（在 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：01052） 通知信件 各現有登記股東 台 照 代 表 越秀交通基建有限公司 余達峯 公司秘書 謹 啟 二○二四年十一月一日 索取印刷本 敬 啟 者： 刊發下列文件之通知（「刊 發 文 件」） 越秀交通基建有限公司（「公 司」）謹通知 閣 下，公 司 上 述 的 刊 發 文 件 備 有 英 文 及 中 文 版 本，並 於 此 信 件 日 期 或 前後於公司網址www.yuexiutransportinfrastructure.com 及香港聯合交易所有限公司網址 www.hkexnews.hk載 有。公 司 或公司的股份過戶登記分處卓佳雅柏勤有限公司（「股份過戶登記處」），亦 存 有 刊 發 文 件 的 印 刷 本。 若 閣下已選擇（或 被 視 為 已 同 意 選 擇）透 過 公 司 的 網 站 查 閱 所 有 公 司 刊 發 的 公 司 通 訊，惟 在 接 收 或 查 閱 刊 發 文 件 時 遇 到 困 難， 閣下可填妥以下回條並與此信件一併(a)電郵至yuexiutransport-ecom@hk.tricorglobal.com， ...

（於 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：01052） 致新登記股東 列 位 股 東： 選擇公司通訊的收取方式 根據香港聯合交易所有限公司證券上市規則第2.07A條及第2.07B條以及越秀交通基建有 限公司（「本公司」）細 則，本 公 司 向 閣下提供有關收取本公司將予發出以供其股東參照 及╱或 採 取 行 動 的 任 何 文 件 的 下 述 方 案，其 中 包 括 但 不 限 於：(a)董 事 會 報 告、年 度 賬 目 連同核數師報告及（如 適 用）財 務 摘 要 報 告；(b)中期報告及（如 適 用）中 期 摘 要 報 告；(c)會 議 通 告；(d)上 市 文 件；(e)通 函；(f)代 表 委 任 表 格；及(g)本公司回條（「公司通訊」）： 為 響 應 環 保 以 及 節 省 印 刷 及 郵 遞 成 本，本 公 司 建 議 閣 下 選 擇 收 取 網 上 版 本。即 使 閣 下 已 選 擇 收 取 網 上 版 本， 閣下仍可隨時向本公司股份過戶登記分處（「股份過戶登記處」） 卓佳雅柏勤有限公司發出合理書面通知或電郵到yuexiutransport-ecom@hk.t ...

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。 （在 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：01052） 股東特別大會通告 茲通告 越秀交通基建有限公司（「本公司」）謹訂於二○二四年十一月二十二日 （星 期 五）上午十一時正假座香港灣仔謝斐道238號香港諾富特世紀酒店B3層 宴 會 廳1-4舉行股東特別大會（「股東特別大會」），以 考 慮 及 酌 情 批 准 下 列 決 議 案 （不 論 有 否 修 訂）為 普 通 決 議 案。除 非 另 有 說 明，本 通 告 及 下 列 決 議 案 使 用 的 詞 彙與本公司日期為二○二四年十一月一日的通函（「該通函」）（本 通 告 構 成 其 一 部 分）內 所 界 定 者 具 有 相 同 涵 義。 公司秘書 余達峯 香 港，二 ○ 二 四 年 十 一 月 一 日 – 1 – 普通決議案 「動 議： 承董事會命 越秀交通基建有 ...

此乃要件 請即處理 閣 下 對本通函任何方面或應採取的行動 如有任何疑問，應諮詢 閣下的持牌證券 商或註冊證券機構、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已 將名下的 越秀交通基建有限公司 股份全部 售出或轉讓，應立即將本通 函連同隨附的代表委任表格送交買主或承讓人，或經手買賣的銀行、持牌證券商 或註冊證券機構或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：01052） (1)須予披露的交易及關連交易： 收購一家在河南持有 高速公路收費權的公司的55%股權； (2)股東特別大會通告； 及 (3)暫停辦理過戶登記手續 獨立董事委員會及獨立股東的獨立財務顧問 新百利融資有限公司 本封面頁使用的詞匯與本通函所界定者具有相同涵義。 董事會函件載於本通函第6至24頁。獨立董事委員會函件載於本通函第25至26頁。 獨立財務顧問函件載於本通函 ...

