机构：西部证券 研究员：凌军 摘要内容 事件：越秀交通基建发布2025 半年报：公司上半年实现营收20.99 亿元，同比+14.9%；实现归母净利润 3.61 亿元，同比+14.9%；中期派息率50.6%。 营业收入实现较快增长，同比+14.9%。（1）2025H1 实现营收20.99 亿元，同比+14.9%。其中，实现路 费收入20.59 亿元，同比+15.2%。（2）收入增长主要受平临高速并表及湖北汉鄂高速路费收入增长驱 动。公司自2024 年11 月收购平临高速55%股权实现并表，本期路费收入增加2.56 亿元；因竞争路段武 黄高速封闭施工，湖北汉鄂高速路费收入1.54 亿元，同比+56.6%。 （3）财务费用2.22 亿元，同比-11.1%，主要系管理层优化债务结构、降低债务利率，本期公司整体加 权平均利率2.57%，同比-0.48pct。 毛利率下降3.3pct，非控股项目净盈利同比-4.4%。（1）2025H1 公司毛利率为46.8%，同比-3.3pct，主 要系平临高速并表带来经营成本中无形经营权摊销同比+26.3%至8.85 亿元。（2）2025H1 实现非控股 项目净盈利7302万元，同比- ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 2.099 billion yuan in the first half of 2025, representing a year-on-year increase of 14.9%. The net profit attributable to the parent company was 361 million yuan, also up by 14.9%. The interim dividend payout ratio was 50.6% [1][2] - Revenue growth was primarily driven by the consolidation of Pinglin Expressway and increased toll revenue from Hubei Han'e Expressway. The acquisition of a 55% stake in Pinglin Expressway in November 2024 contributed an additional 256 million yuan in toll revenue. The toll revenue from Hubei Han'e Expressway increased by 56.6% year-on-year to 154 million yuan due to the closure of competing routes [1][2] - The current estimated dividend yield is approximately 6.5%, with an interim dividend of 0.12 HKD per share, unchanged from the first half of 2024. The company is expected to maintain a dividend of 0.25 HKD per share for 2025, consistent with 2024 [3] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 2.099 billion yuan, a 14.9% increase year-on-year, with toll revenue contributing 2.059 billion yuan, up 15.2% [1] - The net profit attributable to the parent company was 361 million yuan, reflecting a 14.9% increase year-on-year. The contribution from Pinglin Expressway was 42 million yuan, while Hubei Han'e Expressway contributed 57 million yuan, a significant increase of 987.3% [2] - Financial expenses decreased by 11.1% to 222 million yuan, attributed to management's optimization of the debt structure and reduction of interest rates [2] Future Projections - The company is projected to achieve earnings per share (EPS) of 0.44, 0.45, and 0.46 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 7.98, 7.81, and 7.70 [3][4] - The estimated revenue for 2025 is 4.389 billion yuan, with a growth rate of 13%, followed by 4.511 billion yuan in 2026 and 4.605 billion yuan in 2027 [4]