Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [6]. Core Views - The company is projected to achieve a revenue of 28.49 billion yuan in 2024, reflecting a year-on-year growth of 7.34%. However, the net profit attributable to the parent company is expected to decline by 3.07% to 3.20 billion yuan [4][5]. - The company is actively expanding its core business through road asset upgrades and acquisitions, which are anticipated to contribute to future growth [4]. - The company plans to maintain a stable dividend payout of 0.42 yuan per share, resulting in a dividend yield of approximately 4.0% based on the current stock price [4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 28.49 billion yuan, with a year-on-year growth rate of 7% [2]. - The net profit attributable to the parent company for 2024 is projected at 3.20 billion yuan, down 3% from the previous year [2][4]. - The earnings per share (EPS) for 2024 is estimated to be 0.66 yuan, with a slight decline expected in subsequent years [2][5]. Revenue Sources - The company’s toll revenue for 2024 is expected to be 9.93 billion yuan, a decrease of 5.95% year-on-year, primarily due to traffic diversion from new road openings [4]. - The core toll revenue from the Jiqing Expressway is projected to be 3.17 billion yuan, down 12.12% year-on-year, while the revenue from the Jingtai Expressway is expected to grow slightly by 0.10% [4]. Investment and Expansion - The company has invested 2.59 billion yuan in road asset upgrades in 2024, with significant progress reported in various construction projects [4]. - The company has also acquired a 20% stake in Luzhou Southeast Company, achieving full control, and has won a bid for the remaining concession rights of the He Bao Expressway [4]. Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 14.8X, 14.0X, and 13.2X, respectively, based on the current stock price of 10.41 yuan [2][4]. - The report anticipates a stable return on equity (ROE) of 6% over the forecast period [2][5].

Core Viewpoint - Shandong Hi-Speed Company reported a dual improvement in business scale and quality for the fiscal year 2024, with total assets reaching 161.688 billion yuan and operating income increasing by 7.34% year-on-year to 28.494 billion yuan, while net profit attributable to shareholders was 3.196 billion yuan, indicating sustained development resilience [1]. Business Performance - The company focused on supporting its main business with high-quality resources, achieving a top national ranking in tunnel evaluation during the 2024 National Highway Network technical condition monitoring [1]. - Shandong Hi-Speed established five zero-carbon toll stations, implementing a model for photovoltaic green electricity self-use and surplus electricity grid connection, enhancing its "Shan Gao·Xing" service brand [1]. Investment and Growth - The company actively sought investment opportunities aligned with its main business to strengthen internal growth, acquiring a 20% stake in Luzhou Southeast Expressway Development Co., achieving 100% control and enhancing its influence in the Sichuan-Chongqing region [1]. - Shandong Hi-Speed also won the concession rights and all revenues for the remaining term of the He-Bao Expressway from Xinxiang to Changyuan, adding 49.12 kilometers of quality road assets to its operational portfolio, bringing total managed expressway assets to over 2,913 kilometers [1]. Engineering Projects - The company accelerated various engineering projects, including the successful completion of the Ji-He Expressway expansion, which will resume two-way traffic on December 20, 2024 [2]. - The Weilai project, recognized as the first national expressway project approved for "physical expansion + smart transformation," completed an investment of 136 million yuan during the reporting period [2]. - The company won the bid for the G220 Dongshen Line expansion project, which will cover the entire investment, construction, and operation cycle, becoming a new growth point for performance [2]. Market Performance - Shandong Hi-Speed maintained a leading position in the capital market, with its stock price reaching a new high of 10.51 yuan per share in 2024, resulting in a market capitalization increase of 55.38% to 50 billion yuan [2]. - The company proposed a cash dividend of 4.2 yuan per 10 shares (including tax), with a dividend payout ratio of approximately 63.76%, reflecting its commitment to returning value to investors [2]. ESG Commitment - The company actively implements "dual carbon" goals, focusing on low-carbon road construction, and received an A-level ESG rating from Wind, ranking among the top in the transportation infrastructure industry [2]. Strategic Goals - During the 14th Five-Year Plan period, Shandong Hi-Speed set a vision to focus on its main business, seek steady progress, and become a leading infrastructure investment and construction service provider in China, aiming to solidify its core business and enhance its industry engine [3].

