研報掘金丨華源證券:首予中原高速“買入”評級,分紅比率提升有望帶動股息率與價值提升
華源證券研報指出,中原高速作爲河南交投集團二級企業,聚焦經營性收費公路的投建、建設、運營管理,以及房地產建設、金融投資等多元化業務。公司通過持續強化路網規模與運營效率,實現業績穩健增長,2024年實現營業收入69.69億元,其中通行費收入佔比約爲63.98%,歸母淨利潤8.80億元。公司重視投資者回報,承諾2025-2027年,現金分紅比率不得低於當年歸母淨利潤的40%。該行選取寧滬高速、深高速、粵高速A爲可比公司,鑑於公司持續完善路網規模,優化業務結構,同時分紅比率提升有望帶動股息率與價值提升,首次覆蓋,給予“買入”評級。
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