证券代码：600350 证券简称：山东高速 编号：临 2024-072 山东高速股份有限公司 关于外部调研的公告 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。 信达证券：匡培钦 二、调研内容 1、请介绍一下，2024 年三季度公司经营情况。 答：2024 年第三季度，公司实现营业收入 77.65 亿元，归属于上市公司 股东的净利润 8.83 亿元。年初至本报告期末，实现营业收入 199.01 亿元，归 属于上市公司股东的净利润 25.16 亿元。 1 2024 年 11 月，山东高速股份有限公司（以下简称"公司"）与南方基 金、鹏华基金、信达证券投资机构进行了调研交流活动。公司董事长傅柏先、 副总经理康建，董事会秘书处处长程怀等参与了调研并对提出的问题进行了回 复。具体调研情况如下： 一、调研机构及人员 南方基金：孙鲁闽、卢玉珊、陈梓源 鹏华基金：范晶伟、李琢、王曦炜 5、公司发展规划？ 答：2024 年是公司落实"十四五"规划的攻坚之年，公司将稳中求进、 守正出新，戮力擘画公司高质量转型升级新蓝图。 路桥运营方面：2024 ...

证券代码：600350 证券简称：山东高速 编号：临 2024-072 山东高速股份有限公司 关于外部调研的公告 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。 2024 年 11 月，山东高速股份有限公司（以下简称"公司"）与南方基金、鹏 华基金、信达证券投资机构进行了调研交流活动。公司董事长傅柏先、副总经理 康建，董事会秘书处处长程怀等参与了调研并对提出的问题进行了回复。具体调 研情况如下： 一、调研机构及人员 南方基金：孙鲁闽、卢玉珊、陈梓源 鹏华基金：范晶伟、李琢、王曦炜 信达证券：匡培钦 二、调研内容 1、请介绍一下，2024 年三季度公司经营情况。 答：2024 年第三季度，公司实现营业收入 77.65 亿元，归属于上市公司股东 的净利润 8.83 亿元。年初至本报告期末，实现营业收入 199.01 亿元，归属于上 市公司股东的净利润 25.16 亿元。 路桥运营方面：2024 年前三季度，公司实现通行费收入 75.69 亿元，同比减 少 7.44%，投资运营方面：2024 年前三季度，公司实现投资收益 9.66 亿 ...

Group 1 - Shandong Gaosu Dongshen Highway Co., Ltd. has been established with a registered capital of 778 million yuan [1] - The company's business scope includes highway management and maintenance, residential interior decoration, gas vehicle refueling operations, investment activities with self-owned funds, asset management services, and urban greening management [1] - The legal representative of the company is Sun Chengji [1] Group 2 - The company is jointly held by Shandong Gaosu and Dongying City Urban Asset Management Co., Ltd. [2]

山东高速股份有限公司（以下简称"公司"）于 2024 年 11 月 13 日（星期 三）上午 9:00-10:00 召开了 2024 年第三季度业绩说明会。会议在上海证券交易 所上证路演中心（网址：http://roadshow.sseinfo.com/）采用网络互动方式举办。 二、参加人员 证券代码：600350 证券简称：山东高速 编号：临 2024-071 山东高速股份有限公司 2024 年第三季度业绩说明会纪要 一、说明会基本情况 2、公司营收增长，但净利润下降的原因？ 答：营收增长主要因公司对路桥项目的建造服务收入增加所致。净利润下降 主要因公司公路板块通行费收入阶段性下降，导致利润相应减少。 3、公司非主业业务如何规划？ 答：未来公司计划持续聚焦主责主业，在主业及主业产业链上持续拓展，延 展主业及主业产业链相关业务的广度及深度，扩大经营规模，以实现企业成长。 公司董事长傅柏先先生、副董事长兼总经理王昊先生、独立董事魏建先 生、副总经理康建先生、总会计师周亮先生、董事会秘书隋荣昌先生。 三、会议内容纪要 公司在本次说明会上就投资者关心的问题给予了回答，主要问题及答复整理 如下: 1、公司是否受益于放 ...

Investment Rating - The investment rating for Shandong Expressway (600350.SH) is "Buy" [1]. Core Views - The report highlights that the company achieved a revenue of 7.765 billion yuan in Q3 2024, representing a year-on-year increase of 19.33%. However, the net profit attributable to shareholders decreased by 2.74% to 883 million yuan. The report emphasizes the ongoing expansion and renovation of core road assets, which is nearing completion and is expected to enhance profitability [1][2]. Summary by Sections Financial Performance - In Q3 2024, the company reported a toll revenue of 2.912 billion yuan, down 2.42% year-on-year. For the first three quarters, toll revenue totaled 7.569 billion yuan, a decrease of 7.44% year-on-year. The decline in revenue is attributed to the opening of new routes and the impact of ongoing construction projects [1]. - The company’s total revenue for the first three quarters was 19.901 billion yuan, with a net profit of 2.516 billion yuan, reflecting a year-on-year decrease of 5.70% [1]. Business Segments - The toll revenue from the Jiqing Expressway was approximately 2.445 billion yuan, down 13.62% year-on-year, while the Jilai Expressway saw an increase of 18.98% in toll revenue due to increased traffic from newly opened sections [1]. - The report notes that the core road asset renovations are close to completion, with significant progress reported in various construction metrics, indicating potential for increased traffic and revenue post-completion [1]. Future Outlook - The forecast for net profit attributable to shareholders for 2024-2026 is projected at 3.305 billion yuan, 3.508 billion yuan, and 3.783 billion yuan, respectively, with corresponding PE ratios of 13.2, 12.4, and 11.5 [2]. - The report expresses optimism regarding the company's long-term development and shareholder returns, maintaining a "Buy" rating based on the expected uplift in profitability from completed infrastructure projects [2].

