公司研 究 证 券研究 报 告 交通运输 2024年05月08日 四 川成渝高速公路（00107.HK）首次覆盖报告 强 推 （首次） 股息率超过 8%，PB 仅 0.57 倍，成长潜力被 目标价：4.7港元 低估，“强推”评级 当前价：3.21港元  股息率达到 8%左右的高股息标的。1）步入分红第一梯队：公司此前公告三 华创证券研究所 年（2023-25年）股东回报规划，分红比例不低于当年归母净利润的60%，在 符合条件的前提下，也可以进行中期利润分配。从分红比例角度已经步入公路 行业第一梯队，仅次于粤高速A的70%，与山东高速、皖通高速相同。2）H 证券分析师：吴一凡 股高股息。年报中公司披露，董事会已建议向全体股东每 10股派发现金红利 电话：021-20572539 2.4元，占2023年归母净利润的61.83%，占公司扣非净利的67.2%，对应股息 邮箱：wuyifan@hcyjs.com 率8.2%。（注：江苏宁沪高速公路/宁沪高速H股，按照0.47元/股分红计算股 息率为6.6%；安徽皖通高速公路/皖通高速H股，按照0.601元/股分红计算股 执业编号：S0360516090002 息率为7 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 2,012,495,619.91, representing a decrease of 8.52% compared to CNY 2,200,028,152.83 in the same period last year[5]. - Net profit attributable to shareholders for Q1 2024 was CNY 391,428,528.81, down 13.20% from CNY 450,937,140.56 in the previous year[5]. - Basic and diluted earnings per share for Q1 2024 were both CNY 0.1280, reflecting a decrease of 13.22% from CNY 0.1475 in the previous year[5]. - Total revenue for Q1 2024 was CNY 2,012,495,619.91, a decrease of 8.54% compared to CNY 2,200,028,152.83 in Q1 2023[28]. - Net profit for Q1 2024 was CNY 406,578,028.41, down 15.59% from CNY 481,447,410.75 in Q1 2023[30]. - Earnings per share for Q1 2024 was CNY 0.1280, compared to CNY 0.1475 in Q1 2023, reflecting a decrease of 25.5%[32]. - Operating costs for Q1 2024 totaled CNY 1,544,639,222.82, down from CNY 1,687,500,714.78 in Q1 2023[27]. - Other comprehensive income after tax for Q1 2024 was CNY 4,686,303.34, compared to a loss of CNY 728,793.45 in Q1 2023[30]. Cash Flow - The net cash flow from operating activities was CNY 799,025,576.88, a decline of 10.20% compared to CNY 889,737,469.36 in the same period last year[5]. - Cash flow from operating activities in Q1 2024 was CNY 2,192,390,888.57, slightly lower than CNY 2,300,246,027.64 in Q1 2023[34]. - Cash flow from financing activities included cash received from borrowings of $1,585,410,000.00 in Q1 2024, down from $1,840,530,000.00 in Q1 2023[37]. - Total cash outflow from operating activities in Q1 2024 was $1,393,365,311.69, slightly lower than $1,410,508,558.28 in Q1 2023[35]. - Cash paid for taxes in Q1 2024 was $113,363,782.50, a decrease of 11.7% compared to $128,405,410.60 in Q1 2023[35]. - Cash and cash equivalents at the end of Q1 2024 totaled $2,666,369,525.39, down 22.4% from $3,438,742,033.60 at the end of Q1 2023[39]. Assets and Liabilities - Total assets at the end of Q1 2024 amounted to CNY 58,956,655,615.06, an increase of 2.25% from CNY 57,659,428,648.86 at the end of the previous year[5]. - The total liabilities of the company as of March 31, 2024, were RMB 41,871,460,664.40, compared to RMB 40,986,152,245.87 as of December 31, 2023[25]. - The company's long-term borrowings increased to RMB 34,452,374,509.70 as of March 31, 2024, from RMB 33,069,964,509.70 as of December 31, 2023, reflecting an increase of approximately 4.2%[25]. - The company's accounts payable decreased to RMB 1,351,849,976.46 as of March 31, 2024, from RMB 1,668,579,487.69 as of December 31, 2023, indicating a reduction of approximately 19%[23]. - The company's total current liabilities decreased to RMB 5,908,621,614.72 as of March 31, 2024, from RMB 6,289,096,911.03 as of December 31, 2023, showing a decline of approximately 6%[24]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 40,580, including 40,327 A-share shareholders and 253 H-share shareholders[15]. - Sichuan Transportation Investment Group holds 1,218,979,662 shares, accounting for 39.86% of the total shares[10]. - HKSCC NOMINEES LIMITED holds 887,454,700 shares, representing 29.02% of the total shares[10]. - The top three shareholders collectively own 90.61% of the total shares, indicating a high concentration of ownership[10]. - The report indicates that there are no significant changes in the participation of major shareholders in margin financing and securities lending activities[14]. Government Grants and Non-Recurring Items - The company recognized government grants amounting to CNY 7,304,775.21 related to normal business operations[6]. - The total amount of non-recurring gains and losses for the period was CNY 10,834,862.34 after tax adjustments[8]. - The company has not listed any extraordinary gains or losses that are significant according to the relevant disclosure guidelines[9]. Project Investments - The Chengle Expressway expansion project has a total length of 136.1 km and an estimated total investment of approximately RMB 251.5 billion, with cumulative investment completed by March 31, 2024, amounting to approximately RMB 119.36 billion[16]. - The Tianqiong Expressway project has a total length of about 42 km and an estimated total investment of approximately RMB 86.85 billion, with cumulative investment completed by March 31, 2024, amounting to approximately RMB 55.25 billion[17].

