Financial Performance - The company's revenue for 2024 was RMB 3,867.1 million, a decrease of 2.5% compared to RMB 3,966.7 million in 2023[5]. - The net profit attributable to shareholders for 2024 was RMB 656.8 million, down 13.4% from RMB 765.3 million in 2023[5]. - Basic earnings per share for 2024 were RMB 0.3925, a decrease of 14.2% from RMB 0.4574 in 2023[5]. - The gross profit for 2024 was RMB 1,843.0 million, representing a gross margin of 47.7%[9][10]. - The total revenue for the reporting year was RMB 3.87 billion, which includes toll revenue of RMB 3.79 billion, a decrease of 1.4% compared to RMB 3.84 billion in 2023[171]. - Operating profit decreased by 9.0% to RMB 1.641 billion, while net profit attributable to shareholders fell by 14.2% to RMB 657 million[168]. - The total income tax expense for the reporting year decreased by 22.0% to RMB 333 million from RMB 427 million, primarily due to a decline in pre-tax profit[191]. - The attributable profit to shareholders for the reporting year was RMB 657.81 million, a decrease of 14.2% from RMB 765.31 million, driven by lower revenue and the expiration of toll rights for Guangzhou North Ring Expressway[192]. Assets and Liabilities - Total assets increased to RMB 37,506.8 million in 2024, up 2.8% from RMB 36,502.5 million in 2023[6]. - The total liabilities for 2024 were RMB 22,100.7 million, an increase from RMB 21,652.5 million in 2023[6]. - The overall weighted average interest rate for the group was 2.92%, down from 3.28% in the previous year, reflecting successful debt cost management[185]. Dividends - The board proposed a final dividend of HKD 0.13 per share, totaling a dividend payout of HKD 0.25 per share for the year, equivalent to RMB 0.2297[82]. - The total dividend payout ratio for the year is 58.5%[82]. - The company plans to distribute a final dividend of HKD 0.13 per share, equivalent to approximately RMB 0.12, down from HKD 0.15 per share in 2023[169]. Operational Highlights - The company operates a total of 16 toll road and bridge projects, with a total toll mileage of approximately 605.4 kilometers[13]. - The company completed the acquisition of 55% equity in Henan Pinglin Expressway on November 26, 2024[12]. - The company sold 60% equity in Tianjin Jinxiong Expressway on December 18, 2024[12]. - The company is involved in significant infrastructure projects across multiple provinces, including Henan, Hubei, and Guangdong[20][39]. - The company continues to focus on strategic expansions and infrastructure development in key regions[82]. Traffic and Revenue Trends - The decline in revenue was primarily due to adverse weather conditions in central and eastern China, increased holiday toll-free days, and traffic diversion effects on certain projects[82]. - Daily toll revenue for Guangzhou North Second Ring Expressway was RMB 2,841,019, a decrease of 6.2% year-on-year[99]. - Daily traffic volume for Hubei Han-E Highway increased by 39.9% year-on-year, reaching 51,712 vehicles[99]. - The average daily toll traffic for Guangzhou North Second Ring Expressway reached 305,927 vehicles in Q4, up from 286,046 in Q1[100]. - The average daily toll traffic for Tianjin Jinxiong Expressway increased to 48,498 vehicles in Q3, compared to 32,650 in Q1[100]. Strategic Initiatives - The company aims to leverage the "3331" development strategy to enhance its capabilities in investment, operation, and capital management, focusing on expressway operations and related sectors[91]. - The company is committed to improving its integrated business strategy of "investment, financing, management, and exit" to optimize its asset portfolio and create greater shareholder value[88]. - The company is focused on enhancing operational efficiency and cost control through lean management practices, leading to significant improvements in management quality[115]. Market and Economic Outlook - The global economic growth is projected at 3.2% for 2024, with China's GDP expected to grow by 5.0% year-on-year[84]. - The company expects to continue benefiting from the development of the Guangdong-Hong Kong-Macao Greater Bay Area and other rapidly urbanizing regions[91]. - The company aims for a GDP growth target of around 5% for 2025, reflecting a stable economic outlook[114]. Challenges and Risks - The company is actively addressing risks related to parallel highway competition, which may impact toll revenue due to the opening of new routes in 2024[125]. - In 2024, the company faced significant revenue impacts from extreme weather events, including a severe cold wave and heavy rainfall, affecting multiple highways[127]. - The company is implementing measures to strengthen infrastructure against natural disasters, including slope stabilization and regular inspections of bridges and tunnels[128]. Technological Advancements - The company actively promoted the application of innovative technologies, resulting in the addition of 5 invention patents, 13 utility model patents, and 16 software copyrights during the reporting year[119]. - The average ETC billing success rate and automatic license plate recognition rate were 99.43% and 98.02%, respectively, both exceeding industry standards[117]. - The company achieved a total installed capacity of approximately 6.5 MW for photovoltaic power generation along its roads, with an expected annual electricity generation of about 7.3 million kWh and a reduction of approximately 7,277 tons of CO2 emissions in 2024[116].