公 司 点 评 报 告 ＃assAuthor＃ 公 司 研 究 | --- | --- | |--------------------------------|-------------------------------------| | | | | 日期 | 2024/11/04 | | 收盘价（元） | 9.08 | | 总股本（百万股） | 4852 | | | | | 流通股本（百万股） | 4852 | | 净资产（百万元） | 41677 | | 总资产（百万元） | 156428 | | 每股净资产（元） 来源： WIND | 6.01 ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ ＃分析师： emailAuthor＃ 证券研究报告 ＃industryId＃ 高速公路 ＃ investSuggesti 买入on＃ ( ＃ investSuggestionCha 维持nge＃ ） 陈尔冬 chenerdong@xyzq.com.cn S0190524080005 zhangxiaoyun@xyzq.com.cn S0190514070002 张晓云 投资要点 ＃事 ...

Summary of Conference Call Company and Industry - The conference call pertains to the toll road industry, specifically focusing on a company involved in highway construction and management. Key Points and Arguments 1. **Revenue Performance**: The company reported a total revenue of 4.616 billion yuan, with toll revenue at 780 million yuan, and an operating profit of 393 million yuan for the first three quarters. The information group achieved a revenue of 2.495 billion yuan with an operating profit of 144 million yuan despite a contraction in construction business volume [1][2][3]. 2. **Investment in Infrastructure**: The company completed an investment of 1.986 billion yuan in the first three months, with a cumulative investment of 5.354 billion yuan. The total investment in highway construction for the same period was 5.15 billion yuan, with a cumulative total of 14.095 billion yuan [2][3]. 3. **Traffic Volume Trends**: The company observed a decline in traffic volume, with a 7.44% year-on-year decrease in revenue for the first nine months. However, the decline in the third quarter was less severe, with a revenue of 2.912 billion yuan, down only 2.42% year-on-year [4][5][6]. 4. **Future Outlook**: The company anticipates a gradual recovery in traffic volume and revenue, particularly in the fourth quarter, as the impact of seasonal fluctuations in traffic (e.g., tourism) stabilizes [7][8]. 5. **Project Updates**: The company is actively pursuing various highway renovation projects, including the G20 East Line, with significant progress expected by the end of the year. The completion of several segments is on track, with plans for full operational capacity by the end of the year [9][10][11]. 6. **Mergers and Acquisitions**: The company is exploring opportunities for mergers and acquisitions, particularly in the context of integrating non-listed assets from the parent group. Discussions are ongoing regarding potential acquisitions that align with the company's strategic goals [12][13]. 7. **Capital Expenditure**: The company plans to maintain a capital expenditure of approximately 5 billion yuan annually, focusing on infrastructure improvements and expansions [14][15]. 8. **Dividend Policy**: The company has a consistent dividend policy, maintaining a payout ratio of around 60%. This is expected to continue, balancing shareholder returns with necessary reinvestments in growth [16][17]. 9. **Financing Costs**: The current financing cost is approximately 3.3%. The company is considering refinancing options to take advantage of lower interest rates [20][21]. 10. **Regulatory Environment**: There is uncertainty regarding the extension of toll collection periods, with indications that the likelihood of new regulations being implemented soon is low [22][23]. Other Important but Overlooked Content - The company is leveraging technology, such as drone surveillance, to enhance operational efficiency and safety on highways [23]. - The impact of construction on traffic flow is significant, with estimates suggesting that construction activities can reduce traffic volume by nearly 50% during peak times [24][25]. - The company is committed to maintaining a focus on core operations while exploring new opportunities within the industry, particularly in response to evolving market conditions [26][27].

Investment Rating - The investment rating for Shandong Expressway (600350) is "Buy" (maintained) [4] Core Views - The company reported a revenue of 19.901 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 10.94%. In the third quarter alone, revenue reached 7.765 billion yuan, up 19.33% year-on-year. However, the net profit attributable to shareholders for the first three quarters was 2.516 billion yuan, a decrease of 5.70% year-on-year, with the third quarter net profit at 883 million yuan, down 2.74% year-on-year [2][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 19.901 billion yuan, a 10.94% increase year-on-year. The third quarter revenue was 7.765 billion yuan, reflecting a 19.33% year-on-year growth. However, the net profit attributable to shareholders for the first three quarters was 2.516 billion yuan, down 5.70% year-on-year, with the third quarter net profit at 883 million yuan, a decrease of 2.74% year-on-year [2][6] Toll Revenue - In the third quarter, toll revenue decreased by 2.4%, with a total toll income of 7.569 billion yuan for the first three quarters, down 7.44% year-on-year. The main highway, Jiqing Expressway, generated toll revenue of 2.445 billion yuan, down 13.62% year-on-year, primarily due to traffic diversion from the opening of the Jiqing Middle Line and the impact of adjacent road expansion [6] Project Investments - The company plans to invest in the Weilai Expressway expansion project, with a total investment of approximately 6.875 billion yuan. The project will be funded with 25% from the company's own funds and 75% through bank loans. The project spans 137.27 kilometers and is expected to start construction in November 2024 and be completed by October 2027. The internal rate of return (IRR) for the project is estimated at 5.5% [6] Profit Forecast - The company forecasts revenues of 27.085 billion yuan, 28.874 billion yuan, and 30.408 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 2.03%, 6.60%, and 5.31%. The net profit attributable to shareholders is expected to be 3.233 billion yuan, 3.535 billion yuan, and 3.823 billion yuan for the same years, with growth rates of -1.95%, 9.34%, and 8.14% respectively [6][7]

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].