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching RMB 1.2 billion in 2023[4]. - The company's net profit attributable to shareholders for 2023 was approximately RMB 1,190,814,000, representing a year-on-year increase of 89.95%[26]. - Basic earnings per share for 2023 were approximately RMB 0.389, compared to RMB 0.205 in 2022 (restated)[26]. - The company's total revenue for 2023 was approximately RMB 11,580,867 thousand, representing a year-on-year increase of about 11.15%[35]. - The highway segment generated revenue of approximately RMB 4,721,287 thousand, with a year-on-year growth of approximately 25.39%[35]. - The new energy technology segment achieved revenue of approximately RMB 64,845 thousand, reflecting a significant year-on-year increase of approximately 455.89%[35]. - The traffic logistics segment reported revenue of approximately RMB 718,809 thousand, marking a year-on-year growth of approximately 122.96%[35]. - The profit for the year was RMB 1,266,768 thousand, representing an increase of 86.52% from RMB 679,161 thousand in the previous year[60]. - The company's total comprehensive income for the year was RMB 1,262,399 thousand, up from RMB 690,933 thousand in the previous year, representing an 82.5% increase[175]. - The company's income tax expense for 2023 was RMB 302,540 thousand, up from RMB 247,880 thousand in 2022, which is a 21.9% increase[175]. Operational Developments - User data showed a 20% growth in traffic volume on major highways, with an average daily traffic of 150,000 vehicles[4]. - The company plans to expand its highway network by 10% over the next three years, focusing on key routes in Sichuan province[4]. - New technology initiatives include the implementation of smart toll systems, expected to reduce congestion by 30%[4]. - A new highway project connecting Chengdu to Leshan is set to commence in Q3 2024, with an estimated cost of RMB 500 million[4]. - The company has completed significant investments in infrastructure, including 624 kilometers of new expressways in Sichuan Province during the year[27]. - The company operates 140 charging stations within its road network, with over 1,000 charging points, leading in Sichuan province[30]. - The company is focused on expanding its core business of highway investment, construction, and management while developing green energy industries[25]. Strategic Initiatives - The company is exploring strategic partnerships for potential mergers and acquisitions to enhance its market position[4]. - The company aims to enhance its resource advantages and optimize its industrial layout amid a complex macroeconomic environment[31]. - The company plans to strengthen risk management in key areas such as investment and safety production to mitigate existing and potential risks[30]. - The company is committed to green development and has completed provincial ecological and environmental inspections[30]. - The company aims to complete over RMB 260 billion in transportation construction investment in Sichuan Province in 2024[32]. - The company is focused on addressing key issues such as main business expansion, profit growth, and upgrading of driving forces[32]. Governance and Compliance - The company has established a comprehensive governance structure, including a board of directors, supervisory board, and management team, enhancing corporate governance practices[84]. - The company treats all shareholders equally, ensuring that minority shareholders can fully exercise their rights and participate in decision-making[90]. - The company emphasizes a stable profit distribution policy, prioritizing cash dividends over stock dividends, with a minimum cash dividend ratio of 30% of distributable profits[92][95]. - The company has developed a complete risk management and internal control system, which has been effective in managing operational risks[88]. - The company has received a standard unqualified audit opinion on the effectiveness of its internal controls related to financial reporting[88]. - The company emphasizes the