四川路桥受益于四川省基础设施建设规划，收入主要来自省内施工业务， 占比超 90%。尽管受特殊事件影响业绩有所波动，但随着影响消退，公 司有望重回增长轨道。 蜀道集团是四川基建投资主力，公路和铁路建设市占率高。四川路桥作 为其核心施工企业，63%收入来自蜀道集团，投建一体模式提升盈利能 力，预计该模式将持续支撑公司业绩。 潜在催化剂包括：四川省内需求确定性高，已有大体量订单；川渝双城 经济圈及战略腹地定位可能被再次提及；分红率有提升空间，现金流有 望改善，提升高股息价值。 四川省 GDP 位居全国前列，2024 年增长 5.7%。2025 年目标为 5.5% 以上，将加大建筑业开工力度。基建投资增速高于全国水平，规划重点 项目 810 个，年度投资近 8,000 亿。 四川路桥核心竞争优势在于蜀道集团支持下的投建一体模式，蜀道集团 在建公路项目占比 81%，铁路项目占比 67%。四川路桥是蜀道集团的 利润中心，贡献超千亿收入和 70 亿净利润。 Q&A 四川路桥在四川省内的基础设施建设中具有怎样的战略地位和优势？ 四川省作为国家的战略腹地，基础设施投资力度相对较大。短期来看，到 2025 年末，四川省内基建有望 ...

Summary of Sichuan Road and Bridge Group Conference Call Company Overview - **Company**: Sichuan Road and Bridge Group - **Industry**: Infrastructure and Construction Key Points and Arguments Stock Performance - The stock price of Sichuan Road and Bridge has experienced three main phases from January 2019 to the present: - **Phase 1 (2019-2023)**: Significant increase in stock price, rising five to six times due to doubled revenue and profit, along with multiple stock buybacks and acquisitions by the major shareholder, Shudao Group [3] - **Phase 2 (April 2023 - October 2024)**: Stock price adjustment due to natural disasters affecting projects, management turmoil, and a slowdown in infrastructure investment [3] - **Phase 3 (Post-October 2024)**: Recovery in operations and recognition from capital markets, entering a new development phase [3] Business Strategy and Growth - The company benefits from Shudao Group's infrastructure investments, increasing market share in the province, and a comprehensive investment-construction model that ensures funding and orders, effectively responding to market changes [4][5] - Focus on the Sichuan-Chongqing economic circle while diversifying into mining, new materials, wind power, and solar operations, aiming for steady growth [4][7] - The company has increased its dividend payout ratio to 60% by 2025, enhancing investor confidence and positively impacting stock valuation [4][6] Infrastructure Investment in Sichuan - The "14th Five-Year Plan" indicates substantial infrastructure investment in Sichuan, with total project investments reaching 2.15 trillion yuan, of which 60% is allocated to infrastructure, providing new growth opportunities for Sichuan Road and Bridge [4][9] Competitive Advantages - The integrated investment-construction model enhances competitiveness by ensuring liquidity and efficiency, avoiding common issues in traditional construction such as payment delays [10][11] - The model allows for direct profit confirmation through project orders, with dividends benefiting both the company and its major shareholder [11][12] Future Outlook - The company is expected to see significant improvements in revenue and profit in 2025, with a strong order backlog and a projected stable growth rate [13][15] - The restructuring of business segments and asset divestiture has optimized resource allocation and improved profitability, focusing on core construction operations [14] Investment Value - Sichuan Road and Bridge is currently viewed as having high investment value due to its robust order book, projected stable growth, and attractive dividend yield of at least 60% [15] Additional Important Insights - The company’s strategic focus on core competencies and divestment of loss-making assets positions it well for future growth [8][14] - The anticipated stability and performance growth are supported by recent financial reports, making it a compelling investment opportunity [15]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - Sichuan Road and Bridge's stock price has increased by 478% from its lowest point in February 2020 to its highest point in April 2023, showcasing effective market value management and asset appreciation [1][13]. - The company's price drivers include continuous shareholding increases by the controlling shareholder, Shudao Group, which has raised its stake from 43% in Q1 2020 to 79.5% by Q3 2024 [1][22]. - The integration of investment and construction by Shudao Group has significantly boosted Sichuan Road and Bridge's performance, allowing it to secure high-margin projects without market bidding [2][28]. - High dividend payouts and attractive yield rates enhance the investment appeal of Sichuan Road and Bridge, with a projected minimum cash dividend rate of 60% from 2024 to 2027 [3][48]. Summary by Sections Market Review - The stock price of Sichuan Road and Bridge has surged due to the controlling shareholder's support, the effective investment-construction model, and high dividend yields [13]. Shareholder Support - Shudao Group, a leading player in western transportation infrastructure, has significantly increased its shareholding in Sichuan Road and Bridge, making it the core asset of the group [17][19]. Performance Drivers - The investment-construction model allows Sichuan Road and Bridge to undertake large projects with reduced capital expenditure and higher profit margins, leading to substantial growth in orders, revenue, and net profit [2][28]. - The company’s net profit margin in 2023 was 7.9%, significantly higher than that of other state-owned enterprises in the infrastructure sector [2][28]. Dividend Strategy - Sichuan Road and Bridge has established a robust dividend policy, with a cash dividend rate that has increased from 15.2% in 2019 to 50% in 2023, and is expected to maintain a minimum of 60% from 2024 to 2027 [3][48]. Future Growth Potential - The company is expected to benefit from the new model of integrating highway construction with resource development, as well as new highway maintenance businesses, which will provide additional growth opportunities [4][51].