Core Viewpoint - Ninghu Expressway's stock price has shown fluctuations, with a recent increase of 2.07%, while the company faces a year-to-date decline of 10.26% in stock price [1] Group 1: Stock Performance - As of October 14, Ninghu Expressway's stock price reached 13.30 CNY per share, with a trading volume of 1.30 billion CNY and a market capitalization of 67.002 billion CNY [1] - The stock has experienced a 4.97% increase over the last five trading days, but remains unchanged over the past 20 days and has decreased by 9.71% over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Ninghu Expressway reported a revenue of 9.406 billion CNY, a year-on-year decrease of 5.56%, and a net profit attributable to shareholders of 2.424 billion CNY, down 11.81% year-on-year [2] - Cumulatively, the company has distributed 41.209 billion CNY in dividends since its A-share listing, with 7.154 billion CNY distributed over the last three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 6.83% to 29,600, while the average circulating shares per person decreased by 6.48% to 130,100 shares [2] - Among the top ten circulating shareholders, Hongli Low Volatility (512890) increased its holdings by 2.8449 million shares, while the Jiashi CSI 300 Low Volatility ETF (515300) reduced its holdings by 1.2934 million shares [3] Group 4: Business Overview - Ninghu Expressway, established on August 1, 1992, and listed on January 16, 2001, primarily engages in the investment, construction, operation, and management of toll roads and bridges within Jiangsu Province [1] - The company's main revenue sources include construction services (46.84%), toll fees (41.07%), and other services such as electricity sales and leasing [1]

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].

一、说明会基本情况 山东高速（600350）股份有限公司（以下简称"公司"）于2025年09月11日（星期四）14:00-15:00召开了 2025年半年度业绩说明会。会议在上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com） 采用网络互动方式举办。 二、参加人员 公司董事长傅柏先先生、副董事长兼总经理王昊先生、独立董事王晖先生、总会计师周亮先生、董事会 秘书隋荣昌先生。 三、会议内容纪要 公司在本次说明会上就投资者关心的问题给予了回答，主要问题及答复整理如下： 1、看到公司上半年营业收入下降了11.52%，是什么原因？ 答：2025年上半年，公司建造服务收入10.04亿元，同比减少21.71亿元，导致营业收入减少。剔除建造 服务收入，营业收入同比增加7.73亿元。 答：2025年上半年，公司实现营业收入107.39亿元，同比下降11.52%，主要是由于济菏高速改扩建完 成，建造服务收入下降；实现归属于母公司的净利润16.96亿元，同比增长3.89%。上半年实现通行费收 入（含税）49.14亿元，同比增长5.54%，投资收益6.39亿元，同比下降8.82%。每股收益0.2 ...

风险提示：收费标准降低风险；不可抗力；竞争性线位导致车流转移。 机构：申万宏源研究 研究员：闫海/严天鹏/范晨轩 事件：宁沪高速发布2025 年中报，公司实现营业收入94.06 亿元，同比下降5.6%；剔除建造收入影响 后，营收同比下降0.99%，主业经营基本稳定。归属于上市公司股东的净利润为24.24 亿元，同比下降 11.8%，主要受联营企业投资收益减少及江苏银行分红周期调整影响。业绩略低于预期。 25 年H1 通行费收入稳中有增，江苏银行分红周期调整影响投资收益。25 年H1，公司共实现通行费收 入约人民币46 亿元，同比增长约1.65%，主要路段受改扩建影响，增速呈现分化状态。江苏银行公司分 红周期调整，于2024 年11 月实施2024 年度中期分红，25H1江苏银行分红为扣除中期分红后的年度分 红，约人民币1.68 亿元，24 年同期为全口径年度分红，约人民币3.68 亿元，同比下降54.38%。 核心路产改扩建持续推进，"低空+交通"赋能安全智慧管养新生态。根据公司路产改扩建计划，宁扬长 江大桥北接线项目预计将于25 年底前全线开通。此外，锡宜高速南段改扩建也将于2026 年6 月通车， 届时， ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Ninghu Expressway [2][7][17] Core Views - The company's performance slightly underperformed expectations due to changes in the dividend cycle of Jiangsu Bank, with a reported revenue of RMB 9.406 billion, a year-on-year decrease of 5.6% [7] - The toll revenue for H1 2025 showed a stable increase, amounting to approximately RMB 4.6 billion, reflecting a year-on-year growth of about 1.65% [7] - The ongoing expansion projects are expected to significantly improve regional traffic flow, with the completion of key infrastructure projects by the end of 2025 and mid-2026 [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: RMB 15.192 billion - 2024: RMB 23.198 billion - 2025E: RMB 23.935 billion - 2026E: RMB 24.730 billion - 2027E: RMB 25.436 billion - Year-on-year growth rates for revenue are projected at 15% for 2023, 53% for 2024, and 3.2% for 2025E [6][8] - Net profit attributable to shareholders is forecasted as follows: - 2023: RMB 4.413 billion - 2024: RMB 4.947 billion - 2025E: RMB 5.447 billion - 2026E: RMB 5.790 billion - 2027E: RMB 6.049 billion - The projected PE ratios are 10 for 2023, 9 for 2024, and 8 for 2025E [6][8]

