股票简称：宁沪高速 股票代码：600377 编号：临 2024-017 江苏宁沪高速公路股份有限公司 关于召开 2023 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： 本公司于 2024 年 3 月 29 日在上海证券交易所网站（www.sse.com.cn）及香 港联合交易所有限公司网站（www.hkexnews.hk）披露本公司 2023 年年度报告。 为了便于广大投资者更全面深入地了解本公司 2023 年度经营情况，本公司定于 2024 年 4 月 15 日 15:00-16:00 召开业绩说明会，就投资者普遍关心的问题进行 交流。 一、业绩说明会类型 本次业绩说明会通过电话视频会议方式召开，本公司将针对 2023 年度的经 营情况与投资者进行交流，并对投资者普遍关注的问题进行回答。 二、业绩说明会召开的时间、地点 平台接入号码：+86(10) 5382-7720；400-188-8938 （四）参会密码：573075 三、参加人员 本公司总经理汪锋先生，副总经理、财务负责人、董事 ...

Investment Rating - Target price: 13.4 RMB, current price: 11.22 RMB, implying a 20% upside potential [1] - Maintain "Recommend" rating, expecting the stock to outperform the benchmark index by 10%-20% in the next 6 months [3][11] Core Views - The company's toll road business is steadily recovering, with traffic and revenue surpassing 2019 levels [3] - Key assets like Hu-Ning Expressway and Ning-Chang Expressway have shown strong performance, with significant increases in passenger traffic and daily revenue [3] - The company's high-quality assets in the Yangtze River Delta region are undervalued and should be given more attention [3] - The company has a stable dividend policy, with a cash dividend payout ratio of 53.65% in 2023 [3] Financial Performance - 2023 revenue: 15.192 billion RMB, up 14.61% YoY; net profit: 4.413 billion RMB, up 18.51% YoY [3] - Gross margin: 36.9%, up 3.6 percentage points YoY; net margin: 29.05%, up 1 percentage point YoY [3] - Toll road business revenue: 9.511 billion RMB, up 29.88% YoY, with a gross margin of 54.52% [3] - Hu-Ning Expressway revenue: 5.25 billion RMB, exceeding the 2019 level of 5.231 billion RMB [3] Future Projections - 2024-2026 revenue growth projected at 4.8%, 7.0%, and 5.6% respectively [3] - 2024-2026 net profit growth projected at 8.2%, 11.1%, and 7.6% respectively [3] - 2024-2026 EPS projected at 0.95, 1.05, and 1.13 RMB respectively [3] - 2024-2026 PE ratios projected at 12, 11, and 10 times respectively [3] Dividend Policy - 2023 dividend: 0.47 RMB per share, total cash dividend of 2.368 billion RMB [3] - Expected to maintain a dividend of 0.47 RMB per share in 2024-2025, with a dividend yield of 4.2% at the current price [3] Key Financial Ratios - 2023 ROE: 13.0%, expected to remain stable at around 12.3%-12.9% in 2024-2026 [5] - 2023 debt-to-equity ratio: 78.9%, expected to decrease to 62.8% by 2026 [5] - 2023 current ratio: 0.9, expected to decrease to 0.5 by 2026 [5]

