山东高速股份有限公司 证券代码：600350 证券简称：山东高速 公告编号：临 2024-070 关于公司提供担保的公告 本公司董事会及全体董事保证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： 被担保人名称：毅康科技有限公司，山高云创（山东）商业保理有限 公司，非上市公司关联人。 本次担保金额及已实际为其提供的担保余额：本次为毅康科技有限 公司担保金额为人民币 1.32 亿元，截至目前，公司已实际为其提供的担保 余额为 6.34 亿元。本次为山高云创（山东）商业保理有限公司担保金额为 人民币 1 亿元，截至目前，公司已实际为其提供的担保余额为 15.41 亿元。 特别风险提示：公司及公司控股子公司已批准的对外担保累计金额 为人民币 183.02 亿元，其中公司及其子公司对子公司已批准的担保累计金 额为人民币 182.26 亿元，分别占公司最近一期经审计净资产的比例为 43.88%、43.70%。毅康科技有限公司、山高云创（山东）商业保理有限公司 截至 2024 年 9 月 30 日未经审计资产负债率超过 70%，请投资者充分关注担 保风 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Insights - The company has experienced a narrowing decline in toll revenue, with growth expected after the completion of ongoing projects [2]. - For the first three quarters of 2024, the company achieved operating revenue of 19.901 billion yuan, a year-on-year increase of 10.94%, while net profit attributable to the parent company was 2.516 billion yuan, a year-on-year decrease of 5.70% [2]. - The company is progressing with ongoing construction projects and plans to invest in the expansion of the Weilai Expressway [2]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 18,486 million yuan - 2023A: 26,546 million yuan - 2024E: 27,721 million yuan - 2025E: 28,572 million yuan - 2026E: 29,546 million yuan - Growth rates: 2023A (44%), 2024E (4%), 2025E (3%), 2026E (3%) [1]. - **Net Profit Forecasts**: - 2022A: 2,855 million yuan - 2023A: 3,297 million yuan - 2024E: 3,271 million yuan - 2025E: 3,506 million yuan - 2026E: 3,805 million yuan - Growth rates: 2023A (15%), 2024E (-1%), 2025E (7%), 2026E (9%) [1]. - **Earnings Per Share (EPS)**: - 2022A: 0.59 yuan - 2023A: 0.68 yuan - 2024E: 0.68 yuan - 2025E: 0.72 yuan - 2026E: 0.79 yuan [1]. - **Valuation Ratios**: - P/E ratios for 2024E, 2025E, and 2026E are 12.9, 12.1, and 11.1 respectively [1]. - P/B ratios for 2024E, 2025E, and 2026E are 1.0, 0.9, and 0.9 respectively [1]. Dividend Policy - The company has a stable dividend policy, with a commitment to distribute at least 60% of the net profit as cash dividends from 2020 to 2024 [2]. - The estimated dividend yield based on the 2023 cash dividend of 0.42 yuan and the closing price of 8.72 yuan on October 29, 2024, is approximately 4.8% [2].

Investment Rating - The report maintains a "Recommended" rating for Shandong Expressway (600350) [1] Core Views - In Q3 2024, the company achieved an operating income of 7.765 billion yuan, a year-on-year increase of 19.33%, while the net profit attributable to shareholders decreased by 2.74% to 883 million yuan [1] - The company plans to expand the S16 Rongwei Expressway, which is expected to enhance its main business performance starting from 2028 [1] - The company has a stable dividend policy, committing to a dividend payout ratio of no less than 60% from 2020 to 2024 [1] Financial Performance Summary - Q3 2024 operating income: 7.765 billion yuan, up 19.33% year-on-year - Q1-3 2024 total operating income: 19.9 billion yuan, up 10.94% year-on-year - Q3 2024 net profit attributable to shareholders: 883 million yuan, down 2.74% year-on-year - Q1-3 2024 net profit attributable to shareholders: 2.515 billion yuan, down 5.7% year-on-year - Q3 2024 non-net profit: 860 million yuan, up 7% year-on-year [1] Business Segment Performance - Toll revenue in Q3 2024: 2.913 billion yuan, down 2.4% year-on-year, with a narrowing decline compared to the first half of the year - Investment income for Q1-3 2024: 966 million yuan, down 0.25% year-on-year - Rail transit revenue for Q1-3 2024: 3.535 billion yuan, up 6% year-on-year, with net profit remaining flat at 328 million yuan - Qilu Expressway revenue for Q1-3 2024: 4.616 billion yuan, up 44.25% year-on-year, with net profit down 3.4% to 393 million yuan - Information Group revenue for Q1-3 2024: 2.495 billion yuan, with net profit of 144 million yuan [1] Investment Projections - Earnings forecast for 2024-2026 adjusted to 3.36 billion, 3.54 billion, and 3.69 billion yuan respectively, with corresponding EPS of 0.69, 0.73, and 0.76 yuan - Target price set at 11.3 yuan, indicating a potential upside of 29% from the current price of 8.72 yuan [1][2]

