证券研究报告 交通运输 | 铁路公路 非金融|首次覆盖报告 hyzqdatemark 2025 年 04 月 18 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com | 基本数据 | | | 2025 | 年 | 月 | 日 | 04 | | | 17 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 15.59 | | | | | | | 一 年 最 低 | 最 | / | | | 15.90/11.00 | | | 内 | 高 | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 78,538.48 | ...

股票简称：宁沪高速 股票代码：600377 编号：临 2025-017 江苏宁沪高速公路股份有限公司 第十一届监事会第十次会议决议公告 本公司监事会及全体监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。 一、会议召开情况 （一）江苏宁沪高速公路股份有限公司（以下简称"本公司"）第十一届监 事会第十次会议（以下简称"会议"）于 2025 年 4 月 10 日以通讯表决的方式召 开。 二、会议审议情况 本次会议审议并通过如下议案： （二）会议通知及材料以邮件、传真的方式向全体监事发出。 （三）会议应表决监事 5 人，会议出席监事 5 人。 （四）会议的召开符合《公司法》及本公司《章程》的有关规定，会议决议 为有效决议。 1 1、审议并批准《关于调整本公司向控股子公司江苏镇丹高速公路有限公司 提供委托贷款额度的议案》。 表决结果：同意 5 票；反对 0 票；弃权 0 票。 此议案获得通过。 特此公告。 江苏宁沪高速公路股份有限公司监事会 二〇二五年四月十二日 ...

股票简称：宁沪高速 股票代码：600377 编号：临 2025-016 江苏宁沪高速公路股份有限公司 第十一届董事会第十次会议决议公告 （二）会议通知以邮件或专人送达的方式向董事会全体成员发出。 （三）会议应表决董事13人，会议出席董事13人。 （四）会议的召开符合《公司法》及本公司《章程》的有关规定，会议决议为有 效决议。 二、会议审议情况 本次会议审议并通过如下议案： （一）审议并批准《关于实施本公司所辖服务区2025年度充电站建设项目的议案》。 同意本公司在所辖部分服务区实施电力报装及相关配套设施建设项目，总金额不 超过人民币8,850万元。 表决结果：同意13票；反对0票；弃权0票。 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。 一、会议召开情况 （一）江苏宁沪高速公路股份有限公司（以下简称"本公司"）第十一届董事会 第十次会议（以下简称"会议"）于2025年4月10日以通讯会议方式召开。 表决结果：同意13票；反对0票；弃权0票。 此议案获得通过。 （三）审议并批准《关于调整本公司向控股子公司江苏镇丹高速公路有限公 ...

股票代码：600377 股票简称：宁沪高速 编号：临2025-015 | 有效申购家数 | 8 | 家 | | 有效申购金额 | 7.88 | 亿元 | | --- | --- | --- | --- | --- | --- | --- | | 簿记管理人 | | | 华夏银行股份有限公司 | | | | | 主承销商 | | | 华夏银行股份有限公司 | | | | | 联席主承销商 | | | / | | | | 特此公告。 江苏宁沪高速公路股份有限公司 2025年4月11日 江苏宁沪高速公路股份有限公司 2025 年度第二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。 江苏宁沪高速公路股份有限公司（以下简称"本公司"）于 2024 年 12 月收 到中国银行间市场交易商协会的《接受注册通知书》（中市协注〔2024〕SCP401）, 根据《接受注册通知书》，本公司自 2024 年 12 月 30 日起 2 年内可分期发行规 模不超过人民币 40 亿元的超短期融资券。 于 2025 年 4 月 9 ...

