华泰证券研报指出,宁沪高速为高速公路龙头股,路产位于经济发达的苏南地区。2020-2023年公司主要路段客车流量CAGR达到5.3%,与同期江苏民用客车保有量6.1%的CAGR相近,客车受经济周期影响较小。货车与工业生产景气度弱相关。2024年末,公司路产按收入加权平均剩余收费期约为8.5年,主要路段或启动改扩建以延长收费期限,未来车流量与费率均有提升空间,但投资支出增大或使资产负债率上升、对外...
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