Core Insights - The company reported a revenue of 107.24 billion yuan for 2024, a year-on-year decrease of 6.78%, and a net profit attributable to shareholders of 7.21 billion yuan, down 19.92% [1] - In Q4 2024, the company achieved a revenue of 35.36 billion yuan, reflecting a year-on-year increase of 38.73%, with a net profit of 2.44 billion yuan, up 94.97% [1] - New contract signings decreased, but the backlog of orders remains strong, with new contracts totaling 138.3 billion yuan in 2024, a decline of 17.95% [1] Revenue and Profit Analysis - The company's engineering construction revenue fell by 10.53% to 92.95 billion yuan, with a gross margin decrease of 2.41 percentage points to 15.56% [1] - New orders in infrastructure, housing construction, and other sectors were 116.1 billion yuan, 22 billion yuan, and 1.8 billion yuan respectively, showing a year-on-year change of -22.19%, +17.56%, and -71.06% [1] - From Q3 2024 to the date of the annual report, the company secured over 260 billion yuan in new orders, approximately 2.5 times its 2024 revenue [1] Emerging Business Growth - In 2024, the mining and new materials sector saw significant growth, with the Asmara copper polymetallic mine project achieving sales of approximately 70,000 tons, leading to a revenue increase of 98.13% to 3.34 billion yuan [2] - The clean energy sector also progressed, with several photovoltaic projects contributing to a revenue increase of 33.26% to 610 million yuan [2] Cost Management and Cash Flow - The company reported a total expense ratio of 7.35%, a decrease of 0.35 percentage points year-on-year, with reductions in credit and asset impairment provisions [2] - Operating net cash flow improved significantly to 3.43 billion yuan in 2024, compared to a negative cash flow of 2.12 billion yuan in 2023, with Q4 showing a cash flow of 9.03 billion yuan, up 101.40% year-on-year [3] Dividend Policy - The company declared a dividend of 3.6 billion yuan for 2024, maintaining a high dividend payout ratio of 50.02% [3] - Plans for 2025-2027 include a commitment to a dividend payout ratio of no less than 60%, indicating a potential increase in shareholder returns [3] Future Outlook - Projected net profits for 2025-2027 are 8.15 billion yuan, 8.46 billion yuan, and 8.79 billion yuan respectively, with corresponding price-to-earnings ratios of 9.08, 8.75, and 8.43 [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [11] Core Views - The company is expected to achieve a total revenue of 107.24 billion yuan in 2024, a year-on-year decrease of 6.78%. The net profit attributable to shareholders is projected to be 7.21 billion yuan, down 19.92% year-on-year, while the net profit after deducting non-recurring gains and losses is estimated at 6.34 billion yuan, a decrease of 29.69% year-on-year [2][8] Summary by Sections Financial Performance - In 2024, the company’s revenue is expected to decline due to a slowdown in domestic project advancement, with the engineering construction segment generating 92.95 billion yuan, down 10.53% year-on-year. The highway investment and operation business is projected to earn 2.88 billion yuan, a decrease of 3.96% year-on-year. The total number of newly awarded projects is 524, amounting to approximately 138.3 billion yuan, reflecting an 18% decline year-on-year [13] - The overall gross margin for the company is anticipated to be 15.68%, down 2.47 percentage points year-on-year, with the engineering construction gross margin decreasing by 2.41 percentage points and the highway investment operation margin declining by 2.85 percentage points. However, margins in mining, new materials, and clean energy sectors have improved [13] - The company recorded a net cash inflow from operating activities of 3.43 billion yuan, with a cash collection ratio of 90.07%, an increase of 6.44 percentage points year-on-year. The total dividend payout for 2024 is approximately 360 million yuan, representing about 50% of the net profit attributable to shareholders [13] Future Outlook - The demand for infrastructure in Sichuan province is robust, with the company expected to see stable growth in performance. In June 2024, Sichuan province announced 36 highway projects with a total investment of approximately 840 billion yuan. The company has successfully secured several projects, totaling over 260 billion yuan in investment, which lays a solid foundation for future development [13] - The dividend payout ratio is expected to increase to 60% from 2025 to 2027, with a projected dividend yield exceeding 6.5% if the company's performance surpasses 8 billion yuan in 2025 [13]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Views - The company has a substantial backlog of orders, with a total of 290 billion yuan in hand orders, which is expected to support future revenue growth [2][4]. - The company plans to distribute a cash dividend of 50.02% for 2024, with a projected dividend yield of 4.87% based on the closing price on April 22, 2024. The company has also announced that the cash dividend ratio for 2025-2027 will not be less than 60% of the annual net profit attributable to the parent company, indicating a commitment to high dividend payouts [1][4]. - The company experienced a significant improvement in Q4 2024, with revenue and net profit attributable to the parent company increasing by 38.73% and 94.97% year-on-year, respectively, suggesting recovery from previous operational disruptions [1][2]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 107.24 billion yuan, a decrease of 6.78% year-on-year, and a net profit attributable to the parent company of 7.21 billion yuan, down 19.92% year-on-year. However, Q4 2024 showed a strong recovery with revenue of 35.36 billion yuan and net profit of 2.44 billion yuan [1][5]. - The company's gross margin for 2024 was 15.7%, a decrease of 2.47 percentage points year-on-year, while the net profit margin was 6.87%, down 0.99 percentage points year-on-year [3][5]. Business Segments - The company reported revenues from various segments in 2024: engineering construction (92.95 billion yuan, down 10.53%), mining and new materials (3.34 billion yuan, up 98.13%), and clean energy (610 million yuan, up 33.26%) [2][5]. - The mining and clean energy segments benefited from acquisitions made in 2023, which contributed to revenue growth and improved gross margins [2][3]. Future Outlook - The company is expected to see a net profit attributable to the parent company of 8.1 billion yuan in 2025, with projected growth rates of 12.32%, 9.19%, and 8.57% for the following years [4][5]. - The anticipated increase in transportation investment in Sichuan Province to 280 billion yuan in 2025, up 7.7% from 2024, is expected to further enhance the company's order intake and revenue potential [1][2].

Investment Rating - The report maintains a "Buy" rating for Sichuan Road and Bridge [1] Core Views - The company's revenue and profit have reached a bottom, with a maintained dividend payout ratio of 50% [1] - The company is expected to benefit from the development of the Chengdu-Chongqing economic circle, enhancing its performance [7] - The report has adjusted profit forecasts for 2025-2026 downwards due to regional investment slowdowns but maintains a positive outlook for 2027 [7] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 115,042 million, with a year-on-year decrease of 14.9% [6] - The net profit attributable to the parent company for 2024 is expected to be 7,210 million, a decrease of 19.9% year-on-year [6] - The company’s gross margin for 2024 is forecasted to be 15.7%, down from the previous year [6] - Operating cash flow for 2024 is expected to increase by 55.45 million, with a cash collection ratio of 90.1% [7] - The company’s debt ratio is projected to be 78.9% at the end of 2024, slightly down from the previous year [7]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to enter a new growth cycle in 2025 after experiencing a low point in profitability in 2024, with a projected revenue of 107.2 billion yuan, a decrease of 6.8% year-on-year [1] - The company plans to distribute a total dividend of 36.1 billion yuan for 2024, representing a dividend payout ratio of 50.02% [1] - The company has a strong order backlog of 2.913 trillion yuan, which is 2.7 times its projected revenue for 2024, indicating robust future revenue potential [3] Financial Performance - In 2024, the company is projected to achieve a gross margin of 15.7%, down 2.5 percentage points year-on-year, primarily due to transitional impacts from project changes [2] - The net profit margin is expected to be 6.7%, a decrease of 1.1 percentage points year-on-year [2] - The company is forecasted to generate a net operating cash flow of 3.43 billion yuan in 2024, a significant improvement from a net outflow of 2.12 billion yuan in the previous year [2] Future Projections - The company’s net profit is projected to grow at a rate of 15% annually from 2025 to 2027, reaching 8.3 billion yuan in 2025, 9.6 billion yuan in 2026, and 11 billion yuan in 2027 [4] - The projected P/E ratios for 2025, 2026, and 2027 are 8.9, 7.7, and 6.7 respectively, indicating a favorable valuation [4] Market Context - The company is expected to benefit from the high demand for infrastructure projects in Sichuan, supported by national strategic initiatives [3] - The company has been actively participating in high-margin projects, which are anticipated to contribute significantly to its revenue growth in the coming years [3]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company is expected to enter a new growth cycle in 2025 after experiencing a low point in profitability in 2024, with a projected revenue of 107.2 billion yuan, a decrease of 6.8% year-on-year, and a net profit of 7.21 billion yuan, down 19.9% year-on-year [1][4] - The company plans to distribute a total dividend of 36.1 billion yuan for 2024, representing a dividend payout ratio of 50.02% [1] - The company has a strong order growth momentum, with remaining orders amounting to 291.3 billion yuan, which is 2.7 times the expected revenue for 2024, indicating robust future performance [3] Financial Performance - In 2024, the company achieved a gross margin of 15.7%, down 2.5 percentage points year-on-year, primarily due to the transitional phase of engineering projects [2] - The operating cash flow significantly improved, with a net inflow of 3.43 billion yuan in 2024, compared to a net outflow of 2.12 billion yuan in the previous year [2] - The company’s net profit margin for 2024 is projected to be 6.7%, a decrease of 1.1 percentage points year-on-year [2] Future Projections - The company’s net profit is expected to grow by 15% annually from 2025 to 2027, reaching 8.3 billion yuan in 2025, 9.6 billion yuan in 2026, and 11 billion yuan in 2027 [4][5] - The projected P/E ratios for 2025, 2026, and 2027 are 8.9, 7.7, and 6.7 respectively, indicating a favorable investment valuation [5] Market Context - The company is positioned to benefit from the high demand for infrastructure development in Sichuan, supported by national strategic initiatives [3] - The company has been actively participating in high-margin projects, which are expected to contribute significantly to its revenue growth in the coming years [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.03 RMB [7][8]. Core Views - The company's revenue for 2024 was 107.2 billion RMB, a year-on-year decrease of 6.78%, while the net profit attributable to shareholders was 7.21 billion RMB, down 19.9% [1]. - In Q4 2024, the company achieved a revenue of 35.4 billion RMB, representing a year-on-year increase of 38.7%, and a net profit of 2.44 billion RMB, up 95.0% [1]. - The company is expected to benefit from the strategic development of Sichuan Province, which supports the implementation of the Western Development and Yangtze River Economic Belt strategies, leading to stable investment intensity [1]. - The company has a strong ability to maintain profit scale stability, with a projected dividend payout ratio of 60%, resulting in estimated dividend yields of 6.49% and 6.80% for 2025 and 2026, respectively [1]. Revenue and Profit Analysis - The company's revenue from various segments in Q1 2025 showed a mixed performance, with engineering construction down 10.5% year-on-year, while mining and new materials saw an increase of 98.1% [2]. - The overall gross margin for 2024 decreased by 2.47 percentage points to 15.7% due to various operational disruptions [2]. Financial Metrics - The company reported a net operating cash flow of 3.4 billion RMB in 2024, an increase of 5.5 billion RMB year-on-year, with a cash collection/payment ratio of 90.1%/89.1% [3]. - The forecast for net profit attributable to shareholders for 2025-2027 is 8.0 billion, 8.4 billion, and 8.7 billion RMB, respectively [4]. - The company is expected to maintain a PE ratio of 12x for 2025, with a target price of 11.03 RMB based on a dividend yield higher than the comparable average [4]. Key Financial Data - The projected revenue for 2025 is 114.46 billion RMB, reflecting a growth of 6.74% from 2024 [6]. - The expected EPS for 2025 is 0.92 RMB, with a ROE of 15.12% [6].

证券代码：600039 证券简称：四川路桥 公告编号：2025-042 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 13 日 14 点 30 分 召开地点：成都市高新区九兴大道 12 号 1 股东会召开日期：2025年5月13日 本次股东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)股东会召集人：董事会 (三)投票方式：本次股东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 四川路桥建设集团股份有限公司 关于召开2024年年度股东会的通知 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)股东会类型和届次 2024年年度股东会 (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2025 年 5 月 13 日 至2025 年 5 月 13 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 东会召开当日的交易时间段，即 9:15-9:25,9: ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-037 四川路桥建设集团股份有限公司 第八届监事会第四十一次会议决议的公告 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法律责任。 一、监事会会议召开情况 （一）本次监事会会议的召开符合《公司法》、公司《章程》的规定。 （二）本次监事会于 2025 年 4 月 22 日在公司附四楼会议室以现场结合通讯 方式召开，会议通知于 2025 年 4 月 10 日以书面、电话的方式发出。 （三）本次监事会应出席人数 7 人，实际出席人数 7 人，其中监事谭德彬、 赵帅以通讯方式参会。 （四）本次监事会由监事会主席黄卫主持，公司部分高级管理人员列席了会 议。 二、监事会会议审议情况 （一）审议通过了《2024 年度监事会工作报告》 此议案尚需提交公司股东会审议批准。 表决结果：七票赞成，零票反对，零票弃权。 （二）审议通过了《关于监事 2024 年度薪酬确认及 2025 年度薪酬方案的议 案》 会议同意《关于监事 2024 年度薪酬确认及 2025 年度薪酬方案》。根据公司 《章程》 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-036 四川路桥建设集团股份有限公司 第八届董事会第五十四次会议决议的公告 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法律责任。 一、董事会会议召开情况 （一）本次董事会会议的召开符合《公司法》、公司《章程》的规定。 （二）本次董事会于 2025 年 4 月 22 日在公司附四楼会议室以现场结合通讯 方式召开，会议通知于 2025 年 4 月 10 日以书面、电话的方式发出。 （四）本次董事会由董事长孙立成主持，公司部分监事和高级管理人员列席 了会议。 二、董事会会议审议情况 （一）审议通过了《2024 年度董事会工作报告》 此议案尚需提交公司股东会审议批准。 表决结果：十票赞成，零票反对，零票弃权。 （二）审议通过了《2024 年度经理层工作报告》 表决结果：十票赞成，零票反对，零票弃权。 （三）审议通过了《2024 年度可持续发展报告》 会议审议通过了《2024 年度可持续发展报告》，具体内容详见上海证券交易 所网站(www.sse.com.cn)。 （三）本次董事 ...