[Table_scodeMsg1] 公司研究丨深度报告丨皖通高速（600012.SH） [Table_Title] 江淮黄金通道，成长更具势能 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 安徽皖通高速公路股份有限公司于 1996 年 8 月 15 日成立，是中国第一家在香港上市的公路 公司，亦为安徽省内唯一的公路类上市公司。公司拥有合宁高速公路、205 国道天长段新线、 高界高速公路、宣广高速公路等位于安徽省境内的收费公路全部或部分权益。获益于增量资产 收并购以及存量路产改扩建，皖通高速的车流量以及通行费收入在长周期中保持快速增长。 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520080027 SFC：BQK468 韩轶超 张银晗 请阅读最后评级说明和重要声明 2 / 27 %% %% %% %% research.95579.com 展望未来：并购推升利润，股东回报领先 短期盈利有望加速上行：2025 年初，皖通高速收购安徽省交通控股集团有限公司持有的阜周 高速和泗许 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company's revenue for the first half of 2025 was 5.4% lower year-on-year, totaling 5.66 billion yuan, with a net profit attributable to shareholders of 2.5 billion yuan, down 7.6% year-on-year [1][8] - The decline in revenue is attributed to the impact of the removal of the Bozhou-Fu Highway from the asset list and changes in the surrounding road network [8] - The company has strong capabilities in road asset investment and operation, with a sustainable acquisition model expected to contribute to long-term growth [8] Financial Data and Valuation - Total revenue projections for 2025 are estimated at 12.465 billion yuan, reflecting a 2% decrease from the previous year [2][15] - The projected net profit for 2025 is 5.805 billion yuan, with a corresponding PE ratio of 11.9x and PB ratio of 0.9x [8][16] - The company’s total assets are projected to be 155.026 billion yuan in 2025, with total liabilities of 62.631 billion yuan [14] Performance Analysis - The company’s operating costs for the first half of 2025 were 3.74 billion yuan, a 1% decrease year-on-year, with a gross margin of 34% [8] - The investment income for the first half of 2025 was stable at 2.35 billion yuan, with a slight year-on-year increase of 0.3% [8] - The company’s management expenses decreased by 3.2% year-on-year, attributed to improved cost control [8] Shareholder Information - The major shareholder is China Merchants Group, holding a 62.19% stake in the company [3]