证券研究报告 非金融公司|公司点评|皖通高速（600012） 天气扰动叠加施工影响，业绩阶段承压 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月03日 证券研究报告 |报告要点 公司发布 2024 年半年报。2024H1，公司实现营收 30.53 亿元，同比增长 31.38%，实现归母净 利润 8.10 亿元，同比下降 3.53%。其中 2024Q2 公司实现营收 17.66 亿元，同比增长 49.83%， 实现归母净利润 3.50 亿元，同比下降 7.85%。 |分析师及联系人 李蔚 SAC：S0590522120002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月03日 皖通高速(600012) 天气扰动叠加施工影响，业绩阶段承压 | --- | --- | |----------------------------|--------------------------------| | | | | 行 业： 投资评级： | 交通运输/铁路公路 买入（维持） | | 当前价格： | 15.08 元 | | 基本数据 ...

Financial Performance - The company's revenue for the six months ended June 30, 2024, was RMB 3,052,974 thousand, an increase from RMB 2,323,839 thousand in the same period of 2023, representing a growth of approximately 31.4%[3] - The gross profit for the same period was RMB 1,158,160 thousand, compared to RMB 1,325,201 thousand in 2023, indicating a decrease of about 12.6%[3] - The operating profit for the first half of 2024 was RMB 1,172,004 thousand, down from RMB 1,268,549 thousand in 2023, reflecting a decline of approximately 7.6%[3] - The net profit attributable to the owners of the company was RMB 808,769 thousand, compared to RMB 838,399 thousand in the previous year, a decrease of about 3.5%[2] - The company reported a total comprehensive income of RMB 821,855 thousand for the six months ended June 30, 2024, compared to RMB 844,954 thousand for the same period in 2023, reflecting a decrease of approximately 2.7%[11] - The company reported a basic and diluted earnings per share of RMB 0.4876 for the first half of 2024, down from RMB 0.5055 in the same period of 2023, a decrease of approximately 3.9%[2] - The pre-tax profit decreased by 7.45% to RMB 1,084,474 thousand, down from RMB 1,171,790 thousand in the previous year[41] - The net profit attributable to shareholders was RMB 809,871 thousand, a decline of 3.53% from RMB 839,500 thousand in the same period last year[41] Assets and Liabilities - The total assets as of June 30, 2024, amounted to RMB 23,402,129 thousand, an increase from RMB 21,776,552 thousand at the end of 2023, representing a growth of approximately 7.4%[6] - The total liabilities increased to RMB 9,424,248 thousand from RMB 7,631,261 thousand, indicating a rise of about 23.5%[7] - The company’s total liabilities for trade and other payables were not detailed in the provided content, but it is essential to monitor these figures for future financial health assessments[38] - The company’s total liabilities increased to RMB 2,241,391 thousand as of June 30, 2024, compared to RMB 842,815 thousand at the end of 2023[39] Cash Flow - Cash generated from operating activities was RMB 1,673,888 thousand for the six months ended June 30, 2024, slightly down from RMB 1,698,885 thousand in the previous year, indicating a decrease of about 1.5%[13] - The net cash generated from operating activities was RMB 1,284,586 thousand for the first half of 2024, compared to RMB 1,302,860 thousand in the same period of 2023, showing a decline of approximately 1.4%[13] - The company recorded a net increase in cash and cash equivalents of RMB 1,913,293 thousand for the six months ended June 30, 2024, compared to a decrease of RMB 304,699 thousand in the same period of 2023[14] - The company raised RMB 967,237 thousand from bank borrowings during the first half of 2024, a significant increase compared to RMB 80,000 thousand in the same period of 2023[14] - The company’s cash and cash equivalents at the end of June 30, 2024, stood at RMB 2,875,638 thousand, an increase from RMB 2,599,158 thousand at the end of June 30, 2023[14] Revenue Sources - Toll revenue decreased to RMB 1,862,327 thousand for the six months ended June 30, 2024, down from RMB 2,036,390 thousand in 2023, reflecting a decline of about 8.6%[20] - The revenue from the toll road business was RMB 1,889,910,710.06, reflecting a year-on-year decrease of 8.34%[53] - The company reported a significant increase in toll revenue due to the opening of new highways and the completion of the Ning An Expressway, contributing to overall revenue growth[49] Investments and Expenditures - The company reported a net cash used in investing activities of RMB 1,293,808 thousand for the first half of 2023, indicating significant investment outflows compared to the previous year[13] - The company completed an investment of RMB 6.64 million in the Anhui Transportation Investment Fund II during the reporting period[65] - The company participated in the establishment of the Anhui Transportation Jinshi Emerging Industry Equity Investment Fund, contributing RMB 10 million[66] Employee and Operational Insights - The total employee compensation for the reporting period was RMB 232,897,900, an increase from RMB 212,494,200 in the same period last year[54] - The company employed a total of 1,922 personnel as of June 30, 2024, compared to 1,910 personnel a year earlier[54] - The company has implemented a comprehensive training program to enhance employee skills and management capabilities[55] - The company has established a multi-channel career development and compensation promotion system to motivate employees[54] Corporate Governance and Risk Management - The company emphasizes high standards of corporate governance to enhance transparency and protect shareholder interests[71] - The company is focusing on the risks associated with industry policies, including the uncertainty surrounding the toll road management regulations[79] - The company is addressing the risk of expiring operating rights by expanding its highway resources and investing in new projects[80] - The company is sensitive to macroeconomic fluctuations, which directly impact its operational performance due to the correlation with GDP[81] Future Plans and Developments - The company plans to issue corporate bonds not exceeding RMB 5 billion to optimize its debt structure and meet funding needs[70] - The company intends to actively utilize information technology for segment marketing to transform passive strategies into proactive ones[83] - The company plans to enhance communication with the government and major shareholders to stay informed about network planning and project progress[83]

