股票代码：600012 股票简称：皖通高速 公告编号：临 2024-010 （三）会议应参加监事3人，实际参加监事3人，全体监事均亲自出席了会议。 （四）会议由监事会主席程希杰先生主持，董事会秘书列席了会议。 （五）会议召开程序符合《公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 会议审议并通过了会议通知中所列的全部事项，除特别说明外，各项决议 均为全体参会监事一致通过。有关事项公告如下： （一）审议通过关于审查本公司2024年第一季度报告的议案； 安徽皖通高速公路股份有限公司 第九届监事会第三十二次会议决议公告 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相应的法律责 任。 一、 监事会会议召开情况 （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 2024 年 4 月 26 日（星期五）上午以通讯方式召开第九届监事会第三十二次会 议。 （二）会议通知和会议材料分别于2024年4月16日和2024年4月19日以电子邮 件方式发出。 经审查，监事会未发现2024年第一季度报告编制和审议程序存在违反法 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 高速公路 ＃ investSuggestion＃ ＃ ＃d 皖yCo 通mpa 高ny＃速 （ 6 00012.SH ） investSug 买入 ( 维gest持ion C） h 00 核00 心09 路段 潜力持续 释＃ 放tit ，le＃ 成 长 性位于板块前列 ange＃ ＃ createTime1＃ 2024 年 4 月 8 日 投资要点 公 ＃市m场a数rk据etD ata＃ ＃ 事s 件um ：ma 皖ry＃ 通 高速发布 2023年报：2023年公司实现营业收入66.31亿元，同比增 司 日期 2024/04/08 长 27.37%；归母净利润16.60亿元，同比增长14.87%，2023年基本EPS为 1.00 点 收盘价（元） 13.96 元/股；扣非后归母净利润 17.36亿元，同比增长21.82%。2023年公司每10股拟 评 总股本（百万股） 1,659 派发现金红利6.01元，分红比例为 60.05%，对应2024年 4月 8日收盘价 13.96 报 流通股本（百万股） 1,659 元，股息率为4.31 ...

股票代码：600012 股票简称：皖通高速 公告编号：临 2024-008 安徽皖通高速公路股份有限公司 关于业绩说明会召开情况的公告 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个别及连带责任。 安徽皖通高速公路股份有限公司（以下简称"公司"、"本公司"）于2024年4月3 日15:00-16:00通过电话会议+视频展示的方式召开了2023年度业绩说明会。关于本 次说明会的召开事项，公司已于2024年3月26日在《上海证券报》《中国证券报》 及上海证券交易所网站上披露了《关于召开业绩说明会的公告》。现将有关事项公 告如下： 一、本次说明会召开情况 2024年4月3日，总经理汪小文先生，独立董事章剑平先生，副总经理、董事会 秘书吴长明先生，财务总监黄宇先生及相关人员出席了本次业绩说明会。公司与投 资者进行了互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进 行了回答。 二、本次会议投资者提出的主要问题及公司的回复情况 合宁高速通行费同比增长19.18%。与之相连接的合六叶高速改扩建工程于2022 年底完工，G40沪陕高速安 ...

