Haitong Securities Research Report pointed outfunreproulette, Sichuan Road and Bridge (600039)(600039funreproulette.SH)23Q4 Parent net profit fellfunreproulette, highway investment and operation and clean energy business are growing rapidly. Gross profit margin continued to rise, impairment increased, net profit margin fell, and operating cash flow decreased. The hydropower, wind power, photovoltaic and other projects of Tieleng Power Company entrusted to manage by the company are operating normally or advancing as planned. At present, the company (including custody) has approximately 5.4 million kilowatts of clean energy equity installed capacity under construction and operation. The company is the leader in transportation infrastructure in Sichuan Province. It has comprehensively laid out low-carbon intelligent transformation and upgrading, combined with stock incentives and increased holdings of controlling shareholders, and sustainable development in the future. Give a 24-year P/E ratio of 8-10 times, reasonable value range of 9funreproulette.28-11.60 yuan, given a rating of "better than large markets".