国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 [Table_Industry] 运输 究 江 苏宁沪高速公路(0177) [评Tab级le_I：nve st] 增持 业绩稳健增长，股利稳中有升 [当 Ta前bl价e_格Cu :r (P港ri元ce] ) 8.44 [Table_Date] 2024.06.08 海 [table_A ut岳ho鑫rs] ( 分析师) 尹嘉骐(分析师) 0755-23976758 021-38038322 外 yuexin@gtjas.com yinjiaqi@gtjas.com [ 交Ta易ble数_M据ar ket] 公 登 记编号 S0880514030006 S0880524030004 52周内股价区间(港元) 6.57-8.50 司 当前股本(百万股) 5,038 本 报告导读： 当 前市值(百万港元) 42,519 （ 宁沪公路2023年车流量恢复增长且业绩创历史新高，2024Q1高基数下业绩稳健增长。 中 公司主业投资稳步推进，多年持续理性再投资，股利稳中有升回报股东。 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 3,473,393,457.30, representing a decrease of 4.30% compared to the same period last year[3]. - Net profit attributable to shareholders of the listed company was CNY 1,246,836,155.30, an increase of 1.61% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,187,051,032.91, reflecting a growth of 0.72%[3]. - The net cash flow from operating activities was CNY 1,639,672,583.68, showing an increase of 1.01%[3]. - Basic and diluted earnings per share were both CNY 0.2475, reflecting a year-on-year increase of 1.61%[3]. - The group reported operating profit of approximately RMB 1,652,655 thousand, an increase of 3.10% year-on-year[17]. - Net profit attributable to shareholders was approximately RMB 1,246,836 thousand, with earnings per share of RMB 0.2475, an increase of 1.61% year-on-year[17]. Revenue Breakdown - The company experienced a decrease in operating revenue due to reduced income from real estate projects and lower construction input for bridge projects[6]. - The toll road business generated revenue of approximately RMB 2,275,501 thousand, an increase of 2.12% year-on-year[13]. - Revenue from supporting businesses was approximately RMB 415,852 thousand, a decrease of 4.49% year-on-year[14]. - Revenue from oil sales was approximately RMB 374,044 thousand, a decrease of 6.88% year-on-year[14]. - Revenue from electricity sales increased by approximately 18.24% year-on-year, reaching RMB 207,466 thousand[14]. - Revenue from real estate business was approximately RMB 75,244 thousand, a decrease of 55.44% year-on-year[14]. - Revenue from other businesses decreased by approximately 35.03% year-on-year, totaling RMB 31,955 thousand[14]. Asset and Equity - Total assets at the end of the reporting period were CNY 81,436,864,200.94, up 3.53% from the end of the previous year[3]. - Equity attributable to shareholders of the listed company increased to CNY 35,911,145,066.99, a rise of 5.66% compared to the previous year[3]. - Total current assets as of March 31, 2024, were RMB 10,612,799,535.33, an increase from RMB 8,736,772,595.02 as of December 31, 2023[20]. - Total assets as of March 31, 2024, were RMB 81,436,864,200.94, compared to RMB 78,661,443,944.36 as of December 31, 2023[21]. - Total equity increased to CNY 42,877,021,438.41 as of March 31, 2024, up from CNY 40,888,507,875.68 at the end of 2023[23]. Liabilities - Total current liabilities as of March 31, 2024, were RMB 9,929,454,868.70, an increase from RMB 9,549,438,432.72 as of December 31, 2023[22]. - Total liabilities as of March 31, 2024, amounted to CNY 38,559,842,762.53, an increase from CNY 37,772,936,068.68 as of December 31, 2023[23]. Cash Flow - Cash flow from operating activities for Q1 2024 was CNY 1,639,672,583.68, slightly up from CNY 1,623,269,207.65 in Q1 2023[30]. - The company reported a decrease in total operating costs to CNY 2,153,921,024.67 in Q1 2024, down from CNY 2,293,242,921.45 in Q1 2023, indicating improved cost management[25]. - Cash inflow from investment activities in Q1 2024 was approximately ¥6.05 billion, up from ¥3.32 billion in Q1 2023, representing an increase of 82%[31]. - Net cash outflow from investment activities in Q1 2024 was approximately -¥2.24 billion, compared to -¥2.06 billion in Q1 2023, indicating a slight increase in outflow[31]. - Cash inflow from financing activities in Q1 2024 was approximately ¥4.74 billion, down from ¥6.39 billion in Q1 2023, a decrease of 26%[32]. - Net cash flow from financing activities in Q1 2024 was approximately ¥549 million, compared to ¥436 million in Q1 2023, showing an increase of 26%[32]. - The ending cash and cash equivalents balance for Q1 2024 was approximately ¥784 million, down from ¥925 million in Q1 2023, a decrease of 15%[32]. Investment Activities - Cash received from investment income in Q1 2024 was approximately ¥49.91 million, up from ¥27.74 million in Q1 2023, an increase of 80%[31]. - Cash paid for the acquisition of fixed assets in Q1 2024 was approximately ¥623 million, down from ¥675 million in Q1 2023, a decrease of 8%[31]. - Cash received from the disposal of fixed assets in Q1 2024 was approximately ¥137,700, significantly higher than ¥7,475 in Q1 2023[31]. - Cash paid for investment activities in Q1 2024 was approximately ¥7.66 billion, up from ¥4.71 billion in Q1 2023, an increase of 63%[31]. - Cash paid for debt repayment in Q1 2024 was approximately ¥3.98 billion, down from ¥5.73 billion in Q1 2023, a decrease of 30%[32]. Other Comprehensive Income - Other comprehensive income for Q1 2024 was CNY 672,303,507.84, a significant improvement from a loss of CNY 56,511,011.53 in Q1 2023[26].

