Summary of Conference Call Company and Industry Involved - The conference call primarily focused on Shenzhen International, a company within the infrastructure and transportation sector in China [1]. Core Points and Arguments - The discussion highlighted the ongoing recommendation of the "Gao Pu Xi" investment theme by the national military education team, indicating a strategic focus on this area [1]. - It was noted that there are still several attractive investment opportunities in the Hong Kong stock market, suggesting a positive outlook for certain stocks [1]. Other Important but Possibly Overlooked Content - The call emphasized the importance of continuous monitoring of Shenzhen International and related sectors, indicating a proactive approach to investment analysis [1].

Investment Rating - The report assigns a "Buy" rating for the company, highlighting its potential for profit growth and stable dividend value [3][5][7]. Core Insights - Shenzhen International is developing a comprehensive logistics model, focusing on key economic regions and maintaining a stable dividend policy. The company has a diversified business structure, with significant contributions from toll roads, environmental protection, and modern logistics [3][4][19]. - The logistics business is expected to provide performance elasticity through core warehousing assets and transformation opportunities, with ongoing projects anticipated to enhance revenue [3][4][21]. - The toll road and environmental protection sectors are stable, with the company benefiting from its stake in Shenzhen Expressway, which operates multiple toll roads in the region [4][26]. Summary by Sections 1. Comprehensive Logistics Service Platform - The company has seen revenue growth from HKD 10.1 billion to HKD 20.5 billion from 2017 to 2023, with a CAGR of 12.5%. The core business segments include toll roads and environmental protection, contributing approximately 50% of total revenue [14][18]. 2. Full-Chain Logistics Model Layout - The company is expanding its logistics assets in economically developed areas through self-construction and acquisitions. The logistics network includes various transport modes, enhancing its competitive edge [19][21]. 3. Profit Forecast and Investment Recommendations - The forecasted net profits for 2024, 2025, and 2026 are HKD 30.8 billion, HKD 40.2 billion, and HKD 42.5 billion, respectively, with corresponding PE ratios of 5.0, 3.8, and 3.6. The company is expected to maintain a dividend payout ratio of around 50%, leading to a projected dividend of approximately HKD 15.4 billion in 2024 [5][7][32].

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is expected to continue high growth in performance, supported by a high dividend policy that will provide attractive yields [3][4] - The company's four-wheel drive industrial ecosystem, focusing on modern logistics, toll roads, ports, and environmental protection, is gradually showcasing its profit potential [4] - The Qianhai and South China logistics park projects are anticipated to release profits year by year, driving future performance beyond expectations [4] Summary by Relevant Sections - **Performance Forecast**: The company is projected to achieve a net profit of HKD 31 billion in 2024 and HKD 33 billion in 2025, with a new forecast of HKD 38 billion for 2026. Assuming a dividend payout ratio of 50%, the estimated dividend yield for 2024 will rise to 9.5% [4] - **Revenue Growth**: The company expects a revenue increase of 35% in 2023, with a net profit of HKD 19 billion, reflecting a growth of 52%. The logistics parks currently manage 37 projects with a rental rate of approximately 90%, outperforming industry standards [4] - **Highways Performance**: The traffic volume on the Shenzhen Expressway is expected to grow by 20% in 2023, resulting in a net profit of RMB 2.3 billion, a 15% increase. In Q1 2024, the net profit is projected to be RMB 470 million, a year-on-year increase of 6.4% [4] - **Qianhai Residential Project**: The independent development of the Qianhai residential project is set to be completed by the end of 2023, with expected revenue recognition of approximately HKD 55 billion [4] - **South China Logistics Park**: This project, covering about 580,000 square meters, aims to transform into a super headquarters for the digital economy in South China. It is expected to drive performance growth in the coming years [4] - **Dividend Policy**: The company has maintained a high dividend payout ratio, with a total cash dividend exceeding HKD 17.5 billion since 2006. The proposed dividend for 2023 is HKD 0.4 per share, maintaining a payout ratio of 50% [4]

Investment Rating - The investment rating for the company is "Accumulate" [3][12]. Core Views - The company is expected to continue high growth in performance in 2023, supported by a high dividend policy that will provide attractive yields [2][6]. - The company's four-wheel drive industrial ecosystem, focusing on modern logistics, toll roads, ports, and environmental protection, is anticipated to gradually showcase its profit potential [6]. - The Qianhai and South China logistics park projects are projected to release profits year by year, driving the company's performance beyond expectations [6]. Financial Summary - The company forecasts a revenue growth of 35% in 2023, with a net profit of HKD 19 billion, representing a 52% increase [6]. - The estimated net profit for 2024 and 2025 is HKD 31 billion and HKD 33 billion respectively, with a new estimate for 2026 at HKD 38 billion [6]. - The company plans to maintain a dividend payout ratio of 50%, estimating a dividend yield of 9.5% for 2024 [6][7]. Project Highlights - The Qianhai residential project is expected to be completed by the end of 2023, contributing significantly to the 2023 performance with an estimated revenue of approximately HKD 55 billion [6]. - The South China logistics park, covering about 580,000 square meters, is set to transform into a super headquarters for the digital economy in South China, with expected gradual profit releases [6].

