Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,286,864,373.72, representing a year-on-year increase of 12.38%[3] - Net profit attributable to shareholders was CNY 459,671,340.30, showing a slight increase of 0.05% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 7.62% to CNY 433,717,075.67[3] - The company's basic and diluted earnings per share were both CNY 0.2771, reflecting a year-on-year increase of 0.05[3] - Total revenue for Q1 2024 reached ¥1,286,864,373.72, an increase of 12.4% compared to ¥1,145,086,806.22 in Q1 2023[27] - Net profit for Q1 2024 was ¥474,742,275.92, slightly down from ¥478,671,148.35 in Q1 2023, representing a decrease of 0.6%[28] Cash Flow and Financing - The net cash flow from operating activities was CNY 674,132,876.34, down 34.52% year-on-year, primarily due to a decrease in toll revenue[3][8] - Cash inflow from financing activities totaled $407,560,000 in Q1 2024, a significant increase from $80,000,000 in Q1 2023, representing a growth of 409.5%[31] - The net cash flow from financing activities was $341,313,693 in Q1 2024, compared to a negative cash flow of $6,001,223.83 in Q1 2023, indicating a turnaround in financing performance[31] - The net increase in cash and cash equivalents for Q1 2024 was $876,177,500.96, a substantial rise from $57,271,415.83 in Q1 2023, reflecting a growth of 1421.5%[31] - Cash received from borrowings increased to $400,000,000 in Q1 2024, up from $80,000,000 in Q1 2023, marking a 400% increase[31] - Cash paid for debt repayment was $7,310,000 in Q1 2024, a decrease from $25,810,000 in Q1 2023, reflecting a reduction of 71.7%[31] Assets and Liabilities - Total assets at the end of the reporting period were CNY 22,644,542,609.70, an increase of 4.17% from the end of the previous year[4] - Long-term borrowings increased to RMB 6,331,588,045.56 as of March 31, 2024, compared to RMB 5,959,721,502.65 as of December 31, 2023[25] - Total liabilities as of March 31, 2024, were RMB 8,047,356,035.50, up from RMB 7,623,858,820.55 at the end of 2023[25] - The company's retained earnings rose to ¥10,988,247,234.60 as of March 31, 2024, compared to ¥10,528,575,894.30 at the end of 2023, marking an increase of 4.4%[26] Operating Costs and Revenue - The company's operating costs increased by 54.06%, mainly due to the construction costs of expanded PPP projects[8] - The total toll revenue for the first quarter of 2024 was RMB 1,022,953,000, a decrease of 8.01% compared to RMB 1,112,082,000 in the same period of 2023[15] - The average daily traffic volume for the He Ning Expressway in Q1 2024 was 47,536 vehicles, down 5.76% from 50,444 vehicles in Q1 2023[15] - The company reported a decrease in toll revenue across several expressways, with the highest decline being 47.20% for the Xuanguang Expressway[15] Investments - Investment income surged by 154.69%, attributed to dividends from the CICC Anhui Expressway REIT fund[8] - The company completed an investment of RMB 6.6417 million in the Anhui Expressway Investment Fund during the reporting period[17] - The company invested RMB 10 million in the establishment of the Anhui Expressway Jinshi Emerging Industry Equity Investment Fund during the reporting