1 证券代码：600350 证券简称：山东高速 编号：临 2024-062 | 主承销商 | 中信银行股份有限公司 | | --- | --- | | 联席主承销商 | 兴业银行股份有限公司 | 山东高速股份有限公司 2024 年度第五期超短期融资券发行情况公告 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。 经 2022 年 4 月 27 日召开的公司 2021 年年度股东大会审议批准，公司按照 中国银行间市场交易商协会（下称"交易商协会"）的相关规定，向交易商协会 申请统一注册非金融企业债务融资工具，具体包括超短期融资券、短期融资券、 中期票据（含长期限含权中期票据）、ABN、PPN 等，在中国银行间市场交易商协 会注册有效期内一次或择机分期发行。（相关决议公告详见《中国证券报》《上海 证券报》《证券时报》及上海证券交易所网站）。 2024 年 9 月 23 日，公司已完成 2024 年度第五期 10 亿元超短期融资券的起 息发行工作，该募集资金已到达公司指定账户，现将有关发行情况公告如下： | 超短期融资券名称 | 山东高 ...

山东高速股份有限公司 2024 年度第四期超短期融资券发行情况公告 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。 经 2022 年 4 月 27 日召开的公司 2021 年年度股东大会审议批准，公司按照 中国银行间市场交易商协会（下称"交易商协会"）的相关规定，向交易商协会 申请统一注册非金融企业债务融资工具，具体包括超短期融资券、短期融资券、 中期票据（含长期限含权中期票据）、ABN、PPN 等，在中国银行间市场交易商协 会注册有效期内一次或择机分期发行。（相关决议公告详见《中国证券报》《上海 证券报》《证券时报》及上海证券交易所网站）。 2024 年 9 月 11 日，公司已完成 2024 年度第四期 10 亿元超短期融资券的起 息发行工作，该募集资金已到达公司指定账户，现将有关发行情况公告如下： 证券代码：600350 证券简称：山东高速 编号：临 2024-061 | 超短期融资券名称 | 山东高速股份有限公司 2024 年度第四期超短期融资券 | 超短期融资券简称 | 24 鲁高速股 SCP004 | | --- | ...

证券代码：600350 证券简称：山东高速 编号：临 2024-060 山东高速股份有限公司 2024 年半年度业绩说明会纪要 一、说明会基本情况 山东高速股份有限公司（以下简称"公司"）于 2024 年 9 月 10 日（星期 二）上午 10:00-11:00 召开了 2024 年半年度业绩说明会。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 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 答：三季度为高速公路收费"黄金期"，7、8 月份通行费收入数据整体向好， 较二季度降幅收窄。四季度，路网施工影响将明显减少，预计通行费收入会有改 1 善。 3、上半年信息集团实现营收 14.4 亿元，净利润 0.65 亿元，信息集团目前 主要聚焦哪些业务，系统内和系统外业务大致占比是什么情况？ 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、公司上半年降本增效措施及成果有哪些？ 答：公司结合成本构成情况 ...

证券研究报告 非金融公司|公司点评|山东高速（600350） 业绩短期承压，2024H1 盈利下降 7% 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 公司发布 2024 年半年报。2024H1，公司实现营收 121.37 亿元，同比增长 6.16%，实现归母净 利润 16.32 亿元，同比下降 7.23%。其中 2024Q2 公司实现营收 76.05 亿元，同比增长 20.89%， 实现归母净利润 8.63 亿元，同比下降 7.70%。 |分析师及联系人 李蔚 SAC：S0590522120002 请务必阅读报告末页的重要声明 1 / 5 2023/9 2024/1 2024/5 2024/9 非金融公司|公司点评 glzqdatemark2 2024年09月04日 山东高速(600350) 业绩短期承压，2024H1 盈利下降 7% | --- | --- | |----------------------------|--------------------------------| | | | | 行 业： 投资评级： | 交通运输/铁路公 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 9.41 [5][6]. Core Views - The company's interim report showed a slight decline in net profit, primarily due to insufficient demand for freight vehicles. In the first half of 2024, the company achieved revenue of RMB 12.1 billion (up 6.2% year-on-year) and a net profit attributable to shareholders of RMB 1.63 billion (down 7.2% year-on-year), which was slightly below the expected RMB 1.69 billion [2][3]. - The decline in profitability is attributed to factors such as insufficient freight demand, network diversion, and an increase in free toll days. The profit forecasts for 2024, 2025, and 2026 have been adjusted to RMB 3.19 billion, RMB 3.46 billion, and RMB 3.75 billion respectively [2][3]. Summary by Sections Financial Performance - In the first half of 2024, toll revenue (including tax) decreased by 10% to RMB 4.66 billion, with gross profit declining by 15% to RMB 2.43 billion, accounting for 70% of total gross profit. The traffic volume saw a year-on-year decline of 1%, which was less than the drop in toll revenue [3]. - The company’s freight revenue is significantly affected by macroeconomic cycles, and the increase in free toll days and adverse weather conditions have also impacted traffic flow [3]. Business Segments - The rail transit group, in which the company holds a 51% stake, reported a revenue of RMB 2.29 billion (down 2% year-on-year) and a net profit of RMB 195 million (up 7% year-on-year). The information group, with a 65% stake, contributed a net profit of RMB 95 million due to its acquisition at the end of 2023 [4]. - The company’s investment income increased by 9.6% year-on-year to RMB 700 million, driven by the disposal of some equity investments and increased interest income [4]. Future Outlook - The impact of traffic volume reduction on the Jiqing Expressway is expected to stabilize, with toll revenue declines projected to narrow to near zero by the fourth quarter. The Jihe Expressway expansion project is anticipated to be completed by the end of 2024, significantly increasing traffic capacity [7]. - The company’s financial expenses decreased by 13.5% year-on-year to RMB 810 million due to declining market interest rates [7].

Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index over the next 6 to 12 months [6]. Core Views - The company's toll revenue has declined, putting pressure on its performance, but the dividend yield remains attractive [1]. - In the first half of 2024, the company achieved an operating income of 12.137 billion yuan, a year-on-year increase of 6.16%, while the net profit attributable to shareholders was 1.632 billion yuan, a year-on-year decrease of 7.23% [2][4]. - The company is actively investing in key projects, with significant progress in expansion projects expected to enhance long-term growth in toll revenue [2][4]. Summary by Sections Financial Performance - The company reported operating income of 18,486 million yuan in 2022, with a projected increase to 26,546 million yuan in 2023, reflecting a growth rate of 44% [2]. - The net profit attributable to shareholders is expected to grow from 2,855 million yuan in 2022 to 3,297 million yuan in 2023, marking a 15% increase [2]. - The earnings per share (EPS) is projected to rise from 0.59 yuan in 2023 to 0.68 yuan in 2024 [2]. Investment Highlights - The company has invested approximately 1.17 billion yuan in key engineering projects in the first half of 2024, with significant completion rates in various construction phases [2]. - The completion of expansion projects is anticipated to lead to increased traffic flow and improved toll standards, contributing to the company's long-term growth potential [2][4]. Market Position - The company's stock price is currently at 9.08 yuan, with a market capitalization of 44,057 million yuan [2]. - The report indicates that the company maintains a stable dividend policy, with a projected dividend payout ratio of at least 60% of the net profit attributable to shareholders [2][4].