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 4,413,272 thousand, with earnings per share of about RMB 0.8760[2]. - Jiangsu Expressway Company reported a revenue of 1.2 billion RMB for the fiscal year 2023, representing a year-on-year increase of 15%[12]. - The company achieved a net profit of 300 million RMB, which is a 10% increase compared to the previous year[12]. - In 2023, the company's operating revenue reached ¥15,192,010,226.04, an increase of 14.61% compared to ¥13,255,603,107.72 in 2022[16]. - The net profit attributable to shareholders for 2023 was ¥4,413,271,587.29, reflecting an 18.51% increase from ¥3,724,115,165.87 in 2022[16]. - The total profit for the year reached RMB 5.672 billion, an increase of 23.82% compared to the previous year[28]. - The company achieved toll revenue of approximately RMB 9,510,967 thousand, representing a year-on-year growth of about 29.88%, accounting for approximately 62.61% of total operating revenue[44]. - The group achieved total operating revenue of approximately RMB 15,192,010 thousand, representing a year-on-year growth of 14.61%[50]. - Operating profit reached approximately RMB 5,697,780 thousand, an increase of 23.32% compared to the previous year[50]. Dividends and Shareholder Returns - The board proposed a cash dividend of RMB 0.47 per share (tax included) based on a total share capital of 5,037,747,500 shares, expected to be distributed on July 26, 2024[2]. - The company has maintained a high cash dividend policy, contributing to a stable investor base and good market image[50]. - The company distributed a cash dividend of CNY 0.46 per share, totaling CNY 2,317,363,850 (including tax) based on a total share capital of 5,037,747,500 shares as of the end of 2022[199]. Strategic Initiatives and Investments - The company plans to expand its market presence by investing in new highway projects, with a budget allocation of 500 million RMB for 2024[12]. - Research and development efforts are focused on implementing smart traffic management systems, with an expected completion date in Q3 2024[12]. - The company has initiated a strategic partnership with local governments to enhance public-private partnership (PPP) projects, aiming to launch three new projects by the end of 2024[9]. - The company is actively exploring transportation and new energy businesses to expand profit margins[26]. - The company plans to invest approximately RMB 13,860,233,000 in 2024, an increase of 11,119,400,000 compared to the actual expenditure of 2,740,833,000 in 2023[110]. Operational Efficiency and Technology - The implementation of Building Information Modeling (BIM) technology is expected to improve project efficiency by 20% in upcoming infrastructure projects[9]. - The company’s traffic incident detection system, "AI Square," has a detection and accuracy rate of over 95.8%[29]. - The company is focusing on low-carbon transformation, with initiatives like the construction of zero-carbon service areas and carbon monitoring platforms across highway operations[109]. - The company plans to enhance its digital transformation strategy, with an investment of 500 million yuan in digital tools and platforms[144]. Market and User Data - User data indicates that the average daily traffic volume on the expressways increased by 8% in 2023, reaching 1.5 million vehicles per day[12]. - Daily average toll revenue for the Shanghai-Nanjing Expressway was approximately RMB 14,386.08 thousand, with a year-on-year increase of about 22.66%[44]. - Daily passenger traffic on the Shanghai-Nanjing Expressway increased by 50.68% year-on-year to 89,774 vehicles, while total traffic rose by 37.79% to 109,616 vehicles[43]. Risk Management and Compliance - The company has provided a detailed analysis of potential risks in its annual report, particularly in the section titled "Risks the Company May Face"[3]. - The company has complied with all applicable laws and regulations, with no significant violations reported for the year ending December 31, 2023[117]. - The company is facing industry policy risks that could impact toll