The Zhitong Finance App learned that Huatai Securities released a research report saying that it maintained the “buy” rating of Zhejiang Shanghai-Hangzhou (00576), considering that weak travel demand may continue, 4Q22 national truck tolls were reduced by 10%, and the 2022-24 net profit forecast was lowered by 8.9%/11%/1.9% to 34.55/44.23/5.174 billion yuan, and the target price was reduced 11% to HK$7.1. The 2022-24 dividend rate is expected to reach 8.4%/8.9%/9.3%. It is also estimated that the company's 3Q22 securities/banks/toll roads and other businesses will be -40%/+14%/-1% of net profit compared to the same period last year, with net profit accounting for 13%/11%/76%, respectively.

According to the report, the company plans to launch a special asset support plan to securitize the underlying assets held by Shenjia Huhang Company and raise capital for the company's operation and development. According to the announcement, Zhejiang, Shanghai, Hangzhou, and Ningbo will transfer all of the shares of Shenjia Huhang Company to the special asset support plan. The estimated cash cost is no less than 2,943 billion yuan. According to the announcement, the company will confirm earnings estimated at approximately $1,935 billion based on consolidated benchmarks. Shenjia Huhang's 2021 revenue/net profit was 784 million yuan/53 million yuan. After the transaction is completed, Shenjia Huhang will no longer be consolidated into the Zhejiang Shanghai-Hangzhou-Ningbo books. However, considering that the release is not yet complete, the line model did not consider this matter.