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].

山 东 高 速 股 份 有 限 公 司 审计报告 天职业字[2024]22506 号 目 录 审计报告 -- -1 -6 2023 年度财务报表 -- 2023 年度财务报表附注 -- -- 18 您可使用手机"扫一扫"或进入"注册会计师行业资一做零运会 广 审计报告 天职业字[2024]22506 号 山东高速股份有限公司全体股东: 一、审计意见 我们审计了山东高速股份有限公司(以下简称"山东高速")财务报表,包括 2023年 12 月 31 日的合并及母公司资产负债表,2023年度的合并及母公司利润表、合并及母公司现金流 量表、合并及母公司股东权益变动表,以及财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了山 东高速 2023 年 12 月 31 日的合并及母公司财务状况以及 2023 年度的合并及母公司经营成果和 现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对财 务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职业道 德守则,我们独立于山东高速,并履行了职业道德方面的 ...

证券代码：600350 证券简称： 山东高速 公告编号：临 2024-023 2024 年 4 月 17 日，公司第六届董事会第五十七次会议审议通过了《关于预 计 2024 年度公司及子公司提供担保额度的议案》，会议同意公司为子公司、公 司子公司为其子公司提供担保。本议案尚需提交公司股东大会审议。 为满足子公司生产经营需要，根据其业务需求，公司预计 2024 年度为子公 司提供总额度不超过 80.07 亿元的担保。具体情况如下： 山东高速股份有限公司 关于预计 2024 年度公司及子公司提供担保额度的公告 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： 一、担保情况概述 1 被担保人名称：毅康科技有限公司、临汾康润金泽供水有限公司、武汉 润源污水处理有限公司、鲁山康润环境治理有限公司、安康康润信恒水 环境有限公司、山高（烟台）环保有限公司、山东舜广实业发展有限公 司、山东港通建设有限公司、齐鲁高速（山东）装配有限公司、山高云 创（山东）商业保理有限公司，均非公司关联人。 本次担保金额及已实际为其提供的担保余额：本 ...

Welcome to Pay Attention to our WeChat Public Number Address:No.5006, Aoti Middle Road, Hi-Tech Zone, Jinan Website:www.sdecl.com.cn Hotline:0531-89260052 Fax:0531-89260050 Mailbox:sdhs@sdecl.com.cn About this Report 01 Statement of Chairman 03 Focus 05 Responding to the "Carbon Peaking and Carbon Neutrality" Goals, and Building Low-Carbon Highways Lush Mountains and Lucid waters, Protecting the Ecological Background Color Environmental, Social and Governance (ESG) Report Table of Contents Governance First, ...