每经记者 赵李南 每经编辑 马子卿 4月9日，A股上市公司密集披露应对美国关税政策的公告。 宸展光电坦言关税对产业链冲击广泛，但公司已经通过泰国、墨西哥等海外生产基地进行布局。光弘科 技宣布收购法国企业AC公司，加速墨西哥、欧洲、非洲产能落地。同时，多家上市公司开启"护盘模 式"，大蓝筹股美的集团、中远海控等已经开始入场回购。 宸展光电等多家公司披露海外布局情况 宸展光电（SZ003019，股价26.38元，市值46.08亿元）称，本次关税加征属全球性事件，对产业中几乎 所有参与者皆有影响。据此，评估本事件对公司影响时，需将竞争对手生产地被课征的关税率纳入综合 考虑。宸展光电表示，从2024年开始公司已在泰国建设生产基地，并在年底前量产。据悉，宸展光电出 口至美国的产品，已有70%由泰国生产，因泰国被课征的关税率相对较低，在整个竞争环境中，公司受 影响程度相对低。此外，通过泰国出货的商品入关美国时所发生的关税主要是由进口商（客户端）支 付。 江丰电子（SZ300666，股价68.71元，市值182.31亿元）表示，2024年公司出口美国的产品收入占公司 总营业收入的比例约为1.19%，占比较低。因此，本次美国 ...

今日聚焦 1、荣盛石化：控股股东拟10亿元-20亿元增持公司股份 荣盛石化公告，控股股东荣盛控股拟自2025年4月8日起6个月内增持不低于10亿元且不超过20亿元公司 股份，增持不设定价格区间，将根据股票价格波动情况及二级市场整体趋势择机实施。中国工商银行浙 江省分行承诺为荣盛控股增持荣盛石化股份提供专项贷款支持，贷款金额不超过18亿元，贷款期限三 年。 2、江丰电子：美国加征关税对公司影响较小 江丰电子公告，经评估，本次美国加征关税对公司经营产生的影响较小。公司采购的主要原材料为各种 高纯度的金属材料，公司作为国内电子材料领域的龙头企业，通过多年布局已实现原材料采购的国内 化、产业链的本土化，构建了安全稳定的供应链体系。因此，本次关税政策对公司现有采购业务的影响 较小。公司的主要产品高纯金属溅射靶材及半导体零部件具有定制化程度高、技术含量高、客户稳定性 强等特点，客户资源较为广泛。2024年公司出口美国的产品收入占公司总营业收入的比例约为1.19%， 占比较低。目前，公司订单充足，经营正常，各项业务稳步推进，未受到显著影响。 3、宁波海运：控股股东之一致行动人拟增持公司不超2%股份 宁波海运公告，公司控股股 ...

一、提议人的基本情况及提议时间 证券代码：600350 证券简称：山东高速 编号：2025-021 山东高速股份有限公司 关于董事长提议回购公司部分股份的提示性公告 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。 提议人：公司董事长傅柏先先生 提议时间：2025 年 4 月 9 日 山东高速股份有限公司（以下简称"公司"）于 2025 年 4 月 9 日收到公司 董事长傅柏先先生（以下简称"提议人"）《关于提议山东高速股份有限公司回 购公司部分股份的函》，具体内容如下： 二、提议回购股份的原因和目的 为维护公司全体股东利益，增强投资者信心，稳定及提升公司价值，基于对 公司未来发展的信心，公司董事长傅柏先先生提议公司通过集中竞价交易方式回 购部分公司股份，回购的股份将用于减少注册资本，优化公司资本结构，提升公 司股东价值。 三、提议内容 1、回购股份的种类：公司发行的人民币普通股（A 股）。 2、回购股份的用途：本次回购的股份将用于减少注册资本。 3、回购股份的方式：通过上海证券交易所交易系统以集中竞价交易方式进 行股份回购。 4 ...

