The quarterly report revealed the maximum public offer REITs profitability, and the 79 -day collection of more than 100 million yuan

With the disclosure of the Fund's second quarterly report, some fund products that have attracted much attention from the market also ushered in the inspection of profitability. On July 21, Huaxia Fund disclosed the second quarter report of Huaxia China Communications Reit (referred to as: CCCC REIT & Nbsp; 508018). It is also the actual revenue of the largest public offer REITs at present.

The second quarterly report shows that the Huaxia China Communication Construction REIT was established from April 13 this year to the end of June. In 79 days, the fund level achieved consolidated income of 106 million yuan, of which the distribution amount reached 82.9045 million yuan. Under the empowerment of professional operation and management, we should take the test to achieve smooth operation, showing excellent sustainable division capabilities.

79 -day creation exceeds 100 million yuan

Strong cash flow generation ability

An important reason why infrastructure public offering REITs becomes the "fragrant citron" of the investment market is the high -proportion coercive dividend strategy. According to the requirements of the fund contract, the public offer REITs must consolidate the year -on -year distribution amount in the distribution ratio of not less than 90%. It is allocated to investors, so the amount of allocation can directly affect the investment income of investors and the valuation of the product in the secondary market.

The second quarterly report shows that from April 13 this year, Huaxia China Communications and Construction REIT will be the date of effectiveness of the fund contract to June 30th. And the total value of fair value changes) 106 million yuan, of which the distribution amount is 82.9045 million yuan, showing excellent cash flow production capacity and sustainable distribution capabilities.

According to the data, the underlying assets of Huaxia China Communications Reit are the three major urban agglomerations of the three major urban agglomerations of the Wuhan high -speed high -speed high -speed highway, Wuhan High -speed Unicom Wuhan Economic Circle, Changzhutan Economic Circle, and the Guangdong -Hong Kong -Macao Greater Bay Area. The transportation channel, there are many populations along the line, economically developed, and the demand for road network traffic is strong. According to the disclosure of Huaxia China Communication Reit Recruitment Manual, the revenue income of the Jiatong Road section a few years ago was relatively bright -the 2018 traffic income was 61.6551 million yuan (the Wu Shen Expressway was not yet connected), and in 2019, 452 million was 452 million The yuan, 365 million yuan in 2020, revenue of 521 million yuan in 2021.

Looking forward to the second half of the year, the second quarter report has remained relatively optimistic about the subsequent profitability of the project: Hubei Province is a strategic fulcrum for the rise of the central region. The development of industry, agriculture and tertiary industries is in a leading position. And the cargo flow set. The production demand in Hubei Province has shown positive changes, and the decline in the related indicators of wholesale and retail, transportation, and logistics and storage industry has narrowed significantly. The sustainable growth of the macroeconomic economy across the country and Hubei region and the continuous recovery of the economy in the relevant regions of the Jiatong Expressway provides a solid foundation for the recovery and growth of the highway traffic of the project.

Professional management escort

Empowerment project underlying assets

In addition to the quality of underlying assets, another key factor that determines whether the public REITS project can achieve good income is the management capabilities of the project.

According to the data, Huaxia China Communications Reit is the operating management agency by China Jiaotong Investment Co., Ltd. and CCCC Investment (Hubei) Operation Management Co., Ltd. China Jiaotong Construction is the world's largest port, highway and bridge design and construction companies, the world's largest dredging company; Asia's largest international engineering contracting company, China's largest highway investor; the world's largest engineering ship fleet. China has rich experience in traffic construction and operation, strong social responsibility for central enterprises, and multiple projects held in Wuhan area. The internal synergy effect is high and can be jointly operated to help improve income and share costs. According to data from the second quarter report, from April 15, 2022 (delivery date) to the end of June, the operating income of infrastructure project companies totaling 89.52 million yuan, and the profit margin before the period of interest tax was 83.09%. It fully reflects the ability of fund managers and transportation management agencies to control and operate project cost control and operation control.

In addition, the revenue of Jiatong High -speed Pass has decreased by 20.9%compared with the same period last year. In this regard, the fund manager and the operation management agency, while cooperating with the toll site to do a good job of on -site inspections, actively ensure the safety and smoothness of the road, improve the quality of public travel services, and conduct it. A series of marketing activities aimed at increasing the income of traffic fees, including: conducting traffic surveys, travel willingness questionnaire surveys, and logistics parks around Wuhan and adjacent sections, industrial parks, service areas along the way, surrounding national roads and other grounds. Release emergency medicine packs and exquisite gifts, provide free buffets to vehicle departments of the road section under the jurisdiction, and carry out activities such as "enjoying the martial arts high -speed & nbsp; Caring for Card You all the way" love public welfare week and other activities.

In May and June of Jiatong Expressway increased by 21.4%and 13.4%from the previous month, respectively, showing a gradual recovery trend. In addition, the second quarterly report also emphasized that the remaining business period of Jiatong high -speed speed is long, about 24 years. The short -term unpredictable factors have a small impact on the full cycle income of Jiatong high -speed. In the long run, no major changes have occurred in Jiatong high -speed cash flow or cash flow capacity.

REITs expansion rules introduced

Project development potential to be followed

For the public offering REITS investor, another thing that deserves special attention is that at the end of May this year, the Shanghai and Shenzhen Exchange released the "Guidelines for the Public Rex Reist New Infrastructure Project", which have attracted much attention from the expansion of the public offering REITs. Essence

The public offering REITS expansion mechanism helps the public offer REITS product investment portfolio optimization and continuous operation, and helps fund managers through increased the management scale of similar assets, exert the advantages of scale management, and achieve higher value creation. At the same time, expansion can further promote the optimization of public offer REITS investment portfolios, increase the degree of decentralization of underlying infrastructure assets, and reduce the negative impact of individual asset operating risks on the overall public offering REITS products. From the perspective of public offerings REITs investors, expansion provides the possibility for investors to further share infrastructure returns. The expansion experience of foreign mature public offering REITs shows that through the expansion of continuous high -quality assets, it will help improve the overall yield and distribution rate of the REITS fund, and increase the overall market value of the fund and improve the funds of the fund.

In terms of expansion, China has existed natural advantages since the date of birth. China Jiaotong Construction is my country's largest highway investor and pioneers in the field of infrastructure. Huaxia China Communications Construction, as the only highway asset listing platform for China Communications Construction, has a large number of asset -funded assets and a large scale. As of the end of 2021, China Communications Construction has operated 46 highway projects (including share participation projects), of which the accumulated investment amount of the holding project was 185.162 billion yuan; Booking 597.589 billion yuan, rich asset reserves, and sustainable expansion of high -quality assets, which also makes investors look forward to the future development potential of Huaxia and China.

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