importance of compliance with legal regulations and internal governance practices[108]. Market and Economic Context - In 2023, the GDP of Sichuan Province exceeded RMB 6 trillion, growing by 6%, ranking first among the top ten economic provinces in China[27]. - The overall economic environment in 2023 saw a GDP growth of 5.2% in China, contributing positively to the group's toll revenue performance[44]. - The provincial government plans to expand the highway network to 20,000 km by 2035, which may create both opportunities and challenges for the company's existing routes[158]. - The company is closely monitoring macroeconomic trends and their impact on highway traffic volume, which is highly correlated with domestic GDP[157]. Risk Management - The company faces significant risks including policy changes, market fluctuations, and operational limitations, which could impact its ability to achieve business objectives[152]. - The company emphasizes strengthening its risk management mechanisms to address potential financial and operational risks[152]. - The financing risk is increasing due to the growing demand for external financing, with domestic bank loan costs being relatively high[161]. - The company has implemented effective tax risk prevention measures, including strengthening tax regulation training and hiring tax consulting services[162]. Shareholder Engagement - The company encourages shareholder participation in meetings, providing opportunities for direct communication regarding business performance and future prospects[98]. - The company maintains complete operational independence from its major shareholders, ensuring no interference in decision-making or financial management[91]. - The company’s major shareholders include Shudao Group and China Merchants Highway Company, with no conflicts of interest reported[91]. Future Outlook - Future guidance indicates an expected revenue growth of 12% for 2024, driven by increased traffic and new projects[4]. - The company aims to enhance communication with government and industry peers to adapt to changes in road network planning and maintain operational efficiency[159]. - The company is exploring PPP models for infrastructure project investments to create sustainable growth points[165].

Financial Performance - Revenue increased by approximately 11.15% to approximately RMB 11,580,867 thousand[2] - Profit attributable to owners increased by approximately 89.95% to approximately RMB 1,190,814 thousand[2] - Earnings per share increased by approximately 89.76% to approximately RMB 0.389[2] - Proposed final cash dividend for 2023 is RMB 0.24 per share (tax included), compared to RMB 0.10 per share for 2022[2] - Total comprehensive income for the year amounted to RMB 1,262,399 thousand, compared to RMB 690,933 thousand in 2022[4] - The adjusted profit before tax for the group was RMB 1,569,308 thousand after accounting for unallocated income and expenses[24] - The group achieved a net revenue of approximately RMB 11,580,867 thousand, representing a year-on-year growth of about 11.15%[85] - The attributable profit to the owners of the company for 2023 was approximately RMB 1,190,814 thousand, reflecting a year-on-year increase of about 89.95%[81] - The basic earnings per share for 2023 were approximately RMB 0.389, compared to RMB 0.205 for 2022 (restated)[81] Assets and Liabilities - Non-current assets totaled RMB 54,521,932 thousand, an increase from RMB 50,958,253 thousand in 2022[5] - Current liabilities increased to RMB 6,317,752 thousand from RMB 4,721,580 thousand in 2022[6] - Net assets decreased to RMB 16,673,281 thousand from RMB 21,610,787 thousand in 2022[6] - Total assets of the group were reported at RMB 57,640,787 thousand, including cash and cash equivalents of RMB 1,982,830 thousand[24] - Total liabilities amounted to RMB 559 million, a decrease of RMB 409 million compared to the previous year[17] - Total liabilities increased to RMB 40,967,506 thousand from RMB 34,588,353 thousand, indicating a rise in financial obligations[101] - The total current portion of trade receivables decreased significantly to RMB 1,015,838 thousand in 2023 from RMB 2,536,192 thousand in 2022, indicating improved liquidity management[58] Revenue Segments - The total revenue for the highway segment reached RMB 4,721,287 thousand, contributing to a total of RMB 11,580,867 thousand across all segments[24] - The highway segment generated a net revenue