Core Viewpoint - Shenzhen Expressway Company Limited (00548) announced toll revenue projections for various projects in September 2025, indicating a positive outlook for revenue generation from these infrastructure assets [1] Revenue Projections - The projected toll revenue for Meiguan Expressway is RMB 12.025 million [1] - The projected toll revenue for Jihuo East Section is RMB 57.904 million [1] - The projected toll revenue for Jihuo West Section is RMB 47.634 million [1] - The projected toll revenue for Yangjiang Project is RMB 69.047 million [1] - The projected toll revenue for Outer Ring Project is RMB 106 million [1]

Core Insights - The company reported a total operating revenue of 3.363 billion yuan and a net profit attributable to shareholders of 1.545 billion yuan, marking a year-on-year increase of 13.92% [1] - The net cash inflow from operating activities was 3.045 billion yuan, reflecting a year-on-year increase of 20.27% [1] - The company achieved a diluted earnings per share of 0.74 yuan, up 13.85% compared to the same period last year [4] Financial Performance - The latest asset-liability ratio stands at 42.04%, a decrease of 2.71 percentage points from the previous quarter [3] - The gross profit margin is reported at 68.89%, an increase of 0.69 percentage points from the previous quarter and up 0.65 percentage points year-on-year [3] - The return on equity (ROE) is 14.25%, which is an increase of 0.95 percentage points compared to the same period last year [3] Shareholder Information - The total number of shareholders is 66,100, with the top ten shareholders holding 1.347 billion shares, accounting for 64.44% of the total share capital [5] - The largest shareholder is Guangdong Provincial Transportation Group Co., Ltd., holding 24.56% of the shares [5]

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating an expected price increase of over 15% relative to the CSI 300 index within the next six months [11]. Core Insights - The company reported a revenue of 3.105 billion yuan for the first half of 2025, representing a year-on-year growth of 13.17%. The net profit attributable to shareholders was 663 million yuan, up 7.68% year-on-year [5]. - The company's highway operation business is stable, with toll revenue increasing by 2.23% year-on-year. The construction service revenue saw a significant increase of 72.63%, contributing to the overall revenue growth [5][6]. - The company is the only publicly listed highway operator in Henan Province, managing a total of 808 kilometers of highways [5]. - The investment income from subsidiaries has been growing, with a reported investment income of 331 million yuan in 2024, a 158.80% increase year-on-year [7]. - The company has optimized its debt structure, resulting in a reduction of financial expenses by 18.75% to 373 million yuan in the first half of 2025 [9]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a basic earnings per share of 0.27 yuan, a year-on-year increase of 9.15%. The weighted average return on equity was 5.16%, up 0.2 percentage points from the same period in 2024 [5]. - The operating cash flow for the first half of 2025 was 1.146 billion yuan, a significant increase of 30.51% year-on-year [8]. Business Operations - The company is expected to benefit from the growth of the highway network in Henan Province, with the total operational mileage projected to exceed 10,000 kilometers by 2025 [6]. - The company has diversified its business operations, with significant contributions from construction services and real estate sales [5]. Future Projections - The company is projected to achieve net profits of 937 million yuan, 1.009 billion yuan, and 1.116 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding earnings per share of 0.42, 0.45, and 0.50 yuan [11].

Core Viewpoint - Shenzhen Expressway Company Limited (00548.HK) reported a revenue of 3.919 billion yuan for the first half of 2025, reflecting a year-on-year increase of 4.30%, primarily due to increased construction service income under concession arrangements [1] Financial Performance - The company achieved a net profit attributable to shareholders of 960 million yuan in the first half of 2025, representing a year-on-year increase of 24.04% [1] - The increase in net profit was mainly driven by gains from the fair value changes of equity interests in associated companies and a reduction in interest expenses [1]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a net profit of 361 million HKD for the first half of 2025, which is a 14.9% year-on-year increase, driven by the acquisition of Pinglin Expressway and positive network changes benefiting Hubei-Han Expressway [1][2] - The company plans to distribute an interim dividend of 0.12 HKD per share for 2025, maintaining a dividend payout ratio of 50.6% [1] - The target price has been adjusted to 4.79 HKD based on an updated profit forecast for 2025-2027, reflecting an 8.5% increase in net profit estimates for 2025 [5][9] Summary by Sections Financial Performance - The company's revenue for the first half of 2025 was 2.099 billion HKD, up 14.9% year-on-year, with net profit reaching 361 million HKD, also a 14.9% increase [1] - The acquisition of Pinglin Expressway contributed approximately 39 million HKD to the net profit, accounting for about 80% of the total net profit increase [2] - The financial costs decreased by 28 million HKD year-on-year due to lower market interest rates, with the average borrowing rate dropping to 2.57% [2] Revenue Drivers - Toll revenue increased by 15.2% year-on-year, with a 3.1% increase in non-consolidated toll revenue, primarily due to the performance of Hubei-Han Expressway, which saw a 57% increase in toll revenue [3] - The overall impact of network changes in 2025 is expected to be neutral, with slight variations in toll revenues across different expressways [4] Profit Forecast and Valuation - The net profit forecast for 2025-2027 has been raised by 8.5%, 5.1%, and 10.4% respectively, with projected net profits of 730 million, 745 million, and 757 million HKD [5] - The estimated dividend yield for 2025 is projected to be 6.8%, indicating strong attractiveness for dividend investors [5]

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