Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 6 CNY, representing a 20% upside from the current price of 4.98 CNY [2][3]. Core Insights - The company reported a significant increase in net profit for Q3 2024, reaching 525 million CNY, which is a 6.25% year-on-year growth. However, cumulative operating revenue for the first three quarters was 4.56 billion CNY, reflecting a 23.52% decline compared to the previous year [2][3]. - The growth in net profit is primarily attributed to the increase in the stock price of its financial asset, Guosheng Jin控, while the decline in operating revenue is linked to a decrease in non-highway revenue and high base effects from last year's income recognition in smart transportation and real estate [2][3]. - The company has optimized its cost structure, achieving a gross margin increase for three consecutive quarters, with a cumulative savings of 37 million CNY this year [2][3]. Financial Performance Summary - For Q3 2024, the company achieved a toll revenue of 955 million CNY, a 2% year-on-year increase, and a net gain from fair value changes of 328 million CNY [2][3]. - The report projects net profits for 2024, 2025, and 2026 to be 1.298 billion CNY, 1.412 billion CNY, and 1.479 billion CNY respectively, with corresponding EPS of 0.56 CNY, 0.60 CNY, and 0.63 CNY [2][3]. - The company’s total revenue for 2023 is estimated at 7.492 billion CNY, with a year-on-year growth rate of 10.9% [3]. Investment Recommendations - The report emphasizes the clear optimization potential for the company, highlighting that the asset value is undervalued. The financial costs are expected to improve significantly as high-interest debts mature, and the company is set to benefit from lower financing rates for its short-term bonds [2][3]. - The report also notes that the remaining toll collection periods for certain highways provide new growth potential, with significant expansions planned for the Changjiu and Changzhang highways [2][3].

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,340,084,100.46, a decrease of 23.52% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥524,923,988.34, an increase of 49.02% year-on-year[2]. - Basic earnings per share for Q3 2024 was ¥0.22, reflecting a growth of 46.67% compared to the previous year[2]. - Total operating revenue for the first three quarters of 2024 was approximately ¥4.56 billion, a decrease of 12.66% compared to ¥5.22 billion in the same period of 2023[18]. - Net profit for the first three quarters of 2024 was approximately ¥1.23 billion, an increase of 6.38% from ¥1.16 billion in the same period of 2023[19]. - Basic earnings per share for the first three quarters of 2024 was ¥0.49, compared to ¥0.46 in the same period of 2023[19]. - The total comprehensive income for the first three quarters of 2024 was approximately ¥1.31 billion, an increase from ¥1.08 billion in the previous year[19]. Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥36,325,313,378.92, representing a 1.27% increase from the end of the previous year[3]. - The total current liabilities decreased to CNY 7.75 billion from CNY 10.95 billion, a reduction of approximately 29.9%[16]. - The total liabilities decreased to 12,004,779,925.45 CNY from 12,521,382,522.34 CNY, indicating a reduction of about 4.1%[23]. - The company's long-term borrowings rose to CNY 1.61 billion from CNY 1.21 billion, indicating an increase of about 32.6%[17]. Cash Flow - The net cash flow from operating activities for the year-to-date period increased by 24.97% to ¥1,973,421,971.39[2]. - The net cash flow from operating activities increased to approximately ¥1.97 billion, up 25.00% from ¥1.58 billion in the previous year[20]. - The net cash flow from operating activities for the first three quarters of 2024 was CNY 1,201,798,722.55, down from CNY 1,459,728,641.25 in the same period of 2023[28]. - The total cash flow from investment activities was -1,184,508,222.72 CNY, compared to -938,835,267.93 CNY in the previous year, indicating a decline of approximately 26.1%[21]. - The total cash inflow from financing activities increased to 9,319,743,662.23 CNY, up from 7,357,000,000.00 CNY, representing a growth of about 26.8%[21]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 54,914[9]. - The largest shareholder, Jiangxi Provincial Transportation Investment Group, holds 1,109,774,225 shares, representing 47.52% of total shares[10]. - The company declared a cash dividend of CNY 1.60 per 10 shares, totaling CNY 373.67 million distributed to shareholders[13]. Investment and Expenses - The company reported a significant increase in investment income to approximately ¥51.47 million, compared to ¥56.83 million in the previous year[18]. - The company reported a significant increase in investment income, totaling CNY 123,927,044.96, compared to CNY 16,858,334.94 in the previous year[26]. - Research and development expenses decreased to approximately ¥25.04 million, down 14.43% from ¥29.36 million in the previous year[18]. - The company reported a decrease in non-operating income by 46.73 million during the reporting period[8]. Other Financial Metrics - The weighted average return on equity for Q3 2024 was 2.86%, an increase of 0.87 percentage points year-on-year[2]. - Non-recurring gains and losses for the current period totaled ¥252,950,592.64, compared to ¥229,450,465.20 in the previous year[4]. - The company recorded an asset impairment loss of 460.95 million from the beginning of the year to the reporting period end, primarily due to the reversal of asset impairment losses[8]. - The company's retained earnings rose to 10,468,954,233.39 CNY from 9,888,173,255.06 CNY, showing an increase of about 5.9%[24]. - The company's financial expenses decreased to CNY 176,155,125.18 from CNY 212,815,529.15 in the same period of 2023[26].