越秀交通基建（01052.HK）：平临高速将增厚 25 年业绩，收费权摊销略高于预期 2025 年 3 月 17 日 强烈推荐/维持 越秀交通基建 公司报告 事件：公司发布 24 年年报，全年实现收入 38.7 亿元，同比下降 2.5%，其中路 费收入 37.9 亿元，同比下降 1.4%。归母净利润 6.57 亿元，同比下降 14.2%， 公司业绩符合预期。 极端天气和部分路段的路网分流导致报告期收入端有所下降：24 年公司路费收 入下降的原因主要系：1. 我国中东部地区受 24 年春节前后大范围雨雪低温冰冻 天气影响；2. 报告期节假日免费通行天数较 23 年多 3 天；3. 部分项目受路网分 流影响。 路网分流方面，具体到各个路产：1. 公司核心路产广州北二环高速收入同比下降 6.2%，主要系 23 年 10 月开始与北二环高速相连的从浦高速开通，导致部分车 流行驶路径缩短；2. 湖北汉蔡高速收入同比下降 8.3%，除了极端天气影响外， 23 年平行路段封闭施工导致基数较高也是 24 年收入下降的因素；3. 湖北汉鄂高 速和大广南高速收入分别同比增长 58.1%和下降 11.9%，主要系武黄高速封闭施 工 ...

越秀交通基建（01052.HK）：平临高速将增厚 25 年业绩，收费权摊销略高于预期 2025 年 3 月 17 日 强烈推荐/维持 越秀交通基建 公司报告 事件：公司发布 24 年年报，全年实现收入 38.7 亿元，同比下降 2.5%，其中路 费收入 37.9 亿元，同比下降 1.4%。归母净利润 6.57 亿元，同比下降 14.2%， 公司业绩符合预期。 极端天气和部分路段的路网分流导致报告期收入端有所下降：24 年公司路费收 入下降的原因主要系：1. 我国中东部地区受 24 年春节前后大范围雨雪低温冰冻 天气影响；2. 报告期节假日免费通行天数较 23 年多 3 天；3. 部分项目受路网分 流影响。 路网分流方面，具体到各个路产：1. 公司核心路产广州北二环高速收入同比下降 6.2%，主要系 23 年 10 月开始与北二环高速相连的从浦高速开通，导致部分车 流行驶路径缩短；2. 湖北汉蔡高速收入同比下降 8.3%，除了极端天气影响外， 23 年平行路段封闭施工导致基数较高也是 24 年收入下降的因素；3. 湖北汉鄂高 速和大广南高速收入分别同比增长 58.1%和下降 11.9%，主要系武黄高速封闭施 工 ...

2025 年 3 月 17 日 强烈推荐/维持 越秀交通基建 公司报告 事件：公司发布 24 年年报，全年实现收入 38.7 亿元，同比下降 2.5%，其中路 费收入 37.9 亿元，同比下降 1.4%。归母净利润 6.57 亿元，同比下降 14.2%， 公司业绩符合预期。 越秀交通基建（01052.HK）：平临高速将增厚 25 年业绩，收费权摊销略高于预期 极端天气和部分路段的路网分流导致报告期收入端有所下降：24 年公司路费收 入下降的原因主要系：1. 我国中东部地区受 24 年春节前后大范围雨雪低温冰冻 天气影响；2. 报告期节假日免费通行天数较 23 年多 3 天；3. 部分项目受路网分 流影响。 路网分流方面，具体到各个路产：1. 公司核心路产广州北二环高速收入同比下降 6.2%，主要系 23 年 10 月开始与北二环高速相连的从浦高速开通，导致部分车 流行驶路径缩短；2. 湖北汉蔡高速收入同比下降 8.3%，除了极端天气影响外， 23 年平行路段封闭施工导致基数较高也是 24 年收入下降的因素；3. 湖北汉鄂高 速和大广南高速收入分别同比增长 58.1%和下降 11.9%，主要系武黄高速封闭施 工 ...