香港聯合交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公告全部或任何部分內容而產生因依賴該等內容而引致的任何損失承擔任何 責 任。 本 公 告 只 可 作 參 考 用 途，並 不 構 成 收 購、購 買 或 認 購 證 券 的 邀 請 或 要 約，或 就 進 行 上 述 任 何 事 宜 訂 立 協 議 的 邀 請，亦 不 得 視 作 在 香 港 或 其 他 地 區 收 購、購 買 或 認 購 本 公 司 及 其 附 屬 公 司 任 何 證 券 的 要 約。 擬 註 冊 公 開 發 行 該 公 司 債 一 事 要 滿 足 若 干 條 件，因 此，可 能 會 進 行 也 可 能 不 會 進 行。本 公 司 的 股 東 及 有 意 投 資 本 公 司 者 於 買 賣 或 投 資 於 本 公 司 的 證 券 時 務 請 審 慎 行 事。 承董事會命 越秀交通基建有限公司 （於 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：01052） 自 願 公 告： 向中國 ...

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].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1.827 billion, a decrease of 5.5% compared to RMB 1.935 billion in the same period of 2023[14]. - Gross profit was RMB 916 million, resulting in a gross margin of 50.1%[11]. - Operating profit reached RMB 791 million, while profit before tax was RMB 635 million, and profit attributable to shareholders was RMB 314 million[11]. - Basic earnings per share for the period was RMB 0.1876, down from RMB 0.2553 in the same period last year[14]. - Total revenue for the group was RMB 1,828,884, a decrease of 5.6% compared to the same period last year[112]. - Operating profit decreased by 18.6% to RMB 790,520 compared to the previous year[112]. - Net profit attributable to shareholders decreased by 26.5% to RMB 313,938 compared to the same period last year[112]. - The total comprehensive income for the period was RMB 467,773 thousand, down 23.7% from RMB 613,379 thousand in the previous year[185]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 36.259 billion, a slight decrease from RMB 36.502 billion at the end of 2023[15]. - Total liabilities stood at RMB 21.431 billion, down from RMB 21.653 billion at the end of 2023[15]. - The company's equity attributable to shareholders increased by 0.7% to RMB 11.69 billion from RMB 11.61 billion as of December 31, 2023[146]. - Non-current liabilities increased to RMB 14,808,047 thousand from RMB 13,817,972 thousand, indicating a rise of 7.2%[189]. Cash Flow and Investments - Cash and cash equivalents increased by 8.6% to RMB 2.59 billion from RMB 2.38 billion as of December 31, 2023[143]. - Operating cash flow generated a net amount of RMB 118.37 million, down from RMB 134.05 million in the same period of 2023[149]. - Net cash flow from operating activities was RMB 1,183,705 thousand, down from RMB 1,340,491 thousand in the previous year, reflecting a decline of 11.7%[192]. - The net cash used in investment activities was RMB 221 million, a decrease from RMB 457 million in the same period of 2023[150]. - The net cash flow from financing activities was negative at RMB 757,594 thousand, an improvement from negative RMB 1,598,566 thousand in the previous year[192]. Toll Revenue and Traffic - Average daily toll revenue for Guangzhou North Second Ring Expressway in the first half of 2024 was RMB 2,722,208, a decrease of 7.9% year-on-year[66]. - Average daily traffic volume for the same expressway was 288,778 vehicles, an increase of 0.6% year-on-year[66]. - Daily toll revenue for Guangzhou North Second Ring Expressway was RMB 2.722 million, a decrease of 7.9% compared to the first half of 2023[98]. - The largest contributor to toll revenue was Guangzhou North Second Ring Expressway, accounting for 27.7% of total revenue, with a revenue of RMB 495.44 million, down 7.4% year-on-year[118]. Operational Developments - The company operates a total of 16 toll road and bridge projects, with a total toll mileage of approximately 561.2 kilometers[20]. - The company is involved in the ongoing transition of the Guangzhou North Ring Expressway project to the government, which expired on March 22, 2024[20]. - The Guangzhou North Second Ring Expressway expansion project is the largest investment and most challenging strategic project undertaken by the company in recent years, aimed at strengthening its key revenue-generating assets[84]. - The company is actively seeking acquisition opportunities for medium to large quality highway projects to enhance asset management scale and strengthen its core business[83]. Risk Management and Challenges - The company has faced significant revenue impacts from natural disasters, including severe weather events affecting multiple highways in early 2024[92]. - The company anticipates potential construction risks, including land acquisition disputes and technical complexities, which may impact project timelines and costs[85]. - To mitigate operational risks during construction, the company has optimized traffic organization plans to minimize disruptions to existing toll revenue[88]. Strategic Focus and Future Outlook - The company plans to leverage the strategic opportunities in highway investment and mergers and acquisitions, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area and central regions[175]. - The group aims to strengthen its core capabilities in investment, operation, and capital management while focusing on the toll road business and related sectors[175]. - The company emphasizes green development by ensuring full coverage of charging and swapping facilities in its service areas, aligning with low-carbon development requirements[80].

