Tiger Brokers

【券商聚焦】申万宏源维持浙江沪杭甬(00576)“买入”评级 指公司通行费收入整体保持稳健态势

金吾财讯
Nov 03

金吾财讯 | 申万宏源研报指出，浙江沪杭甬(00576)发布2025年三季报，2025年前三季度公司实现营业收入141.3亿元，同比增长8.9%，实现归属于母公司所有者的净利润41.9亿元，同比增长1.5%。业绩符合预期。该机构指出，1-9月公司营业收入同比增长8.9%，分季度看，上半年公司通行费业务收入达到51.3亿元，同比增长0.4%，证券业务收入达到31.83亿元，同比增长13.44%；单Q3看，7-9月公司日均通行费收入同比增速分别为-3.36%/-9.18%/+1.65%，通行费收入同比增速承压，证券业务收入或贡献较大增量。该机构续指，2025Q3沪杭甬高速沪杭段、沪杭甬高速杭甬段、上三高速、甬金高速金华段、杭徽高速车流量分别同比下降1.16%、3.18%、19.79%、12.93%、3.19%，车流量短期承压。通行费收入看，沪杭甬高速沪杭段通行费收入同比微增，增速好于车流量增速，公司通行费收入整体保持稳健态势。该机构表示，结合公司2025年三季报，维持25-27年盈利预测，预计公司2025E-2027E归母净利润分别为56.71/58.87/61.49亿元，分别同比增长3.08%/3.81%/4.45%，对应PE分别为7x/7x/7x。维持“买入”评级。

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