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Financial Performance - The company's operating revenue for the first half of 2024 was CNY 12,136,630,853.52, representing a 6.16% increase compared to the same period last year[19]. - The net profit attributable to shareholders of the listed company decreased by 7.23% to CNY 1,632,313,289.27 compared to the previous year[19]. - The net profit after deducting non-recurring gains and losses was CNY 1,550,872,059.70, a decrease of 9.80% year-on-year[19]. - The cash flow from operating activities for the first half of 2024 was CNY 2,985,106,918.00, reflecting an 8.13% increase compared to the previous year[19]. - The total assets at the end of the reporting period were CNY 154,724,365,692.91, which is a 1.98% increase from the previous year[19]. - The basic earnings per share for the first half of 2024 was CNY 0.277, down 11.78% from CNY 0.315 in the same period last year[20]. - The weighted average return on net assets decreased to 4.46%, down 0.38 percentage points from the previous year[21]. - The company reported a decrease in net assets attributable to shareholders by 1.95% to CNY 40,892,425,740.00 compared to the previous year[19]. Operational Insights - The management discussion and analysis section provides insights into the company's strategic direction and future plans[8]. - The company plans to continue focusing on market expansion and new product development to drive future growth[19]. - The company is focusing on expanding its market presence through acquisitions of operational projects outside its home province[29]. - The company aims to enhance its main business by extending its industrial chain into areas such as smart transportation, maintenance, logistics, and environmental protection[29]. - The company has established a financial service platform to support its investment projects, aiming for short-term financial returns to offset long investment recovery periods in the highway sector[29]. Traffic and Revenue Trends - In the first half of 2024, the total traffic volume for the company was 8,878.86 million vehicles, a decrease of 1.18% compared to 2023[25]. - The toll revenue for the first half of 2024 was 46.56 billion yuan, down 10.33% from the same period in 2023[25]. - The Ji-Qing Expressway saw a traffic increase of 3.73% in the first half of 2024, with a toll revenue decrease of 15.33%[24]. - The Ji-Lai Expressway experienced a traffic increase of 10.63% and a toll revenue increase of 7.97% in the same period[24]. - The traffic volume for the Ji-He Expressway decreased significantly by 34.99% in the first half of 2024[24]. Environmental Compliance - The company reported a cumulative discharge of 41.4 tons of COD in the first half of 2024, achieving a reduction rate of 92.57%[71]. - The cumulative discharge of ammonia nitrogen (NH3-N) was 0.625 tons, with a reduction rate of 99.11%[71]. - Total nitrogen discharge was 22.1 tons, with a reduction rate of 91.24%, all meeting the required standards[71]. - The company adheres to the pollutant discharge standards set by the "Urban Wastewater Treatment Plant Pollutant Discharge Standard" (GB18918-2002), with no exceedances reported for chemical oxygen demand, ammonia nitrogen, total nitrogen, and total phosphorus[76]. - The company has maintained a strong focus on environmental compliance, with all reported emissions within regulatory limits[76]. Legal and Regulatory Matters - The company reported a significant arbitration case where it requested a payment of RMB 2 billion from Shenzhen Talent Housing Group, including interest and penalties, with the arbitration ruling in favor of the company[134]. - The company is actively pursuing legal actions to enforce the arbitration ruling against Shenzhen Talent Housing Group[134]. - The company aims to avoid related party transactions post-major asset restructuring, ensuring fair pricing and compliance with regulations[131]. - The company has committed to adhering to fair and equitable principles in any unavoidable related party transactions[131]. Shareholder and Capital Structure - The total number of shares increased from 4,840,397,627 to 4,852,081,025 due to the implementation of an equity incentive plan in July 2024[164]. - The largest shareholder, Shandong Expressway Group Co., Ltd., holds 3,411,626,859 shares, representing 70.48% of the total shares[167]. - The second-largest shareholder, China Merchants Highway Network Technology Holdings Co., Ltd., holds 783,613,507 shares, accounting for 16.19%[168]. - The report indicates no significant changes in the share capital structure during the reporting period[164]. Debt and Financing Activities - The company has increased its bond liabilities to CNY 6 billion, a 71.43% increase from CNY 3.5 billion in the previous year[46]. - The company issued a total of 1 billion RMB in bonds, specifically for debt repayment purposes[186]. - The total amount of funds raised was 1 billion RMB, which was fully utilized for repaying interest-bearing debts[188]. - The company has a credit rating of AAA with a stable outlook[177]. Investment and Project Development - The company completed an investment of 1.17 billion in the Jingtai Expressway expansion project, accounting for 57% of the annual plan[41]. - The company plans to invest approximately CNY 4.026 billion in key projects during the first half of 2024, with significant investments in the Jingtai Expressway expansion[51]. - The company has acquired a 20% stake in Luzhou Southeast Company, achieving 100% control, which enhances its influence in the Sichuan-Chongqing region[49]. Risk Management - The report includes a detailed analysis of potential operational risks and preventive measures[7]. - The company is actively monitoring policy changes and engaging with government departments to mitigate macroeconomic risks[61]. - The company has not encountered any significant litigation or arbitration matters outside of the aforementioned case during the reporting period[134].

证券代码：600350 证券简称：山东高速 公告编号：临 2024-058 山东高速股份有限公司 关于召开 2024 年半年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09月10日（星期二）上午 10:00-11:00 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 （一）会议召开时间：2024 年 09 月 10 日 上午 10:00-11:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、参加人员 上市公司参会人员：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（如有特殊情况，参会人员将可能进行调 整）。 四、投资者参加方式 投资者可于 2024 年 09 月 03 日（星期二）至 09 月 09 日（星 期一）16:00 前登录上证路演中心网站首 ...

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。 2024-059 证券代码：600350 证券简称： 山东高速 公告编号：临 山东高速股份有限公司 重要内容提示： 一、担保情况概述 为满足山东高速股份有限公司（以下简称"公司"）合并报表范围内子公司 的日常生产经营及业务发展需要，公司于 2024 年 4 月 17 日召开第六届董事会第 五十七次会议，于 2024 年 5 月 9 日召开 2023 年年度股东大会，审议通过《关于 预计 2024 年度公司及子公司提供担保额度的议案》，同意公司为子公司、公司 子公司为其子公司提供不超过 80.07 亿元的担保。具体情况详见公司于 2024 年 4 月 19 日和 2024 年 5 月 10 日在《上海证券报》《中国证券报》《证券时报》 1 被担保人名称：毅康科技有限公司，非公司关联人。 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 0.15 亿元，截至目前，公司已实际为其提供的担保 余额为 5.85 亿元。 本次担保是否有反 ...