研報掘金丨廣發證券:首予皖通高速“增持”評級,目標價17.29元
廣發證券研報指出,皖通高速(600012.SH)背靠安徽交控資源及產業轉移前沿陣地優勢,成本α鑄就利潤率與回報水平長期行業領先。公司毛利率和回報水平長期保持行業領先,2010-19年ROE、毛利率(剔除建造期業務)均值分別12%、61%。2020年開始公司持續加強股東回報力度,分紅比例提升至60%高位並保持至今。同時地處東部交通要地帶來的需求韌性,助力公司期間利潤水平修復節奏相對領先,A股股價自2020年以來漲幅超250%,較同業有明顯超額。藉由豐富的旅遊資源激發公路出行需求,35年全省六車道以上路段計劃達到4571公里,佔總里程的45%。長期視角下,省內大交通網絡的完善升級有望爲公司持續引流,上市公司與集團路產的互動協同值得期待。於DDM模型測算,公司A股每股價值爲17.29元/股,H股每股價值爲11.08港元/股,首次覆蓋均給予“增持”評級。
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