海 外 研 证券研究报告 究 ＃industryId＃ 物流行业 ＃00152 .HK ＃深dy圳Com国pa际ny＃ 港股通（沪、深） dyStockco ＃ d e＃ ＃investSuggestion＃ ＃title＃ 增持 ( i维nve持stS ） 积极调整财务结构，华南物流园转型落地在即 uggesti onC han ge＃ ＃createTime1＃ 2024年 4 月 1 日 投资要点 跟 ＃市场ma数rk据et Data＃ ＃⚫ sum 维m 持ary “＃增 持”评级：2024年公司华南物流园即将迎来第一期转型升级，通过释放土地增值收益 踪 日期 2024.3.28 释放业绩弹性。小闭环方面，今年杭州、贵阳REITs出表预计也将带来额外收益。公司积极置 报 收盘价(港元) 6.01 换高息境外债，预计汇兑损失影响消除，总部财务成本有望同步下降。我们预计公司 告 总股本(亿股) 23.93 2024/2025/2026 年营业收入为 155/158/160 亿元，同比-24.5%/+1.9%/+1.4%，归母净利润为 36/40/34 亿元，归母净利率为 23.3%/25.5%/21.2% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company has demonstrated stable high dividends and a clear path for future value recovery [1][8] - In 2023, the company achieved a revenue of HKD 20.711 billion, a year-on-year increase of 32.70%, and a net profit attributable to shareholders of HKD 1.902 billion, up 51.66% year-on-year [2][4] - The logistics business is steadily growing, with significant contributions from the logistics park transformation and upgrades [5][8] Summary by Sections Financial Performance - In the second half of 2023, the company reported revenue of HKD 13.783 billion, a year-on-year increase of 69.76%, and a quarter-on-quarter increase of 98.94% [2][4] - The net profit attributable to shareholders for the second half of 2023 was HKD 18.10 billion, reflecting a year-on-year growth of 169.15% [2][4] Business Segments - The high-speed port business continues to provide stable income, contributing HKD 10.92 billion to the net profit [4] - The logistics business saw a decline in net profit to HKD 5.32 billion, down 62.69% year-on-year, due to the absence of REITs projects [4] - The logistics park transformation contributed significantly, with a net profit of HKD 17.46 billion, primarily from the completion of the Qianhai residential project [4][5] Future Outlook - The company plans to expand its logistics park operations to 8 million square meters by the end of 2025 [5] - The projected revenues for 2024, 2025, and 2026 are HKD 16.589 billion, HKD 17.250 billion, and HKD 17.789 billion, respectively [8][9] - The expected net profits for the same years are HKD 3.802 billion, HKD 3.878 billion, and HKD 3.968 billion, with corresponding P/E ratios of 3.78, 3.71, and 3.62 [8][9] Dividend Policy - The company maintains a commitment to distribute at least 30% of core business profits as dividends, with an actual payout ratio around 50% [8] - For 2023, the proposed dividend is HKD 0.40 per share, totaling HKD 9.57 billion, maintaining a 50% payout ratio [8]

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 20,523,798, an increase of 32.3% compared to HKD 15,529,301 in 2022[2] - Gross profit for the year was HKD 7,545,301, up from HKD 4,146,688 in the previous year, reflecting a gross margin improvement[2] - Net profit for the year reached HKD 2,904,908, representing a 50% increase from HKD 1,936,157 in 2022[2] - Basic earnings per share increased to HKD 0.80 from HKD 0.54, while diluted earnings per share rose to HKD 0.79 from HKD 0.54[3] - Total revenue for the year ended December 31, 2023, was HKD 20,523,798,000, with a net profit attributable to equity holders of HKD 1,901,643,000[15] - Operating profit for the logistics business was HKD 4,654,529,000, contributing significantly to the overall profit of HKD 7,083,667,000[16] - Shareholders' profit attributable to the company increased by 52% to approximately HKD 1.90 billion from HKD 1.25 billion in the previous year[31] - The company incurred a total tax expense of HKD 2,289,221,000, significantly higher than HKD 994,769,000 in 2022[21] Assets and Liabilities - The company reported a significant increase in investment properties, totaling HKD 15,080,718, compared to HKD 10,226,082 in 2022[6] - Total assets decreased to HKD 130,494,541 from HKD 133,494,925, indicating a reduction in overall asset base[7] - Total liabilities decreased to HKD 75,518,880 from HKD 78,295,751, reflecting improved financial leverage[7] - The company’s cash and cash equivalents decreased to HKD 1,118,292 from HKD 389,950, indicating a reduction in liquidity[6] - As of December 31, 2023, the company's current liabilities exceeded its current assets by HKD 21,565,540,000[9] - The unused bank financing amount as of December 31, 2023, was HKD 91,707,277,000, an increase from HKD 79,347,520,000 in 2022[9] Business Segments - The operating profit for the toll road and environmental business segment was HKD 2,932,324,000[15] - The logistics business segment generated an operating profit of HKD 629,258,000[15] - Revenue from toll roads and environmental services was HKD 10,324,981,000, while logistics business revenue reached HKD 19,512,919,000[18] - Revenue from construction services for toll roads was HKD 1.50 billion, a 4% increase from HKD 1.44 billion in 2022[31] Capital Expenditures and Investments - The company incurred capital expenditures of HKD 3,258,006,000 for investment properties, plant, and equipment[15] - The company has established 14 logistics projects in the Greater Bay Area, with 