证券研究报告 越秀交通基建 (1052 HK) 港股通 业绩符合预期，但摊销上调或成隐忧 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 14 日│中国香港 | 路桥 | 越秀交通基建公布 2024 年业绩：收入 38.67 亿元，同比-2.5%；归母净利 润 6.57 亿元，同比-14.2%，基本符合我们预期（6.46 亿元）。盈利下滑主 因：1）行业层面：收费天数减少、1Q 恶劣天气、运输需求不足；2）公司 层面：摊销费用大幅增长、广州北环到期、路网分流影响。公司拟派发末期 股息 0.13 港元/股，连同已派发的中期股息 0.12 港元/股，全年分红比例拟 达到 58.5%、股息率约 6.7%。公司在 24 年下半年进一步上调无形资产摊 销，或对 25 年盈利产生拖累。考虑摊销调整对经营现金流无影响，我们也 仍然看好公司持续收购路产的能力，维持"买入"。 24 年盈利下滑，主因摊销上调与广州北环到期 因天津津雄高速剩余收费期较短以及展期需要额外资本开支，公司在 24 年 末出售该项目，录得处置收益 6584 万元。公司在 23 ...

Financial Performance - The company recorded revenue of RMB 3.867 billion for the fiscal year ending December 31, 2024, a decrease of 2.5% year-on-year[3]. - Shareholders' profit was RMB 657 million, down 14.2% compared to RMB 765 million in 2023[3]. - The decline in revenue was primarily due to adverse weather conditions in central and eastern China and an increase in toll-free holiday days for vehicles with 7 seats or fewer[3]. - The operating profit for 2024 was RMB 1,641.7 million, down 9.0% from RMB 1,804.4 million in 2023[17]. - The annual profit attributable to shareholders was RMB 656.8 million, a decline of 13.2% from RMB 765.3 million in 2023[17]. - The gross profit margin for 2024 was approximately 47.5%, compared to 54.5% in 2023, indicating a decrease in profitability[17]. - The total comprehensive income for the year was RMB 964,625,000, down from RMB 1,122,004,000 in the previous year, reflecting a decline of approximately 14%[19]. - The company's profit before tax for 2024 is RMB 1,297,605,000, a decrease of 16.2% from RMB 1,548,906,000 in 2023[54]. - Basic earnings per share for 2024 is RMB 0.392, compared to RMB 0.456 in 2023, reflecting a decline of 14.1%[56]. - The company's net profit attributable to shareholders decreased by 14.2% to RMB 656,781 thousand in the reporting year, compared to RMB 765,309 thousand in the previous year[165]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.13 per share, totaling a dividend of HKD 0.25 per share for the year, representing a payout ratio of 58.5%[3]. - The proposed final dividend for 2024 is HKD 0.13 per share, equivalent to approximately RMB 0.12, down from HKD 0.15 (approximately RMB 0.1362) in 2023[171]. - The total dividend for the year, including an interim dividend of HKD 0.12 per share, amounts to HKD 0.25 per share, equivalent to approximately RMB 0.2297, compared to HKD 0.30 (approximately RMB 0.2734) in 2023, with a payout ratio of 58.5%[171]. Investments and Acquisitions - The company plans to complete transportation fixed asset investments exceeding RMB 3.8 trillion in 2024, with road passenger volume increasing by 7.4% year-on-year[4]. - The company has commenced full construction on the Guangzhou North Second Ring Expressway expansion project, which is expected to enhance traffic conditions and extend the toll operation period by up to 25 years[5]. - The company acquired a 55% stake in Henan Yuexiu Pinglin Expressway Co., Ltd. for RMB 758.45 million, enhancing its regional expansion strategy[6]. - The company sold a 60% stake in Tianjin Jinxiong Expressway Project for RMB 190.8 million, optimizing its asset portfolio[7]. - The company completed the acquisition of 55% equity in Henan Pinglin Expressway on November 26, 2024[67]. - The company completed the sale of 60% equity in Tianjin Jinxiong Expressway in December 2024, with the reported gross profit for the period from January 