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四川成渝(601107):公路主业整体稳健,费用改善推动盈利提升
Hua Yuan Zheng Quan· 2025-09-01 07:08
Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's main business in highways is stable, and cost improvements are driving profit growth [5][7] - The company is steadily advancing highway expansion projects, which are expected to release incremental revenue [7] Financial Summary - As of August 29, 2025, the closing price is 5.66 yuan, with a market capitalization of 17,308.62 million yuan and a total share capital of 3,058.06 million shares [3] - The company reported a revenue of 41.26 billion yuan in H1 2025, a year-on-year decrease of 23.14%, while the net profit attributable to shareholders was 8.37 billion yuan, an increase of 19.93% [7] - Revenue from road tolls was approximately 22.74 billion yuan, down 2.25% year-on-year, while income from BT/PPP projects increased by 19.96% [7] Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 11,220 million yuan, 11,543 million yuan, and 11,949 million yuan, respectively, with corresponding growth rates of 8.28%, 2.88%, and 3.51% [6] - The net profit attributable to shareholders is expected to be 1,557 million yuan in 2025, with a growth rate of 6.74%, and 1,685 million yuan in 2026, with a growth rate of 8.18% [6] - The price-to-earnings ratio (P/E) for 2025 is projected to be 11.11, decreasing to 9.21 by 2027 [6]
第一太平:MPIC中期综合核心溢利净额增加20%至150亿披索
Zhi Tong Cai Jing· 2025-08-06 04:42
Core Insights - Metro Pacific Investments Corporation (MPIC) reported a strong growth momentum for the first half of 2025, with core net profit increasing by 20% to 15 billion pesos compared to 12.5 billion pesos in the same period of 2024 [1] - The financial and operational performance across MPIC's business portfolio improved, leading to an 18% increase in operational contribution to 17.5 billion pesos, driven by strong growth in MERALCO's power generation business, tariff adjustments by MAYNAD, and an increase in patient numbers across the MetroPacific Hospitals network [1] - In MPIC's core business, electricity remains the largest contributor, accounting for 11.2 billion pesos or 64% of operational net profit, while water and toll roads contributed 3.8 billion pesos and 3.3 billion pesos, representing 41% of operational net profit [1] - Reported net profit surged by 36% to 17 billion pesos, primarily driven by the proceeds from the sale of MPIC's oil storage company, Philippine Coastal Storage and Pipeline Corporation [1]
一图了解各种“租赁”业务的增值税处理
蓝色柳林财税室· 2025-07-29 01:15
Core Viewpoint - The article discusses various types of leasing services, including operational leasing and financial leasing, along with their respective tax treatments in China [2][4][16]. Group 1: Operational Leasing - Operational leasing involves transferring the use of tangible or intangible assets without changing ownership, categorized into tangible asset leasing and real estate leasing [2]. - The tax rate for real estate leasing services is 9%, while the tax rate for tangible asset leasing services is 13% [4][11]. Group 2: Financial Leasing - Financial leasing is divided into direct financial leasing and financial sale-leaseback. Direct financial leasing allows the lessee to use the asset while retaining ownership with the option to purchase at the end of the lease [3][4]. - Financial sale-leaseback involves selling an asset to a leasing company and then leasing it back, with a tax rate of 6% applicable under financial services [4]. Group 3: Transportation Leasing - Various transportation leasing services include time chartering, bareboat chartering, and wet leasing, each with specific tax treatments. For instance, time chartering for water transport is taxed at 9% [5][9]. - Wet leasing involves leasing aircraft with crew, also taxed at 9% under aviation transport services [8][9]. Group 4: Specific Leasing Services - Specific leasing services include vehicle parking, road toll services, and advertising space leasing on real estate, with varying tax rates from 6% to 13% depending on the service type [13][14][15]. - The leasing of construction equipment can be categorized into those with and without operators, affecting the applicable tax rates [15]. Group 5: Policy Basis - The article references several policies and notifications from the Ministry of Finance and the State Administration of Taxation regarding the implementation of VAT in leasing services [16].