of approximately RMB 4,721,287 thousand, with a year-on-year increase of about 25.39%[85] - The new energy technology segment reported a net revenue of approximately RMB 64,845 thousand, reflecting a significant year-on-year growth of about 455.89%[85] - The traffic services segment experienced a slight decline, with a net revenue of approximately RMB 1,959,766 thousand, down by about 0.66% year-on-year[85] - The engineering construction segment reported a net revenue of approximately RMB 4,116,160 thousand, showing a year-on-year decrease of about 1.83%[85] Cash Flow and Financing - The net cash outflow from operating activities for the year was RMB 1,275,827 thousand, a reduction of RMB 226,614 thousand compared to the previous year[119] - The net cash inflow from investing activities was RMB 2,480,098 thousand, an increase of RMB 2,112,147 thousand compared to the previous year[120] - The net cash outflow from financing activities was RMB 1,880,636 thousand, an increase of RMB 1,517,465 thousand compared to the previous year[120] - The total bank and other interest-bearing borrowings amounted to RMB 37,780,677 thousand as of December 31, 2023[122] Employee and Operational Metrics - Employee costs increased to RMB 1,063,565,000 in 2023 from RMB 966,336,000 in 2022, representing a growth of approximately 10%[49] - The total number of employees as of December 31, 2023, is 4,668, with 3,307 in production roles and 673 in technical positions[138] - A total of 28,659 training sessions were conducted for employees during the reporting period, emphasizing the company's commitment to employee development[141] Corporate Governance and Compliance - The audit committee, composed of three independent non-executive directors, has reviewed the annual performance for the year ending December 31, 2023, confirming adherence to applicable accounting standards and regulations[143] - The company has established a code of conduct for directors and supervisors that meets or exceeds the standards set by the "Standard Code," confirming compliance with securities trading regulations[144] - The company has made efforts to enhance corporate governance standards in line with regulatory requirements[142] Strategic Initiatives - The company plans to continue expanding its highway projects and enhancing service levels to support future growth[110] - The company aims to enhance project profitability by integrating into market trends and expanding multimodal transport platforms[130] - The group plans to continue expanding its market presence and enhancing operational efficiency in response to favorable economic and policy environments[96]

Core Viewpoint - Sichuan Chengyu Expressway (00107) has seen a significant increase of over 5%, currently trading at 2.75 HKD with a transaction volume of 5.91 million HKD, indicating strong market interest in the stock [1] Industry Summary - CITIC Securities suggests that the highway sector may offer better allocation value compared to cyclical high dividend yield stocks due to its more stable cash flow and lower valuation [1] - In a low interest rate environment, proactive dividend policies are expected to serve as a tool for state-owned enterprises' market value management, potentially becoming a key performance indicator for "Zhong Te Gu" [1] - The highway sector is characterized by strong stability due to its volume-price cash flow features, and expansion through reconstruction and extension of toll collection periods enhances growth potential, making it a rare asset in a low interest rate context [1] - The firm believes that the concept of user payment is likely to become deeply ingrained in China, similar to mature markets like the U.S., while the annual revenue gap for Chinese highways is approximately 400 billion, suggesting that toll rates are expected to rise steadily in the future [1] - Reviewing the valuation expansion of leading highway companies, increasing dividend rates and EPS growth are seen as critical factors [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 (股份編號：00107) 2023年第三季度報告 本 公 告 乃 由 四 川 成 渝 高 速 公 路 股 份 有 限 公 司（「本公司」或「公 司」）根 據 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則 第13.09條及香港法例 第571章《證 券 及 期 貨 條 例》第XIVA部 作 出。 本公司的2023年 第 三 季 度 財 務 資 料 未 經 審 核，乃 根 據 中 國 企 業 會 計 準 則 編 製。 一. 重要提示 • 公 司 董 事（「董 事」）會（「董事會」）、監 事 會 及 董 事、監 事、高 級 管 理人員保證2023年第三 季 度 報 告（「季度報告」或「報 告」）內 容 的 真實、準確、完整，不存在虛假記載、誤導性陳述或者重大遺漏， 並 承 擔 個 別 和 連 帶 的 法 律 責 ...