公 司 研 究 皖通高速（600012.SH）：扣非净利 2024年4月3日 强烈推荐/维持 符合预期，路网贯通利好后续增长 东 皖通高速 公司报告 兴 证 公司简介： 券 事件：2023年公司实现通行费收入40.42亿元，同比增长9.94%，归母净利 公司主要业务为持有、经营及开发安徽省境 股 16.60亿元，同比增长14.87%，略低于预期，主要系中金安徽交控 REITs导 内收费高速公路及公路，目前已经拥有七条 份 致公允价值变动损失 1.09 亿元，导致非经常性损失高于预期。不考虑非经常 高速公路和一条一级公路，分别为合宁高速 有 性因素，公司扣非归母净利润17.36亿元，同比增长21.82%，符合预期。 公路、高界高速公路、宣广高速公路、连霍 限 公路安徽段、宁淮高速天长段、广祠高速、 公司营收共计66.31亿元，除通行费收入外还包含24.75亿的建造服务收入， 宁宣杭高速和205国道天长段新线。 公 但建造服务业务的收入与成本相互抵消，对公司盈利不产生影响。 司 资料来源：同花顺，东兴证券研究所 证 22年基数较低，公司收入整体获得较快增长：2023年公司通行费收入整体提 券 交易数据 升9.94 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.82 yuan based on a 14X PE for 2024 [3][6]. Core Views - The company demonstrated stable performance with a revenue of 6.63 billion yuan in 2023, a year-on-year increase of 27.4%, and a net profit attributable to shareholders of 1.66 billion yuan, up 14.9% [1]. - The company has increased its cash dividend to 0.601 yuan per share, reflecting a dividend payout ratio of approximately 60.05% [3]. - The toll revenue grew steadily, reaching 4.04 billion yuan in 2023, a 9.9% increase year-on-year, with significant contributions from newly opened highways [2]. Financial Performance Summary - Revenue for 2023 was 6.63 billion yuan, with a growth rate of 27.37% compared to 2022 [4]. - The EBITDA for 2023 was 3.28 billion yuan, with a year-on-year growth of 7.62% [4]. - The net profit attributable to shareholders for 2023 was 1.66 billion yuan, reflecting a growth rate of 14.87% [4]. - The company’s EPS for 2023 was 1.00 yuan, with a projected EPS of 1.13 yuan for 2024 [4]. - The company’s financial metrics indicate a PE ratio of 13.7 and a PB ratio of 1.8 for 2023 [4]. Revenue and Profit Forecast - The company is expected to achieve revenues of 8.66 billion yuan, 5.27 billion yuan, and 5.11 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 30.56%, -39.13%, and -3.03% [3][4]. - The net profit forecast for 2024, 2025, and 2026 is 1.88 billion yuan, 1.99 billion yuan, and 2.15 billion yuan, with corresponding growth rates of 13.30%, 5.69%, and 8.14% [3][4].

