2024 年业绩展现韧性，2025 年收购增厚盈利 皖通高速(600012) ——皖通高速 2024 年业绩点评 [Table_Industry] 运输/工业 | | ——皖通高速 2024 | 年业绩点评 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | | [table_Authors] 岳鑫(分析师) | 陈亦凡(研究助理) | | [Table_Target] 目标价格： | 22.40 | | 021-38676666 | 021-38676666 | | | | | 登记编号 S0880514030006 | S0880124070025 | | | | | [Table_Trend] 升幅(%) | 1M | 3M | 12M | | --- | --- | --- | --- | | 绝对升幅 | 10% | 4% | 27% | | 相对指数 | 14% | 2% | 21% | 本报告导读： 皖通高速 2024 年业绩展现韧性。2025 年一季度末完成集团优质路产注入，将增厚 业绩。未来行业政策优化或加速，将保障改扩建合 ...

股票代码：600012 股票简称：皖通高速 编号：临2025-016 债券代码：242467 债券简称：25皖通V1 债券代码：242468 债券简称：25皖通V2 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个别及连带责任。 重要内容提示： ● 交易概述：安徽皖通高速公路股份有限公司（下称"本公司"或"公司"）计划运用一般性授权向安徽省 交通控股集团（香港）有限公司（以下简称"交控香港公司"）发行49,981,889股H股股票，发行价格为 10.45港元/股，募集资金总额为522,310,740.05港元，交控香港公司拟以现金方式全额认购。 ● 本公司控股股东为安徽省交通控股集团有限公司（以下简称"安徽交控集团"，"集团"），交控香港公 司是安徽交控集团的全资子公司，根据《上海证券交易所股票上市规则》有关规定，本次交易构成关联 交易，但未构成《上市公司重大资产重组管理办法》规定的重大资产重组。 ● 本次交易已经公司第十届董事会第十一次会议审议通过，尚需提请本公司股东大会审议。 ● 其他需要提醒投资者重点关注的风险事项：安徽交控集团尚 ...

| 股票代码：600012 | 股票简称：皖通高速 | | | 编号：临 | 2025-017 | | --- | --- | --- | --- | --- | --- | | 债券代码：242121 | 债券简称：24 | 皖通 | 01 | | | | 债券代码：242467 | 债券简称：25 | 皖通 | V1 | | | | 债券代码：242468 | 债券简称：25 | 皖通 | V2 | | | 安徽皖通高速公路股份有限公司 关于股东回报规划（2025-2027 年）的公告 公司着眼于长远和可持续发展，在综合分析公司经营实际情况、股东诉求 和意愿、资金成本及融资环境的基础上，充分考虑公司所处行业特点、目前发 展所处阶段、盈利水平、现金流量状况、项目投资资金需求及银行信贷等情况 下，统筹考虑股东的短期利益和长期利益，对利润分配作出制度性安排，建立 科学、持续、稳定的分红回报机制。 （二）本规划的制定原则 1、积极回报投资者，并兼顾公司的长远利益、全体股东的整体利益及公司 可持续发展的需要。 1 2、进一步增强公司利润分配的透明度，优先采用现金分红的利润分配方 式，以便投资者形成稳定的回报预期。 ...

| 股票代码：600012 | 股票简称：皖通高速 | | | 编号：临 | 2025-015 | | --- | --- | --- | --- | --- | --- | | 债券代码：242121 | 债券简称：24 | 皖通 | 01 | | | | 债券代码：242467 | 债券简称：25 | 皖通 | V1 | | | | 债券代码：242468 | 债券简称：25 | 皖通 | V2 | | | 安徽皖通高速公路股份有限公司 第十届董事会第十一次会议决议公告 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相应的法律 责任。 一、董事会会议召开情况 （一）安徽皖通高速公路股份有限公司（以下简称"本公司"或"公司"） 于 2025 年 4 月 11 日（星期五）下午 16:00 以通讯方式召开第十届董事会第十一 次会议。 （二）会议通知及会议材料分别于 2025 年 4 月 1 日和 2025 年 4 月 3 日以电 子邮件方式发送给各位董事、监事和高级管理人员。 （三）会议应参加董事 9 人，实际参加董事 9 人，全部董事 ...

皖通高速（600012）公告，公司制定《安徽皖通高速公路股份有限公司股东回报规划(2025-2027年)》， 规划中提出，除特殊情况外，未来三年在公司累计未分配利润期末余额为正、当期可分配利润为正且公 司现金流可以满足公司正常经营和可持续发展的情况下，公司原则上每年进行现金分红。在符合现金分 红条件的情况下，未来三年公司每年以现金形式分配的利润不少于当年实现的合并报表归属母公司所有 者净利润的百分之六十。 ...