宁沪高速 20250408 摘要 Q&A 宁沪高速 2024 年的业绩表现如何？ 宁沪高速 2024 年实现营业收入 231.98 亿元，同比增长 52.7%。高速公路路网 日平均车流量达到 70,996 辆，同比增长 4.84%。总资产为 898.86 亿元，同比 增长 14.27%，每股收益 0.98 元，同比增长 12.09%，归母净利润 49.47 亿元， 同比增长 12.09%，净资产收益率 13.6%，同比增长 0.24 个百分点。公司 2024 在智慧交通方面，公司全面推广智慧化收费模式，完成了 7 处收费站点改造， 并配备收费机器人，使车道数量达到 187 条，同时压减现场收费岗位人员超 300 名。此外，公司率先探索低空无人驾驶飞机在交通上的应用，建成无人机 地面站 20 多座，实现全天候路况巡查近 3,000 次，有效处理异常事件千余起。 在绿色养护方面，公司专注于践行节约养护理念，高效应对大流量养护难题， 通过 23 公里集中养护工程，仅用 14 个有效工作日完成全部五大类 16 项养护施 工项目，从而减少碳排放超 5,500 吨，并节约养护成本约 1,060 万元。 未来宁沪高速的发展 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - In 2024, the company achieved a revenue of 23.198 billion, a year-on-year increase of 52.7%, primarily driven by significant growth in construction business revenue, while revenue excluding this impact decreased by 2.86% [1] - The net profit attributable to the parent company for 2024 was 4.947 billion, reflecting a year-on-year growth of 12.1%, with the non-recurring net profit at 4.880 billion, up 16.9% [1] - The toll road business revenue remained stable, with a slight increase in gross margin; toll revenue was 9.528 billion, a 0.2% increase year-on-year, while toll business costs decreased by 9.37%, leading to a gross margin increase of 4.33 percentage points to 58.86% [1] Revenue Breakdown - Core asset revenue from the Hu-Ning Expressway was 5.260 billion, remaining stable compared to 2023; revenue from Ningchang-Zhenli Expressway increased by 8.43% due to natural traffic growth from surrounding expressway network improvements; revenue from Wufengshan Bridge grew by 8.88% as it is still in a rapid traffic growth phase [2] - Revenue from Xiyi Expressway and Changyi Expressway saw significant declines of 27.11% and 12.08% respectively, mainly due to the impact of construction on the Hu-Yi Expressway [2] Cost Analysis - In 2024, the operating costs of the toll road business decreased by 9.37%, with depreciation and amortization costs remaining stable at 2.028 billion; maintenance costs dropped significantly from 1.054 billion in 2023 to 599 million in 2024, a decrease of 43.15% [2] Capital Expenditure and Investment Income - The capital expenditure plan for 2025 is approximately 9.37 billion, with ongoing investments in new road construction; several projects are in progress or preparation [3] - Investment income for 2024 totaled 1.780 billion, a year-on-year increase of 21.53%, with significant contributions from joint venture road and bridge companies [3] Financial Performance and Forecast - Financial expenses for 2024 were 957 million, down 15.1% from 1.126 billion in 2023, primarily due to a decrease in the comprehensive borrowing rate [4] - The company forecasts net profits of 5.090 billion, 5.170 billion, and 5.380 billion for 2025 to 2027, with corresponding EPS of 1.01, 1.03, and 1.07, reflecting a stable growth outlook [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In 2024, the company achieved operating revenue of 23.2 billion, a year-on-year increase of 52.7%, and a net profit attributable to shareholders of 4.95 billion, up 12.1% year-on-year [2][4] - In Q4 2024, the company reported operating revenue of 9.14 billion, a significant year-on-year increase of 155.1%, primarily due to the recognition of construction period service income; the net profit attributable to shareholders reached 827 million, a remarkable increase of 120% year-on-year, exceeding market expectations [2][4] - The company has implemented significant cost reduction and efficiency improvement measures, with a 26% year-on-year decrease in costs excluding construction service costs in Q4 [4] Summary by Sections Revenue and Profitability - The company's Q4 highway toll revenue was 2.4 billion, a slight year-on-year decrease of 0.62%, indicating stable overall performance; traffic volume on key routes showed robust growth, with the Jiangsu section of the Hu-Ning Expressway increasing by 11.5% year-on-year [10] - The company achieved a total investment expenditure of 11.16 billion in 2024, a year-on-year increase of 307.26%, driven by investments in road and bridge projects [10] Cost Management - The company successfully reduced operating costs by 12% year-on-year, with maintenance costs significantly reduced by 43.2% [10] - The company plans to invest 9.37 billion in capital expenditures in 2025, a decrease of 17.9 billion compared to 2024 [10] Dividend Policy - The company has continued its stable dividend policy, slightly increasing the dividend per share (DPS) to 0.49 yuan, corresponding to a dividend yield of 3.3% at the current stock price [10] - The company is expected to achieve net profits of 5.25 billion, 5.44 billion, and 5.63 billion in 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 14.3, 13.8, and 13.3 [10]