Core Insights - The highway sector has seen three companies disclose data resources in their 2024 annual reports, with a total disclosed amount of 3.68 million yuan, representing a 922% increase compared to the first quarter report [1] - Shandong Expressway leads in data resource disclosure, with an amount of 2.58 million yuan in the annual report, marking a 617% increase from the first quarter [1] - Despite Wanjun Expressway's disclosure amount being less than one-third of Shandong Expressway's, its data resources account for a significantly higher proportion of total assets [1] Company-Specific Summaries - **Shandong Expressway**: - Disclosed three self-developed data resources: road network traffic data, vehicle risk rating data, and truck unused capacity index data [2][3] - The road network traffic data is used for internal management to assist in congestion warning and diversion [3] - The vehicle risk rating data assesses safety risks based on various factors and can influence insurance premium calculations [3] - The truck unused capacity index reflects the degree of underutilization of truck transport capacity on highways [3] - **Zhongyuan Expressway**: - Completed the registration of three data products, including the "Zhongyuan Expressway Vehicle Model Database" and traffic analysis data elements [4] - Utilizes ELT data integration methods to create a specialized database from transaction data across its toll stations [4] - Aims to enhance daily management and improve operational efficiency for logistics companies [4] - **Wanjun Expressway**: - Has not disclosed detailed data asset information in its annual report, unlike Shandong and Zhongyuan Expressways [2][10]

Group 1 - The company focuses on high-quality development by enhancing its core business areas, which include smart operations, engineering construction, and industrial chain investment [1] - The company has improved operational services by implementing a "24/7 passage" model and utilizing technologies such as the Changhe Tong APP and ETC to enhance service quality [1] - The company has completed the expansion and renovation of 609 kilometers of highways since 2014, receiving multiple prestigious industry awards for its projects [1] - The company has acquired additional highway segments, increasing its toll mileage by 294 kilometers and establishing development platforms in five provinces [1] - The company aims to build a comprehensive supply chain financial service system to support its main business development [1] Group 2 - The company has strengthened its corporate governance by enhancing the legal structure and ensuring transparency and effective checks and balances [2] - The company integrates party leadership into its governance to enhance governance effectiveness [2] - The company has established a five-year shareholder return plan, with total cash dividends amounting to 9.754 billion and an average annual cash dividend ratio of approximately 69.15% [2] Group 3 - The company will hold a 2024 annual report performance briefing and engage in activities for shareholders to visit the listed company [3] - The company plans to consider its operational status, development plans, funding needs, and shareholder opinions for a new round of shareholder return plans [3]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment in the stock [4][6]. Core Viewpoints - Shandong Expressway is a leading player in the toll road and bridge sector, focusing on the investment and operation of transportation infrastructure, with a robust expansion strategy in the upstream and downstream value chain [5][9]. - The company has a strong commitment to shareholder returns, maintaining an average dividend payout ratio of 65.37% from 2019 to 2023, with a commitment to not distribute less than 60% of net profit as dividends from 2020 to 2024 [5][26]. - The company is expected to see stable growth in revenue and profit, with projected net profits of 3,216 million, 3,378 million, and 3,561 million RMB for 2025, 2026, and 2027 respectively, reflecting a gradual recovery in traffic demand and operational efficiency [6][51]. Summary by Sections Company Overview - Shandong Expressway, established in 1999 and listed in 2002, has expanded its operational toll road mileage from 1,452 kilometers in 2010 to 2,864 kilometers by 2024, achieving a CAGR of 5.36% [13][18]. - The company is controlled by the state-owned Shandong Expressway Group, which holds 70.31% of the shares, providing a strong backing for its operations [13][14]. Financial Performance - The company reported a revenue CAGR of 17.09% and a net profit CAGR of 2.72% from 2014 to 2023, with total assets growing at a CAGR of 14.71% [18]. - For the first three quarters of 2024, the company achieved a revenue of 19,901 million RMB, a year-on-year increase of 10.94%, while net profit decreased by 5.70% to 2,516 million RMB due to adverse weather conditions and traffic diversions [18][20]. Business Segments - The toll road business is the core revenue driver, contributing 37.29% of total revenue in the first half of 2024, with a gross profit margin of 53.78% [15][21]. - The company has diversified its operations into various sectors, including construction services, electrical engineering, and railway transportation, with the latter contributing 9.50% to total revenue in the first half of 2024 [15][39]. Investment Strategy - The company employs an "investment + management" model to expand its national highway network, managing a total of 2,864 kilometers of toll road assets across multiple provinces [28][32]. - Shandong Expressway has made strategic investments in sectors such as finance, environmental protection, and smart transportation, enhancing its growth potential [34][35]. Profitability Forecast - The company anticipates stable revenue growth driven by a recovery in traffic demand and ongoing expansion of its toll road assets, with expected net profits showing modest growth from 2025 to 2027 [47][51].