Investment Rating - The investment rating for the company is "Outperform" [1] Core Views - The company reported a robust growth in toll revenue, achieving a total revenue of 3.741 billion RMB in H1 2025, which represents a year-on-year increase of 11.7% [6] - The net profit attributable to the parent company for H1 2025 was 960 million RMB, reflecting a year-on-year growth of 4.0% [6] - The company’s toll revenue for H1 2025 reached 2.45 billion RMB (after tax), marking a significant increase of 13.59% year-on-year, driven by improved traffic flow from newly opened sections of highways [6] - The ongoing expansion and upgrade of core road assets are expected to sustain future traffic growth, with the successful completion of the Xuanguang Expressway project enhancing capacity and economic benefits [6] - The company has a solid dividend policy, committing to distribute at least 60% of the net profit attributable to the parent company in cash dividends over the next three years [6] - The profit forecast for 2025E-2026E has been slightly adjusted upwards, with expected net profits of 1.955 billion RMB and 2.002 billion RMB respectively, corresponding to PE multiples of 13 and 12 [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 7,147 million RMB for 2025E, 7,228 million RMB for 2026E, and 7,267 million RMB for 2027E, with growth rates of 0.8%, 1.1%, and 0.5% respectively [2] - The net profit attributable to the parent company is forecasted to be 1,955 million RMB for 2025E, 2,002 million RMB for 2026E, and 2,119 million RMB for 2027E, with growth rates of 17.1%, 2.4%, and 5.8% respectively [2] - The earnings per share (EPS) are projected to be 1.14 RMB for 2025E, 1.17 RMB for 2026E, and 1.24 RMB for 2027E [2] - The gross margin is expected to improve from 38.6% in 2025E to 40.2% in 2027E [2] - The return on equity (ROE) is projected to be 12.4% for 2025E, declining to 10.7% by 2027E [2] Market Data - The closing price of the company's stock is 14.59 RMB, with a market capitalization of 17,006 million RMB [3] - The stock has a price-to-book ratio of 2.1 and a dividend yield of 4.14% [3] - The company's net asset per share is 6.99 RMB, with a debt-to-asset ratio of 55.66% [3]

Investment Rating - The report maintains a "Strong Buy" rating for Sichuan Chengyu (601107) [1] Core Views - The company's Q2 2025 performance exceeded expectations with a year-on-year growth of 24%, and H1 2025 performance showed a 20% year-on-year increase, indicating a potential undervaluation of this asset [1] Financial Summary - Total revenue for 2024A is projected at 10,362 million, with a decline of 11.1% year-on-year. For 2025E, revenue is expected to be 9,984 million, with a further decline of 3.7% [2] - Net profit attributable to shareholders for 2024A is estimated at 1,459 million, reflecting a year-on-year growth of 22.9%. For 2025E, net profit is projected at 1,630 million, with an 11.7% increase [2] - Earnings per share (EPS) for 2025E is forecasted at 0.53 yuan, with a price-to-earnings (PE) ratio of 11 times [2] - The company’s total market capitalization is 171.86 billion, with a circulating market value of 121.55 billion [3] Business Performance - In H1 2025, the company achieved a total revenue of 4.126 billion, a decrease of 23.14% year-on-year, primarily due to a decline in construction service revenue. However, net profit attributable to shareholders was 837 million, up 19.93% year-on-year [7] - The toll revenue from the Chengyu Expressway in H1 2025 was 422 million, a slight increase of 0.52% year-on-year, while the Chengren Expressway saw a decline of 7.21% [10] Investment Recommendations - The report suggests an upward revision of profit forecasts for 2025-2027, with net profits adjusted to 16.3 billion, 17.3 billion, and 18.7 billion respectively. This corresponds to EPS of 0.53, 0.57, and 0.61 yuan for the same years [7] - The target price is set at 8.00 yuan for A-shares and 6.32 HKD for H-shares, indicating a potential upside of 42% and 32% from current prices respectively [2][7]