Core Viewpoint - Ninghu Expressway reported significant growth in revenue and net profit for the fiscal year 2024, indicating strong operational performance and shareholder returns [2][5]. Financial Performance - The company achieved a total revenue of 23.198 billion yuan, representing a year-on-year increase of 52.7% [2][5]. - The net profit attributable to shareholders was 4.947 billion yuan, up 12.09% year-on-year [2][5]. - The fourth quarter alone saw a remarkable revenue of 9.14 billion yuan, a 155.09% increase compared to the same quarter last year [2]. - The net profit for the fourth quarter was 827 million yuan, reflecting a 119.65% year-on-year growth [2]. Shareholder Changes - As of February 28, 2025, the number of shareholders decreased to 24,100, a reduction of 2,834 or 10.5% from the previous period [3]. - The average number of shares held per shareholder increased from 141,400 to 158,000 [3]. Dividend Announcement - The company announced a cash dividend of 0.49 yuan per share (before tax), totaling approximately 2.468 billion yuan, which accounts for 49.90% of the net profit attributable to shareholders [4][5].

Investment Rating - The report maintains a "Buy" rating for Ninghu Expressway (600377) [1] Core Views - The company reported a revenue of 23.198 billion yuan for 2024, a year-on-year increase of 52.7%, slightly exceeding expectations [6] - The growth in passenger traffic significantly contributed to the company's performance in 2024, with a 4.24% increase in overall traffic, including a 4.00% rise in passenger vehicles and a 5.21% increase in freight vehicles [6] - The company is investing in infrastructure projects, such as the Danjin project, which will enhance regional traffic capacity and efficiency, thereby supporting future revenue growth [6] - The company has a diversified business model, with stable development in ancillary sectors and a consistent dividend policy, distributing 0.49 yuan per share in cash dividends [6] Financial Data and Profit Forecast - Total revenue projections for 2025E-2027E are 23.935 billion yuan, 24.730 billion yuan, and 25.436 billion yuan, respectively, with year-on-year growth rates of 3.2%, 3.3%, and 2.9% [5] - The net profit attributable to the parent company is forecasted to be 5.447 billion yuan in 2025E, 5.790 billion yuan in 2026E, and 6.049 billion yuan in 2027E, with corresponding growth rates of 10.1%, 6.3%, and 4.5% [5][7] - The report slightly revises the profit forecast upwards based on the company's performance, maintaining a price-to-earnings ratio of 13 for 2025E [6]

Core Viewpoint - Jiangsu Ninghu Highway Co., Ltd. announced a series of daily related transactions, ensuring that these transactions are conducted under normal commercial terms and do not affect the company's independence or harm the interests of non-related shareholders, particularly minority shareholders [1][2][3]. Summary of Daily Related Transactions - The company signed related transaction framework agreements with various counterparties, including software maintenance services with Nanjing Gando Technology Co., Ltd. and technical services with Jiangsu High-speed Information Engineering Co., Ltd. [1][2][3]. - Agreements also include leasing and property services with Jiangsu Traffic Control Commercial Operation Management Co., Ltd. and management consulting services with Jiangsu Traffic Control Talent Development Group Co., Ltd. [3][4][5]. - The total amount of these related transactions is less than 5% of the company's latest audited net assets, thus requiring only board approval and not shareholder meeting approval [8][10]. Previous Related Transactions - The company reported discrepancies between estimated and actual amounts for previous related transactions, with significant reductions in actual amounts due to decreased workload in 2024 [11][12][13]. - The total estimated amount for related transactions in 2024 is projected to be 59,012.67 million RMB, while the actual amount was 48,340.31 million RMB, indicating a reduction in expected business activity [11][12]. Compliance and Approval - The board of directors, including independent directors, reviewed and approved the related transactions, confirming that the terms are fair and reasonable [7][8]. - The company has complied with the Shanghai Stock Exchange listing rules, ensuring that all necessary disclosures and approvals are in place for the related transactions [10][9].