period[18] Shareholder Information - 安徽省交通控股集团有限公司持有524,644,220股，占总股本的31.63%[10] - HKSCC NOMINEES LIMITED持有489,043,879股，占总股本的29.49%[10] - 招商局公路网络科技控股股份有限公司持有404,191,501股，占总股本的24.37%[10] - 香港中央结算有限公司持有24,063,843股，占总股本的1.45%[10] - 中国建设银行股份有限公司－银华富裕主题混合型证券投资基金持有8,318,138股，占总股本的0.50%[10] - 中国平安人寿保险股份有限公司－自有资金持有7,308,054股，占总股本的0.44%[10] - 丁秀玲持有4,914,735股，占总股本的0.30%[10] - 汇添富基金管理股份有限公司－社保基金1103组合持有4,662,600股，占总股本的0.28%[11] - 中国银行股份有限公司－易方达中证红利交易型开放式指数证券投资基金持有4,520,969股，占总股本的0.27%[11] - 上海浦东发展银行股份有限公司－招商中证红利交易型开放式指数证券投资基金持有4,014,700股，占总股本的0.24%[11] Accounting Standards - The company has adopted new accounting standards starting in 2024, which may impact financial reporting[31]

股票代码：600012 股票简称：皖通高速 公告编号：临 2024-011 安徽皖通高速公路股份有限公司 关于选举职工代表监事的公告 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。 安徽皖通高速公路股份有限公司（以下简称"公司"）第九届监事会已任期届 满，根据《公司法》 《公司章程》的有关规定，监事会的职工代表监事由公司职 工民主选举产生。 2024 年 4 月 25 日，公司召开职工代表大会，经全体与会代表投票表决，选 举李淮茹女士为公司第十届监事会职工代表监事（简历附后），将与公司股东大会 选举产生的股东代表监事共同组成公司第十届监事会，任期与第十届监事会其他 成员一致。 特此公告。 安徽皖通高速公路股份有限公司监事会 2024 年 4 月 26 日 2 1 附件：李淮茹女士简历 李淮茹女士，1971 年出生，硕士研究生，高级会计师。曾任安徽迅捷物流 有限责任公司财务部主任、董事、党委委员，安徽省环宇公路建设开发有限公司 党委委员、财务部经理、董事、总会计师，安徽省交通投资集团有限责任公司财 务部副部长，2015 年 ...

股票代码：600012 股票简称：皖通高速 公告编号：临 2024-009 安徽皖通高速公路股份有限公司 第九届董事会第四十五次会议决议公告 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 2024 年 4 月 26 日（星期五）上午以通讯方式召开第九届董事会第四十五次会议。 （二）会议通知及会议材料分别于 2024 年 4 月 16 日和 2024 年 4 月 19 日以 电子邮件方式发送给各位董事、监事和高级管理人员。 （三）会议应参加董事 7 人，实际参加董事 7 人。 （四）会议由董事长项小龙先生主持，全体监事和高级管理人员列席了会议。 （五）本次会议的召集和召开符合《公司法》和《公司章程》的规定。 二、董事会会议审议情况 与会董事认真审议了本次会议的各项议案，除特别说明外，各项决议均为全 体参会董事一致通过。有关事项公告如下： （一）审议通过本公司 2024 年第一季度报告； 表决结果：7 票同意，0 票反对，0 ...

二、被提名人任职资格符合下列法律、行政法规和部门规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定； 安徽皖通高速公路股份有限公司 独立董事提名人和候选人声明公告 安徽皖通高速公路股份有限公司独立董事提名人声明 提名人安徽皖通高速公路股份有限公司董事会，现提名章剑平先生、卢太平 先生和赵建莉女士为安徽皖通高速公路股份有限公司第十届董事会独立董事候 选人，并已充分了解被提名人职业、学历、职称、详细的工作经历、全部兼职、 有无重大失信等不良记录等情况。被提名人已同意出任安徽皖通高速公路股份有 限公司第十届董事会独立董事候选人（参见该独立董事候选人声明）。 提名人认为，被提名人具备独立董事任职资格，与安徽皖通高速公路股份有 限公司之间不存在任何影响其独立性的关系，具体声明如下： 一、被提名人章剑平先生、卢太平先生和赵建莉女士具备上市公司运作的基 本知识，熟悉相关法律、行政法规、规章及其他规范性文件，具有五年以上法律、 经济、财务、管理或者其他履行独立董事职责所必需的工作经验。 章剑平先生和卢太平先生已取得上海证券交易所独立董事资格证书，赵建 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,286,864,373.72, representing a year-on-year increase of 12.38%[4] - The net profit attributable to shareholders was CNY 459,671,340.30, showing a slight increase of 0.05% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 7.62% to CNY 433,717,075.67[4] - Total revenue for Q1 2024 reached ¥1,286,864,373.72, an increase of 12.4% compared to ¥1,145,086,806.22 in Q1 2023[22] - Net profit for Q1 2024 was ¥474,742,275.92, slightly down from ¥478,671,148.35 in Q1 2023, representing a decrease of 0.6%[22] Cash Flow - The net cash flow from operating activities decreased significantly by 34.52% to CNY 674,132,876.34, primarily due to a decline in toll revenue[7] - In Q1 2024, the company reported a net cash flow from operating activities of ¥674,132,876.34, a decrease of 34.5% compared to ¥1,029,461,546.80 in Q1 2023[24] - Cash inflow from investment activities was ¥191,156,277.79, significantly up from ¥36,677.88 in the same period last year[24] - The net cash flow from investment activities was -¥139,269,068.38, an improvement