Core Viewpoint - The report highlights that Anhui Expressway (皖通高速) has shown a year-on-year growth in its H1 2025 performance, driven by increased toll revenue and construction service income, and maintains a "buy" rating from Guojin Securities [1][5]. Financial Performance - In H1 2025, the company achieved operating revenue of 3.74 billion yuan, representing a year-on-year increase of 11.7% [2]. - The net profit attributable to shareholders was 960 million yuan, up 4.0% year-on-year [2]. - In Q2 2024, the company reported operating revenue of 920 million yuan, a significant decline of 51.7% year-on-year, while the net profit attributable to shareholders was 410 million yuan, an increase of 2.4% [2]. Revenue Analysis - The growth in H1 2025 revenue was primarily due to toll revenue and construction service income [3]. - Toll revenue for H1 was 2.48 billion yuan, up 13.4% year-on-year, with the Xuan-Guang Expressway contributing 220 million yuan, a remarkable increase of 98.7% due to increased traffic following its reopening [3]. - The core route, the An-Ning Expressway, generated toll revenue of 740 million yuan, reflecting an 8.7% increase, attributed to higher traffic during the Spring Festival [3]. Cost and Profitability - The gross margin for H1 2025 was 37.2%, down 2.6 percentage points year-on-year, mainly due to depreciation from the completion of the Xuan-Guang Expressway [4]. - The company’s expense ratio was 4.79%, an increase of 1.5 percentage points year-on-year, with financial expenses rising to 2.53% due to interest costs from loans related to the expressway project [4]. - The net profit margin for H1 2025 was 25.7%, down 1.9 percentage points year-on-year [4]. Strategic Moves - The company completed the acquisition of 100% equity in Fuzhou Expressway and Sihu Expressway for 4.77 billion yuan, contributing 85.05 million yuan and 33.22 million yuan to net profit, respectively [4]. - The company participated in a private placement of Shen Expressway, investing 500 million yuan, and won the concession rights for the Bo-Dan Expressway, establishing a subsidiary with an investment of 35 million yuan [4]. - A differentiated toll policy was implemented in Anhui Province starting April, reducing discounts for certain vehicles, which is expected to positively impact profitability [4]. Profit Forecast - The company maintains its net profit forecasts for 2025, 2026, and 2027 at 1.89 billion yuan, 1.99 billion yuan, and 2.10 billion yuan, respectively [5].

Core Viewpoint - Anhui Expressway (SH 600012) announced the convening of its 15th meeting of the 10th Board of Directors on August 28, 2025, to discuss the adjustment of the 2025 budget [1] Financial Summary - For the fiscal year 2024, Anhui Expressway's revenue composition is as follows: toll revenue accounts for 54.79%, construction period revenue/cost accounts for 44.18%, and other business activities account for 1.03% [1]

Core Viewpoint - Anhui Wantuo Expressway (00995.HK) reported a significant increase in revenue and net profit for the mid-2025 period, indicating strong operational performance driven by toll and construction service income [1] Financial Performance - The company achieved total operating revenue of RMB 374,105 million, representing an 11.72% increase compared to RMB 334,851 million in the same period of 2024 [1] - Net profit attributable to shareholders was RMB 96,048 million, up 4.00% from RMB 92,353 million in 2024 [1] - Basic earnings per share rose to RMB 0.5771, reflecting a 3.64% increase from RMB 0.5568 in the previous year [1] Revenue Drivers - The increase in operating revenue was primarily due to growth in toll revenue and construction service income during the reporting period [1]