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 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expected performance that will exceed the market benchmark by more than 15% [2][5][13]. Core Views - The company reported a revenue of 1.83 billion yuan for the first half of 2024, a decrease of 5.6% year-on-year, with toll revenue at 1.79 billion yuan, down 5.1% [1]. - The net profit attributable to shareholders was 314 million yuan, reflecting a significant decline of 26.5% compared to the previous year [1]. - The report anticipates gradual improvement in performance for the second half of 2024, despite ongoing impacts from changes in the road network [2]. Summary by Sections Financial Performance - The company's operating costs increased by 8.6% year-on-year to 903 million yuan, primarily due to a 10.1% rise in operating rights amortization [1]. - The gross profit margin fell by 6.5 percentage points to 50.1% due to rising costs and a decrease in traffic volume [1]. - Investment income dropped significantly to 76 million yuan from 130 million yuan, mainly due to the Guangzhou North Ring Expressway ceasing toll collection [1]. Future Outlook - The second half of 2024 is expected to see better performance than the first half, driven by favorable changes in the road network, such as the closure of the Wuhuang Expressway leading to increased traffic on the Han-E Expressway [2]. - The company has adjusted its net profit forecasts for 2024-2026 to 740 million, 818 million, and 897 million yuan, respectively, with corresponding EPS of 0.44, 0.49, and 0.54 yuan [2][6]. Company Overview - The company primarily engages in the investment, operation, and management of highways and bridges in Guangdong Province and other high-growth economic regions in China [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.90, indicating a potential upside of 64.8% from the current price of HKD 3.58 [3][12]. Core Insights - The company's net profit for the first half of 2024 decreased by 27% year-on-year to RMB 314 million, which was 14% lower than expectations due to lower gross margins and a loss from the expiration of the North Ring Road concession [2][7]. - The company expects improved performance in the second half of 2024, maintaining a dividend payout ratio target of 50-60% [2][12]. - The report highlights that the North Ring Road project transfer is ongoing, with a reported loss of RMB 20 million due to the expiration of its concession [2][10]. Financial Performance Summary - Revenue for the first half of 2024 was RMB 1.83 billion, down 5.6% year-on-year, with a gross margin contraction of 6.5 percentage points to 50.1% [7][11]. - The company's financial expenses decreased by 14% year-on-year to RMB 232 million, with an effective interest cost reduction to 2.93% [2][7]. - The net debt-to-equity ratio remained stable at 98.6% as of June 2024 [2][7]. Future Projections - The company projects a revenue of RMB 3.74 billion for the fiscal year 2024, with an expected adjusted net profit of RMB 808 million, reflecting a 6.6% decrease year-on-year [3][15]. - The report anticipates a gradual recovery in traffic volumes and toll revenues, particularly with the opening of the Shenzhen-Zhongshan Bridge [2][10]. Capital Expenditure Guidance - The company has guided for total capital expenditures of RMB 2 billion for the second half of 2024, including RMB 1.2 billion for the GNSR highway development project [2][10]. Shareholder Structure - The major shareholders include Guangzhou Yuexiu Holdings (44.2%) and China Merchants Highway (12.1%) [4]. Market Performance - The stock has shown a decline of 12.3% over the past month and 17.1% over the past six months, underperforming the market [4]. Valuation Metrics - The report indicates a price-to-earnings ratio of 6.8x for 2024E, which is slightly above the historical average of 6.0x [3][12].