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。 一、董事会会议召开情况 江西赣粤高速公路股份有限公司第九届董事会第四次会议于 2024 年 10 月 18 日以电子邮件方式发出会议通知和会议材料，并于 2024 年 10 月 25 日在公司会议室以现场和通讯相结合的方式召开。 会议应出席董事 9 人，实际出席董事 9 人，独立董事胡炜先生、董事 刘文鹏以视频方式参加会议，独立董事邹荣先生、廖义刚先生和董事 聂头龙先生以通讯方式参加会议。会议由董事长韩峰先生主持，公司 监事和高级管理人员列席会议。会议的召开符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 证券代码:600269 股票简称:赣粤高速 编号:临2024-046 江西赣粤高速公路股份有限公司 第九届董事会第四次会议决议公告 本议案已经公司董事会审计委员会事前认可，具体内容详见公司 同日披露的《2024 年第三季度报告》。 表决情况：9 票同意、0 票反对、0 票弃权。 （二）审议通过《关于确定公司主责主业的议案》。 ...

证券代码:600269 股票简称:赣粤高速 编号:临 2024-045 江西赣粤高速公路股份有限公司 2024 年9 月份车辆通行服务收入数据公告 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。 公司2024年9月份车辆通行服务收入为308,616,546.39元。 2024 年 9 月份车辆通行服务收入一览表 单位：元 | 昌九高速 | 101,743,888.27 | | --- | --- | | 昌樟高速 | 51,476,914.57 | | 昌泰高速 | 68,915,487.41 | | 九景高速 | 51,464,125.88 | | 彭湖高速 | 7,666,162.10 | | 温厚高速 | 8,873,297.11 | | 昌奉高速 | 10,812,272.86 | | 奉铜高速 | 7,664,398.19 | | 合计 | 308,616,546.39 | 上述数据未经审计，供投资者参考。自执行"营改增"政策后， 该通行服务收入中含增值税。 特此公告。 江西赣粤高速公路股份有限公司董事会 2 ...

江西赣粤高速公路股份有限公司 2024 年8 月份车辆通行服务收入数据公告 证券代码:600269 股票简称:赣粤高速 编号:临 2024-044 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。 公司2024年8月份车辆通行服务收入为332,727,018.76元。 2024 年 8 月份车辆通行服务收入一览表 单位：元 | 昌九高速 | 107,913,579.70 | | --- | --- | | 昌樟高速 | 53,517,373.13 | | 昌泰高速 | 73,103,830.33 | | 九景高速 | 58,851,518.38 | | 彭湖高速 | 7,694,071.49 | | 温厚高速 | 7,948,414.79 | | 昌奉高速 | 13,225,475.86 | | 奉铜高速 | 10,472,755.08 | | 合计 | 332,727,018.76 | 上述数据未经审计，供投资者参考。自执行"营改增"政策后， 该通行服务收入中含增值税。 特此公告。 江西赣粤高速公路股份有限公司董事会 ...