Investment Rating - The investment rating for Shandong Expressway (600350) is "Buy" [1][2] Core Views - The company reported a stable performance with a revenue of 28.494 billion yuan in 2024, reflecting a year-on-year increase of 7.34%. However, the net profit attributable to shareholders decreased by 3.07% to 3.196 billion yuan [2][3] - The toll revenue slightly declined by 5.95% to 9.928 billion yuan, while the traffic volume increased by 3.23% to 186.9 million vehicles [3] - The core road asset expansion is nearing completion, which is expected to enhance traffic volume and fee rates, potentially leading to an upward shift in profit margins [5][8] Financial Performance Summary - In Q4 2024, the company achieved a revenue of 8.593 billion yuan, a slight decrease of 0.16% year-on-year, but the net profit increased by 8.08% to 681 million yuan [2][3] - The company plans to distribute a cash dividend of 0.42 yuan per share, maintaining the same level as in 2023, with a total distribution of 2.038 billion yuan, resulting in a dividend payout ratio of approximately 63.76% [6][7] - The projected net profits for 2024-2026 are 3.346 billion yuan, 3.630 billion yuan, and 3.871 billion yuan, respectively, with corresponding P/E ratios of 15.1, 13.9, and 13.1 [8]

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company achieved a revenue of 28.5 billion RMB in 2024, representing a year-on-year increase of 7.34%, while the net profit attributable to shareholders was 3.196 billion RMB, a decrease of 3.07% year-on-year. The net profit for Q4 was 681 million RMB, an increase of 8.08% year-on-year. The proposed dividend is 0.42 RMB per share, maintaining a dividend yield of 4.0% [1][2][3] - The company’s toll revenue decreased by 6% in 2024, with a gross profit margin decline of 9%. The traffic volume increased by 3%, but the toll revenue was negatively impacted by factors such as insufficient freight demand and policy exemptions [2][3] - Investment income increased by 2.3% to 1.4 billion RMB, contributing 26% to pre-tax profit. The information group saw a net profit increase of 17.89%, while the rail transit group experienced a decline in net profit [3][4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 28.5 billion RMB and a net profit of 3.196 billion RMB. The earnings per share (EPS) for 2024 is projected at 0.55 RMB, with a return on equity (ROE) of 10.73% [6][20] - The company expects net profits of 3.483 billion RMB and 3.766 billion RMB for 2025 and 2026, respectively, with a target price adjustment to 12.02 RMB based on a 19.7x 2025 PE ratio [4][12] Business Segments - The main highway business faced challenges with a 6% decline in toll revenue, attributed to increased exemptions and competition from parallel roads. The freight segment remains sensitive to macroeconomic conditions [2][3] - The investment segment showed resilience with a 2.3% increase in investment income, while the rail transit segment's profit declined by 3.6% [3][4] Valuation - The target price of 12.02 RMB reflects a premium based on the company's high dividend yield compared to peers. The previous target price was 9.41 RMB [4][12]