四川成渝高速公路股份有限公司 ( (在中華人民共和國註冊成立之股份有限公司) (股份 编 號：00107) 2023 中 期 報 告 目錄 釋義 2 公司資料 12 公司簡介 16 中期簡明財務信息 18 股本變動及主要股東持股情況 116 董事、監事及高級管理人員情況 120 管理層討論與分析 121 其他重要事項 159 報告期後事項 168 釋義 機場高速 成都機場高速公路 城北出口高速 成都城北出口高速公路 成樂高速 四川成樂（成都－樂山）高速公路 成仁高速 成自瀘赤（成都－自貢－瀘州－赤水）高速公 路成都至眉山（仁壽）段 成雅高速 四川成雅（成都－雅安）高速公路 成渝高速 成渝（成都－重慶）高速公路（四川段） 遂廣高速 四川遂廣（遂寧－廣安）高速公路 遂西高速 四川遂西（遂寧－西充）高速公路 二繞西高速 成都第二繞城高速公路西段 天邛高速 天邛（天府新區－邛崍）高速公路 於本章節中，釋義乃按英文版本(A-Z)排序。 一. 道路項目名稱 四川成渝高速公路股份有限公司 2 釋義（續） 機場高速公司 成都機場高速公路有限責任公司 城北公司 成都城北出口高速公路有限公司 成渝贏創投資 成都成渝贏創股權投資合 ...

Financial Performance - The company's revenue for the six months ended June 30, 2023, was RMB 5,657,375,000, representing an increase of 28.0% compared to RMB 4,433,927,000 for the same period in 2022[2]. - Gross profit for the same period was RMB 1,566,668,000, up 38.3% from RMB 1,133,283,000 in 2022[2]. - The net profit attributable to the owners of the company was RMB 780,353,000, a significant increase of 84.2% compared to RMB 423,813,000 in the previous year[2]. - The company reported a total comprehensive income of RMB 821,602,000 for the period, compared to RMB 463,846,000 in 2022, reflecting a growth of 77.1%[3]. - The company’s basic and diluted earnings per share for the period were RMB 0.255, compared to RMB 0.139 in 2022, reflecting an increase of 83.5%[3]. - The company reported a total of RMB 16,938 thousand in other rental income for the six months ended June 30, 2023, compared to RMB 9,738 thousand in the same period of 2022, marking an increase of about 74%[28][29]. - The company reported a profit of RMB 1,195,682 million for the six months ended June 30, 2023, with notable contributions from the highway and transportation service segments[23]. - The group reported a profit for the period of RMB 827,511 thousand, an increase of RMB 361,712 thousand compared to RMB 465,799 thousand in the same period last year, with highway segment profit rising by 88.03% to RMB 1,033,579 thousand[87]. Assets and Liabilities - The total assets as of June 30, 2023, amounted to RMB 66,583,000,000, a decrease from RMB 72,468,000,000 at the end of 2022[4]. - Current assets totaled RMB 5,605,213,000, an increase from RMB 5,240,887,000 in the previous year[5]. - The company’s non-current liabilities increased to RMB 33,764,253,000 from RMB 29,866,773,000 in 2022, indicating a rise of 12.7%[6]. - The total liabilities as of June 30, 2023, were RMB 40,044,585,000, up from RMB 34,588,353,000 as of December 31, 2022, indicating a rise of approximately 15.5%[27][28]. - The net current liabilities of the group amounted to RMB 675,119,000, compared to net current assets of RMB 519,307,000 as of December 31, 2022[8]. - Total liabilities as of June 30, 2023, were RMB 1,299 million, significantly up from RMB 44 million as of December 31, 2022[16]. - The company’s long-term borrowings without collateral increased to RMB 6,616,700,000 as of June 30, 2023, compared to RMB 2,710,950,000 at the end of 2022, showing a significant rise[62]. Revenue Segments - Segment revenue for the highway division was RMB 2,361,466 million, contributing significantly to the total segment revenue of RMB 5,657,375 million for the six months ended June 30, 2023[23]. - The revenue from toll fees in the highway segment was RMB 2,361,466 thousand for the six months ended June 30, 2023, compared to RMB 1,935,991 thousand for the same period in 2022, reflecting an increase of about 22%[29][31]. - The engineering construction segment generated revenue of RMB 2,032,462 thousand for the