股票代码：600377 股票简称：宁沪高速 编号：临2025-018 江苏宁沪高速公路股份有限公司 2025 年度第四期中期票据发行情况公告 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 10 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〕MTN1049 号）,根据《接受注册通知书》，本公司自 2024 年 10 月 31 日起 2 年内可分期发 行规模不超过人民币 40 亿元的中期票据。 于 2025 年 4 月 21 日，本公司发行了 2025 年度第四期中期票据。现将发行 申购、配售、分销情况公告如下： | 发行要素 | | | | | --- | --- | --- | --- | | 名称 | 江苏宁沪高速公路股份有限公司 2025 年度第四期中期票据 | 简称 | 25 宁沪高 MTN004 | | 代码 | 102581769 | 期限 | 3 年 | | 起息日 | 2025 年 4 月 22 日 | 兑付日 | ...

Investment Rating - The report assigns an investment rating of "Buy" for the company, marking its first coverage [5][61]. Core Views - The company focuses on its core toll road business while exploring diversified layouts, which is expected to enhance its profitability and shareholder returns [7][10]. - The company has a strong position in the Jiangsu province's highway network, with significant contributions from its core asset, the Shanghai-Nanjing Expressway [10][38]. - The report anticipates steady growth in revenue and net profit, driven by the recovery of traffic demand and expansion of road assets [57][61]. Summary by Relevant Sections Basic Data - Closing price: 15.59 CNY - Total market capitalization: 78,538.48 million CNY - Total shares outstanding: 5,037.75 million shares - Debt-to-asset ratio: 44.67% [3][4]. Financial Forecast and Valuation - Projected revenue for 2025: 22,128 million CNY, with a year-on-year growth rate of -4.61% - Projected net profit for 2025: 5,211 million CNY, with a year-on-year growth rate of 5.33% - Price-to-earnings ratio (P/E) for 2025: 15.07 [6][8]. Investment Highlights - The company has a cumulative cash dividend of 246.85 billion CNY from 2014 to 2024, with a stable dividend per share of around 0.45 CNY [7][33]. - The company operates 19 toll road projects with approximately 1,000 kilometers of controlled or invested road mileage [14][38]. - The Shanghai-Nanjing Expressway contributes 55.22% of the total revenue from toll roads in 2024 [38]. Revenue Structure - Toll road revenue accounted for approximately 41.07% of total revenue in 2024, with construction period revenue from PPP projects contributing 46.84% [20][26]. - Investment income for 2024 is estimated at 17.80 billion CNY, representing 28.07% of operating profit [26][46]. Risk and Growth Drivers - The company is expected to benefit from the recovery of macroeconomic conditions and the expansion of its road network, which will drive traffic volume and revenue growth [9][57]. - The diversification into financial services, renewable energy, and real estate is anticipated to enhance profitability and sustainability [45][51].

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 assigns a "Buy" rating to 中远海能 and 吉祥航空, and an "Outperform" rating to 南方航空, 中国东航, and 中国国航 [5][6]. Core Insights - The shipping sector is expected to see improved fundamentals in the medium to long term, driven by a shift in oil production policies from reduction to gradual increase, with VLCC demand projected to rise by 4.4% in 2025 and 6.9% in 2026 [3]. - The small container ship market is on an upward trend, supported by economic growth in Southeast Asia and changes in shipping alliances, leading to increased demand [3]. - The air travel market is experiencing a volume increase but a price decrease, with domestic passenger traffic expected to grow by 3% year-on-year in Q1 2025, while international markets are recovering steadily [3]. - The express delivery sector is seeing a recovery in direct logistics, with a year-on-year growth of 22.4% in the express industry for January-February 2025, although price competition remains intense [3]. - The road and rail sectors are expected to maintain growth in traffic volume, with a projected year-on-year increase in highway traffic and railway passenger volume [3]. Summary by Sections Shipping - The long-term supply logic remains stable, with a gradual increase in VLCC demand and a limited supply of new ships expected to be delivered [3]. - The average age of the global fleet is increasing, indicating a strong demand for replacing old ships [3]. Shipbuilding - The shipbuilding cycle is on an upward trend, with a continued supply-demand imbalance favoring shipbuilders [3]. - Ship prices are expected to rise again after absorbing the negative impacts of new capacity [3]. Aviation - The domestic air travel market is projected to see a volume increase but a price decrease due to high base effects from the previous year [3]. - International markets are recovering, with a 20% year-on-year increase in passenger traffic and flight numbers [3]. Express Delivery - The express delivery sector is expected to continue its recovery, with significant growth in logistics demand anticipated [3]. - Price competition remains fierce, impacting profitability for leading companies [3]. Road and Rail - Traffic volume on highways and railways is expected to grow, with specific companies projected to perform well [3].

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].