下达补助资金46亿元，支持普通国省道公路养护和管理。上半年路面修复养护开工725.4车道公里、完 工398.8车道公里，预防养护开工427.4车道公里、完工116.1车道公里；桥梁维修改造开工55座、完工8 座，桥梁预防养护开工16座、完工1座；下达补助资金8亿元，支持农村公路桥梁改造、安全生命防护工 程、农村公路日常养护等。我省农村公路路况水平稳步提升，县道优良路率达92%，乡村道优良路率达 85%，路况水平全国领先；下达航道船闸养护专项资金10.6亿元，支持开展内河航道和船闸的日常养 护、养护工程、养护管理，确保航道稳定畅通。目前，全省内河航道里程2.4万公里，居全国第一。 本报讯(记者杨民仆)今年上半年，省财政积极发挥财政职能作用，下达各项交通养护资金近65亿元，有 力保障我省公路、航道养护管理资金需求，促进提升我省交通运输设施运行和安全水平。 ...

Core Viewpoint - Zhejiang Jiaokao has secured significant contracts, indicating a strong position in the infrastructure sector and a stable revenue stream supported by its parent company, Zhejiang Transportation Group [1][8]. Group 1: Recent Contracts and Orders - On June 20, Zhejiang Jiaokao announced it became the first candidate for a major project on the 638 National Road, with a proposed bid of 1.897 billion yuan [1][3]. - In Q1 2025, the company secured 334 new orders amounting to 18.575 billion yuan, with 318 projects signed and 16 projects pending [6]. - The company has a total of 1.32516 billion yuan in uncompleted contracts as of the end of Q1 2025 [6]. Group 2: Financial Performance - In 2024, the company reported revenue of 47.772 billion yuan, a year-on-year increase of 3.75%, while net profit slightly decreased by 2.78% to 1.31 billion yuan [2][9]. - For Q1 2025, revenue reached 8.171 billion yuan, up 5.74% year-on-year, and net profit increased by 18.82% to 221 million yuan [2][9]. - The total assets of the company exceeded 73.85 billion yuan by the end of Q1 2025, reflecting a 14.06% year-on-year growth [2][9]. Group 3: Market Position and Strategy - Since refocusing on infrastructure in 2021, the company has seen a significant increase in contract signings, with a record high of 95.212 billion yuan in new contracts in 2023 [5]. - The company is actively expanding its market presence both domestically and internationally, with operations in over 20 countries and across more than 30 provinces in China [10]. - The parent company, Zhejiang Transportation Group, plays a crucial role in stabilizing the company's profitability and supporting its growth in the infrastructure sector [8][9].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [4]. Core Views - The company, Zhejiang Jiaokao, is positioned as a leading player in regional transportation infrastructure, with significant recovery in performance expected due to increased provincial investment in transportation projects [1][2]. - The company has a strong backing from its major shareholder, Zhejiang Provincial Transportation Investment Group, which is expected to drive continued growth in orders and revenue [3][4]. - The recent stock incentive plan aims for a stable growth target of 6%, enhancing investor confidence in the company's long-term value [4]. Summary by Sections Company Overview - Zhejiang Jiaokao has transitioned from a chemical-focused company to a transportation infrastructure leader after divesting its chemical business in 2021 [1][14]. - The company has shown a significant recovery in its operating performance, with a 3.2% increase in revenue in Q1-3 2024 compared to the previous year [18][20]. Industry Analysis - Zhejiang Province has robust fiscal strength, ranking third nationally in comprehensive financial capacity, which supports ongoing infrastructure investments [2][31]. - The province's fixed asset investment has maintained a high growth rate, with a compound annual growth rate (CAGR) of 8.5% from 2015 to 2023 [2][31]. Order and Revenue Growth - The company has a substantial backlog of orders, and with the expected acceleration in project execution, revenue growth is anticipated to pick up significantly starting in 2025 [3][4]. - The company’s net profit for Q1-3 2024 reached 840 million, reflecting an 11% year-on-year increase, indicating a strong recovery trajectory [1][20]. Financial Performance and Projections - The report forecasts net profits of 1.48 billion, 1.66 billion, and 1.83 billion for 2024, 2025, and 2026 respectively, with corresponding growth rates of 10%, 12%, and 10% [4][6]. - The company's earnings per share (EPS) are projected to increase from 0.57 in 2024 to 0.70 in 2026, suggesting a positive trend in profitability [4][6].