股票代码：600012 股票简称：皖通高速 公告编号：临 2024-024 安徽皖通高速公路股份有限公司 关于召开业绩说明会的公告 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。 重要内容提示： ● 投资者可于 2024 年 9 月 4 日（星期三）前将相关问题通过电子邮件的形 式发送至公司邮箱：wtgs@anhui-expressway.net。 安徽皖通高速公路股份有限公司（以下简称"公司"）将于 2024 年 8 月 31 日 在上海证券交易所网站 （www.sse.com.cn）及香港联合交易所有限公司网站 （www.hkexnews.hk）发布公司 2024 年半年度报告及中期业绩公告。根据中国证 监会《上市公司投资者关系管理工作指引》等相关规定，为了便于广大投资者更 全面深入地了解公司 2024 年半年度业绩和经营情况，公司计划于 2024 年 9 月 5 日（星期四）10:00-11:00 召开业绩说明会，就投资者普遍关心的问题进行交流。 一、业绩说明会类型 ● 会议召开时间：2024 年 9 月 5 日 ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[11]. - The net profit attributable to shareholders reached RMB 300 million, up 20% compared to the same period last year[11]. - The company's operating revenue for the first half of 2024 reached ¥3,052,974,249.87, representing a 31.38% increase compared to ¥2,323,838,937.32 in the same period last year[18]. - The net profit attributable to shareholders of the listed company decreased by 3.53% to ¥809,871,026.64 from ¥839,500,426.23 year-on-year[18]. - The basic earnings per share for the first half of 2024 was ¥0.4883, down 3.53% from ¥0.5061 in the previous year[19]. - The total profit for the period was RMB 1,084,474 thousand, a decrease of 7.45% from RMB 1,171,790 thousand in the previous year[34]. - The company achieved a significant increase in construction service revenue, amounting to RMB 1,121,347,935.21, a 374.80% increase compared to RMB 236,174,410.82 in the first half of 2023[44]. - The company reported a total operating income of RMB 3,052,974,249.87 for the first half of 2024, representing a 31.38% increase compared to RMB 2,323,838,937.32 in the same period of 2023[41]. - The total comprehensive income for the first half of 2024 was ¥822,955,724.03, slightly down from ¥846,055,809.80 in the previous year[141]. Traffic and Operations - User traffic on the expressways increased by 10% year-on-year, with a total of 25 million vehicles recorded during the reporting period[11]. - The average daily traffic flow for the Hening Expressway in the first half of 2024 was 45,301 trips, a decrease of 3.30% from 46,848 trips in the same period of 2023[37]. - The total traffic volume for the Ninghuai Expressway segment decreased by 9.08% to 41,902 trips in the first half of 2024 compared to 46,086 trips in the same period of 2023[37]. - The company plans to expand its expressway network by 200 kilometers by the end of 2025, focusing on high-traffic regions[11]. - The company has a total operational mileage of approximately 609 kilometers and total assets of about RMB 23,362,607 thousand as of June 30, 2024[29]. Investments and Expansion - The company plans to invest RMB 386 million in the expansion of the Xuanguang Expressway, with all contributions completed by the end of March 2024[33]. - The company completed a significant non-equity investment in the Xuan Guang Expressway expansion PPP project, with an investment amount of RMB 1.121 billion during the reporting period, bringing the cumulative investment to RMB 5.014 billion[59]. - The company has allocated RMB 100 million for research and development of new road safety technologies in 2024[11]. - The company