective cost control despite a decline in toll revenue due to adverse weather conditions and construction activities [6] Profit Forecast and Valuation - The company’s projected net profits for 2026, 2027, and 2028 are expected to be 975 million yuan, 981 million yuan, and 999 million yuan respectively, with corresponding earnings per share of 0.94 yuan, 0.94 yuan, and 0.96 yuan [6] - The price-to-earnings (P/E) ratios for the years 2026, 2027, and 2028 are projected to be 11.4X, 11.3X, and 11.1X respectively [6]