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 高速公路 ＃ investSuggestion＃ ＃ ＃d 宁yCo 沪mpa 高ny＃速 （ 600377 ） investSug 增持 ( 维gest持ion C） h 000 业00 绩9 分 红双升， 收＃ 购title＃ 南 部 通道拓展主业 ange＃ ＃ createTime1＃ 2024 年 4 月 2 日 投资要点 公 ＃市m场a数rk据etD ata＃ ＃事su件mm：a宁ry＃沪 高速发布 2023年报：2023年公司实现营业收入 151.92亿元，同比增 司 长 14.61%；归母净利润 44.13亿元，同比增长18.51%，2023年基本EPS为0.876 日期 2024/4/1 点 收盘价（元） 11.30 元/股；扣非后归母净利润 41.75亿元，同比增长 21.93%。2023年公司每10股拟 派发现金红利4.7元，分红比例为54%，对应2024年 4月 1日收盘价11.30元， 评 总股本（百万股） 5038 股息率为4.16%。 报 流通股本（百万股） 3802 点评： 净资产（百万元） 339 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨宁沪高速（ ） 600377.SH [Table_Title] 小幅提升，全年盈利稳健增长 DPS 报告要点 [宁Ta沪bl高e_速Su披m露ma2r0y2]3年年报：2023年全年，宁沪高速实现营业收入152亿元，同比增加14.6%， 实现归属净利润44.1亿元，同比增加18.5%；2023Q4，公司实现营业收入35.8亿元，同比下 降-4.98%；实现归母净利润3.77亿元，同比下降38.8%，主要由于22年转让沪苏浙公司100% 股权方式发行基础设施公募 REITs，当年沿江公司确认投资收益4.2亿元。 ...

证券研究报告 公 2024年04月01日 司 报 告 宁沪高速(600377) │ 行 业： 交通运输/铁路公路 公 投资评级： 增持（维持） 司 当前价格： 11.64元 年 业绩稳增长，每股分红上调 目标价格： 13.58元 报 点 事件： 评 基本数据 2023 年，公司全年实现营收 151.92亿元，同比增长 14.61%，实现归母净 总股本/流通股本(百万股) 5,037.75/5,024.18 利润 44.13 亿元，同比增长 18.51%。其中，2023 年四季度公司实现营收 流通A股市值(百万元) 44,257.41 35.83亿元，同比下降4.98%，实现归母净利润3.77亿元，同比下降38.79%。 2023年公司每股派发现金股利0.47元，分红率约为53.65%。 每股净资产(元) 6.75 ➢ 收费公路业务实现稳健增长 资产负债率(%) 48.02 2023年公司实现路费收入95.11亿元，同比增长29.88%，其中主力路产沪 一年内最高/最低(元) 12.61/8.26 宁高速实现收入52.51亿元，同比增长22.66%，受路面集中养护和交安设 施精细化提升影响沪宁高速毛利率同比下降 ...

2024年3月30日 公司研究 区位优势明显，新建收费公路项目稳步推进 ——宁沪高速（600377.SH）2023 年报点评 要点 增持（维持） ◆事件：公司发布2023年报。公司2023年营业收入约152亿元，同比增长14.6% 当 前价：11.77元 （调整后）；归母净利润约44.1亿元，同比增长约18.5%（调整后）；扣非归 母净利润约41.7亿元，同比增长约21.9%（调整后）。2023年第四季度，公司 作者 实现营业收入35.8亿元，同比下降5.0%，环比下降20%；实现归母净利润3.8 分析师：程新星 亿元，同比下降39%，环比下降76%；实现扣非归母净利润4.1亿元，同比下 执业证书编号：S0930518120002 降10.7%，环比下降71%。公司拟派发现金股利（税前）0.47元/股，现金分红 021-52523841 率约54%，每股分红同比提高0.01元/股（18至22年分红均为0.46元/股）。 chengxx@ebscn.com ◆车流量快速恢复，收费公路业务收入恢复增长。疫情防控措施优化后，公司及 联系人：卢浩敏 其子公司收费公路业务呈现稳中有进的发展态势，经营路网通行量同比上升， ...

