研報掘金丨申萬宏源研究:予江蘇寧滬高速公路“買入”評級,業績穩步增長
申萬宏源研究指出,江蘇寧滬高速公路為江蘇省內唯一的上市路橋公司,兩地上市三地交易,直接參與經營和投資的路橋項目達到18個。公司整體收入利潤穩中有增,收費公路業務貢獻主要的收入及毛利來源。分紅穩健,分紅絕對值維持上升。2015年至今寧滬高速現金分紅金額維持20億元以上,預計未來公司分紅政策仍將保持穩健增長態勢。考慮到深高速H、皖通高速H及廣深鐵路H均為區域內公路鐵路核心資產,選取深高速H、皖通高速H 及廣深鐵路H 為公司可比公司,前文提到寧滬高速資產優質,區位優勢明顯,主要經營區域位於中國最具經濟活力的長三角地區,所控制或參股路橋項目是江蘇南部沿江和沿滬寧兩個重要產業帶陸路交通走廊的核心組成部分。結合公司盈利能力位居行業前列,具備較強的穩定性,該行認為公司具備一定的估值優勢,2025年可比公司平均PE估值倍數為12x,高於寧滬高速H2025年PE,因此給予“買入”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.