Investment Rating - The report maintains a "Buy" rating for Shandong Expressway [1][10]. Core Views - The company reported a revenue of 19.901 billion RMB for Q3 2024, a year-on-year increase of 10.9%, but the net profit attributable to shareholders decreased by 5.7% to 2.52 billion RMB [1]. - The decline in toll revenue is attributed to a decrease in traffic volume, with toll income for the core asset, Jiqing Expressway, dropping by 13.6% [1][2]. - The company plans to invest approximately 6.875 billion RMB in the expansion project of Weilai Expressway, with an expected internal rate of return of 5.5% [3]. Summary by Sections Performance Analysis - For Q3 2024, the company achieved a revenue of 7.76 billion RMB, reflecting a 19.3% year-on-year growth, while the net profit attributable to shareholders was 880 million RMB, down 2.7% [1]. - The overall revenue growth is primarily driven by increased income from PPP project construction services, despite a 7.44% decrease in toll revenue due to reduced traffic [1][2]. Financial Metrics - The gross margin for Q3 2024 was 26.3%, a decline of 5.52 percentage points year-on-year, mainly due to the rise in zero-margin PPP construction income [2]. - The company reported an investment income of 966 million RMB for the first three quarters, a slight decrease of 0.25% year-on-year, with debt investment income increasing by 41.98% [2]. Future Outlook - The net profit forecasts for 2024-2026 have been revised down to 3.34 billion RMB, 3.76 billion RMB, and 4.49 billion RMB, respectively, due to the anticipated decline in traffic volume [3].

重要内容提示： 山东高速股份有限公司 关于投资 S16 荣潍高速公路莱阳至潍坊段改扩建 工程项目的公告 本公司董事会及全体董事保证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。 证券代码：600350 证券简称： 山东高速 编号：临 2024-068 投资标的名称：S16 荣潍高速公路莱阳至潍坊段改扩建工程项目 1、公司尚未取得收费期限、收费标准的批复，未来改扩建后收费期限及收 费标准具有不确定性； 2、可能存在投资增加、利率变化及经营等方面的风险。 一、对外投资概述 （一）对外投资基本情况 为完善山东省高速公路路网，加快构建现代综合交通运输体系，助力区域经 济发展，促进公司健康可持续发展，公司拟投资 S16 荣潍高速公路莱阳至潍坊段 改扩建工程项目(以下简称"本项目")，总投资估算约 68.75 亿元。公司拟以自 有资金出资总投资额的 25%作为资本金，剩余 75%由公司通过银行贷款等融资方 式解决。 （二）董事会审议情况 1、2024年10月29日，公司第六届董事会第六十五次会议以11票同意、0票反 对、0票弃权的表决结果审议通过了《关于投资S16荣 ...

Financial Performance - Total operating revenue for Q3 2024 reached CNY 7,764,862,776.42, an increase of 19.33% compared to the adjusted revenue of CNY 6,506,898,346.83 in the same period last year[3]. - Net profit attributable to shareholders was CNY 883,227,930.28, reflecting a decrease of 2.74% from the adjusted net profit of CNY 908,068,612.96 in Q3 2023[3]. - The net profit excluding non-recurring gains and losses was CNY 860,325,890.96, which is a 6.99% increase compared to CNY 804,121,908.93 in the previous year[4]. - Basic earnings per share for Q3 2024 was CNY 0.152, down 4.40% from CNY 0.159 in Q3 2023[4]. - Total operating revenue for the first three quarters of 2024 reached ¥19.90 billion, an increase of 10.9% compared to ¥17.94 billion in the same period of 2023[29]. - Net profit for the first three quarters of 2024 was ¥3.18 billion, a decrease of 5.2% from ¥3.36 billion in the same period of 2023[30]. Cash Flow and Assets - The company reported a net cash flow from operating activities of CNY 4,677,244,241.82, which is a 5.53% increase compared to CNY 4,431,999,758.85 in the same period last year[4]. - Cash inflow from investment activities totaled CNY 5,665,912,584.75, significantly up from CNY 3,624,549,395.27 in the same period last year, marking a 56.4% increase[33]. - The net cash flow from financing activities was negative CNY 1,578,342,565.09, a decline from a positive CNY 1,884,023,117.73 in Q3 2023[34]. - Total assets at the end of Q3 2024 amounted to CNY 156,428,397,055.02, representing a 3.10% increase from CNY 151,719,888,222.33 at the end of the previous year[5]. - The company's cash and cash equivalents decreased to ¥3.89 billion from ¥4.44 billion, a decline of approximately 12.3%[25]. - The company's total liabilities increased to CNY 44,560,371,407.51, up from CNY 43,305,895,505.17 year-over-year[36]. Revenue Sources - The toll revenue for the first three quarters of 2024 was 7.569 billion RMB, a decrease of 7.44% year-on-year[14]. - The revenue from the Jiqing Expressway decreased by 13.62% compared to the same period last year, amounting to 2.444 billion RMB[15]. - The revenue from the Beijing-Taiwan Expressway related sections decreased by 2.56%, totaling 1.614 billion RMB[15]. - The revenue from the Jilai Expressway increased by 18.98%, reaching 408 million RMB[15]. - The company reported a net profit of 328 million RMB from rail transportation, with a year-on-year increase in freight volume of 8.3% to 86.21 million tons[19]. Shareholder Information - The company had a total of 37,431 common shareholders at the end of the reporting period[9]. - The company's total equity attributable to shareholders was ¥41.68 billion, a slight decrease from ¥41.70 billion, reflecting a marginal change in shareholder value[28]. Strategic Initiatives - The company plans to continue its market expansion and product development strategies to enhance future growth prospects[6]. - The company is focusing on enhancing operational efficiency through measures like optimizing traffic control and developing new systems[14]. - The company is expanding its international business, achieving an export value of 177 million RMB for products like sleepers[19]. - The company plans to enhance customer service by promoting an appointment system to alleviate congestion and improve user satisfaction[24]. - The company aims to expedite the progress of key construction projects while ensuring safety and quality, with a focus on completing the Weilai Expressway expansion project[24]. Investment and Expenses - Research and development expenses for the first three quarters of 2024 were ¥300.68 million, a slight increase from ¥285.35 million in the previous year[29]. - The company completed investments of 1.986 billion RMB in the Jitai Expressway expansion project, with a total investment of 5.354 billion RMB to date[22]. - The company reported a decrease in financial expenses to ¥1.19 billion from ¥1.41 billion in the previous year, indicating improved cost management[29].