revenue, necessitating proactive policy monitoring and adjustment strategies[111]. Corporate Governance - The company has received multiple awards for corporate governance and best practices, including the "Golden Roundtable Award" for special contributions to corporate governance in 2023[39]. - The company emphasizes the protection of shareholder interests through effective communication channels, including shareholder meetings and investor hotlines[131]. - The company has established various governance systems to enhance its governance level, including rules for shareholder meetings and board meetings[130]. Sustainability Initiatives - The company is also focusing on sustainability initiatives, aiming to reduce carbon emissions by 15% over the next five years through various operational improvements[12]. - The company has achieved a 100% recycling rate for road materials and is actively promoting comprehensive regeneration to reduce carbon emissions[31]. - The management highlighted a focus on sustainability initiatives, targeting a 30% reduction in carbon emissions by 2025[143]. Employee and Management Information - The total salary for the year 2023 is approved at RMB 675.6832 million[180]. - The company has a total of 4,754 employees, including 3,685 in the parent company and 1,069 in major subsidiaries[184]. - The total salary expenditure for employees during the reporting period was approximately RMB 882.73 million[188]. Future Outlook - The company has set a performance guidance for 2024, targeting a revenue growth of 12% and a net profit increase of 8%[12]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[144]. - The company plans to enhance its core competitiveness by increasing investment in the expressway network and accelerating the integration of the Suzhou-South East-West Expressway corridor[107].

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 4,413,272 thousand, with earnings per share of RMB 0.8760[10]. - The operating revenue for 2023 reached ¥15,192,010,226.04, representing a 14.61% increase compared to ¥13,255,603,107.72 in the same period last year[16]. - Net profit attributable to shareholders was ¥4,413,271,587.29, an 18.51% increase from ¥3,724,115,165.87 year-over-year[16]. - The total profit for the year was RMB 5.672 billion, reflecting a year-on-year increase of 23.82% from RMB 4.581 billion in 2022[29]. - The company’s operating revenue for the reporting period reached approximately RMB 15,192 million, representing a year-on-year increase of 14.61%, primarily driven by the rise in traffic volume and toll revenue[74]. - The company reported a decrease in sales expenses to RMB 10,026,993.87 in 2023 from RMB 14,501,739.24 in 2022, a reduction of 30.8%[180]. - The total income tax expense for 2023 was CNY 1,062,649,445.98, up from CNY 833,033,706.01 in 2022, reflecting a growth of approximately 27.5%[194]. Assets and Liabilities - The total assets of the group amounted to approximately RMB 78.661 billion, with net assets attributable to shareholders of approximately RMB 33.987 billion[11]. - Total assets at the end of 2023 were ¥78,661,443,944.36, a slight increase of 0.26% from ¥78,458,345,074.07 at the end of 2022[16]. - The group’s total liabilities at the end of the reporting period were approximately RMB 37,772,936,000, resulting in a debt-to-asset ratio of 48.02%, a decrease of about 3.61 percentage points compared to the previous period[108]. - The company’s cash and cash equivalents decreased to RMB 862,161,074.06 from RMB 932,931,344.38, a decline of about 7.5%[173]. - Accounts receivable increased by 46.32% to RMB 1,650,030,300.22, mainly due to an increase in receivables from the national subsidy for online power stations[101]. Investments and Projects - The company invested approximately RMB 7.47 billion in the Longtan Bridge project, accounting for 62.08% of the total project investment, with completion expected in early 2025[31]. - The company is actively preparing for the Xitai project, which has a total estimated investment of approximately RMB 24.198 billion[31]. - The company made significant