赣粤高速 20240815 Q：车流量的情况 我们拿到的出口车流量。1-7 月通行费的客货占比是 5:5，客车收入占比略多一些。 Q：7 月份通行费数据也发布了，车流情况如何？ 7 月份我们拿到的数据，通行费收入客货比也是 5:5，但客车收入占比高一些。车流量的客 货比是 8:2，大概是 78:22。 Q：下半年通行费的展望 江西的极端天气比较多，包括暴雨、高温，对车流量都会有一定影响。下半年从节假日时间 看和去年变化丌大，极端天气影响也相对会小一些。 Q：半年报业绩里，因为交易性金融资产亏损比较多，往后能丌能转入权益法？ 我们也一直在和财务部门沟通，目前我们会计事务所还没有明确，等确定以后也会和会计师 沟通，把市场诉求和我们公司领导做一个反馈。 Q：解决方案是更换会记事务所吗？ 是会计处理方式看能丌能允许。是 2019 年金融工具会计准则修订以后我们做了调整，从可 供出售金融资产调整到交易性金融资产以后，（更多纪要加微：）股价波劢对 公司影响就比较大。但这只是账面浮亏，最终对公司业绩影响还是要看年底股价。以及我们 和会计事务所确定能丌能更换会计方法。我们 2024 年会计事务所就会变更了。 Q：如果今年丌能 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥3.22 billion, a decrease of 7.22% compared to the same period last year[16]. - Net profit attributable to shareholders was approximately ¥627.12 million, down 14.33% year-on-year[16]. - The basic earnings per share decreased by 12.90% to ¥0.27[17]. - The company reported a net profit of 1,984.21 million for the first half of 2024, reflecting a significant increase compared to previous periods[35]. - The total comprehensive income for the first half of 2024 was CNY 655,785,675.49, compared to CNY 712,884,477.29 in the same period of 2023, reflecting a decrease of 8.0%[75]. - The company reported a decrease in net profit for Jiangxi High-speed Media Co., Ltd., with a net loss of CNY 509.75 million, highlighting challenges in the media sector[35]. Cash Flow and Investments - The net cash flow from operating activities increased by 15.06% to approximately ¥1.23 billion[16]. - The net cash flow from operating activities for the first half of 2024 was approximately ¥896.46 million, an increase of 9.7% compared to ¥817.08 million in the same period of 2023[80]. - The company reported a net cash outflow from financing activities of approximately -¥500.88 million, compared to -¥343.71 million in the same period last year, indicating a decline in financing efficiency[80]. - The company has cumulative investments of 2.841 billion yuan in the Jiangxi Province highway expansion project as of June 30, 2024[31]. - The company has a loan balance of 822.88 million yuan from a fixed asset loan for highway expansion, with a cumulative repayment of 48.125 million yuan[29]. Shareholder Returns and Dividends - The company distributed a cash dividend of 1.60 RMB per 10 shares, totaling 373,665,122.24 RMB based on a total share capital of 2,335,407,014 shares as of December 31, 2023[6]. - The company did not distribute profits or increase capital reserves in the first half of 2024[39]. - The company reported a profit distribution of 294,002,063.80 RMB, which includes allocations to surplus reserves[82]. Risk Management and Compliance - The company has detailed potential risks in the report, which investors should be aware of[5]. - The report includes a forward-looking statement risk declaration, indicating that future plans do not constitute a commitment to investors[4]. - The company reported no environmental penalties during the reporting period and complied with relevant environmental laws[40]. - The company is facing macroeconomic risks, including geopolitical conflicts and insufficient effective demand, which may impact highway service revenue[36]. Corporate Governance - The board of directors confirmed that all members attended the meeting, ensuring the authenticity and completeness of the semi-annual report[3]. - The company appointed Han Feng as the chairman of the board and dismissed him from the position of general manager on March 22, 2024[38]. - The company elected a new board of directors on June 24, 2024, with a term of three years starting from that date[38]. Asset Management - The company's total assets at the end of the reporting period were approximately ¥35.52 billion, a decrease of 0.99% from the previous year[16]. - The company's total assets reached CNY 35.515 billion, with net assets attributable to shareholders at CNY 17.896 billion, and a debt-to-asset ratio of 44.32%[22]. - The total balance of fixed assets at the end of the period amounts to RMB 20,843,527,395.24, down from RMB 21,243,801,035.04 at the beginning of the period, indicating a decrease of about 1.9%[200]. Environmental Initiatives - The company implemented pollution prevention measures in its construction projects, including the use of advanced wastewater treatment facilities[42]. - The company recycled approximately 63,000 tons of steel slag, saving construction costs of about 18.58 million yuan and reducing carbon emissions by approximately 27,000 tons[43]. - The company has committed to enhancing ecological protection and reducing pollution during construction activities[41]. Related Party Transactions - The company recorded a total of RMB 195,266.36 million in related party transactions, with a net decrease of RMB 31,167.07 million during the reporting period[50]. - The company’s financial interactions with related parties include significant engineering payments related to highway projects, reflecting ongoing infrastructure investments[50]. - The company’s balance of funds provided by related parties included RMB 3,007.24 million from Jiangxi Highway Development Co., down from RMB 4,221.42 million, a decrease of approximately 28.8%[49]. Financial Reporting and Accounting Policies - The financial statements are prepared based on the going concern principle, indicating no significant issues affecting the company's ability to continue operations for at least the next 12 months[87]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that the financial reports accurately reflect its financial position and operating results as of June 30, 2024[90]. - The company has established specific importance standards for financial reporting, with significant items defined as those affecting decision-making or exceeding certain thresholds, such as 10% of total receivables or significant changes in contract assets[94].

