智通财经APP获悉，中金发布研报称，首次覆盖安徽皖通高速公路(00995)，给予“优于大市”评级，目标价15.12港元，较现价有8%上行空间。公司路产多位于省际交界处，承东启西、连南接北、沿江通海，当地汽车产业发达，区域客货运需求大。公司核心路产开通时间早，2014-24年平均毛利率高达59.5%，改扩建后收费年限长。
该行预计，短期公司收购阜周和泗许高速安徽段、宣广和广祠改扩建完成贡献盈利增量，另收购山东高速7%股权有望增厚2026年投资收益约3亿元人民币;中长期看，高界高速改扩建和参股修建新路产体现持续成长性。
报告提到，公司2025-27年规划分红比例不低于60%，据该行测算，H股现价对应2025-26年股息率为5.4%/6%，均位于H股高速前列。中金预计公司2025/26年盈利分别为19.7/21.7亿元人民币，2024-26年复合增长率为14%。当前H股高速平均股息率为5.9%，考虑皖通聚焦高速、资产优异且成长性好，市场应给予一定估值溢价，以5%股息率对应H股2025年目标价15.12港元，对应2025/26年12/10.8倍市盈率。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.