six months ended June 30, 2023, compared to RMB 1,381,960 thousand in the same period of 2022, indicating a growth of approximately 47%[29][31]. - The transportation logistics segment saw a remarkable increase in revenue of 3,757.85%, reaching RMB 312,177 thousand, primarily due to the company's active development of the North Grain South Transport project[81]. - The engineering construction segment's revenue rose by 47.07% to RMB 2,032,462 thousand, with significant contributions from service concession contracts and third-party construction projects[81]. Investments and Acquisitions - The group acquired 81% and 19% stakes in Sichuan Rongcheng Second Ring Expressway Development Co., Ltd. from Sichuan Shudao Expressway Group Co., Ltd. and Sichuan Road and Bridge Construction Group Co., Ltd. on April 30, 2023[9]. - The acquisition was accounted for under the merger accounting method as per the Hong Kong Institute of Certified Public Accountants guidelines, consistent with previous financial statements[9]. - The company completed the acquisition of 81% and 19% equity in Rongcheng Errao Company for a total consideration of RMB 5,903,000,000, enhancing its control over toll highways in Sichuan Province[65]. - The company has established a good credit relationship with financial institutions, allowing it to enjoy favorable loan interest rates, with available loan credit limits of RMB 49.702 billion for the next one to two years[99]. Operational Highlights - The overall average daily traffic volume for the Chengyu Expressway was 20,636 vehicles, an increase of 7.78% compared to the same period in 2023[69]. - The toll revenue from the Chengren Expressway increased by 39.50% year-on-year, amounting to RMB 477,746 thousand[69]. - The toll revenue from the Chengle Expressway increased by 20.58% year-on-year, totaling RMB 262,766 thousand[69]. - The company aims to focus on value creation and expand its core highway investment and operation, while also exploring new quality road projects[104]. - The company plans to enhance its new energy sector by developing a "charging, battery bank + battery swap, hydrogen energy" industrial cluster[104]. Governance and Compliance - The company has established a comprehensive governance structure, continuously improving its internal audit and risk management systems[115]. - The company adheres to the corporate governance code and has no significant discrepancies with the requirements of the corporate governance standards[116]. - The audit committee consists of three independent non-executive directors, confirming the unaudited interim financial information as of June 30, 2023[117]. - The company is committed to continuous improvement in governance to enhance shareholder value[115]. - The company has confirmed compliance with the standards for securities trading by directors and supervisors, with no violations reported[118]. Employee and Social Responsibility - Employee compensation totaled approximately RMB 317,939 thousand during the reporting period, with the company's own employee compensation amounting to about RMB 156,359 thousand[112]. - The workforce consisted of 4,603 employees, including 3,231 production personnel and 663 technical personnel[110]. - The company strictly adheres to labor protection policies and provides various social insurance for its employees[113]. - The company organized various training programs, with a total of 19,559 participants, including 8,831 from the company and its subsidiaries[114].