Financial Performance - The net profit for the year 2023, according to Chinese accounting standards, was RMB 1,624,943 thousand, while under Hong Kong accounting standards, it was RMB 1,614,144 thousand[4]. - The distributable profit for shareholders for 2023 is RMB 1,614,144 thousand, based on the lower amount calculated under domestic and foreign accounting standards[4]. - The company proposes a cash dividend of RMB 6.01 per 10 shares, totaling RMB 996,824.61 thousand to be distributed[4]. - The company's operating revenue for 2023 reached CNY 6,631,337,271.78, representing a 27.37% increase compared to CNY 5,206,366,427.90 in 2022[19]. - Net profit attributable to shareholders for 2023 was CNY 1,659,928,716.34, a 14.87% increase from CNY 1,445,017,073.40 in the previous year[19]. - The total profit for the year was RMB 2,266,764 thousand, up 14.66% from RMB 1,976,932 thousand in the previous year[48]. - The company's total assets as of the end of 2023 were CNY 21,738,743,118.83, a 2.04% increase from CNY 21,303,368,819.17 at the end of 2022[19]. - The net cash flow from operating activities for 2023 was CNY 2,653,472,269.21, reflecting a 36.94% increase compared to CNY 1,937,699,977.46 in 2022[19]. - The company's net profit growth rate is projected to be 44.13%[44]. - The company's revenue growth rate is expected to be around 10.58%[44]. Dividend Policy - The company has maintained a stable dividend policy, distributing cash dividends for 27 consecutive years, totaling approximately RMB 8.415 billion, with a per-share dividend of RMB 5.1075[119]. - For the current year, the company plans to distribute a cash dividend of RMB 0.601 per share, achieving a payout ratio of 60.05%[119]. - The net profit attributable to ordinary shareholders in the consolidated financial statements for the year is RMB 1,659,928,716.34, with a cash dividend payout ratio of 60.05%[166]. - The company has established a shareholder return plan for 2021-2023, committing to distribute no less than 60% of the annual net profit attributable to the parent company in cash[165]. Audit and Compliance - The company has received a standard unqualified audit report from Ernst & Young Hua Ming[4]. - The internal control audit report issued by Ernst & Young Huaming indicates effective financial reporting internal controls[170]. - The audit report for the 2023 annual financial statements was issued without any reservations, confirming the accuracy of the financial data presented[188]. - The domestic accounting firm, Ernst & Young Huaming, received a remuneration of RMB 1.38 million for its auditing services in 2023[191]. - The company has retained Ernst & Young Huaming as its domestic auditor for two consecutive years, ensuring continuity in audit practices[193]. - The company has complied with all relevant laws and regulations, fulfilling its social responsibilities towards stakeholders, including shareholders and employees[121]. - The company has not engaged in any non-standard opinion audit reports, ensuring compliance with regulatory standards[190]. Operational Developments - The company has initiated the construction of a smart highway and smart toll station, with the first local standards for smart highways being developed in the province[40]. - The company aims to enhance its core asset quality and is actively involved in PPP projects, with the expansion of the Gaijie project officially starting[38]. - The company has established a smart operation command center for highways, improving service efficiency and safety measures[37]. - The company is focusing on innovation as a key driver for growth, integrating new technologies into network safety and travel services[41]. - The company is exploring new strategies for market expansion and technological development in the transportation sector[43]. - The company is focusing on addressing weaknesses in road maintenance and safety, particularly as many road sections are aging[42]. - The company is committed to deepening state-owned enterprise reforms and optimizing assessment mechanisms[42]. Investment and Capital Expenditure - The company completed an investment of RMB 2.475 billion in the Xuan Guang Expressway expansion PPP project during the reporting period, with a cumulative investment of RMB 3.893 billion[84]. - The company invested RMB 529.11 million to increase its stake to 55.47% in Xuan Guang Company, which focuses on highway construction and management[83]. - The company has established the Anhui Haicui Jinshi Innovation Development Investment Fund with a capital contribution of RMB 500 million, of which RMB 50 million was paid during the reporting period[84]. - The company also set up the Anhui Jiaokong Jinshi Emerging Industry Equity Investment Fund with a capital contribution of RMB 200 million, with RMB 10 million paid during the reporting period[84]. - The company is actively pursuing market expansion through strategic acquisitions, as indicated by multiple proposals for asset purchases[146]. Employee and Social Responsibility - The total number of employees in the parent company is 1,302, and the total number of employees in major subsidiaries is 638, resulting in a combined total of 1,940 employees[157]. - The company paid a total of RMB 59.01 million for social insurance and RMB 29.83 million for housing provident fund in 2023[160]. - The company contributed RMB 19.90 million to the enterprise annuity plan in 2023 to incentivize employee retention[161]. - The company has actively participated in community service activities, with approximately 8,970 volunteer service hours recorded during the reporting period[180]. - The company has implemented strict waste management practices, including the recycling of hazardous office waste and the separate collection of kitchen waste[175]. Governance and Management - The company has established a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and management team, ensuring effective decision-making and compliance with regulations[107]. - The board of directors consists of 7 members, including 3 independent directors with expertise in finance and management, enhancing the board's decision-making efficiency[111]. - The supervisory board, comprising 3 members, focuses on financial supervision and compliance, having held 10 meetings during the reporting period to oversee the company's operations[112]. - The company has conducted 4 periodic reports and 108 temporary announcements (59 A-share and 49 H-share) during the reporting period, ensuring compliance with information disclosure regulations[114]. - The company has focused on enhancing the effectiveness and transparency of its information disclosure practices, benefiting all shareholders equally[113]. - The company has maintained effective governance and control without any significant violations or issues affecting governance levels[171]. Future Outlook - The company provided a future outlook with a revenue guidance of 12 billion CNY for the next fiscal year, indicating a projected growth of 20%[131]. - The company aims to enhance its investment capabilities and profitability through strategic investments in emerging industries and infrastructure projects[82]. - The company plans to enhance its operational management platform and aims to become a leading highway operation management and capital operation platform during the "14th Five-Year Plan" period[94]. - The company anticipates challenges in revenue sustainability due to policy changes and external economic factors, emphasizing the need for high-quality development to address these issues[41]. - The company is committed to exploring "zero-carbon" park models and optimizing photovoltaic and other renewable energy projects[178].