1, 2024, to December 18, 2024[154]. Financial Health and Management - The company maintains a healthy financial status with investment-grade ratings of Baa2 and BBB from Moody's and Fitch, respectively[9]. - The company reported a financial expense of RMB 481.2 million in 2024, down from RMB 562.4 million in 2023, reflecting improved cost management[17]. - The company has not recognized deferred tax assets for unutilized tax losses amounting to RMB 757,971,000 as of 2024[54]. - The company reported a significant increase in non-current liabilities, which rose to RMB 16,837,687,000 in 2024 from RMB 13,817,972,000 in 2023, marking an increase of about 22%[23]. - The company maintained a strong confidence in its ability to meet liabilities as they come due, despite current liabilities exceeding current assets by RMB 3,011,954,000[26]. - The company has implemented lean management practices to enhance operational efficiency and reduce costs, achieving significant improvements in management quality[84]. Operational Challenges - The decline in revenue was primarily due to adverse weather conditions in central and eastern China and an increase in toll-free holiday days for vehicles with 7 seats or fewer[3]. - The average rainfall in 2024 is projected to be 697.7 mm, which is 9% higher than the historical average, leading to potential disruptions in road operations and revenue[100]. - Severe weather events, including extreme rainfall and cold weather, have caused significant impacts on toll revenue from several highways in Henan and Hubei provinces[100]. - The company anticipates that adverse weather conditions may lead to increased operational costs due to road maintenance and repair needs[102]. - The company is enhancing its emergency response capabilities through drills and improved communication mechanisms to ensure rapid response during emergencies[102]. Revenue Sources and Performance - Total revenue from toll operations reached RMB 3,786,234,000, with additional income from service areas and gas stations amounting to RMB 38,171,000[37]. - Toll revenue totaled RMB 3.79 billion, down 1.4% from RMB 3.84 billion in the previous year, primarily due to adverse weather conditions and increased holiday days[144]. - The average daily toll revenue for Guangzhou North Ring Expressway was RMB 193.2 million, with an average daily traffic volume of 359,708 vehicles[131]. - The average daily toll revenue for Hubei Han-E Expressway was RMB 707,000, an increase of 58.1% compared to 2023[124]. - The average daily toll revenue for Hunan Chang-Zhu Expressway was RMB 709,000, an increase of 0.7% compared to 2023[116]. Future Outlook and Strategy - The company aims to enhance its core capabilities in investment, operation, and capital management as part of its "3331" development strategy[14]. - The company plans to focus on investment opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area and other rapidly urbanizing regions[14]. - The company is actively expanding revenue sources through various initiatives, including enhancing toll revenue and developing roadside assets[85]. - The company is committed to improving safety measures on highways to reduce the risk of accidents caused by adverse weather conditions[102]. - The company anticipates extending the toll operation period for Guangzhou North Second Ring Expressway by up to 25 years following its expansion project[67].