equity investments totaling RMB 17,500,000, acquiring a 20% stake in a photovoltaic power generation company[116]. - The company plans to invest RMB 10,800,000 in the Sanxia New Energy Power Generation Company in January 2024[118]. - Major investment projects include RMB 2,500,000,000 for the Longtan Bridge and North Connection Line, RMB 1,150,000,000 for the southern section of the Xiyi Expressway, and RMB 7,800,000,000 for the construction of the Xitai Expressway[145]. Operational Highlights - The group operates 17 toll bridge projects, with a total operational bridge mileage exceeding 910 kilometers[12]. - The average daily toll revenue for the Shanghai-Nanjing Expressway was approximately RMB 14.39 million, with a year-on-year increase of about 22.66%[59]. - The company completed 15 maintenance tasks in just 16 effective working days, generating an economic benefit of nearly 20 million RMB compared to traditional methods[35]. - The company achieved a 100% recycling rate of road surface materials and a 100% utilization rate in green maintenance initiatives[35]. - The company has implemented an AI-based event detection application, achieving a detection accuracy rate of over 95.8% for highway incidents[33]. Corporate Governance and Compliance - The company’s financial statements are prepared in accordance with Chinese accounting standards and comply with Hong Kong listing rules[9]. - The company’s board of directors and senior management confirm the accuracy and completeness of the data presented in the announcement[4]. - The audit committee has reviewed and confirmed the preliminary announcement of the annual results for the year ending December 31, 2023[162]. - The company has adopted the new corporate governance code and has complied with all relevant provisions, with minor exceptions noted[159]. Market Position and Strategy - The company is the only listed bridge company in Jiangsu Province, with the controlling shareholder holding 54.44% of the shares[14]. - The company is positioned to benefit from the ongoing transformation and upgrading of the Jiangsu industry, with increasing demand for high-value, small-batch, and efficient freight services[49]. - The company aims to strengthen its position as a major investor and operator in the Jiangsu highway network, continuously meeting public demand for improved travel[136]. - The company is focusing on low-carbon transformation, with plans to establish multiple low-carbon service areas and a carbon monitoring platform for highway operations[141]. Employee and Training Initiatives - The total employee compensation expenses amounted to approximately RMB 882.73 million during the reporting period[164]. - The company trained a total of 2,312 employees across various levels, with a training expenditure of approximately RMB 15.6 million, enhancing employee capabilities and supporting sustainable development[167]. - The company achieved an 86.91% pass rate for the "Rescue Machinery Operator" certification, with 312 out of 359 participants successfully certified[167].

市場新聞及更新 日期: 2024/03/01 江蘇寧滬高速公路(00117.HK) 簡介 目標價格 HKD 9 52週最高價 HKD 8.44 江蘇寧滬高速公路(以下簡稱寧滬高速)是中國江蘇省唯一上市公路企業，實控 52週最低價 HKD 6.57 行業 交通設施 人為江蘇省國資委，集團於 1992 年成立，1997 年赴港上市。集團以長三角地 股票代碼 00177 區高速公路業務為核心，直接參與經營和投資的路橋項目達到17個。近年來， 主要股東 貝萊德 寧滬高速通過並購和新建路產積極擴張資產規模。除滬寧高速外，公司還擁有 寧常高速、鎮溧高速、廣靖高速、錫澄高速、錫宜高速、鎮丹高速、沿江高速、 基本面評估：(滿分5分) 盈利能力： 4分 江陰大橋、蘇嘉杭高速、常宜高速、宜長高速以及五峰山大橋等位於江蘇省內 償債能力： 5分 的收費路橋全部或部分權益。寧滬公司所轄高速公路收費采用封閉式出口一次 成長能力： 4分 現金流能力： 5分 收費，所轄路共設 43 個收費站，其中滬寧高速公路設南京 1 個主線收費站和 24個匝道收費站，除去正在建的龍潭大橋及北連線，絕大部分路橋剩余收費年 寧滬高速收益率 VS 恒指 限都在 ...

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份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。 JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速公路股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 日 常 關 聯╱持 續 關 連 交 易 公 告 於2023年11月17日本公司控股子公司廣靖錫澄公司就廣靖錫澄高速 護 欄 提 質 升 級 改 造 與 現 代 路 橋 公 司 簽 署 養 護 施 工 項 目 協 議，協 議 期 限為2023年12月1日至2023年12月31日，交易金額不超過人民幣4,000萬元。 本 次 交 易 的 交 易 對 方 現 代 路 橋 公 司 與 本 公 司 同 受 江 蘇 交 控 控 制，根 據 上 海 上 市 規 則 構 成 關 聯 交 易，由 於 與 現 代 路 橋 公 司 的關聯交易有 關費用總額佔本公司最近一期經審計淨資產絕對值的比例少於0.5%， 本 次 ...

