Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is continuously improving its asset layout, and its toll road operations are stable [4] - The company reported a total operating revenue of 4.782 billion yuan in Q1 2025, a year-on-year increase of 37.66%, while the net profit attributable to shareholders decreased by 2.88% [7] - The company is focusing on its core business and enhancing its asset layout, with ongoing projects expected to release incremental revenue [7] Financial Summary - For 2023, the company expects operating revenue of 15.192 billion yuan, with a year-on-year growth rate of 14.61% [5] - The projected net profit attributable to shareholders for 2025 is 5.211 billion yuan, with a corresponding PE ratio of 15.31 [5][7] - The company’s gross profit margin for Q1 2025 was 34.67%, a decrease of 12.58 percentage points year-on-year, primarily due to an increase in construction projects with zero gross margin [7]

如果说2025年之前，出海还只是部分公司的选择， 那在2025年之后，出海已经成为了一个"必答题"。 因为对于国内大部分企业来说，海外市场都是远大于国内市场的。 然而，在贸易战、关税壁垒和逆全球化冲击下，当前企业出海的风险和困难比大部分人想象的还要大， 为了提升企业出海的成功率， 我们已经把企业出海最容易失败的地方和重点注意事项逐一梳理好了， 就在最新上线的 《中国企业出海指南》 中。 中国企业出海指南 1.纸质资料《中国企业出海指南》 2.线上课程《境内企业赴美国上市的法律实务解读》 3.梧桐定制笔记本1个 中国企业出海指南 新品特惠 扫码 立减20元 《中国企业出海指南》共有 332页 ， 15.5万字 ，9个章节，主要从海外布局、监管要求、股权架构、 审批流程、交易文件、合规风险、税务考量、区域国别等角度出发，全景式梳理了企业出海的实务要 点。 境外投资的主要法律文件 操作时间境外投资敏感类项目 0 限制/禁止开展的境外投资 商务流程 ODI备案/核准流程 境外投资的常见流程与风险 ⊙ 没有办理ODI备案的后果 发改委备案/核准 3. 境外投资的境 商务部备案/核准 内审批流程 外汇登记 境外投资的境内 ...