Overall Situation - In the first eight months, Sichuan province completed construction investment of 1799.5 billion yuan in road and waterway projects, accounting for nearly 70% of the annual target, with fixed asset investment growth rate ranking second among major economic provinces [1][2] Road Investment - Highways saw an investment of 892.5 billion yuan from January to August, while national and provincial trunk lines received 417 billion yuan, completing 1021 kilometers of new or renovated roads [1][3] - Rural roads achieved an investment of 251.3 billion yuan, with 7528.5 kilometers of new or renovated roads completed [1] Waterway Investment - Waterway projects completed an investment of 39.1 billion yuan, with nine projects, including the Minjiang Longxikou hydropower hub, accelerating construction [1][5] Major Projects - The recently completed Jiuzhaigou-Mianyang Expressway will allow for a direct high-speed route from Chengdu to Jiuzhaigou, reducing travel time to four hours [1] - The Xichang-Shangri-La Expressway is under large-scale construction, featuring significant engineering challenges with a bridge-tunnel ratio of 73.4% [3] New Projects and Future Plans - Sichuan plans to start construction on 1000 kilometers of new highways this year, with seven projects already initiated, totaling an investment of 1720 billion yuan [4] - The province aims to complete 900 kilometers of highways, 1600 kilometers of national and provincial trunk lines, and 10,000 kilometers of rural roads by 2025 [9] Investment Mechanisms - Sichuan is implementing a multi-source investment mechanism to optimize funding for projects, utilizing BOT or ROT models to attract social capital [6] - The estimated total investment for eight approved highway projects is 2105.39 billion yuan, averaging 263.17 billion yuan per project [6] Technological Innovations - The use of TBM technology in the construction of the Daliangshan No. 1 Tunnel is expected to reduce the construction period from seven years to five [8] Strategic Development - Sichuan is focusing on integrating transportation with digitalization, tourism, and energy sectors to foster new investment growth [9][10] - The province is also planning to enhance its logistics infrastructure and expand into artificial intelligence and low-altitude economy applications [10]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6][9]. Core Views - The company is a listed platform under Shudao Group, focusing on the clean energy generation business through asset restructuring [8][11]. - The acquisition of Shudao Clean Energy Group aims to enhance the company's focus on clean energy generation, transitioning away from traditional businesses [19][37]. - The company is expected to benefit from the resource advantages of Shudao Group, which is actively involved in the development of multiple hydropower projects and renewable energy resources [32][37]. Financial Performance and Forecast - The company’s projected revenue for 2023 is 2,509 million RMB, with a year-on-year growth rate of 52.14%. However, a decline in revenue is expected in subsequent years, with 2024 projected at 2,483 million RMB, a decrease of 1.05% [7]. - The net profit attributable to shareholders is forecasted to be -342 million RMB in 2023, worsening to -409 million RMB in 2024, before improving to -127 million RMB in 2025 [7][9]. - The earnings per share (EPS) is expected to be -0.45 RMB in 2023, improving to -0.16 RMB by 2025 [7]. Business Strategy and Development - The company plans to divest from its traditional businesses in rail transit and bridge components, focusing instead on clean energy generation [19][33]. - Shudao Clean Energy is projected to have an operational and under-construction installed capacity of 10.5 million kW by the end of 2024, with significant contributions from hydropower projects [11][37]. - The company is also exploring new models that integrate transportation and energy, as well as renewable energy and mining [11][32]. Market Position and Competitive Landscape - The company is positioned as one of the five major listed platforms under Shudao Group, which is a significant player in the transportation and energy sectors in Sichuan Province [32][33]. - The average price-to-book (P/B) ratio of comparable companies is approximately 7.5, while the company's current P/B ratio is about 5.6, indicating potential for growth post-restructuring [9][11].

Core Viewpoint - New筑股份 is undergoing a significant asset restructuring to exit its long-term loss-making traditional businesses in rail transit and bridge components, while acquiring a stake in蜀道清洁能源, a clean energy company, to pivot towards renewable energy [1][4][6]. Group 1: Restructuring Details - New筑股份 plans to sell 100% of四川发展磁浮科技有限公司 and 100% of成都市新筑交通科技有限公司 to蜀道轨交集团 and四川路桥 respectively, while acquiring 60% of蜀道清洁能源 from蜀道集团 [1]. - The company will raise funds through a private placement to specific investors to cover cash payments for the acquisition and support its clean energy projects [1][6]. - The restructuring is part of a broader strategy by the四川省 government to optimize state-owned enterprises and reduce competition among them [6][7]. Group 2: Financial Performance - New筑股份 has reported continuous losses from 2021 to 2024, with total losses amounting to 15.5 billion yuan, despite a high gross margin of 60.34% in its solar business [2][3]. -蜀道清洁能源, the core asset being acquired, has shown rapid growth, with revenues increasing from 8.34 billion yuan in 2023 to 11.74 billion yuan in 2024, achieving profitability in 2024 [5]. Group 3: Market Reaction and Future Outlook - Following the announcement of the restructuring, New筑股份' stock surged upon resuming trading, indicating strong investor optimism about the strategic shift [7][8]. - Analysts express a mixed outlook, noting that while the restructuring alleviates financial burdens, challenges remain in effectively managing and scaling the clean energy operations amid increasing competition in the sector [8][9].