江苏宁沪高速公路股份有限公司 第十届董事会第二十二次会议决议公告 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。 一、会议召开情况 （一）江苏宁沪高速公路股份有限公司（以下简称"本公司"）第十届董事会第 二十二次会议（以下简称"会议"）于2023年11月17日以现场会议及视频会议相结合 的方式召开。 股票简称：宁沪高速 股票代码：600377 编号：临 2023-047 （二）会议通知以邮件或专人送达的方式向董事会全体成员发出。 （三）会议应出席董事13人，实际出席董事13人。 （四）会议的召开符合《公司法》及本公司《章程》的有关规定，会议决议为有 效决议。 （五）会议由董事长陈云江先生主持。 二、会议审议情况 本次会议审议并通过如下议案： （一）审议并批准《关于聘任本公司董事会秘书的议案》。 同意聘任陈晋佳女士担任本公司董事会秘书。聘期自董事会审议通过之日起至第 十届董事会任期届满之日止。 表决结果：同意 13 票；反对 0 票；弃权 0 票。 表决结果：同意 13 票；反对 0 票；弃权 0 票。 此议案获得通过。 （四） ...

股票简称：宁沪高速 股票代码：600377 编号：临 2023-048 江苏宁沪高速公路股份有限公司 第十届监事会第十九次会议决议公告 本公司监事会及全体监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、会议召开情况 （一）江苏宁沪高速公路股份有限公司（以下简称"本公司"）第十届监事 会第十九次会议（以下简称"会议"）于2023年11月17日在南京市仙林大道6号本 公司2号楼会议室以现场会议及视频会议相结合的方式召开，会议由监事会主席 杨世威先生主持。 （三）会议应到监事5人，会议实际出席监事5人。董事会秘书列席了本次会 议。 （四）会议的召开符合《公司法》及本公司《章程》的有关规定，会议决议 为有效决议。 二、会议审议情况 本次会议审议并通过如下议案： 1、审议并通过《关于聘任本公司董事会秘书的议案》。 表决结果：同意 5 票；反对 0 票；弃权 0 票。 此议案获得通过。 2、审议并通过《关于本公司全资子公司南京瀚威房地产开发有限公司（以 下简称"瀚威公司"）以其开发建设的瀚瑞中心写字楼为载体建设智能交通产业 协同创新中心的议案》。 表决 ...

股票简称：宁沪高速 股票代码：600377 编号：临 2023-049 江苏宁沪高速公路股份有限公司 关于聘任本公司董事会秘书的公告 本公司监事会及全体监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。 江苏宁沪高速公路股份有限公司(以下简称"本公司")董事会于 2023 年 11 月 17 日召开第十届董事会第二十二次会议，审议通过了《关于聘任本公司董事会秘书 的议案》，经董事会提名，董事会提名委员会审查，同意聘任本公司副总经理、财 务负责人陈晋佳女士为本公司董事会秘书，任期自董事会审议通过之日起至第十届 届董事会届满日止。 陈晋佳女士已取得上海证券交易所董事会秘书资格证书，具备担任上市公司董 事会秘书所必须的专业知识、工作经验及相关任职条件，其任职资格符合《公司法》 《上海证券交易所股票上市规则》和《公司章程》的有关规定，不存在相关法律法 规规定的不得担任董事会秘书的情形。 陈晋佳女士的联系方式如下： 电话：025-84362700 电子邮箱：chenjinjia@jsexpwy.com 通讯地址：南京市仙林大道 6 号 附件： 陈晋佳女士简历 ...

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。 股票代码：600377 股票简称：宁沪高速 编号：临2023-046 江苏宁沪高速公路股份有限公司 2023 年度第二十四期超短期融资券发行情况公告 江苏宁沪高速公路股份有限公司（以下简称"本公司"）于 2021 年 11 月收 到中国银行间市场交易商协会（以下简称"交易商协会"）的《接受注册通知书》 （中市协注〔2021〕SCP455 号）,根据《接受注册通知书》，本公司自 2021 年 11 月 10 日起 2 年内可分期发行规模不超过人民币 80 亿元的超短期融资券。本 公司于 2022 年 9 月 27 日向交易商协会申请注册额度核减，核减后剩余有效注册 额度 60 亿元。 | 合规申购家数 | | 1 家 | 合规申购金额 | 0.7 亿元 | | --- | --- | --- | --- | --- | | 最高申购价位 | | 2.43% | 最低申购价位 | 2.43% | | 有效申购家数 | | 1 家 | 有效申购金额 | 0.7 亿元 | | 簿记管理人 ...