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]

中国国际金融股份有限公司 关于蜀道投资集团有限责任公司 豁免要约收购四川成渝高速公路股份有限公司 的持续督导意见 中国国际金融股份有限公司（以下简称"中金公司"、"财务顾问"）接受委 托，担任蜀道投资集团有限责任公司（以下简称"蜀道集团"、"收购人"）豁免 要约收购四川成渝高速公路股份有限公司（以下简称"四川成渝"、"上市公司"） 的财务顾问，依照《上市公司收购管理办法》第六十九条、第七十一条、《上市 公司并购重组财务顾问业务管理办法》第三十一条以及《上海证券交易所上市公 司自律监管指引第11号——持续督导》等有关规定，持续督导期从四川成渝公告 收购报告书至收购完成后的12个月止（即从2021年6月4日至收购完成后的12个月 止）。2023年10月27日，四川成渝披露了2023年第三季度报告。结合上述2023年 第三季度报告及日常沟通，中金公司出具了2023年第三季度报告（从2023年1月 1日至2023年9月30日，以下简称"本持续督导期"）的持续督导意见（以下简称 "本意见"）。本意见所依据的文件、书面资料等由收购人与四川成渝提供，收购 人与四川成渝保证对其真实性、准确性和完整性承担全部及连带责任。本财务 ...

证券代码：601107 证券简称：四川成渝 公告编号：2023-041 四川成渝高速公路股份有限公司 关于召开 2023 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、说明会类型 四川成渝高速公路股份有限公司（以下简称"公司"）已于 2023 年 10 月 27 日在上海证券交易所网站（www.sse.com.cn）披露了公司 2023 年第三季度报告。 为便于广大投资者更加全面深入地了解公司经营成果、财务状况、发展战略等情 会议召开时间：2023 年 11 月 9 日（星期四）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会议问题征集：投资者可于 2023 年 11 月 9 日（星期四）15:00 前访问网 址 https://eseb.cn/1973Rr6k3EA 或使用微信扫描下方小程序码进行会前 提问，或通过公司邮箱 db@cygs.com 进行提问，公司将通过本次业绩说 明会，在信息披露允许范围内就投资 ...

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 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 （一）四川成渝高速公路股份有限公司（以下简称"公司"或"本公司"） 第八届董事会第九次会议于 2023 年 10 月 26 日在四川省成都市武侯祠大街 252 号本公司住所四楼 420 会议室以现场及通讯相结合的方式召开。 （二）会议通知、会议资料已于 2023 年 10 月 11 日以电子邮件和专人送达 方式发出。 （三）出席会议的董事应到 10 人，实到 10 人。 （四）会议由董事、副董事长、总经理李文虎先生（代行董事长职务）主持， 公司监事、高级管理人员列席了会议。 （五）会议的召开符合《公司法》和本公司《公司章程》的有关规定。 证券代码：601107 证券简称：四川成渝 公告编号：2023-040 四川成渝高速公路股份有限公司 第八届董事会第九次会议决议公告 1 经本公司董事会认真研究，批准本公司董事、副董事长、总经理李文虎先生 为本公司与香港联合交易所有限公司联系沟通的授权代表。 表决结果：同意 10 票，反对 0 票，弃权 0 票。 二、董事 ...

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。 委任授權代表 茲 提 述 四 川 成 渝 高 速 公 路 股 份 有 限 公 司（「本公司」）日 期 為 二 零 二 三 年 十 月 二 十 日 之 公 告，內 容 有 關（其 中 包 括）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「 上市規則 」）第3.05條項下本公司的授權代表 （「授權代表」）甘 勇 義 先 生 之 辭 任。 四川成渝高速公路股份有限公司 姚建成 聯席公司秘書 本 公 司 董 事（「董 事」）會（「董事會」）欣 然 宣 佈，委 任 本 公 司 執 行 董 事、副 董 事長（代行董事長職責）、總經理李文虎先生（「李先生」）為根據上市規則第3.05 條 項 下 的 授 權 代 表，自 二 零 二 三 年 十 月 二 十 六 日 起 生 效。 – 1 – 自 李 先 生 授 權 代 表 ...