1、高速公路行业分析框架与投资价值高速公路行业分析框架与投资价值Research Framework and Investment Value for the Toll Road Industry骆雅丽骆雅丽 Yali Luo,虞楠虞楠 Nan Yu,2023年年8月月6日日本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Pleasesee appendix

2、 for English translation of the disclaimer)Equity Asia Research2概要概要For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 1.前言：业绩与“中特估”共振，高速上半年市场表现优异前言：业绩与“中特估”共振，高速上半年市场表现优异2.高速公路公司盈利框架高速公路公司盈

3、利框架3.高速公路投资看点高速公路投资看点4.风险提示风险提示1XoZ2WSWnXxU6MbP9PtRmMmOpMkPrRwOeRnNvNbRnNyRwMtQpMuOnPpQ31.前言前言For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 业绩与“中特估”共振，高速上半年市场表现优异业绩与“中特估”共振，高速上半年市场表现优异Q

4、1基本面改善明显，业绩有望持续增长基本面改善明显，业绩有望持续增长41 业绩与“中特估”共振，高速上半年市场表现优异业绩与“中特估”共振，高速上半年市场表现优异For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 证券代码证券简称绝对收益相对收益（相对沪深300全收益）2010-20192023年以后2010-20192023年以

5、后1052.HK越秀交通基建301.3%0.45%261.5%-5.6%600548.SH深高速186.3%11.20%146.5%5.2%600377.SH宁沪高速166.5%18.23%126.7%12.2%000429.SZ粤高速A104.0%0.76%64.3%-5.2%0576.HK浙江沪杭甬70.6%8.89%30.8%2.9%000828.SZ东莞控股43.3%14.07%3.5%8.1%600012.SH皖通高速41.6%43.62%1.8%37.6%H00300.CSI沪深300全收益指数39.8%6.00%0.0%0.0%000885.SZ城发环境35.5%37.81%-4

6、.3%31.8%600020.SH中原高速35.5%30.14%-4.3%24.1%600368.SH五洲交通34.6%13.25%-5.1%7.3%600350.SH山东高速33.1%20.66%-6.7%14.7%600035.SH楚天高速20.4%26.47%-19.4%20.5%600106.SH重庆路桥7.0%-2.17%-32.8%-8.2%600033.SH福建高速-1.0%16.17%-40.8%10.2%001965.SZ招商公路-18.9%21.20%-58.7%15.2%601518.SH吉林高速-29.9%22.34%-69.7%16.3%000900.SZ现代投资-3