Financial Performance - The company's operating revenue for Q1 2023 was RMB 1,989,710,755.95, representing a decrease of 1.26% compared to the same period last year[5] - Net profit attributable to shareholders of the listed company reached RMB 436,477,960.34, an increase of 73.58% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 416,658,010.91, up 75.75% from the previous year[5] - The basic earnings per share for the period was RMB 0.1427, reflecting a 73.60% increase compared to the same period last year[5] - The diluted earnings per share also stood at RMB 0.1427, marking a 73.60% increase year-on-year[5] - The weighted average return on net assets was 2.31%, an increase of 0.87 percentage points[5] - In Q1 2023, the net profit for Q1 2023 was 467,446,931.86 CNY, compared to 266,967,024.84 CNY in Q1 2022, indicating a year-over-year increase of about 75%[31] - Earnings per share (EPS) for Q1 2023 was 0.1427 CNY, up from 0.0822 CNY in Q1 2022, reflecting a growth of approximately 73%[34] - Operating profit for Q1 2023 reached 553,131,894.61 CNY, compared to 328,316,941.70 CNY in Q1 2022, marking an increase of around 68%[30] Cash Flow and Assets - The net cash flow from operating activities was RMB 667,406,119.33, down 6.79% compared to the previous year[5] - As of March 31, 2023, total current assets increased to CNY 5,545,705,380.65 from CNY 3,970,037,430.35 as of December 31, 2022, representing a growth of approximately 39.6%[20] - Cash and cash equivalents rose significantly to CNY 3,395,311,534.69 from CNY 2,552,133,327.65, marking an increase of about 33.1%[20] - Total non-current assets reached CNY 36,776,827,926.78, up from CNY 36,287,297,539.95, indicating a growth of approximately 1.4%[21] - Total liabilities increased to CNY 23,135,335,903.36 from CNY 21,536,718,999.98, reflecting a rise of about 7.4%[24] - The company generated cash inflows from operating activities totaling 1,807,538,582.14 CNY in Q1 2023, down from 1,970,325,675.15 CNY in Q1 2022, a decrease of about 8%[36] - The net increase in cash and cash equivalents for Q1 2023 was 843,160,207.04, contrasting with a decrease of -384,879,910.53 in Q1 2022, showing a positive cash position[40] Shareholder Information - The total number of common shareholders at the end of the reporting period was 48,196, including 47,942 A-share shareholders and 254 H-share shareholders[16] - Sichuan Transportation Investment Group holds 1,157,865,662 shares, accounting for 37.86% of total shares[13] - HKSCC NOMINEES LIMITED holds 887,404,700 shares, representing 29.02% of total shares[13] - The top ten shareholders hold a total of 2,740,000,000 shares, which is approximately 89.39% of the total shares[15] - The company has not disclosed any related party relationships among the top shareholders[14] Investment Projects - The Chengle Expressway expansion project has an estimated total investment of approximately RMB 251.5 billion, with cumulative investment completed as of March 31, 2023, amounting to RMB 10.34 billion[17] - The Tianqiong Expressway BOT project has an estimated total investment of approximately RMB 86.85 billion, with cumulative investment completed as of March 31, 2023, amounting to RMB 3.146 billion[18] - The Chengle Expressway expansion project is expected to alleviate traffic pressure and improve overall traffic capacity and service levels[17] - The project company for the Tianqiong Expressway was established with a registered capital of RMB 1.737 billion, of which the company subscribed RMB 1.42434 billion[18] Expenses and Costs - Total operating costs for Q1 2023 were CNY 1,497,116,484.94, down from CNY 1,704,728,358.79 in Q1 2022, representing a decrease of about 12.2%[27] - Research and development expenses for Q1 2023 were CNY 76,427,558.61, compared to CNY 102,212,967.84 in Q1 2022, a reduction of approximately 25.3%[28] - Interest expenses decreased to 89,656,885.15 CNY in Q1 2023 from 116,037,558.30 CNY in Q1 2022, a reduction of about 23%[30] - Cash outflow for purchasing fixed assets and other long-term assets in Q1 2023 was 1,200,340,004.64, an increase from 950,775,036.67 in Q1 2022, suggesting increased capital expenditure[38] - Cash paid for financing activities in Q1 2023 was 478,850,228.47, slightly lower than 506,639,111.39 in Q1 2022, indicating a reduction in financing costs[39]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the fiscal year 2022, representing a year-on-year increase of 15%[19]. - The company reported a total revenue of 8 billion RMB for the fiscal year ending December 31, 2022[21]. - The company achieved a net revenue of approximately RMB 9,763,056 thousand in 2022, representing a year-on-year growth of about 10.56%[41]. - The company's net profit attributable to shareholders for 2022 was approximately RMB 764,821 thousand, a decrease of 59.12% year-on-year[29]. - Basic earnings per share for 2022 were approximately RMB 0.25, compared to RMB 0.612 in 2021[29]. - The company's total comprehensive income for the year was RMB 828,647 thousand, down from RMB 2,154,187 thousand in the previous year, marking a decline of 61.5%[182]. - The group's profit for the year was RMB 816,875 thousand, a decrease of 58.13% compared to RMB 1,951,016 thousand in the previous year[65]. - The