has established a smart operation command center and launched the "Wanmei Highway Brain" system to improve network monitoring and control capabilities[33]. Financial Position - The total assets increased by 7.47% to ¥23,362,606,972.27 from ¥21,738,743,118.83 at the end of the previous year[19]. - The total liabilities rose by 23.50% to ¥9,424,248,000 from ¥7,631,261,000 at the end of the previous year[28]. - The net cash flow from operating activities was ¥1,436,551,361.31, a slight increase of 0.59% compared to ¥1,428,122,285.48 in the same period last year[18]. - The company's gross profit margin for toll road operations was 60.49%, a decrease of 3.51 percentage points compared to the previous year[45]. - The company's accounts payable increased by 52.15% to RMB 961,086,382.95, primarily due to increased construction payables[53]. Risk Management and Compliance - The management highlighted potential risks related to regulatory changes in the transportation sector[5]. - The company aims to enhance operational management and reduce costs through refined management practices in response to policy execution challenges[66]. - The company will continue to monitor macroeconomic conditions and adjust strategies to mitigate risks associated with economic fluctuations[67]. - The company has not reported any significant related party transactions during the reporting period[116]. Employee and Governance - As of June 30, 2024, the company employed 1,922 personnel, an increase from 1,910 in the previous year, with total employee compensation amounting to RMB 232.9 million, up from RMB 212.5 million in the same period last year[82]. - The company has implemented a performance assessment system to link employee compensation with job value and performance, enhancing motivation and effectiveness[82]. - The new board of directors and supervisory board members were elected on June 6, 2024, with a three-year term starting from the same date[79]. Environmental Initiatives - The company has implemented comprehensive internal systems to manage noise, waste gas, wastewater, waste, and carbon emissions in compliance with national environmental laws and regulations[85]. - The company has promoted the use of environmentally friendly de-icing agents to minimize pollution to water sources and soil during winter[89]. - The company has organized various energy-saving and low-carbon promotional activities, aligning with national themes to enhance public awareness of ecological protection[94]. - The company has committed to continuous improvement of roadside environments through regular maintenance and cleaning of green spaces along highways[92]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 17,867[121]. - The largest shareholder, Anhui Transportation Holding Group Co., Ltd., holds 524,644,220 shares, representing 31.63% of the total shares[122]. - The company has not proposed any profit distribution or capital reserve transfer for the half-year period, with no shares or dividends allocated[80]. - The company has submitted the bond issuance application materials to the Shanghai Stock Exchange for review as of August 8, 2024[119].