Investment Rating - The investment rating for Shandong Expressway (600350) is "Buy" [1] Core Views - The company reported a stable performance with a revenue of 28.494 billion yuan in 2024, reflecting a year-on-year increase of 7.34%, while the net profit attributable to shareholders decreased by 3.07% to 3.196 billion yuan [2][3] - The toll revenue slightly declined by 5.95% to 9.928 billion yuan, despite a 3.23% increase in traffic volume to 186.9 million vehicles [3] - The core road asset expansion is nearing completion, which is expected to enhance traffic volume and fee rates, potentially leading to an upward shift in profit margins [5][8] Financial Performance - In Q4 2024, the company achieved a revenue of 8.593 billion yuan, a slight decrease of 0.16% year-on-year, with a net profit of 681 million yuan, an increase of 8.08% [2] - The company plans to distribute a cash dividend of 0.42 yuan per share for 2024, maintaining the same level as in 2023, with a total distribution of 2.038 billion yuan, resulting in a dividend payout ratio of approximately 63.76% [6][7] - The projected net profits for 2024-2026 are 3.346 billion yuan, 3.630 billion yuan, and 3.871 billion yuan, respectively, with corresponding P/E ratios of 15.1, 13.9, and 13.1 [8] Segment Analysis - Toll revenue from the road and bridge operations was 9.928 billion yuan, with a notable decline in revenue from the Jiqing Expressway, which was approximately 3.603 billion yuan, down 12.12% year-on-year [3] - Capital operations showed a strong performance, with Qilu Expressway generating 7.022 billion yuan in revenue, up 25.19%, while the Rail Transit Group and Information Group also reported revenue increases [3] - The cost structure of toll roads indicates a depreciation and amortization cost of approximately 2.899 billion yuan, a decrease of 6.67%, while maintenance costs rose by 22.44% to 882 million yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - In 2024, the company achieved operating revenue of 28.494 billion RMB, a year-on-year increase of 7.34%, while the net profit attributable to shareholders was 3.196 billion RMB, a decrease of 3.07% [1] - The decline in toll revenue was attributed to a weak macroeconomic recovery leading to reduced traffic flow, with core asset Jiqing Expressway experiencing a toll revenue drop of 12.1% [1] - The company's gross margin decreased to 26.1%, down 4.32 percentage points year-on-year, primarily due to an increase in zero-margin PPP construction revenue [2] - The company plans to distribute a stable dividend of 0.42 RMB per share for 2024, maintaining a payout ratio of 63.76% [3] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 8.59 billion RMB, a year-on-year decline of 22.9%, and a net profit of 680 million RMB, down 4.6% [1] - The company’s investment income reached 1.403 billion RMB, a year-on-year increase of 2.33%, with debt investment growing by 29.5% [2] - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 3.49 billion RMB, 3.64 billion RMB, and 3.89 billion RMB respectively [4] Revenue and Profitability - The main business revenue for 2024 was 28.494 billion RMB, with a growth rate of 7.34% [8] - The net profit margin for 2024 was 11.22%, a decrease of 1.2 percentage points year-on-year [2] - The company’s diluted earnings per share for 2024 was 0.659 RMB, with a projected increase to 0.802 RMB by 2027 [8] Market Position - The company has consistently received a "Buy" rating in recent reports, indicating positive market sentiment [10][11] - Historical recommendations show a target price range of 7.44 RMB to 9.02 RMB, reflecting an optimistic outlook for the stock [10]

Core Viewpoint - Shandong Expressway (600350) reported a revenue increase of 7.34% year-on-year to 28.494 billion yuan in 2024, but net profit decreased by 3.07% to 3.196 billion yuan, raising concerns about operational efficiency amid challenges such as declining toll revenue and reduced investment returns [1] Toll Road Operations - Despite efforts to enhance service quality and operational efficiency, toll revenue fell significantly, with a 7.44% year-on-year decrease to 7.569 billion yuan in the first three quarters [4] - Major toll road segments like Jiqing Expressway and G104 experienced revenue declines due to factors such as parallel road openings and reduced traffic volumes [4] - Measures like optimizing traffic control and launching tourism activities had limited impact on revenue growth, indicating insufficient adaptability to market competition and external changes [4] - Customer service improvements were noted, with a 67.60% reduction in temporary station closures and a service satisfaction rate of 99.16%, but these did not translate into revenue increases [4] Investment Operations - Investment returns also declined, with a 0.25% year-on-year decrease to 966 million yuan in the first three quarters, primarily due to exits from certain projects [5][6] - Long-term equity investment returns dropped significantly to 589 million yuan, reflecting poor investment decision-making and project management [6] - The rail transport segment reported revenue of 3.535 billion yuan and net profit of 328 million yuan, but growth was mainly driven by increased rail volume rather than new contracts in the transport sector [6] Key Projects - The company continued to advance several expansion projects in 2024, such as the S16 and G220 highway upgrades, which are expected to enhance future operational capacity but also impose significant financial pressure [7] - For instance, the Jitai Expressway upgrade saw investments of 1.986 billion yuan in the first three quarters, totaling 5.354 billion yuan, while the Jizhe Expressway project reached 14.095 billion yuan in total investment [7] - The pace of project execution faced challenges, with uncertainties regarding completion timelines, indicating a need for improved project management efficiency [7]