Financial Performance - Operating revenue for the first quarter of 2024 was RMB 2.04 billion, representing a year-on-year increase of 7.06%[7]. - Net profit attributable to shareholders reached RMB 470.96 million, up 6.42% from the same period last year[7]. - Basic earnings per share for the first quarter were RMB 0.195, reflecting a growth of 7.03%[7]. - Total operating revenue for Q1 2024 reached RMB 2,037,983,716.92, a 7.06% increase from RMB 1,903,638,574.41 in Q1 2023[26]. - Net profit for Q1 2024 was RMB 512,669,617.76, up 9.43% from RMB 468,505,606.61 in Q1 2023[26]. - Operating profit for Q1 2024 was RMB 634,811,192.70, representing an increase from RMB 592,266,796.17 in the same period last year[26]. - Total comprehensive income for Q1 2024 was RMB 474,681,285.95, a decrease from RMB 708,832,729.06 in Q1 2023[27]. - Basic and diluted earnings per share for Q1 2024 were both RMB 0.195, an increase from RMB 0.182 in Q1 2023[27]. - Total operating costs for Q1 2024 were RMB 1,708,887,872.93, up from RMB 1,525,339,731.31 in Q1 2023[26]. - Investment income for Q1 2024 was RMB 366,047,458.02, significantly higher than RMB 205,830,603.52 in Q1 2023[26]. Assets and Liabilities - Total assets as of March 31, 2024, were RMB 67.42 billion, a decrease of 0.13% from December 31, 2023[5]. - The total liabilities decreased to approximately 39.01 billion RMB from approximately 39.51 billion RMB at the end of December 2023, reflecting a reduction of about 1.3%[25]. - The company reported a total equity of approximately 28.41 billion RMB, up from approximately 27.99 billion RMB at the end of December 2023, representing an increase of about 1.5%[25]. - As of March 31, 2024, the company's total current assets increased to approximately 8.24 billion RMB, up from approximately 6.95 billion RMB at the end of December 2023, representing a growth of about 18.5%[24]. - The company's cash and cash equivalents reached approximately 3.36 billion RMB, compared to approximately 2.15 billion RMB at the end of December 2023, indicating an increase of about 56%[24]. - The company's inventory decreased slightly to approximately 1.34 billion RMB from approximately 1.36 billion RMB at the end of December 2023, indicating a reduction of about 1.3%[24]. - The company's short-term borrowings increased to approximately 11.32 billion RMB from approximately 11.11 billion RMB at the end of December 2023, reflecting an increase of about 1.9%[25]. - The company's long-term investments increased to approximately 19.74 billion RMB as of March 31, 2024, compared to approximately 18.72 billion RMB at the end of December 2023, marking an increase of about 5.4%[24]. Shareholder Information - The total number of shareholders as of the end of the reporting period was 18,715, with 18,471 being A-share shareholders[12]. - The largest shareholder, HKSCC Nominees Limited, held 33.46% of the shares, totaling 729,713,242 shares[13]. Cash Flow - Cash flow from operating activities showed a net decrease of 24.97%, primarily due to delayed freight compensation payments and reduced toll revenue[6][11]. - Cash flow from operating activities for Q1 2024 was RMB 760,626,644.48, down from RMB 1,013,802,070.16 in Q1 2023[28]. - Cash flow from investing activities generated RMB 672,220,430.43 in Q1 2024, compared to a negative cash flow of RMB 297,860,123.80 in Q1 2023[28]. - The company reported a decrease in cash and cash equivalents at the end of Q1 2024, totaling RMB 3,235,689,796.04, down from RMB 3,538,404,110.36 at the end of Q1 2023[28]. Operational Highlights - The average daily mixed traffic volume for the Meiguan Expressway in Shenzhen was 154,000 vehicles, generating a daily toll revenue of RMB 402,000 for Q1 2024[15]. - The average daily mixed traffic volume for the Guangzhou-Shenzhen Expressway was 584,000 vehicles, with a daily toll revenue of RMB 7,540,000 for Q1 2024[16]. - The average daily toll revenue for the Qinglian Expressway was RMB 2,059,000 with a traffic volume of 55,000 vehicles for Q1 2024[16]. - The total organic waste processing volume across various projects reached 331.93 thousand tons, generating operational revenue of RMB 153,855.61 thousand for Q1 2024[19]. - The company reported a total operational revenue of RMB 112,924.37 thousand from its organic waste projects in Q1 2024[19]. - The wind power project in Baotou South generated 152,329.61 MWh of electricity, resulting in revenue of RMB 46,563.58 thousand for Q1 2024[20]. - The Xinjiang Mu Lei wind power project generated 145,265.46 MWh, contributing RMB 65,458.73 thousand in revenue for Q1 2024[20]. - The company’s operational revenue from the Guizhou project was RMB 21,266.43 thousand with a processing volume of 38.89 thousand tons for Q1 2024[18]. - The company’s stake in the Huai'an Zhongheng wind power project is 20%, contributing to its overall revenue from wind power operations[20]. Investment Activities - The company plans to issue up to approximately 654 million A-shares to raise a total of no more than 4.9 billion RMB for investment in external projects and repayment of interest-bearing debts[22]. - The public REITs "Yifangda Shen Gaoshu REIT" raised a total of 2.0475 billion RMB by selling 300 million fund shares at a price of 6.825 RMB per share, with the company participating in a strategic placement of 120 million shares, accounting for 40% of the total[22]. - The company has invested 150 million RMB in low-risk financial products during the reporting period, generating a return of approximately 1.79 million RMB[22]. Non-Recurring Items - Non-recurring gains and losses included a profit of RMB 149.36 million from the disposal of non-current assets[8].