6 projects currently operational and a total operational area of approximately 790,000 square meters[39] - The company is actively planning the issuance of public REITs, with the first batch aimed at mature logistics port projects in Hangzhou and Guizhou, to achieve asset securitization[50] Market Expansion and Development - The company plans to continue expanding its logistics business within China, focusing on enhancing operational efficiency and market reach[8] - The company is actively expanding its market presence in first-tier and leading second-tier cities, focusing on high-quality projects[38] - The company is exploring opportunities in logistics park derivative businesses to support long-term development[38] Operational Efficiency and Strategy - The board of directors considers the company’s financial position and has implemented measures to improve liquidity and cash flow[9] - The group aims to operate 8 million square meters of logistics parks by the end of 2025, adjusting investment strategies based on internal and external conditions[91] - The group will continue to optimize its logistics network based on the "water, land, air, rail + smart cold chain" strategy, focusing on major cities and economically developed regions[91] Environmental and Sustainability Initiatives - The company’s organic waste processing capacity exceeds 6,900 tons per day, primarily through BOT and other franchising models[83] - The company has established a modern waste treatment plant in Shenzhen with a processing capacity of 1,000 tons per day for organic waste, expected to begin trial operations in 2024[83] - The company has acquired development indicators for two photovoltaic projects in Hebei, totaling 130 MW, marking its entry into the photovoltaic power generation sector[81] Financial Stability and Credit Ratings - The group’s credit ratings from major international agencies are Baa2 from Moody's, BBB from S&P, and BBB+ from Fitch, indicating strong financial stability[111] - The group maintains a cash and unused bank credit line of approximately HKD 101.5 billion as of December 31, 2023, ensuring sufficient liquidity to support ongoing operations and business expansion[110]

证券研究报告 铁路公路 2024年02月28日 深圳国际(0152.HK)深度报告： 低估值高股息深圳国企，华南物流园进入业绩兑现期 评级：买入(上调) ...

Financial Performance - Operating revenue for Q3 2023 was RMB 2.25 billion, down 11.98% from RMB 2.55 billion in Q3 2022[7] - Net profit attributable to shareholders for Q3 2023 decreased by 47.87% to RMB 609.62 million from RMB 1.16 billion in Q3 2022[7] - The company reported a decrease in net profit attributable to shareholders for the first nine months of 2023 by 23.75% to RMB 1.54 billion from RMB 2.01 billion in the same period of 2022[7] - Total operating revenue for the first nine months of 2023 was RMB 6,371,288,240, a decrease of 4.14% compared to RMB 6,646,320,880 in the same period of 2022[27] - Operating profit for the first nine months of 2023 was RMB 2,067,515,474, down 18.06% from RMB 2,523,926,856 in the first nine months of 2022[27] - Net profit attributable to shareholders of the parent company for the first nine months of 2023 was RMB 1,538,899,495.84, a decrease of 23.69% from RMB 2,018,234,710.82 in the same period of 2022[27] - The company reported a basic earnings per share of RMB 0.642 for the first nine months of 2023, down from RMB 0.861 in the same period of 2022[28] - Basic earnings per share for Q3 2023 was RMB 0.258, a decrease of 49.90% from RMB 0.512 in Q3 2022[8] - The weighted average return on net assets for Q3 2023 was 3.29%, down 2.68 percentage points from 6.11% in Q3 2022[8] Assets and Liabilities - As of September 30, 2023, total assets amounted to RMB 67.36 billion, a decrease of 2.67% from RMB 69.20 billion as of December 31, 2022[5] - Total liabilities as of September 30, 2023, were RMB 40,129,397,053.23, a decrease of 4.08% from RMB 41,840,560,313.98 at the end of 2022[26] - Current liabilities totaled RMB 20,956,932,131.97 as of September 30, 2023, down 9.83% from RMB 23,243,350,594.23 at the end of 2022[26] - The company's total current assets amounted to approximately 8.21 billion RMB, a decrease from 9.30 billion RMB as of December 31, 2022[25] - The company's total non-current assets decreased to approximately 59.15 billion RMB as of September 30, 2023, from 59.91 billion RMB at the end of 2022[25] - The company’s total equity as of September 30, 2023, was RMB 27,230,117,782.91, a slight decrease from RMB 27,364,137,701.52 at the end of 2022[26] Cash Flow - The net cash flow from operating activities for the first nine months of 2023 was RMB 2.99 billion, an increase of 15.67% compared to RMB 2.59 billion in the same period of 2022[6] - Operating cash flow for the first nine months of 2023 was RMB 2,992,715,053.98, an increase of 15.7% compared to RMB 2,587,314,668.15 in the same period of 2022[29] - Cash inflow from investment activities reached RMB 3,247,585,255.61, significantly up from RMB 1,615,388,068.45 in the previous year[29] - Net cash