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 4,413,272 thousand, translating to earnings per share of approximately RMB 0.8760[4]. - The company reported a total revenue of 1.2 billion RMB for the year 2023, representing a year-on-year increase of 15%[14]. - Net profit attributable to shareholders was ¥4,413,271,587.29, an increase of 18.51% from ¥3,724,115,165.87 in the previous year[20]. - The overall profit margin improved to 18%, up from 15% in the previous year, reflecting better cost management[14]. - The company's operating revenue for 2023 reached ¥15,192,010,226.04, representing a year-on-year increase of 14.61% compared to ¥13,255,603,107.72 in 2022[20]. - The net cash flow from operating activities increased by 33.73% to ¥7,392,424,081.75 from ¥5,527,921,046.44 in 2022[20]. - The company achieved an annual operating revenue of RMB 15.192 billion, representing a year-on-year growth of 14.61%, and a total profit of RMB 5.672 billion, up 23.82% year-on-year[30]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion yuan, representing a year-over-year growth of 15%[102]. Dividends and Shareholder Returns - The board proposed a cash dividend of RMB 0.47 per share (including tax), based on a total share capital of 5,037,747,500 shares, with the expected payment date on July 26, 2024[4]. - The company has maintained a high dividend payout ratio since its listing, reflecting its commitment to providing stable returns to shareholders[33]. - The company maintained a net profit attributable to ordinary shareholders of RMB 4,413,271,587.29, with a cash dividend payout ratio of 53.65%[138]. Governance and Compliance - The company has not encountered any non-operational fund occupation by controlling shareholders or related parties[6]. - There are no violations of decision-making procedures regarding external guarantees[6]. - The company has confirmed that all directors attended the board meeting, ensuring governance compliance[3]. - The company emphasizes that forward-looking statements in the report do not constitute substantive commitments to investors, and actual results may differ[5]. - The company has a diverse board with a mix of executive and non-executive members, contributing to a balanced governance structure[94]. - The company has established a comprehensive internal control system, with 15 new regulations and 22 revised regulations implemented during the reporting period[140]. - The internal control audit report issued by KPMG confirmed that the company maintained effective financial reporting internal controls as of December 31, 2023[142]. Market Expansion and Strategic Initiatives - The company is expanding its market presence in the Jiangsu province, targeting a 25% increase in market share by the end of 2024[14]. - The company has set a revenue guidance for 2024, projecting a growth of 10% to 1.32 billion RMB[14]. - New product launches are expected to contribute an additional 200 million RMB in revenue in 2024[14]. - The company is exploring potential acquisitions to enhance its service offerings, with a budget of 500 million RMB allocated for this purpose[14]. - The company plans to invest 200 million RMB in infrastructure improvements to enhance operational efficiency[14]. - The company is considering strategic acquisitions to enhance its service offerings, with a budget of 500 million yuan allocated for potential mergers[98]. - The company aims to enhance its core competitiveness and expand its influence in the Suzhou-Nanjing highway network, focusing on high-quality development and innovation[83]. Research and Development - Research and development expenses increased by 30% to support new technology initiatives, totaling 150 million RMB[14]. - The company is investing 200 million yuan in research and development for new technologies aimed at enhancing operational efficiency[98]. - The company has undertaken over 40 major research projects in various sectors, indicating a strong commitment to innovation and development[99]. Risk Management - The company has provided a detailed analysis of potential risks in its business operations and development in the annual report[6]. - The group faces significant risks including industry policy risk, competition risk, project investment risk, and real estate inventory risk, which could impact revenue and operational performance[87]. - The group is actively monitoring policy changes and has established a dynamic tracking and assessment mechanism to mitigate policy-related risks[87]. Environmental and Social Responsibility - The company invested ¥31.83 million in environmental protection during the reporting period[143]. - The company achieved a 100% recycling rate for waste asphalt and other old materials in 2023[147]. - The company has been actively involved in community support activities, including educational assistance and care for vulnerable groups, for 18 consecutive years[155]. - The company contributed 132 million yuan to poverty alleviation and rural revitalization projects, directly benefiting 5,660 people[156]. - The company published its 2023 ESG report alongside its annual report, detailing its environmental and social responsibility efforts[152]. Financial Management - The company has a structured approach to remuneration that aligns with its compensation policies and assessment standards[109]. - The company has implemented a salary management strategy based on position and performance to align with strategic goals and enhance employee motivation[132]. - The company has a total of 11 board members, with 5 being independent non-executive directors[94]. Operational Efficiency - The company plans to reduce operational costs by 8% through efficiency improvements in the supply chain[98]. - The company has established a quality control system to ensure safety and efficiency on highways, enhancing customer service experiences[155]. - The company is focusing on digital transformation and service area management as part of its strategic initiatives[170].