安徽皖通高速公路股份有限公司 董事会审核委员会对会计师事务所 2023 年度履行监督职责情况的报告 安徽皖通高速公路股份有限公司（以下简称"公司"）聘请安永华 明会计师事务所（特殊普通合伙）（以下简称"安永华明"）作为公司 2023 年度境内财务报告审计机构及内部控制审计机构。 根据财政部、国务院国有资产监督管理委员会、中国证券监督管 理委员会颁布的《国有企业、上市公司选聘会计师事务所管理办法》， 公司审核委员会切实对安永华明 2023 年度的审计工作情况履行了监 督职责。具体情况如下： 一、 聘请会计师事务所基本情况 （一）会计师事务所基本情况 安永华明于 1992 年 9 月成立，2012 年 8 月完成本土化转制，从 一家中外合作的有限责任制事务所转制为特殊普通合伙制事务所。安 永华明总部设在北京，注册地址为北京市东城区东长安街 1 号东方广 场安永大楼 17 层 01-12 室。 截至 2023 年末拥有合伙人 245 人，首席合伙人为毛鞍宁先生。 安永华明一直以来注重人才培养，截至 2023 年末拥有执业注册会计 师近 1800 人，其中拥有证券相关业务服务经验的执业注册会计师超 过 1500 人, ...

安徽皖通高速公路股份有限公司 内部控制审计报告 2023年度 1 内部控制审计报告 安永华明（2024）专字第 70043213_B01 号 安徽皖通高速公路股份有限公司 安徽皖通高速公路股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了安徽皖通高速公路股份有限公司 2023 年 12 月 31 日的财务报告内部 控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是安徽皖通 高速公路股份有限公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，安徽皖通高速公路 ...

安徽皖通高速公路股份有限公司 2023年度独立董事述职报告 （独立董事 章剑平） 作为安徽皖通高速公路股份有限公司(以下简称" 公 司" )的独立董事, 在2023年度履职期间，本人严格按照《公 司法》《证券法》《上市公司独立事管理办法》《上海证券 交易所股票上市规则》《公司章程》等的有关规定，在工作 中谨慎、认真、忠实、勤勉地履行法律法规及《公司章程》 赋予的职责，积极参与公司重大事项决策，客观、公正、审 慎地发表意见，充分发挥了独立董事的作用，维护公司整体 利益和全体股东尤其是中小股东的合法权益。现将2023年度 主要工作情况报告如下： 一、 基本情况 （一）独立董事任职董事会专门委员会的情况 公司董事会下设战略发展及投资委员会、审核委员会、 人力资源及薪酬委员会三个专业委员会。本人在董事会人力 资源及薪酬委员会担任主席，在战略发展与投资委员会、审 核委员会担任委员。 （二）工作履历、专业背景以及兼职情况 章剑平先生, 1968年出生，研究生学历，法律硕士。曾 任安徽省供销合作社联合社主任科员，合肥君安律师事务所 合伙人律师，安徽世纪天元律师事务所合伙人律师。于2007 年5月起任安徽卓泰律师事务所主任律 ...

截至 2023 年末拥有合伙人 245 人，首席合伙人为毛鞍宁先生。安永华明一 直以来注重人才培养，截至 2023 年末拥有执业注册会计师近 1800 人，其中拥有 证券相关业务服务经验的执业注册会计师超过 1500 人, 注册会计师中签署过证 券服务业务审计报告的注册会计师近 500 人。 股票代码：600012 股票简称：皖通高速 公告编号：临 2024-006 安徽皖通高速公路股份有限公司 关于续聘 2024 年度境内审计师的公告 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。 ● 拟续聘境内会计师事务所名称：安永华明会计师事务所（特殊普通合伙） 一、拟续聘会计师事务所的基本情况 （一）机构信息 1．基本信息 安永华明会计师事务所（特殊普通合伙）以下简称"安永华明"，于 1992 年 9 月成立，2012 年 8 月完成本土化转制，从一家中外合作的有限责任制事务所转 制为特殊普通合伙制事务所。安永华明总部设在北京，注册地址为北京市东城区 东长安街 1 号东方广场安永大楼 17 层 01-12 室。 2．人员信息 ...