证券代码：600350 证券简称：山东高速 编号：2025-020 山东高速股份有限公司 关于积极推动"提质增效重回报"情况的公告 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。 山东高速股份有限公司（以下简称"公司"）作为国有控股上市公司，坚持 聚焦主责主业，践行国企担当使命，维护全体股东权益，促进公司健康可持续发 展。现将有关情况公告如下： 一、聚焦主责主业、提升经营质量 近年来，公司围绕高质量发展主题，聚焦主责主业，重点发展三大业务板块， 即智慧运营、工程建设和产业链投资。一是运营服务提质增效。公司坚持以客户 服务为中心，深化"全天候通行"模式，结合利用畅和通 APP、ETC 等技术手段， 提升服务质量，优化驾乘人员体验。二是创树工程建设品牌。自 2014 年起，公 司累计完成 4 条，共计 609 公里的高速公路扩容改造，其中济青高速改扩建项目 获得了李春奖、詹天佑奖、鲁班奖、全国质量奖等行业大奖，实现了业内重量级 奖项大满贯。三是投资赋能转型发展。一方面公司先后收购湖南衡邵、湖北武荆、 河南济晋、四川泸渝等高速公路，累 ...

Summary of Shandong Expressway Conference Call Company Overview - **Company**: Shandong Expressway - **Year**: 2024 Key Financial Data - **Total Revenue**: 28.494 billion CNY, up 7.34% year-on-year [3] - **Net Profit Attributable to Shareholders**: 3.196 billion CNY, down 3% year-on-year [3] - **Net Profit Excluding Non-recurring Items**: 2.914 billion CNY, down 0.5% year-on-year [3] - **Net Cash Flow from Operating Activities**: 6.841 billion CNY, up 13% year-on-year [3] - **Basic Earnings per Share**: 0.54 CNY, down 5.9% year-on-year [3] - **Weighted Average Return on Equity**: 8.95% [3] Revenue Breakdown - **Toll Revenue**: 9.928 billion CNY, down 5.9% year-on-year, primarily due to the diversion effect from the opening of the Jixin Expressway [3][5] - **Jixin Expressway Toll Revenue**: 3.167 billion CNY [5] - **Jing-Tai Expressway Toll Revenue**: 2.167 billion CNY, slight increase of 0.1% [5] Project Developments - **TG Project Investment**: 2.588 billion CNY, with 90% of the subgrade and 75% of the pavement completed [6] - **Jing-Tai Expressway**: Fully restored two-way traffic as of December 20, 2023 [6] - **Acquisition**: 100% control of Central Southeast Expressway and investment in HeYue Expressway [6] Other Business Segments - **Rail Transit Group Revenue**: 4.846 billion CNY, up 0.5% year-on-year; net profit down 3.5% to 430 million CNY [7] - **Shandong High-Speed Rail Revenue**: 4.4 billion CNY, up 2.5%; net profit up 17% to 369 million CNY [7] - **Total Investment Income**: 1.403 billion CNY, up 2.33% year-on-year [7] Traffic Flow and Future Expectations - **Jixin Expressway**: Daily toll revenue decline stabilized at 6%-8%, mainly affecting passenger vehicles [8] - **Jilai Expressway**: Overall traffic volume expected to return to reasonable growth rates in 2025 [9] - **Wujin and Luzhu Expressways**: Show signs of recovery after negative growth in 2024 [10] Capital Expenditure and Financing - **2025 Capital Expenditure Plan**: 3.5 billion CNY, focusing on geometric and future projects [19] - **Financing Strategy**: Plans to reduce comprehensive financing costs over the next five years through bank loans and corporate bonds [22] Dividend and Incentive Plans - **Dividend Policy**: New dividend plan expected in the second half of 2025, aiming for a high payout ratio over the next 3-5 years [24] - **Incentive Plan**: New incentive plan to align management and economic interests, with implementation expected soon [25] Regulatory and Market Considerations - **Highway Management Regulations**: No confirmed timeline for new regulations affecting the toll road sector [23] - **Impact of US-China Trade War**: Short-term effects on exports and production, but potential for domestic demand stimulation [36] Investment Returns and Cost Management - **Internal Rate of Return for Projects**: Approximately 6% for reconstruction and expansion projects [37] - **Cost Control**: Decrease in sales expenses due to cost optimization measures [32] Conclusion Shandong Expressway is navigating challenges in toll revenue due to traffic diversions while maintaining growth in other segments. The company is focused on strategic investments and cost management to enhance profitability and shareholder returns in the coming years.

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].