2024年 3月 28 日，宁沪高速发布2023年年度报告。2023年公司 实现营业收入151.9 亿元，同比增长 14.6%；实现归母净利润44.1 亿元，同比增长 18.5%。其中 Q4公司实现营业收入35.8 亿元，同 比下降 5%；实现归母净利润3.77 亿元，同比下降38.8%。 路桥主业营收同比增长，建造期收入同比下滑。2023 年公司营收 同比增长14.6%，主要受路网通行量上升影响，道路通行费收入和 配套业务收入同比增加。（1）通行费收入及配套服务：受益于车流 量恢复，公司 2023 年实现通行费收入95.1 亿元，同比增长 29.9%， 公司配套服务业务营业同比增长64.1%。（2）电力销售：公司电力 销售业务营收同比下降 1.5%，主要受风速下降等天气因素影响。 （3）地产业务及建造期收入：公司地产业务营收同比下降 30%， 主要因为地产项目交付规模同比减少；建造期转结收入同比下降 25%，主要因为公司对路桥项目建设投入规模同比减少。 毛利率同比改善，费用率小幅下降。2023 年公司实现毛利率 人民币(元) 成交金额(百万元) 36.93%，同比增长3.6ct。费用率方面，2023年公司期 ...

股票代码：600377 股票简称：宁沪高速 编号：临 2024-015 江苏宁沪高速公路股份有限公司 日常关联交易公告 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： 1、本次日常关联交易事项无须提交股东大会批准。 2、本公司董事（包括独立非执行董事）认为该 21 项交易在本公司日常业 务中进行，属一般的商业条款，交易价格公允合理，公司的收入、利润对该类 关联交易并不存在依赖性，也不存在影响本公司作为上市公司独立性的情形， 对本公司并无负面影响，不会损害公司及非关联股东利益，尤其是中小股东的 利益。 3、除特别注明外，本日常关联交易公告均以人民币元为金额单位。 4、需要提请投资者注意的其他事项：无。 一、日常关联交易的基本情况 （一）日常关联交易履行的审议程序 江苏宁沪高速公路股份有限公司（以下简称"本公司"）董事会于 2024 年 3 月 28 日审议批准年度日常关联交易事项，于 2024 年 3 月 28 日，本公司就本 公司及授权委托的控股子公司相关业务与下述交易对手方签署有关协议： 1、本公司就本公司及 ...

江苏宁沪高速公路股份有限公司 董事会对独立董事独立性评估的专项意见 江苏宁沪高速公路股份有限公司董事会 江苏宁沪高速公路股份有限公司(以下简称"公司") 于 近日收到独立董事周曙东、刘晓星、虞明远、徐光华、葛扬 出具的《独立性情况自查表》，根据《上市公司独立董事管 理办法》《上海证券交易所上市公司自律监管指引第 1 号— —规范运作》（2023 年 12 月修订）的有关规定及公司独立 董事制度的相关要求，公司董事会就公司在任独立董事周曙 东、刘晓星、虞明远、徐光华、葛扬的独立性情况进行评估 并出具如下专项意见： 2024 年 3 月 29 日 经核查独立董事周曙东、刘晓星、虞明远、徐光华、葛 扬的任职经历以及签署的相关自查文件，上述人员未在公司 担任除独立董事以外的任何职务，也未在公司主要股东公司 担任任何职务，与公司以及主要股东、实际控制人之间不存 在利害关系或其他可能妨碍其进行独立客观判断的关系，符 合《上市公司独立董事管理办法》《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》（2023 年 12 月修订） 中关于独立董事独立性的相关要求。 ...