flow from financing activities was negative at RMB -3,276,066,981.44, worsening from RMB -1,106,442,440.92 in the same period last year[29] - Total cash and cash equivalents at the end of September 2023 were RMB 2,981,218,513.36, down from RMB 4,481,323,832.32 at the end of September 2022[29] - The company received RMB 5,909,154,777.20 in tax refunds, an increase from RMB 5,385,537,017.41 year-over-year[29] - Cash inflow from recovering investments was RMB 2,386,350,600.82, up from RMB 993,931,054.29 year-over-year[29] - Cash outflow for debt repayment was RMB 17,898,576,184.49, slightly down from RMB 18,376,875,970.11 in the previous year[29] Investments and Projects - The company plans to invest approximately RMB 8.447 billion in the construction of the third phase of the Outer Ring Expressway, which is expected to enhance core highway assets and traffic flow for other toll roads[20] - The company has approved a plan to issue up to 654,231,097 A-shares, aiming to raise no more than RMB 6.5 billion for investment in the Outer Ring project and debt repayment[21] - The company is actively promoting the REITs pilot application for the Yiyang to Changde Expressway, which is expected to enhance infrastructure investment opportunities[21] - The company is collaborating on the Guangzhou-Dongguan expressway expansion project, with the Guangzhou section already approved by the Guangdong Provincial Development and Reform Commission[21] - The organic waste treatment projects processed a total of 267.11 thousand tons in Q3 2023, contributing to a revenue of RMB 106,574.50 thousand for the first three quarters of 2023[17] - The wind power projects generated 150,169.65 MWh in Q3 2023, with total revenue of RMB 44,398.50 thousand for the same period[18] - The company’s total revenue from organic waste treatment projects for the first three quarters of 2023 reached RMB 412,671.97 thousand[17] - The company’s total revenue from wind power projects for the first three quarters of 2023 was RMB 249,841.91 thousand[19] Financial Instruments and Debt - The company issued a total of 1.5 billion RMB in super short-term financing bonds with a maturity of 270 days and an interest rate of 2.25% on August 10, 2023[22] - The company has a total medium-term note registration quota of 5 billion RMB, with 1 billion RMB issued on September 4-5, 2023, at an interest rate of 3.05% and a maturity of 5 years[23] - The company issued green corporate bonds worth 550 million RMB on October 17-18, 2023, with a maturity of 3 years and an interest rate of 2.88%[24] - The company has invested 400 million RMB in two principal-protected floating income financial products during the reporting period[24] - The company reported no overdue principal or income from its financial products as of the end of the reporting period[24] Traffic and Revenue Statistics - The average daily mixed traffic volume for the Meiguan Expressway was 171,000 vehicles in July-September 2023, up from 163,000 in the same period last year[15] - The average daily toll revenue for the Meiguan Expressway reached RMB 452,000 in July-September 2023, compared to RMB 423,000 in the same period last year[15] - The average daily mixed traffic volume for the Eastern Section of the Jihe Expressway was 332,000 vehicles in July-September 2023, an increase from 319,000 vehicles year-on-year[15] - The average daily toll revenue for the Eastern Section of the Jihe Expressway was RMB 1,954,000 in July-September 2023, compared to RMB 1,865,000 in the same period last year[15] - The company holds a 100% stake in the Meiguan Expressway and the Jihe Expressway, contributing fully to revenue[15] - The company has a 50% stake in the Shuiguan Expressway, which reported an average daily traffic volume of 281,000 vehicles in July-September 2023[15] - The company has a 40% stake in the Shuiguan Extension, with an average daily traffic volume of 68,000 vehicles in July-September 2023[15] - The company has indirect control of approximately 71.83% of Bay Area Development, which benefits from profit distribution rights of 50% from the Western Line Expressway and 45% from the Guangshen Expressway[16]

Strategic Focus and Expansion - The company focuses on strategic regions including the Guangdong-Hong Kong-Macao Greater Bay Area, Yangtze River Delta, and Beijing-Tianjin-Hebei, with investments in logistics infrastructure across four major domains: water, land, air, and rail[6]. - The company aims to enhance value-added logistics services, including intelligent warehousing and integrated cold chain logistics, expanding into related industries such as "logistics + commerce" and environmental protection investments[6]. - The company is actively involved in mergers and acquisitions to strengthen its market position and expand its service offerings[6]. - Future outlook for the second half of 2023 includes continued focus on logistics business growth and potential new projects in the environmental sector[39]. - The company is committed to upgrading logistics parks and enhancing operational efficiency through technological advancements[6]. - The company holds a 40% stake in several joint ventures focused on logistics infrastructure development, indicating a collaborative approach to market expansion[10]. - The company has established partnerships with major banks for financial support, enhancing its capital structure for future investments[12]. Financial Performance - Total revenue for the first half of 2023 was approximately HKD 6.918 billion, a decrease of 8% compared to the same period last year[17]. - Shareholders' profit decreased by 84% to HKD 92 million, primarily due to the absence of one-time gains recorded in the previous year[17]. - Logistics business revenue was approximately HKD 9.25 billion, down 5% year-on-year, but up 2% when excluding exchange rate effects[17]. - The operating profit for the first half of 2023 was HKD 2.115 billion, a decline of 58% compared to HKD 5.008 billion in the previous year[16]. - The net asset value per share decreased by 7% to HKD 12.2 from HKD 13.1[16]. - Total assets decreased by 5% to HKD 127.148 billion from HKD 133.495 billion[16]. - The group recorded a net exchange loss of approximately HKD 610 million due to significant depreciation of the RMB[23]. - The group issued RMB 1.5 billion and RMB 1.6 billion bonds in July 2023, with coupon rates of 2.88% and 2.99% respectively, to optimize debt structure[23]. Logistics Infrastructure and Projects - The company successfully acquired logistics land in Shenzhen, covering approximately 334,000 square meters, and secured several quality storage land projects in Foshan, Shanxi, and Chengdu[18]. - The total operating area of logistics projects exceeded 4.5 million square meters, with operations in nearly 40 logistics node cities[20]. - The company is advancing its "investment, construction, management, and transfer" business model, with significant progress in the transformation of the South China Logistics Park[20]. - The company is actively promoting the issuance of public REITs based on mature logistics port projects located in Hangzhou and Guizhou[20]. - The logistics business has established a presence in nearly 40 cities, managing 34 logistics projects with a planned land area exceeding 10 million square meters[24]. - The overall rental rate of mature logistics parks is approximately 82%[24]. - The group has deployed 13 logistics projects in the Greater Bay Area, with 4 currently operational[27]. - The Shenzhen International South China Logistics Park has a total operational area of approximately 578,000 square meters, maintaining stable operations during the period[28]. - The Shenzhen Intelligent Logistics Port (Pingshan East) is expected to enhance the group's revenue and asset scale, with a total area of about 267,000 square meters[30]. - The Shenzhen Pinghu South Railway Hub Logistics Port project covers an area of approximately 900,000 square meters and is expected to significantly enhance the group's position in the logistics industry[32]. Environmental and Sustainability Initiatives - The company’s interim report highlights a commitment to ethical logistics practices, aligning with global sustainability trends[1]. - The company aims to enhance cost management and control for Lande Environmental to improve profitability amid challenges in the organic waste treatment sector[121]. - The company is actively exploring investment opportunities in solid waste resource management, particularly in organic waste processing, to establish itself as a leading player in the industry[121]. - The company’s project, Guangming Environmental Park, is expected to be completed in 2023, with a capacity to process 1,000 tons of organic waste per day[122]. Human Resources and Employee Management - The group employed 8,701 staff as of June 30, 2023, with employee benefit expenses, including director remuneration, amounting to approximately HKD 751 million[162]. - Significant improvements have been made in employee hiring and compensation, with a comprehensive compensation management system and performance management framework established[163]. - The group emphasizes internal talent development, implementing annual training plans categorized by management levels and staff[166]. - Continuous safety and health initiatives have been organized, including annual health check-ups and safety training to ensure a safe working environment for employees[167]. Market Conditions and Future Outlook - The overall economic recovery in China is expected to support continued demand for logistics services, despite challenges such as insufficient domestic demand and rising vacancy rates in logistics warehousing[132]. - The company plans to focus on high-quality development and strategic adjustments in response to changing market conditions, optimizing its logistics network for better efficiency[132]. - The company is actively pursuing new investment and acquisition opportunities in smart warehousing and cold chain logistics sectors[136].

Financial Performance - For the six months ended June 30, 2023, the company reported revenue of HKD 6,918,479,000, a decrease of 7.6% compared to HKD 7,486,998,000 in the same period of 2022[3]. - The operating profit for the same period was HKD 2,114,900,000, down 57.8% from HKD 5,008,198,000 year-on-year[3]. - The net profit for the period was HKD 626,331,000, representing a decline of 46.9% compared to HKD 1,181,502,000 in the previous year[5]. - Total revenue for the six months ended June 30, 2023, was HKD 6,918,479,000, with the toll road and environmental business contributing HKD 4,633,655,000[14]. - The group’s net profit for the period was HKD 626,331,000, after accounting for tax expenses of HKD 493,189,000[14]. - The company reported a net profit attributable to ordinary shareholders of HKD 92,045 for the six months ended June 30, 2023, down from HKD 581,575 in the same period of 2022, indicating a significant decline of approximately 84.2%[21]. - The company’s basic earnings per share for the six months ended June 30, 2023, was HKD 0.04, a decrease from HKD 0.26 in the same period of 2022[21]. - The company’s financial income for the six months ended June 30, 2023, was a net loss of HKD 110,430, compared to a loss of HKD 175,262 in the same period of 2022[18]. - The company incurred total financial costs of HKD 1,556,714 for the six months ended June 30, 2023, which is consistent with HKD 1,556,545 in the previous year[18]. - The company’s net profit from toll road operations increased by 11% year-on-year to HKD 1.238 billion[80]. Assets and Liabilities - The company's total assets decreased to HKD 127,148,517,000 as of June 30, 2023, from HKD 133,494,925,000 at the end of 2022, a reduction of 4.7%[7]. - The total equity attributable to ordinary shareholders was HKD 29,313,389,000, down from HKD 31,247,864,000, a decrease of 6.2%[6]. - The carrying amount of intangible assets decreased from HKD 32,922,243,000 to HKD 28,197,571,000, a reduction of approximately 14%[24]. - The debt-to-equity ratio increased to 76%, up 4 percentage points compared to the end of 2022, primarily due to increased borrowing for investment activities[99]. - Total borrowings amounted to approximately HKD 50.18 billion, a decrease of 7% from the end of 2022[107]. - Cash reserves decreased by 24% to approximately HKD 10.65 billion from HKD 14.03 billion at the end of 2022, mainly due to repayment of high-interest loans[101]. Cash Flow and Capital Expenditure - Net cash inflow from operating activities was approximately HKD 1.63 billion, while net cash outflow from investing activities was about HKD 1.87 billion, and net cash outflow from financing activities was around HKD 2.49 billion[100]. - Capital expenditures for the period were approximately RMB 3.7 billion (equivalent to HKD 4 billion), with expected capital expenditures for the second half of 2023 projected at RMB 5.6 billion (equivalent to HKD 6.1 billion)[102]. - The company maintains a cash and unused bank credit line of approximately HKD 88.4 billion, ensuring sufficient liquidity for operations and business expansion[109]. Business Segments and Operations - The company continues to focus on its core businesses in toll roads and logistics within the People's Republic of China[8]. - The logistics business segment includes third-party logistics and logistics information services, contributing to overall revenue growth[12]. - The company is actively pursuing new investment opportunities in the logistics sector, particularly in smart warehousing and cold chain logistics, to enhance revenue streams[93]. - The company is focused on developing smart logistics and cold chain logistics as key growth areas, aiming to enhance its logistics business and supply chain quality[54]. - The company is implementing a "investment-construction-financing-management" closed-loop business model to enhance logistics port asset securitization and reduce debt ratios[51]. Shareholder Information - The group’s major shareholder, Shenzhen Investment Holdings, holds approximately 44.25% of the company’s issued shares[9]. - The board decided not to declare an interim dividend for the period, with a total final dividend of HKD 613,667,000 paid in June 2023[23]. - The company issued 5,339,689 new shares at approximately HKD 6.714 each, totaling HKD 35,851,000 as part of the scrip dividend scheme[23]. Market Conditions and Future Outlook - The company anticipates challenges in the second half of 2023 due to insufficient domestic demand and operational difficulties faced by some enterprises[90]. - The logistics industry is experiencing a slowdown, with national logistics warehouse rental rates declining and vacancy rates increasing due to weak economic recovery and low consumer demand[91]. - The company aims to maintain a high occupancy rate for its parks, targeting to keep the rental rate above 90% for parks operating for over a year[92]. - The company is committed to enhancing operational efficiency in its toll road and environmental protection businesses, with a focus on cost reduction and project profitability[96]. - The company is implementing a comprehensive strategy to strengthen financial control and risk management, aiming to enhance core competitiveness and ensure long-term stable development[97].

Financial Performance - Operating revenue for Q1 2023 was RMB 1,903,638,574.41, representing a year-on-year increase of 7.38%[7] - Net profit attributable to shareholders for Q1 2023 was RMB 442,550,909.53, an increase of 7.13% compared to the previous year[7] - Basic and diluted earnings per share for Q1 2023 were both RMB 0.182, reflecting an increase of 8.02% from the previous year[7] - Operating profit for Q1 2023 was RMB 592,266,796.17, compared to RMB 527,125,105.96 in Q1 2022, reflecting a growth of 12.37%[28] - The company reported a total comprehensive income of RMB 708,832,729.06 for Q1 2023, compared to RMB 492,019,184.13 in Q1 2022, an increase of 43.93%[28] Cash Flow - Net cash flow from operating activities for Q1 2023 was RMB 1,013,802,070.16, a significant increase of 65.92% year-on-year[6][10] - In Q1 2023, the company reported cash inflows from operating activities of RMB 2,216,994,727.44, an increase of 20.8% compared to RMB 1,835,093,385.02 in Q1 2022[29] - Cash inflows from investment activities totaled RMB 1,139,341,901.47 in Q1 2023, significantly higher than RMB 433,123,413.61 in Q1 2022[29] - The net cash flow from investment activities was negative at RMB (297,860,123.80) in Q1 2023, an improvement from RMB (1,640,864,261.66) in Q1 2022[29] - Cash inflows from financing activities in Q1 2023 amounted to RMB 4,238,101,929.14, down 51.3% from RMB 8,707,578,372.69 in Q1 2022[29] Assets and Liabilities - Total assets as of March 31, 2023, were RMB 69,201,468,263.76, a decrease of 0.39% from December 31, 2022[5] - Total liabilities decreased to RMB 40,922,345,089.61 as of March 31, 2023, down from RMB 41,840,560,313.98 at the end of 2022, a reduction of 2.20%[27] - The company's total equity increased to RMB 28,012,506,921.84 as of March 31, 2023, compared to RMB 27,360,907,949.78 at the end of 2022, representing a growth of 2.38%[27] - The company's total current assets amounted to approximately 9.21 billion RMB, a slight decrease from 9.30 billion RMB at the end of 2022[26] - The total current liabilities decreased to RMB 22,483,822,847.04 as of March 31, 2023, from RMB 23,243,350,594.23 at the end of 2022, a decline of 3.27%[27] Shareholder Information - As of the reporting period, the total number of shareholders is 18,545, with A-share shareholders accounting for 18,298 and H-share shareholders for 247[13] - The top three shareholders hold significant stakes: HKSCC NOMINEES LIMITED at 33.46% (729,777,375 shares), Xintong Industrial Development (Shenzhen) Co., Ltd. at 30.03% (654,780,000 shares), and Shenzhen Shengan Highway Development Co., Ltd. at 18.87% (411,459,887 shares)[14] Project Updates - The company is in the preliminary design phase for the expansion project of the Jihuo Expressway, approved by the board in January 2018[21] - The company signed a PPP contract for the expansion of the Jihe Expressway on September 30, 2022, but the contract was terminated on March 31, 2023, due to delays in the approval process by the shareholders' meeting[22] - The company will continue to assist in the adjustment of the construction implementation plan and financing scheme for the Jihe Expressway expansion project[22] Other Financial Metrics - The weighted average return on net assets increased by 0.45 percentage points to 2.25%[7] - Research and development expenses for Q1 2023 were RMB 6,078,052.35, down from RMB 9,216,910.23 in Q1 2022, a decrease of 34.67%[28] - The company reported a decrease in net profit of approximately RMB 30 million due to changes in accounting for toll revenue and management services[8] - The company has not experienced any overdue principal or income from its financial products during the reporting period[23]

Financial Performance - The company's revenue for 2022 was HKD 55,199 million, representing a decrease of 18% compared to 2021[16]. - The net profit attributable to ordinary shareholders for 2022 was HKD 4,115 million, a decrease of 65% from 2021[25]. - Basic earnings per share for 2022 was HKD 1.98, down from HKD 2.31 in 2021, reflecting a decline of 14%[23]. - The company reported an operating profit before tax and financial costs of HKD 10,059 million for 2022, a decrease of 2.4% from 2021[22]. - In 2022, the total revenue was HKD 15,529 million, a decrease of 16.4% compared to HKD 18,542 million in 2021[32]. - The pre-tax profit for 2022 was HKD 2,931 million, down 67.3% from HKD 8,956 million in 2021[32]. - The company reported a net profit attributable to shareholders of HKD 1,254 million in 2022, a decline of 64.9% from HKD 3,573 million in 2021[32]. - The total assets as of December 31, 2022, were HKD 55,199 million, a decrease from HKD 67,672 million in 2021[32]. - The group’s shareholder profit for the year ended December 31, 2022, decreased by 65% to HKD 1.254 billion, with logistics revenue down 17% to HKD 1.963 billion[56]. - The board proposed a final dividend of HKD 0.257 per share, a decrease of 69% compared to the previous year's final dividend of HKD 0.125, with a payout ratio of 49%[56]. Logistics and Infrastructure Development - The company aims to expand its logistics services in key strategic regions including the Guangdong-Hong Kong-Macao Greater Bay Area and Yangtze River Delta[7]. - The company is focusing on the integration of logistics and commerce, enhancing value-added services such as intelligent warehousing and cold chain logistics[7]. - The company plans to invest in and operate major logistics infrastructure, including inland ports and urban comprehensive logistics parks[7]. - The company has a strategic focus on environmental protection investments and operations in the logistics sector[7]. - The company is exploring mergers and acquisitions to strengthen its market position and expand its service offerings[7]. - The company has set a target to improve operational efficiency and enhance shareholder value through strategic investments and business transformations[7]. - The company successfully acquired high-quality logistics warehousing projects in Zhengzhou and Hefei, covering a total area of approximately 919,000 square meters[35]. - The company achieved a sales rate of approximately 98.5% on the opening day of the "Yicheng Qiwangli" project[38]. - The company signed a strategic cooperation framework agreement with the Pingshan District government to deepen collaboration in "industrial upgrading" and "warehouse upgrading" projects[41]. - The company completed the acquisition of a 71.83% stake in Shenzhen Investment Holdings Bay Area Development Co., Ltd.[37]. Operational Efficiency and Business Strategy - The company aims to optimize its capital structure and accelerate cash flow through the dual closed-loop business models of "investment, construction, management" and "investment, construction, finance, management"[78]. - The company is actively pursuing public REITs for project financing as part of its investment and management strategy[63]. - The company is focusing on high-quality development and capability building, with an emphasis on logistics and infrastructure improvements[67]. - The company is actively exploring investment and acquisition opportunities to expand its industry scale while enhancing its dual closed-loop business model of "investment, construction, management" and "investment, construction, management transfer" for long-term development[88]. - The company is committed to a "merger-first, new construction-second" strategy during the 14th Five-Year Plan period to enhance its core competitiveness in the port sector[146]. Environmental Protection and Sustainability - The company has invested in various clean energy and solid waste resource processing projects, establishing a preliminary layout in the environmental protection industry[169]. - The company’s investment in the Yangmao Expressway resulted in significant toll revenue growth due to increased vehicle capacity after expansion[162]. - The company aims to leverage national environmental policies to enhance its position in the organic waste treatment sector[176]. - The overall revenue of the environmental protection business decreased by 8% year-on-year to HKD 2.02 billion, primarily due to a reduction in income from kitchen waste treatment projects[182]. - Net profit fell by 23% year-on-year to HKD 248 million[182]. Market Position and Recognition - The company has been recognized with multiple awards, including "Best Infrastructure and Public Utilities Company" and "Best Investor Relations Team" at the 6th Golden Harbor Stock Awards[46][52]. - The company has been recognized as a benchmark enterprise for management improvement in Guangdong Province and included in Shenzhen's list of world-class enterprises[66]. - The company has become the third-largest shareholder of China Communication Services Corporation, which is ranked first in the domestic communication logistics market[123]. - The company achieved an annualized return of approximately 19% from its investment in China International Freight Airlines, becoming its fourth-largest shareholder[123]. Challenges and Future Outlook - The overall logistics demand growth has slowed due to inflation, the Russia-Ukraine war, and recurring pandemic impacts, but government support for infrastructure development remains strong[88]. - The company faced operational challenges in 2022, with a decline in waste collection volumes affecting overall performance[176]. - Shenzhen Airlines recorded a net loss of RMB 11.129 billion (HKD 12.793 billion) for the year, compared to a net loss of RMB 3.344 billion (HKD 4.043 billion) the previous year[186]. - In 2023, the logistics industry is expected to enter a new growth phase, driven by the implementation of the national "14th Five-Year" modern logistics development plan[189]. - The company plans to focus on solid waste resource treatment and clean energy generation in its environmental protection business, optimizing resource allocation to improve profitability[196].

Financial Performance - Total revenue for the year ended December 31, 2022, was HKD 15,529,301, a decrease of 16.3% from HKD 18,541,926 in 2021[2] - Gross profit for 2022 was HKD 4,146,688, down 25.5% from HKD 5,566,925 in the previous year[2] - Net profit for the year was HKD 1,936,157, a significant decline of 68.9% compared to HKD 6,229,605 in 2021[4] - Earnings per share for ordinary shareholders was HKD 0.54, down from HKD 1.60 in the previous year[3] - Total revenue for 2022 was HKD 15,529,301, a decrease of 16.3% from HKD 18,541,926 in 2021[18] - The company reported a net loss of HKD 1,253,919 for 2022, down from a profit of HKD 3,573,011 in 2021, representing a decline of 35.1%[23] - Basic earnings per share for 2022 were HKD 0.54, compared to HKD 1.60 in 2021, reflecting a decrease of 66.3%[23] - The company proposed a final dividend of HKD 0.257 per share for the 2022 fiscal year, up from HKD 0.125 in 2021[26] Assets and Liabilities - Total assets as of December 31, 2022, amounted to HKD 133,494,925, a decrease from HKD 138,051,277 in 2021[6] - Total equity decreased to HKD 55,199,174 from HKD 67,672,175 in 2021, reflecting a decline of 18.4%[6] - Total liabilities increased by 11% to HKD 78,296 million from HKD 70,379 million[86] - Total borrowings increased by 22% to HKD 53,767 million from HKD 44,159 million[86] - The debt-to-asset ratio increased to 59% from 51%[86] - Cash increased by 17% to HKD 14,025 million from HKD 11,985 million[86] Financial Costs and Income - The company reported a significant increase in financial costs, totaling HKD 2,568,593 compared to HKD 930,826 in 2021[2] - Financial costs increased significantly to HKD 2,872,804 in 2022, compared to HKD 1,328,624 in 2021, marking a rise of 116.2%[19] - The company experienced a net foreign exchange loss of HKD 1,160,804 in 2022, contrasting with a gain of HKD 108,279 in 2021[19] - The company recorded a significant decrease in revenue from toll income, which fell to HKD 5,722,889 in 2022 from HKD 7,123,724 in 2021, a decline of 19.7%[18] Business Segments - The group operates primarily in two business segments: toll roads and environmental services, and logistics services[13] - The logistics segment includes the construction, operation, and management of logistics parks and third-party logistics services[13] - The company has no single customer contributing 10% or more to total revenue, indicating a diversified customer base[17] - The logistics park rental income contributed HKD 1,209,865,000, indicating a significant revenue stream from this segment[16] - The logistics park segment generated revenue of HKD 1,379,598,000, contributing to the overall growth of the company[16] Strategic Investments and Acquisitions - The acquisition of 100% equity in Shenzhen Investment Capital Holdings Limited was completed on January 11, 2022, for a total consideration of approximately HKD 2,585,236,000[9] - The company acquired high-quality logistics warehousing projects in Zhengzhou and Hefei for approximately RMB 1.71 billion, enhancing its presence in key cities[34] - The company successfully acquired land resources totaling approximately 1.81 million square meters during the year, with 870,000 square meters newly constructed and operational[34] - The company is actively pursuing land acquisition for the Zhaoqing Gaoyao project, aiming to secure the land within 2023[48] Operational Performance and Future Outlook - The company expects growth opportunities in logistics and environmental protection sectors in 2023, driven by national development strategies and infrastructure improvements[82] - Future outlook includes continued expansion in logistics and infrastructure, with a focus on enhancing operational efficiency and market presence[16] - The company is focusing on developing a "one-stop" clean energy system, with a total installed capacity of wind power projects reaching 648 MW by the end of 2022[76] - The company is actively enhancing its market presence in the clean energy sector, particularly in wind power, despite facing challenges in project implementation and market demand[76] Logistics Network Expansion - The company is expanding its logistics network with multiple new projects, including the Shenzhen Pinghu South Smart Logistics Hub and the West Road Logistics Hub[104] - The company has established several new logistics ports across China, such as the Deep International Logistics Port in Hangzhou and the Deep International Logistics Port in Wuhan[105] - The company aims to enhance its market presence with new logistics hubs in cities like Nanchang and Zhengzhou, contributing to its overall growth strategy[106] - The company is committed to developing comprehensive logistics solutions, as evidenced by its various integrated logistics port projects across multiple provinces[106] Environmental Services - The overall revenue of the environmental protection business decreased by 8% year-on-year to HKD 2.02 billion, primarily due to a reduction in revenue from kitchen waste treatment projects[80] - Net profit fell by 23% year-on-year to HKD 248 million, reflecting the challenges faced in operational performance[80] - Lande Environmental's kitchen waste collection volume decreased, impacting operational performance, and project progress was delayed, leading to overall poor performance in 2022[77] - After acquiring 70% of Lise Environmental, the company gained kitchen waste franchise rights in Longhua District, increasing kitchen waste collection volume by 45% to 500 tons per day by the end of 2022[78]