Core Viewpoint - Shandong Expressway aims to become a "high-quality retirement stock" for A-share investors, focusing on its core business while enhancing both business scale and quality, achieving an asset scale of 161.688 billion yuan and a revenue of 28.494 billion yuan, with a year-on-year growth of 7.34% [1] Group 1: Financial Performance - The company reported a net profit attributable to shareholders of 3.196 billion yuan, with earnings per share of 0.54 yuan and a dividend of 0.42 yuan per share, indicating sustained growth resilience [1] - Investment income reached 1.403 billion yuan, reflecting a year-on-year increase of 2.33% [2] - The company maintained a high dividend payout ratio of approximately 63.76%, distributing 4.20 yuan in cash dividends per 10 shares, totaling cumulative dividends of 21.746 billion yuan over 23 years [3] Group 2: Business Development - Shandong Expressway is enhancing its core business by focusing on road and bridge operations, emphasizing "all-weather passage" and customer-centric service, supported by smart highway initiatives [1] - The company has successfully acquired a 20% stake in Luzhou Southeast Company, achieving 100% control, which strengthens its influence in the Sichuan-Chongqing region [2] - The company has expanded its road network to over 2,913 kilometers, including the successful acquisition of the remaining rights and benefits for the He Bao Expressway [2] Group 3: Engineering Projects - Key engineering projects are progressing rapidly, with the Jike Expressway expansion completed and set to resume two-way traffic on December 20, 2024 [2] - The Weilai project, recognized as the first highway project approved for "physical expansion + intelligent transformation," completed an investment of 136 million yuan during the reporting period [2] - The company won the bid for the G220 Dongshen Line expansion project, which will cover the entire investment, construction, and operation cycle, becoming a new growth point for performance [2] Group 4: ESG and Future Goals - The company is committed to low-carbon road construction, achieving an ESG A rating and receiving multiple accolades for information disclosure and corporate governance [3] - During the 14th Five-Year Plan period, the company aims to solidify its core business and become a leading infrastructure investment and construction service provider in China [3]

山东高速股份有限公司 （独立董事 王晖） 本人作为山东高速股份有限公司（以下简称"公司"）独立董事，在 2024 年 度于公司任职期间，按照《中华人民共和国公司法》 （以下简称"《公司法》"）、 《中华人民共和国证券法》 《上市公司治理准则》 《上市公司独立董事管理办法》 等法律法规以及《山东高速股份有限公司章程》（以下简称"《公司章程》"）、 公司《独立董事工作制度》等规定和要求，认真、勤勉、谨慎履行职责，出席年 度内董事会等相关会议，对各项议案进行认真审议，及时对公司的发展及经营发 表专项说明，提出建议,进行客观、公正的评价,努力维护公司整体利益及全体股 东的合法权益。现将本年度履行职责情况报告如下： 一、独立董事基本情况 （一）独立董事个人情况 王晖，男，54 岁，硕士研究生，中国注册会计师、美国注册会计师。现任和 信会计师事务所（特殊普通合伙）首席合伙人，山东省注册会计师协会轮值会长， 中国注册会计师协会专业指导委员会委员。2020 年 5 月至本报告期末，兼任公 司第六届董事会独立董事。 （二）独立性情况说明 作为独立董事，本人未在公司担任除独立董事及董事会专门委员会主任或委 员以外的其他任何职务， ...

国浩律师（济南）事务所 关于 山东高速股份有限公司 股票期权激励计划预留授予股票期权 第三个行权期行权条件成就 之 法律意见书 济南市龙奥西路 1 号银丰财富广场 C 座 19、20 层 邮编：250014 电话/Tel: +86 531 8611 0949 8611 2118 传真/Fax: +86 531 8611 0945 网址/Website:http://www.grandall.com.cn 二〇二五年四月 国浩律师（济南）事务所 关于山东高速股份有限公司股票期权激励计划 预留授予股票期权第三个行权期行权条件成就之 法律意见书 致：山东高速股份有限公司 国浩律师（济南）事务所（以下简称"本所"）接受山东高速股份有限公司 （以下简称"山东高速"、 "公司"）的委托，根据《中华人民共和国公司法》 （以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上 市公司股权激励管理办法》 （以下简称"《管理办法》"）、 《律师事务所从事证 券法律业务管理办法》和《律师事务所证券法律业务执业规则》等规定及本法律 意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉 ...