山东高速股份有限公司 关于收到《应诉通知书》暨对外投资进展公告 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： 案件所处的诉讼阶段：本案已由北京市第四中级人民法院（以下简称"北 京四中院"）受理。 上市公司所处的当事人地位：山东高速股份有限公司（以下简称"公司"） 所投资的济南畅赢金程股权投资合伙企业（有限合伙）（以下简称"畅赢金程"） 为本案被申请人。 涉案金额：本案为申请撤销贸仲仲裁裁决之诉讼。本次诉讼涉及的仲裁 裁决为中国国际经济贸易仲裁委员会（以下简称"贸仲"）作出的〔2024〕中国 贸仲京裁字第 0783 号《裁决书》（以下简称"《裁决书》"），根据《裁决书》， 深圳市安居集团有限公司（原深圳市人才安居集团有限公司，以下简称"安居集 团"）应向畅赢金程支付股权转让款人民币 2,000,000,000 元及利息、逾期付款 违约金等相关费用。 证券代码：600350 证券简称：山东高速 编号：临 2024-029 （二）本次申请撤销仲裁裁决的基本情况 2024 年 4 月 22 日，畅赢金程收到北京四中院出 ...

证券代码：600350 证券简称：山东高速 公告编号：临 2024-028 山东高速股份有限公司 关于控股子公司境内未上市股份申请全流通 特此公告。 山东高速股份有限公司董事会 完成中国证券监督管理委员会备案的公告 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： 公司 H 股上市子公司齐鲁高速于近日收到中国证监会出具的《关于齐鲁高速公 路股份有限公司境内未上市股份"全流通"备案通知书》（国合函〔2024〕809 号） （以下简称"《备案通知书》"，现将《备案通知书》主要内容公告如下： 1、齐鲁高速 2 名股东拟将所持合计 900，000，000 股（其中公司持有齐鲁高速 77,850 万股股份）境内未上市股份转为境外上市股份，并在香港联合交易所上市流 通。齐鲁高速在股份转换过程中应严格遵守境内外有关法律、法规和规则。 本次股份转换的标的股份是山东高速股份有限公司（以下简称"公司"）所 控股的H股上市子公司齐鲁高速公路股份有限公司（以下简称"齐鲁高速"） 的内资股股份，预计不会对齐鲁高速的股本结构及财务状况产生重大 ...

Summary of the Conference Call Company Overview - The conference call is regarding Shandong Expressway's 2023 performance report, which has reached a new high in its financial results [1]. Key Points and Arguments - Shandong Expressway has released its 2023 annual report, showcasing record-breaking performance [1]. - The call features discussions with the company's Secretary and executives, indicating a focus on investor relations and transparency [1]. Additional Important Content - The presence of key executives during the call suggests a commitment to addressing investor inquiries and providing insights into the company's strategic direction [1].

Investment Rating - The report maintains a "Recommended" rating for Shandong Expressway (600350) [1] Core Views - The company reported stable growth in performance, with operating revenue of 26.55 billion yuan, up 18.62% year-on-year, and a net profit attributable to shareholders of 3.3 billion yuan, up 8.5% year-on-year [1] - The company has increased its dividend per share to 0.42 yuan, a rise of 0.02 yuan from 2022, with a cash dividend ratio of 61.7%, corresponding to a dividend yield of 4.6% [1] - The toll road business is steadily recovering, with toll revenue of 10.557 billion yuan, up 10.6% year-on-year, and traffic volume increasing by 23% [1] Summary by Sections Financial Performance - In 2023, the company achieved a net profit of 3.3 billion yuan, with a return on equity (ROE) of 9.3%, an increase of 0.83 percentage points year-on-year [1] - Quarterly net profit figures for 2023 were 789 million yuan, 930 million yuan, 804 million yuan, and 407 million yuan, with the last quarter showing a significant increase of 75.19% year-on-year [1] - The company’s profit distribution plan includes a cash dividend of 0.42 yuan per share, reflecting a commitment to returning value to shareholders [1] Toll Road Business - The company operates a total of 2,864 kilometers of toll road assets, with 1,555 kilometers owned and 1,309 kilometers managed [1] - Major toll roads such as Jiqing Expressway and Jingtai Expressway have shown significant revenue growth, with Jiqing Expressway generating 3.6 billion yuan, up 7.4% year-on-year, and Jingtai Expressway generating 2.16 billion yuan, up 43.1% year-on-year [1] - The overall toll revenue has seen an average annual growth of 11.17% since 2019 [1] Other Business Segments - Railway business revenue reached 2.37 billion yuan, up 16.1% year-on-year, while merchandise sales revenue was 3.17 billion yuan, up 19% [1] - The company’s engineering construction revenue was 3.39 billion yuan, reflecting a growth of 3.4% year-on-year [1] Investment Projections - The report maintains profit forecasts of 3.6 billion yuan for 2024 and 3.9 billion yuan for 2025, with expected net profits of 4.2 billion yuan in 2026 [1] - The estimated earnings per share (EPS) for 2024-2026 are projected to be 0.75 yuan, 0.81 yuan, and 0.87 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 12, 11, and 10 times [2][1]

Summary of Conference Call Transcript Company or Industry Involved - The discussion pertains to an investment business company, specifically focusing on its performance and financial metrics. Core Points and Arguments - The company has experienced significant changes in its investment business, indicating a certain level of growth despite challenges [1] - The long-term income from equity method investments is projected to reach between 9.9 billion to 9.5 billion [1] - Cost growth is noted to be equivalent to 21.45, suggesting a focus on managing expenses in relation to revenue growth [1] Other Important but Possibly Overlooked Content - The mention of "七路高速" (Qilu Expressway) implies a specific project or investment that has been realized, which may be relevant to the company's overall strategy and performance [1]

经营业绩稳增符合预期，分红兑现配置价值仍强 山东高速（600350.SH）/交运 证券研究报告/公司点评 2024年4月18日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：9.02元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 18,486 26,546 27,846 29,192 30,709 分析师：杜冲 增长率yoy% 14% 44% 5% 5% 5% 执业证书编号：S0740522040001 净利润（百万元） 2,855 3,297 3,588 3,832 4,231 电话： 增长率yoy% -6% 15% 9% 7% 10% 每股收益（元） 0.59 0.68 0.74 0.79 0.87 Email：duchong@zts.com.cn 每股现金流量 1.06 1.24 2.68 3.08 3.13 联系人：邵美玲 净资产收益率 5% 6% 6% 6% 6% 电话： P/E 15.3 13.2 12.2 11.4 10.3 P/B 1.1 1.0 1.0 ...

证券研究报告 公 2024年04月20日 司 报 告 山东高速(600350) │ 行 业： 交通运输/铁路公路 公 投资评级： 买入（维持） 司 当前价格： 9.09元 年 业绩符合预期，每股分红提升 目标价格： 10.50元 报 点 事件： 评 基本数据 2023 年，公司实现营业收入 265.46亿元，同比增长 18.62%，实现归母净 总股本/流通股本(百万股) 4,840.40/4,840.40 利润32.97亿元，同比增长8.47%，实现扣非归母净利润29.31亿元，同比 流通A股市值(百万元) 43,999.21 增长18.17%。其中，2023年四季度公司实现营业收入86.06亿元，实现归 母净利润 6.30 亿元。2023 年公司每股派发现金股利 0.42 元，分红率为 每股净资产(元) 5.99 61.66%。 资产负债率(%) 63.79 ➢ 2023年公司实现路费收入105.57亿元，同比增长10.6% 一年内最高/最低(元) 9.28/6.08 受益于车流量复苏，2023年公司实现通行费105.57亿元，同比增长10.57%。 其中主力路产济青高速实现收入 36.03 亿元，同比增长 ...

Investment Rating - The report maintains a "Buy" rating for Shandong Expressway [2] Core Views - The company has shown a recovery in traffic volume, leading to an increase in revenue and absolute dividend value [2] - In 2023, the company achieved operating revenue of 26.546 billion RMB, a year-on-year increase of 18.62%, and a net profit attributable to shareholders of 3.297 billion RMB, up 8.47% year-on-year [2][6] - The company is expected to continue its highway construction, with revised net profit forecasts for 2023-2025 being 3.89 billion RMB, 4.41 billion RMB, and a new forecast for 2026 at 4.88 billion RMB [2] Summary by Sections Performance Analysis - The increase in revenue is attributed to the rise in service income from PPP projects and toll revenue [2] - Toll revenue from the company's core asset, the Jingtai Expressway, increased by 43.09% year-on-year due to the early opening of the upgraded section [2] - The railway business also saw a revenue increase of 16.10% and a net profit increase of 37.73%, driven by a 17.6% year-on-year growth in freight volume [2] Financial Metrics - The company's gross margin decreased to 30.4%, down 4.3 percentage points year-on-year, while the expense ratio improved to 13.28%, down 1.56 percentage points [2] - Investment income fell by 21.25% year-on-year to 1.371 billion RMB [2] - The proposed dividend for 2023 is 2.033 billion RMB, representing 61.66% of net profit, with a per-share dividend increase of 5% to 0.42 RMB [2] Future Outlook - The company is expected to continue its investment in highway expansion projects, with significant investments already made in 2023 [2] - The report anticipates steady growth in revenue and profit over the next few years, with a focus on maintaining high dividend payouts [2][6]

Group 1 - The Jinan to Ningjin Expressway (Dezhou Section) has received approval for construction land from the Ministry of Natural Resources, covering a total length of 94.8 kilometers, with the Dezhou section measuring 83.4 kilometers [1] - The project involves six counties and districts across two cities, with a total approved construction land area of 718.6 hectares [1] - The expressway will be built to a dual six-lane standard, with a design speed of 120 kilometers per hour and an overall roadbed width of 34.5 meters [1] Group 2 - The construction of the expressway is significant for optimizing the layout of the Shandong provincial expressway network, enhancing overall network efficiency, and improving regional transportation conditions [1] - The project is expected to promote the economic development of the provincial capital economic circle and the surrounding regional economy and society [1]

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company reported a net profit attributable to shareholders of 3.297 billion yuan in 2023, representing a year-on-year increase of 8.5% [1]. - The revenue for 2023 was 26.546 billion yuan, reflecting a year-on-year growth of 18.6% [1]. - The company is focusing on its core transportation business, with significant contributions from toll revenue, which amounted to 10.247 billion yuan, despite a decline in certain road segments due to expansion projects [1]. - The core road asset expansion is nearing completion, which is expected to enhance traffic volume and profitability [1][2]. - The company has a strong dividend policy, proposing a cash dividend of 20.33 million yuan, marking a historical high with a payout ratio of 61.7% [1]. Financial Summary - The projected net profits for 2024, 2025, and 2026 are 3.636 billion yuan, 4.103 billion yuan, and 4.343 billion yuan, respectively, with corresponding P/E ratios of 12, 11, and 10 [2]. - The total revenue is expected to grow from 26.546 billion yuan in 2023 to 33.611 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 7.7% [3]. - The gross profit margin is projected to stabilize around 31.1% to 31.9% over the next few years [3]. - The return on equity (ROE) is expected to improve from 7.9% in 2023 to 9.2% by 2026 [3]. Operational Insights - The company is actively divesting from its real estate segment, with the recent disposal of 100% equity in Yantai Hosheng, generating an investment return of 538 million yuan [1]. - The completion of major road construction projects is anticipated to significantly reduce operational risks and enhance cash flow stability [1][2]. - The company has maintained a strong cash position, with cash and cash equivalents projected to increase from 4.438 billion yuan in 2023 to 18.033 billion yuan by 2026 [4].