from -¥966,188,907.14 in Q1 2023[24] - The net cash flow from financing activities was ¥341,313,693.00, a turnaround from -¥6,001,223.83 in the previous year[26] Assets and Liabilities - The total assets at the end of the reporting period were CNY 22,644,542,609.70, an increase of 4.17% from the end of the previous year[5] - The company's total assets increased to ¥22,644,542,609.70 in Q1 2024, compared to ¥21,738,743,118.83 in Q1 2023, reflecting a growth of 4.2%[20] - Total liabilities rose to ¥8,047,356,035.50 in Q1 2024, up from ¥7,623,858,820.55 in Q1 2023, marking an increase of 5.6%[20] Shareholder Information - The equity attributable to shareholders increased by 3.63% to CNY 13,116,582,934.28 compared to the end of the previous year[5] - The total equity attributable to shareholders increased to ¥13,116,582,934.28 in Q1 2024 from ¥12,656,911,593.98 in Q1 2023, a growth of 3.6%[20] - The company's major shareholders include Anhui Transportation Holding Group Co., Ltd., holding 31.63% of the shares[8] - As of the end of the reporting period, the total number of A-share shareholders was 18,155, and H-share shareholders totaled 62[11] Traffic and Toll Revenue - The average daily traffic volume for the Huhang Expressway in Q1 2024 was 47,536 vehicles, a decrease of 5.76% compared to 50,444 vehicles in Q1 2023[14] - Toll revenue for the Huhang Expressway in Q1 2024 was RMB 345.602 million, down 4.29% from RMB 361.079 million in Q1 2023[14] - The traffic volume for the Ninghuai Expressway in Q1 2024 was 42,504 vehicles, a decrease of 11.86% from 48,223 vehicles in Q1 2023[15] - The total toll revenue for all expressways in Q1 2024 was RMB 1,022.953 million, reflecting an 8.01% decrease from RMB 1,112.082 million in Q1 2023[15] - The company reported a 34.27% decrease in traffic volume for the Xuanguang Expressway, with an average daily traffic of 20,861 vehicles in Q1 2024[14] Investments and Subsidies - The company recognized a fair value change gain of CNY 31,197,800.00 from its investment in a closed-end infrastructure securities investment fund[6] - The company received government subsidies amounting to CNY 3,635,430.08, related to construction funding for highway projects[6] - The company completed an investment of RMB 6.6417 million in the Anhui Transportation Control Investment Fund during the reporting period[18] - The company also invested RMB 10 million in the Anhui Transportation Control Jinshi Emerging Industry Equity Investment Fund during the reporting period[18] Cost and Expenses - Operating costs for Q1 2024 were ¥706,927,947.54, up 45.0% from ¥487,539,973.17 in Q1 2023[22] - The company provided a total of RMB 226 million in policy-related fee reductions during Q1 2024, including RMB 34 million for green channel vehicles[16] - Cash received from sales and services was ¥1,065,791,117.72, a decline of 35.1% from ¥1,646,294,503.14 in Q1 2023[24] - The company paid ¥133,564,241.20 for goods and services in Q1 2024, down from ¥381,347,631.91 in Q1 2023[24] - The company’s cash outflow for investment activities was ¥330,425,346.17, a decrease from ¥966,225,585.02 in the same quarter last year[24]

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].