| --- | --- | --- | --- | |----------------------------------------------------------|------------|----------------------------------------------------------------------|-------------------------------------------------------------------------| | | | | 皖通高速（600012） | | | | | 首次覆盖 | | | | | | | | | | 改扩建即将进入收获期，分红比例仍有提升空间 | | [Table_Rank] 投资评级：增持首次覆盖报告日期： 2024-08-28 | | 主要观点：[Table_Summary]⚫ 安徽高速公路上市平台，交控集团赋能空间大 | | | [Table_BaseData] 收盘价（元） | 15.37 | 公司是安徽省内唯一的公路类上市企业， | 1996 年在香港联交所上市， | | 近 12 个月最高/最低（元） ...

证券研究报告 | 公司深度 | 铁路公路 皖通高速(600012) 报告日期：2024 年 08 月 14 日 改扩建+收并购助力业绩稳增长，关注高分红再提升潜力 ——皖通高速深度报告 投资要点 ❑ 安徽省唯一公路上市企业，强盈利能力支撑 60%的高分红率 聚焦主业强基固本，具备盈利能力、再投资收益率双重优势。公司在安徽省内拥 有 10 段营运路产，营运里程合计 609 公里，平均剩余收费年限约 22 年。2010- 2023 年，通行费收入占营业收入（不含建造期收入）的 9 成以上，毛利率维持 在 60%左右，净利率接近 40%，2023 年加权平均 ROE 为 13.5%，盈利能力业内 领先。公司改扩建单公里成本处于较低水平，具投资收益率优势。 当前股息率约 4%，未来具有高分红再提升潜力。公司承诺 21-23 年分红率不低 于 60%，未来有望进一步提升。当前同行中最高分红率为粤高速的 70%。 ❑ 内生增长：中部崛起，核心路产改扩建+打通"断头路"提振车流量 腹地经济活跃，路网效应持续增强，驱动车流量提升。中部崛起，安徽省规划到 2027 年省内高速公路通车里程超过 7500 公里，居长三角第 1 位 ...

证券代码：600012 证券简称：皖通高速 公告编号：2024-023 安徽皖通高速公路股份有限公司 2024 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 二、 议案审议情况 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | | 86 | | --- | --- | --- | | 其中：A | 股股东人数 | 85 | | 境外上市外资股股东人数（H | 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | | 1,088,730,078 | | 其中：A | 股股东持有股份总数 | 946,078,278 | | 境外上市外资股股东持有股份总数（H | 股） | 142,651,800 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | | 份总数的比例（%） | | 65.64 | | 其中：A | 股股东持股占股份总数的比例（%） | 57.04 | | 境外上市外资股股东持股占股份总 ...

国浩律师（合肥）事务所 关于安徽皖通高速公路股份有限公司 2024 年第一次临时股东大会 致：安徽皖通高速公路股份有限公司 正文 根据《中华人民共和国公司法》（下称"《公司法》"）、《中华人 民共和国证券法》（下称"《证券法》"）、《上市公司股东大会规则》、 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》和《安徽 皖通高速公路股份有限公司章程》（下称"《公司章程》"）的有关规定， 国浩律师（合肥）事务所接受安徽皖通高速公路股份有限公司（下称"公 司"）的委托，指派本所方俊华、汪家桐律师出席公司 2024 年第一次临时 股东大会（下称"本次股东大会"），并对本次股东大会相关事项进行见 证，出具法律意见书。 为出具本法律意见书，本所律师列席了公司本次股东大会，审查了公 司提供的本次股东大会的有关文件的原件及复印件，包括但不限于公司召 开本次股东大会的各项议程及相关决议等文件，同时听取了公司就有关事 实的陈述和说明。 公司已向本所承诺，公司所提供的文件和所作陈述及说明是完整的、 真实的和有效的，有关原件及其上面的签字和印章是真实的，且一切足以 影响本法律意见书的事实和文件均已向本所披露，无任何隐瞒、疏 ...

安徽皖通高速公路股份有限公司 2024 年第一次临时股东大会会议资料 非累积投票议案 2 一、会议须知 二、会议议程 三、会议议案 1、关于本公司申请注册公开发行公司债券的议案； 2、关于提请公司股东大会授权董事会办理本次公开发行公司债券的 议案。 安徽皖通高速公路股份有限公司 2024 年第一次临时股东大会会议资料 安徽皖通高速公路股份有限公司 2024 年第一次临时股东大会会议资料 2024 年 7 月 1 安徽皖通高速公路股份有限公司 2024 年第一次临时股东大会会议资料 目 录 安徽皖通高速公路股份有限公司 2024 年第一次临时股东大会会议须知 为维护全体股东的合法权益，确保安徽皖通高速公路股份有限公司（以下简 称"本公司"或"公司"）股东大会顺利进行，根据《公司法》等法律、法规和《公 司章程》的规定，特制订本须知： 一、全体参会人员应以维护全体股东的合法权益、保障会议的正常秩序和议 事效率为原则，自觉履行法定义务。 二、为保证股东大会的严肃性和正常秩序，除出席会议的股东（含股东代理 人，以下同）、董事、监事、高级管理人员、公司聘请的审计师、律师、H 股点 票程序监票人及公司董事会邀请的人员以外， ...

证券代码：600012 证券简称：皖通高速 公告编号：2024-022 安徽皖通高速公路股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024 年第一次临时股东大会 至 2024 年 7 月 25 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2024年7月25日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 7 月 25 日 14 点 30 分 召开地点：安徽省合肥市望江西路 520 号本公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 7 月 25 日 ...