company's pre-tax profit for 2022 was RMB 1,088,979 thousand, down from RMB 2,288,196 thousand in 2021, indicating a decrease of approximately 52.4%[57]. Revenue Segmentation - The highway segment reported a net revenue of approximately RMB 3,102,301 thousand, a decline of about 10.49% compared to the previous year[41]. - The new energy technology segment generated a net revenue of approximately RMB 11,665 thousand, marking a significant increase of 46,556% year-on-year[42]. - The transportation logistics segment saw a remarkable revenue increase of approximately 780.60%, reaching RMB 322,397 thousand[41]. - The engineering construction segment achieved a net revenue of approximately RMB 4,210,364 thousand, reflecting a year-on-year growth of about 61.26%[41]. Dividend and Shareholder Returns - The company declared a final dividend of RMB 0.15 per share, subject to approval at the upcoming annual general meeting[19]. - The board has proposed a final cash dividend of RMB 0.10 per share, totaling approximately RMB 305,806 thousand, which accounts for 47.96% of the distributable profits[29]. - The board has approved a dividend payout of 1.5 billion RMB, reflecting a commitment to returning value to shareholders[23]. - The proposed final cash dividend for the fiscal year 2022 is RMB 0.10 per share, totaling approximately RMB 305,806 thousand, which represents 47.96% of the distributable profits calculated under Chinese accounting standards[178]. Operational Developments - User traffic on the highways managed by the company increased by 10% compared to the previous year, with an average daily traffic volume of 150,000 vehicles[19]. - The company plans to expand its highway network by 300 kilometers over the next three years, focusing on underserved regions[19]. - The company has launched a new mobile app that has already attracted 500,000 downloads within the first month, aimed at improving customer engagement[19]. - The company is exploring public-private partnership (PPP) projects to fund future infrastructure developments, with an initial investment of RMB 300 million planned[19]. - The company plans to launch a new expressway service model aimed at improving customer satisfaction by Q3 2023[22]. Strategic Initiatives - A merger with Sichuan Railway Industry Investment Group is expected to be finalized by Q3 2023, which will enhance operational capabilities[19]. - The company has completed a strategic acquisition of a local construction firm for 300 million RMB to enhance project delivery capabilities[22]. - The company is committed to achieving a good start for the "14th Five-Year Plan" and completing the three-year action plan for state-owned enterprise reform[28]. - The company aims to enhance its competitive advantage in the traditional core business while fostering innovation and reform[28]. Market Expansion and Future Outlook - The company has set a target for a revenue growth of 20% for the upcoming fiscal year, driven by new projects and expansions[19]. - Market expansion plans include entering two new provinces by the end of 2023, targeting a 20% increase in market share[23]. - Future outlook includes a focus on sustainable infrastructure development, aligning with national policies[23]. - The company aims to innovate in technology and promote low-carbon smart engineering, including the development of intelligent construction equipment and a comprehensive management platform for highway operations[36]. Risk Management and Compliance - The company is actively promoting compliance management and risk prevention measures to ensure stable development[33]. - The company acknowledges the ongoing challenges in the macroeconomic environment, including high global inflation and domestic economic pressures, while maintaining confidence in the resilience and potential of the Chinese economy[35]. - The company is committed to improving financial management and risk prevention through budget assessments and the promotion of financial digital transformation[36]. - The company has established a comprehensive risk management and internal control system, ensuring the effectiveness of financial, operational, and regulatory controls[147]. Corporate Governance - The company has established a comprehensive governance structure, including various committees to enhance corporate governance practices[89]. - The board has established four specialized committees to assist in fulfilling its responsibilities effectively[111]. - The company emphasizes the importance of independent non-executive directors in maintaining the overall interests of the company and protecting shareholders' rights[112]. - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with the standards set by the stock exchange[123]. Environmental, Social, and Governance (ESG) Initiatives - The company has established an ESG leadership group to oversee environmental, social, and governance matters, with the chairman leading the initiative[175]. - The ESG working office is responsible for establishing a comprehensive ESG data account and setting ESG performance goals[176]. - The company is committed to optimizing its risk management and internal control systems continuously, ensuring clear responsibilities and efficient execution[93].