皖通高速（600012）公告，公司计划向安徽省交通控股集团有限公司增发4998.19万股H股，每股发行价 格为10.45港元，募集资金总额为5.22亿港元。此次交易构成关联交易，交控香港公司将以现金方式全额 认购。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][8]. Core Views - The company's revenue for 2024 is projected to be 7.092 billion yuan, a year-on-year increase of 6.94%, primarily driven by construction period income. However, toll revenue is expected to decline by 5.23% to 3.830 billion yuan due to the expansion of the Xuanguang Expressway [1][2]. - The net profit attributable to shareholders is forecasted to be 1.669 billion yuan for 2024, a slight increase of 0.55%, while the net profit after deducting non-recurring items is expected to decrease by 3.39% to 1.677 billion yuan [1][3]. - The company is expected to see significant profit contributions from the acquisition of new road assets and the completion of the Xuanguang and Guangci Expressway expansion, which is anticipated to enhance traffic flow and toll revenue in 2025 [3][4]. Summary by Sections Revenue and Profitability - The company's toll revenue for 2024 is projected to be 3.830 billion yuan, down from 4.25 billion yuan in 2023, primarily due to the Xuanguang Expressway expansion [1]. - The gross margin for the expressway business in 2024 is expected to be 61.77%, slightly down by 1.41 percentage points from the previous year, which is considered slightly better than market expectations [2]. Financial Performance - The report forecasts net profits for 2025, 2026, and 2027 to be 1.932 billion yuan, 2.004 billion yuan, and 1.860 billion yuan respectively, with corresponding EPS of 1.17 yuan, 1.21 yuan, and 1.12 yuan [4][9]. - The company has a strong dividend policy, with a projected dividend of 0.60 yuan per share for 2024, representing 60% of net profit [4]. Market Position and Future Outlook - The company has successfully completed the acquisition of the Sihu and Fuzhou Expressways, which are expected to contribute over 120 million yuan in annual profit starting in the second quarter of 2025 [3]. - The report highlights the company's strong dividend-paying capability and positive outlook for future performance, positioning it as an attractive high-dividend stock [4].

Core Viewpoint - Anhui Wantuo Expressway Co., Ltd. has reported a significant increase in stock price and announced a cash dividend distribution plan for the fiscal year 2024, reflecting positive financial performance and shareholder returns [1][3][4]. Stock Performance - As of March 28, 2025, Wantuo Expressway's stock closed at 16.89 yuan, up 3.68% from the previous week [1]. - The stock reached a peak of 16.91 yuan and a low of 15.87 yuan during the week [1]. - The company's total market capitalization is 29.009 billion yuan, ranking 6th in the railway and highway sector and 507th among A-shares [1]. Shareholder Changes - As of February 28, 2025, the number of shareholders decreased to 14,800, a reduction of 1,678 or 10.18% from December 31, 2024 [2][6]. - The average number of shares held per shareholder increased from 70,700 to 78,700, with an average holding value of 1.3945 million yuan [2]. Profit Distribution Plan - The company announced a cash dividend of 0.604 yuan per share (before tax), with a total proposed distribution of approximately 1.0018 billion yuan, which represents 60.02% of the net profit available for distribution [3][4]. - The net profit for the fiscal year 2024 is reported at 153.452 million yuan, with 152.399 million yuan available for distribution to shareholders [3][4]. Board and Supervisory Meetings - The 10th meeting of the 10th Board of Directors was held on March 28, 2025, where several key resolutions were passed, including the approval of the annual financial report and profit distribution plan [4]. - The 6th meeting of the 10th Supervisory Board also took place on the same day, approving the annual report and profit distribution plan, which will be submitted for shareholder approval [5].

Core Viewpoint - The company reported a revenue of 7.092 billion yuan for 2024, reflecting a year-on-year growth of 6.94%, and a net profit attributable to shareholders of 1.669 billion yuan, with a slight increase of 0.55% [1] Revenue Performance - In 2024, the company experienced a toll revenue decline of 5.23%, totaling 3.830 billion yuan, primarily due to adverse weather, road network diversion, and construction activities [2] - The main toll road, the He-Ning Expressway, generated 1.411 billion yuan, down 1.11% year-on-year; the Xuan-Guang and Guang-Ci Expressways saw significant declines of 55.26% and 50.37% respectively due to construction impacts [2] - Conversely, the Ning-Xuan-Hang and Yue-Wu Expressways benefited from improved traffic flow, with revenue increases of 56.50% and 66.28% respectively [2] - The Gao-Jie Expressway and Anqing Yangtze River Bridge tolls decreased by 12.29% and 9.19% respectively due to competitive road network diversion [2] Cost and Profitability - The gross margin for the toll road business decreased by 1.41 percentage points to 61.77%, with total costs amounting to 1.486 billion yuan, a decrease of 1.45% year-on-year [3] - Depreciation and maintenance expenses were 875 million yuan and 182 million yuan, down 4.33% and 6.32% respectively [3] - Financial expenses decreased by 39.03% to 64 million yuan, attributed to lower LPR and refinancing of existing loans at lower rates [3] - The company reported a fair value change loss of 32 million yuan, a reduction in losses by 70.72% compared to 2023 [3] Future Outlook - The company anticipates revenue for 2025-2027 to be 6.966 billion, 7.153 billion, and 7.320 billion yuan respectively, with year-on-year growth rates of -1.78%, 2.69%, and 2.33% [4] - Net profit attributable to shareholders is projected to be 1.807 billion, 1.845 billion, and 1.794 billion yuan for the same period, with growth rates of 8.29%, 2.07%, and -2.77% respectively [4] - Earnings per share (EPS) are expected to be 1.09, 1.11, and 1.08 yuan [4] - The company remains optimistic about the impact of road network connectivity on traffic volume and maintains a "buy" rating [4]

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a 0.55% year-on-year increase in net profit attributable to shareholders for 2024, with Q4 performance exceeding expectations [1] - The company experienced a decline in core traffic flow due to insufficient demand, adverse weather, and expansion projects, leading to significant cost reductions in Q4 [1][2] - The company is expected to maintain a high dividend policy, with a proposed cash dividend of 0.604 yuan per share and a payout ratio of 60.02% for 2024 [2] Financial Summary - For 2024, the company achieved operating revenue of 7.092 billion yuan, a year-on-year increase of 6.94%, and a net profit of 1.669 billion yuan, a year-on-year increase of 0.55% [1][5] - The projected net profits for 2025, 2026, and 2027 are 1.801 billion yuan, 1.898 billion yuan, and 1.795 billion yuan, respectively [3] - The earnings per share (EPS) for 2024 is estimated at 1.01 yuan, with a price-to-earnings (P/E) ratio of 17.54 [5]