山东高速股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日发布 公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第 三季度经营成果、财务状况，公司计划于 2024 年 11 月 13 日上午 09:00-10:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 证券代码：600350 证券简称：山东高速 公告编号：临 2024-069 山东高速股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 会议召开时间：2024 年 11 月 13 日(星期三)上午 09:00-10:00 会议召开地点： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 06 日(星期三)至 11 月 12 日(星期二)16:00 前 登录上证路演中心网站首页点击 ...

证券代码：600350 证券简称：山东高速 公告编号：临 2024-067 山东高速股份有限公司 第六届董事会第六十五次会议决议公告 本公司董事会及全体董事保证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。 山东高速股份有限公司（以下简称"公司"）第六届董事会第六十五次会议 于2024年10月29日在公司22楼会议室以现场会议与通讯表决结合的方式召开， 会议通知于 2024 年 10 月 18 日以专人送达及电子邮件方式发出。本次会议应到 董事 11 人，实到董事 11 人。会议由董事长傅柏先先生主持，公司监事会监事、 高级管理人员以及相关部门负责人列席了会议。会议的召开符合《公司法》和《公 司章程》的规定。 本议案已经公司第六届董事会审计委员会审议通过，并同意提交公司董事会 审议。 具体内容详见公司于同日披露的《山东高速股份有限公司 2024 年第三季度 报告》。 三、会议以 11 票同意、0 票反对、0 票弃权，审议通过了《关于投资 S16 荣潍高速公路莱阳至潍坊段改扩建工程项目的议案》。 第 1 页 共 2 页 会议审议并通过了以下决议： 一、会议 ...

秘 级： 版权所有： S16 荣潍高速公路 莱阳至潍坊段改扩建工程 工程可行性研究报告 （评估后修改版） 山东省交通规划设计院集团有限公司 二○二四年九月 编 号： 及规划 1 概 述 1.1 项目背景 ……………………………………… 1- 1 1.2 编制依据及参考资料 ………………………… 1- 2 1.3 研究的简要过程及内容 ……………………… 1- 4 1.4 建设的必要性 ………………………………… 1- 6 1.5 主要结论 ……………………………………… 1-11 1.6 问题与建议 …………………………………… 1-24 2 经济社会和 交通运输 发展现状 2.1 研究区域概况 ………………………………… 2- 1 2.2 项目影响区域经济社会现状及发展规划 …… 2- 2 2.3 区域经济社会发展预测 ……………………… 2-22 2.4 项目影响区域交通运输现状及发展规划 …… 2-25 2.5 通道内相关公路技术状况及存在问题 ……… 2-58 2.6 本项目在交通网中的地位与作用 …………… 2-67 3 交 通 量分 析 及预测 3.1 交通调查及分析 ……………………………… 3 ...

会议审议并通过了以下决议： 证券代码：600350 证券简称：山东高速 公告编号：临 2024-063 山东高速股份有限公司 第六届董事会第六十四次会议决议公告 本公司董事会及全体董事保证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。 山东高速股份有限公司（以下简称"公司"）第六届董事会第六十四次会议 于 2024 年 9 月 29 日以通讯表决方式召开，会议通知于 2024 年 9 月 24 日以专人 送达及电子邮件方式发出。本次会议应到董事 11 人，实到董事 11 人。会议的召 开符合《公司法》和《公司章程》的规定。 第 1 页 共 1 页 一、会议以 6 票同意、0 票反对、0 票弃权，审议通过了关于增加 2024 年 度日常关联交易预计的议案。 本议案涉及关联交易，公司董事长傅柏先、副董事长王昊、董事常志宏、梁 占海、隋荣昌为关联董事，均回避表决。本议案已经公司第六届董事会独立董事 专门会议 2024 年第三次会议审议通过，并同意提交公司董事会审议。 具体内容详见公司于同日披露的《山东高速股份有限公司关于增加 2024 年 度日常关联交易预计的 ...