SWHY research points out that Jiangsu Expressway (600377.SH) is the only listed expressway company in Jiangsu Province, and a trend of asset securitization is expected against the backdrop of "debt restructuring." The company is listed in two places and traded in three, directly participating in the operation and investment of 18 road and bridge projects. The company has a "one core, multiple diversifications" business model, with the toll road business as the core, and overall income and profits have been steadily increasing. Jiangsu Expressway has a core location advantage, with stable yearly traffic growth, and in recent years, both income and profits have remained stable, giving the company a strong advantage in future operation stability, utilizing the FCFF valuation method to estimate the company's reasonable valuation range. According to FCFF valuation, the company's reasonable Market Cap is approximately 96.01 billion yuan, estimating the company's Target Price at 19.06 yuan, corresponding to about a 30% upside potential from the closing price on December 18, 2024. First coverage, giving a "Buy" rating.