关于对江西省交通投资集团财务有限公司 的风险持续评估报告 江西赣粤高速公路股份有限公司(以下简称公司)按照 《上海证券交易所上市公司自律监管指引第5号 -- 交易与 关联交易》的要求,通过查验江西省交通投资集团财务有限 公司(以下简称财务公司)《金融许可证》《营业执照》等 证件资料,并审阅财务公司的定期财务报告,对财务公司的 经营资质、业务和风险状况进行了持续评估,具体情况报告 如下： 一、财务公司基本情况 江西省交通投资集团财务有限公司,原名江西高速集 团财务有限公司,系经中国银行保险监督管理委员会批复 筹建(银保监复[2018]79号）,中国银行保险监督管理委员 会江西监管局批复开业(赣银保监复[2018]32号)的非银行 金融机构,2018年12月26日获得中国银行保险监督管理 委员会江西监管局颁发的中华人民共和国金融许可证。 2021 年 11月 4日更名为江西省交通投资集团财务有限公司。 注册资本:人民币 510,000万元,经营范围:对成员单 位办理财务和融资顾问、信用鉴证及相关的咨询、代理业 务;协助成员单位实现交易款项的收付;经批准的保险代 理业务;对成员单位提供担保;办理成员单位之间的委托 ...

证券代码:600269 股票简称:赣粤高速 编号:临2024-042 江西赣粤高速公路股份有限公司 第九届董事会第三次会议决议公告 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 完整性承担个别及连带责任。 一、董事会会议召开情况 江西赣粤高速公路股份有限公司第九届董事会第三次会议于 2024 年8 月2 日以电子邮件方式发出会议通知和会议材料，并于2024 年 8 月 13 日在公司会议室以现场和通讯相结合的方式召开。会议应 出席董事 9 人，实际出席董事 9 人，独立董事胡炜先生、邹荣先生和 董事刘文鹏先生以视频方式参加会议，独立董事廖义刚先生、董事聂 头龙先生以通讯方式参加会议。会议由董事长韩峰先生主持，公司监 事和其他高级管理人员列席会议。会议的召开符合有关法律、行政法 规、部门规章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于对江西省交通投资集团财务有限公司的风 险持续评估报告》； 本议案已经公司董事会审计委员会、独立董事专门会议事前认 可，具体内容详见公司同日披露的《关于对江西省交通投资集团财务 有限 ...

证券代码:600269 股票简称:赣粤高速 编号:临 2024-041 江西赣粤高速公路股份有限公司 2024 年7 月份车辆通行服务收入数据公告 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。 公司2024年7月份车辆通行服务收入为313,769,534.35元。 2024 年 7 月份车辆通行服务收入一览表 单位：元 | 昌九高速 | 102,962,823.41 | | --- | --- | | 昌樟高速 | 51,826,062.92 | | 昌泰高速 | 69,626,610.34 | | 九景高速 | 52,165,514.73 | | 彭湖高速 | 7,060,572.46 | | 温厚高速 | 7,154,414.56 | | 昌奉高速 | 12,506,886.51 | | 奉铜高速 | 10,466,649.42 | | 合计 | 313,769,534.35 | 上述数据未经审计，供投资者参考。自执行"营改增"政策后， 该通行服务收入中含增值税。 特此公告。 江西赣粤高速公路股份有限公司董事会 ...