According to JPMorgan, the medium-term revenue of Hopewell Highway reached 1.111 billion yuan, down 9% year-on-year, and the net profit was 382 million yuan, down 33% year-on-year. Motors believes that the company's revenue growth on the trunk road on the west coast of the Pearl River Delta is encouraging and that Hopewell road toll revenue growth will recover rapidly with the commencement of the third phase of the project. However, the traffic diversion of coastal highways continues to be a key uncertain factor in the medium term. Motors cut its profit forecast for Hopewell Highway by 4% this year, mainly due to higher financial expenses after the start of the third phase of the project. Hopewell is currently trading at 5.2% and 5.1% of the projected dividend returns for this year and next year, respectively, and Motors raised its target price to 4.9 yuan from 4.2 yuan, maintaining a "neutral" rating.

Moto refers to that although the macro-economy slowed down in the second half of last year, the average daily toll income of the first and second phases of Hehe Highway increased by 7% and 29% respectively during the period. The second phase of the project is expected to have an average daily income of 1.3 million yuan in the first half of this year (the same below), which is striving to achieve a daily income of 1.5 million yuan, that is, a level of break-even. In addition, Motors believes that the third phase of the Western Route will start operation in January this year, which will bring more traffic to the existing first and second phases of the project. Management expects the third phase of the project to achieve cash flow balance in fiscal year 2014, and Motors expects the company to return to positive growth in fiscal year 2014 and 15 with strong revenue growth on the western line.