东莞控股：改扩建不停歇，高股息可维持-20260330

Investment Rating - The report maintains an "Accumulate" rating for Dongguan Holdings (000828) [1][5] Core Views - Dongguan Holdings reported a revenue of 1.552 billion RMB for 2025, a year-on-year decrease of 8.28%. The net profit attributable to shareholders was 824 million RMB, down 13.79% year-on-year. The cash flow from operating activities was 2.32 billion RMB, with a return on equity (ROE) of 8.23% [3][4] - The company is focusing on its core business by rationally controlling the scale of financial services, which contributed to the revenue decline. The company is also undergoing expansion and renovation of the Dongguan-Shenzhen Expressway, expected to be completed by the end of 2028, which is anticipated to provide stable long-term profits [4][5] Summary by Sections Financial Performance - Revenue for 2025 was 1.552 billion RMB, a decrease of 8.28% year-on-year. The net profit attributable to shareholders was 824 million RMB, down 13.79% year-on-year. The adjusted net profit was 822 million RMB, a slight decrease of 0.53% year-on-year. The operating cash flow was 2.32 billion RMB, and the ROE was 8.23% [3][4] - The company distributed cash dividends of approximately 490 million RMB, accounting for 60% of the net profit for the year, with a dividend yield of about 4.4% based on the stock price at the time of the report [3] Business Structure - The revenue breakdown shows that the expressway segment generated 1.29 billion RMB, accounting for 83.1% of total revenue, with a gross profit of 955 million RMB, representing 90.6% of total gross profit. The non-expressway segments include commercial factoring (8.6%), financing leasing (1.2%), and electric vehicle charging stations (5.6%) [4] Future Outlook - The ongoing expansion of the Dongguan-Shenzhen Expressway is expected to enhance profitability in the long term. The company has a three-year shareholder return plan (2025-2027) that supports a positive outlook [5]