Logistics Infrastructure 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 areas: inland ports, urban comprehensive logistics parks, airport cargo stations, and railway freight hubs [10]. - As of December 31, 2023, the company holds a 100% stake in several logistics parks and centers, including the Shenzhen International Comprehensive Logistics Hub and various smart logistics ports across multiple cities [12]. - The company aims to enhance its logistics services by integrating intelligent warehousing and cold chain logistics, expanding its business into related sectors such as environmental protection and comprehensive land development [10]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and expand its operational capabilities in logistics and related services [10]. - Future outlook for 2024 includes continued investment in logistics infrastructure and expansion into new markets, with a focus on enhancing service offerings and operational efficiency [8]. - The company is involved in various joint ventures, including a 40% stake in a logistics infrastructure private equity fund, which supports its strategic investments [12]. - The company has established a presence in multiple cities with logistics ports, including a 100% stake in logistics ports in cities like Hangzhou, Ningbo, and Suzhou, enhancing its operational footprint [12]. - The company plans to continue expanding its logistics services and upgrading logistics parks to enhance operational efficiency and market reach [28]. - The company is exploring new technologies and innovations in logistics to improve service delivery and operational performance [10]. - The company marked significant progress in its logistics expansion strategy with the launch of multiple logistics ports in key cities, including Taiyuan, Chengdu, and Nanjing [33]. - The company achieved a milestone with the successful operation of the Jiangsu Jingjiang Port in December 2023 [36]. - The Shenzhen International Railway Freight Hub has successfully operated for three years, with a total of 576 trains and a cargo value exceeding USD 1.8 billion [47]. - The company is actively pursuing strategic partnerships and funding opportunities to enhance its logistics and infrastructure capabilities [49]. Financial Performance - The company's revenue for 2023 reached HKD 20,524 million, a significant increase compared to HKD 15,529 million in 2022, representing a growth of approximately 32% [26]. - The operating profit for 2023 was HKD 6,474 million, up from HKD 7,084 million in 2022, indicating a decrease of about 8.6% [26]. - The profit attributable to ordinary shareholders for 2023 was HKD 4,955 million, compared to HKD 3,841 million in 2022, reflecting an increase of approximately 29.1% [21]. - The company reported a pre-tax profit of HKD 5,194 million for 2023, which is a rise from HKD 2,931 million in 2022, marking an increase of around 77% [28]. - The toll road segment generated revenue of HKD 10,325 million in 2023, compared to HKD 10,774 million in 2022, showing a slight decline of about 4.1% [26]. - The logistics park and related services contributed HKD 5,556 million in revenue for 2023, a substantial increase from HKD 2,876 million in 2022, representing a growth of approximately 93.5% [26]. - Financial costs for 2023 were reported at HKD 2,377 million, compared to HKD 2,569 million in 2022, indicating a reduction of about 7.5% [26]. - The company achieved total revenue of approximately HKD 20.524 billion for the year ended December 31, 2023, representing a 32% increase year-on-year, with attributable profit to shareholders of approximately HKD 1.902 billion, up 52% from the previous year [46]. - The board proposed a final dividend of HKD 0.40 per share, totaling HKD 0.957 billion, with a payout ratio of 50% [46]. - The total equity as of 2023 was HKD 54,975,661, slightly down from HKD 55,199,174 in 2022 [29]. Strategic Projects and Developments - The company successfully acquired land use rights for the Shenzhen International Comprehensive Logistics Hub Center, covering approximately 334,000 square meters [32]. - The company has successfully completed the acquisition of 100% equity in Shenzhen Investment Holdings International Capital Holdings Infrastructure Co., which has been reflected in the financial results [28]. - The company has acquired land for logistics projects in Chengdu Wenjiang, Taiyuan, and Nanning, totaling approximately 294,000 square meters, enhancing its national logistics network [75]. - The company is focusing on high-quality projects in first-tier and leading second-tier cities to expand market share and industry influence [68]. - The company is actively adapting to the trends of smart logistics and has launched the "Shenzhen International Smart Logistics Port" series of products [69]. - The Shenzhen International Smart Logistics Port (Shenzhen Pingshan) covers an area of approximately 120,000 square meters, with a planned construction area of about 286,000 square meters, and is expected to be operational by 2025 [72]. - The Shenzhen International Smart Logistics Port (Shenzhen Yantian) spans approximately 32,000 square meters, with a planned construction area of about 91,000 square meters, and is set to commence operations in the first half of 2024 [72]. - The Shenzhen International Highway Hub Logistics Port (Shenzhen Baoan) covers about 75,000 square meters and is the first road logistics hub project under Shenzhen's "7+30+N" logistics hub planning, expected to be operational in 2025 [73]. - The company is focusing on enhancing its logistics capabilities in the Northern region, with the Shenyang International Logistics Port covering an operational area of 24.2 thousand square meters [106]. - The company aims to increase its market presence through new projects, such as the Changsha project with an operational area of 29.8 thousand square meters [104]. Environmental and Social Responsibility - The company received multiple awards for its ESG report and was recognized as a key logistics enterprise by the Shenzhen Transportation Bureau [38]. - The company is committed to improving governance and risk management to enhance operational efficiency and ensure sustainable growth [52]. - The company is involved in a PPP project for the expansion of the Jihe Expressway, with plans for adjustments to the construction and financing scheme [138]. - The company’s clean energy segment is a key focus, with ongoing investments in wind power and solid waste resource management [143]. - The group actively expanded clean energy projects, acquiring 60MW and 70MW photovoltaic project development indicators in Hebei, achieving a breakthrough in photovoltaic power generation [148]. - The organic waste processing capacity exceeded 6,900 tons per day, with a focus on providing harmless treatment for organic solid waste and selling processed products to downstream customers [150]. - The company has established a joint venture with a subsidiary of the State Power Investment Corporation, holding 65% equity, to invest in wind and photovoltaic projects, addressing resource development and operational management deficiencies [148]. Human Resources and Management - The group employed 8,653 employees as of December 31, 2023, down from 8,983 employees in 2022, with employee benefits expenses amounting to approximately HKD 1.724 billion, a decrease from HKD 1.762 billion in 2022 [172]. - The group has implemented a comprehensive and competitive benefits system for employees, including health check-ups, MPF, medical insurance, and education subsidies [172]. - The group established a postdoctoral innovation practice base in April 2023 to attract high-level professional talent [173]. - The group has developed a new compensation management system for senior management to standardize compensation structures and levels [172]. - The company has developed a new human resources management information system to enhance talent management and digitalization, ensuring a continuous supply of talent for business development [171]. Debt and Financial Management - The debt-to-asset ratio was 58% as of December 31, 2023, a decrease of 1 percentage point from the previous year, while the ratio of net debt to total equity increased by 11 percentage points to 83% [177]. - The total borrowings increased by 3% to HKD 55.339 billion, with net borrowings rising by 15% to HKD 45.534 billion [176]. - The group issued Panda bonds worth RMB 5 billion and its subsidiary Shenzhen Expressway issued medium-term notes of RMB 2 billion and green corporate bonds of RMB 550 million during the year [187]. - The group continues to optimize its debt structure to balance interest rate and foreign exchange risks [188]. - The group has established strong relationships with financial institutions in Hong Kong and China to leverage favorable opportunities for financing activities [187]. Market Trends and Future Outlook - The logistics industry in China showed signs of recovery, with the logistics prosperity index indicating a rebound in the fourth quarter of 2023 [51]. - The macroeconomic environment remains complex and uncertain, with expectations for consumption to become a new engine for economic growth in 2024 [161]. - The company aims to enhance its core competitiveness through a focus on high-quality development and capability building, targeting top positions in Shenzhen and the Greater Bay Area [51]. - The company plans to expand its logistics, port, toll road, and environmental protection sectors, emphasizing organic waste treatment and clean energy generation [51]. - The company will continue to promote public and private fundraising for REITs and logistics projects to support sustainable development [52].

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) ...