研報掘金丨中金:粵高速A分紅政策穩健,維持“跑贏行業”評級
中金公司研報指出,受路網變化影響,粵高速A(000429.SZ)2024年業績承壓。短期看,深中通道開通對公司路產的影響在今年或仍有延續;長期看,京珠高速廣珠段正在改擴建,廣惠高速改擴建也在有序推進中(公司公吿擬增資54.48億元投資廣惠高速改擴建項目),我們認為改擴建完成後路產有望延長收費年限、提升收費標準,為公司長期成長性提供支撐。公司分紅政策穩健,分紅比例位居行業前列。維持“跑贏行業”評級,但由於公司分紅政策穩健,上調目標價10.7%至15.23元對應20.0倍2025年市盈率和19.7倍2026年市盈率。
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