Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company reported a Q1 2025 net profit of 1.329 billion yuan, a year-on-year increase of 2.7%, which aligns with expectations [6] - Revenue for Q1 2025 was 2.803 billion yuan, reflecting a year-on-year decline of 7.2%, attributed to a slowdown in toll revenue and smart transportation segment growth [6] - Financial expenses decreased by 21.49% year-on-year to 359 million yuan in Q1 2025, benefiting from interest rate cuts and proactive debt restructuring [6] - The report forecasts net profits for 2025E-2027E at 6.645 billion, 6.758 billion, and 7.255 billion yuan, representing year-on-year growth rates of 24.8%, 1.7%, and 7.4% respectively [6] Financial Data Summary - Total revenue projections for 2025E are 14.841 billion yuan, with a year-on-year growth rate of 16.8% [5] - The company's gross margin is expected to be 35.9% in 2025E, with a return on equity (ROE) of 9.3% [5] - Earnings per share (EPS) is projected to be 0.97 yuan for 2025E, with a price-to-earnings (PE) ratio of 13 [5]