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][5]. Core Views - The acquisition of a 55% stake in Henan Yuexiu Pinglin Expressway Co., Ltd. for 758 million yuan is expected to significantly enhance the company's performance, with an internal rate of return of 9.2% [1][2][3]. - The Pinglin Expressway is strategically located as part of the G36 Ningluo Expressway, serving as a major logistics corridor connecting various regions [1]. - The company plans to sell a 60% stake in Tianjin Jinxiong Expressway for no less than 191 million yuan, which is expected to generate one-time gains and improve net profit in the year of sale [4]. Summary by Sections Acquisition Details - The acquisition price of 758 million yuan represents a 3.6% discount to the market valuation of 787 million yuan, indicating a reasonable purchase price [1][2]. - The Pinglin Expressway has a total length of 106.45 kilometers and a remaining toll collection period of approximately 9 years [1]. Financial Performance - The Pinglin Expressway generated revenue of 482 million yuan and a net profit of 119 million yuan from its establishment until the end of 2023, with a stable profit outlook [3]. - For the first seven months of 2024, the expressway achieved revenue of 304 million yuan and a net profit of 80 million yuan, suggesting a projected annual net profit contribution of approximately 76 million yuan to the company post-acquisition [3]. Profit Forecast and Recommendations - The company’s net profit is projected to be 656 million yuan, 738 million yuan, and 769 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.39, 0.44, and 0.46 yuan [4][7]. - The report anticipates that the completion of the acquisition will further enhance earnings in 2025 and beyond [4].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 4.89 [7][8]. Core Views - The company plans to acquire a 55% stake in the high-quality Pinglin Expressway for a consideration of RMB 758 million, which is expected to enhance profitability by approximately 9% in 2025 [2][3]. - The sale of a 60% stake in the Tianjin Xionghu Expressway is also planned, which is anticipated to avoid high capital expenditures associated with its upcoming expansion [4]. - The report highlights that the recent interest rate cuts in the U.S. are favorable for the valuation recovery of high dividend yield assets in Hong Kong [5]. Summary by Sections Acquisition and Sale - The acquisition of Pinglin Expressway is located in a densely populated area with a mature road network, and it has recorded revenues of RMB 482 million and net profits of RMB 119 million in 2023 [3]. - The Tianjin Xionghu Expressway, which is being sold, contributed approximately 0.7% to the company's profits in 2023 [2][4]. Financial Projections - The company’s projected net profits for 2024, 2025, and 2026 are RMB 646.45 million, RMB 742.78 million, and RMB 720.96 million respectively [2][14]. - The expected earnings per share (EPS) for 2024 and 2025 are RMB 0.39 and RMB 0.44 respectively [14]. Valuation Metrics - The target price of HKD 4.89 is based on a 10x PE ratio for the estimated EPS of RMB 0.44 for 2025, reflecting an increase from the previous target price of HKD 4.22 [12][8]. - The estimated dividend yield for 2024 is projected to be 6.8%, which is higher than the average of 6.3% from 2014 to 2023 [5][8]. Market Context - The report notes that the U.S. Federal Reserve's interest rate cuts are likely to positively impact the valuation of high dividend yield stocks in Hong Kong [5].

越秀交通基建有限公司 YUEXIU TRANSPORT INFRASTRUCTURE LIMITED ( 股份代號 : 01052 ) ray da 中期報告 創造價值 W W 目錄 未經審核中期財務資料 中期簡明合併財務狀況表 53 中期簡明合併財務資料附註 58 財務摘要 2 五年財務概要 3 公司簡介 4 項目位置圖 6 管理層討論及分析 14 中期財務資料的獨立審閱報告 50 中期簡明合併損益表 51 中期簡明合併全面收益表 52 中期簡明合併現金流量表 55 中期簡明合併權益變動表 56 其他資料 83 公司及投資者關係資料 92 財務摘要 二○二四年上半年業績摘要 5.6% 16.3% 6.5 百分點 | --- | --- | --- | |---------------------------|---------------------------------|-------------------------------------| | 收入 \n人民幣 18.27 億元 | 毛利 \n人民幣 9.16 億元 | 毛利率* \n50.1% | | | | | | | | | | | | | ...

证券研究报告 港股公司|公司总评|越秀交通 基建（01052） 1H24 收入下滑，成本上升致业绩承压 请条必阅读报告未真的重委声明 2024年08月09日 证券研究报告 | 报告委总 8 月 6 日，公司发布 2024 年半年报。2024 年上半年，公司实现营格 18.27 亿元，同比下降 5. 6%，实现归非净利润 3. 14 亿元，同比下降 26. 5%。公司中剪派总争股 0. 12 港元，对应分红 手为 58. 5%。 | 分析师及联系人 季蔚 SAC：S0590522120002 请条必阅读报令未真的重要产明 1 / 5 港股公司总评 2024年08月09日 越秀交通基建 (01052) 1H24 收入下滑，成本上升致业绩承压 行: خ交通连输/铁路公路 投資平級：买入（缴封） 影诉价格：3.48 港元 患本教据 必嚴本/流通嚴本 (百万嚴) 1, 673. 16/1, 673. 16 流過帝低(百万港无) 5, 822. 60 亲庭冷京产(无) 7. 46 票产負債手 (%) 59. 03 一年內最高/最低(港大) 4, 64/3, 39 股价相对走势 格务交通基建 20% 3% -13% -30 ...