特此公告 深圳高速公路集团股份有限公司董事会 2024 年 4 月 24 日 - 1 - 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。 深圳高速公路集团股份有限公司（"本公司"）股东大会已向董事会授予发 行债券类融资工具的一般性授权。根据中国银行间市场交易商协会向本公司签发 的《接受注册通知书》（中市协注[2023]SCP12 号），自该《接受注册通知书》落 款之日起 2 年内，本公司可分期发行总金额不超过人民币 30 亿元的超短期融资 券。据此，本公司计划于 2024 年 4 月 25 日发行 2024 年度第一期超短期融资券 （"本期超短融"），发行规模为人民币 15 亿元，期限 180 天，募集资金拟全部用 于偿还本公司到期债务融资工具，发行对象为全国银行间债券市场的机构投资者 （国家法律、法规禁止购买者除外），由主承销商组织承销团，采用集中簿记建 档方式按面值公开发行。本期超短融发行的主承销商兼簿记管理人为平安银行股 份有限公司，联席主承销商为广发银行股份有限公司。本期超短融计划于 2024 年 4 月 25 日完成 ...

| 证券代码：600548 | | 股票简称：深高速 公告编号：临 2024-031 | | --- | --- | --- | | 债券代码：175979 | 债券简称：G21 | 深高 1 | | 债券代码：188451 | 债券简称：21 深高 | 01 | | 债券代码：185300 | 债券简称：22 深高 | 01 | | 债券代码：240067 | 债券简称：G23 | 深高 1 | 重要内容提示： 1、召开时间：2024 年 4 月 29 日（星期一）下午 15:00-16:00 2、召开方式：网络方式，网址为 http://rs.p5w.net/c/600548.shtml 3、欢迎投资者于 2024 年 4 月 22 日下午 5:00 之后通过访问全景·路演天下提供的 问题征集专题页面：https://ir.p5w.net/zj/，或者通过电话、传真或电子邮件联系本公司， 向本公司提出所关注的问题，本公司将在说明会上就投资者普遍关注的问题进行回答。 一、说明会类型 深圳高速公路集团股份有限公司（"本公司"）2024 年第一季度业绩说明会暨网上 投资者交流会。 二、说明会召开的时间和方式 召 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 聯席公司秘書 中國，深圳，2024年4月15日 於本公告之日，本公司董事為：廖湘文先生（執行董事兼總裁）、姚海先生（執行董事）、 文亮先生（執行董事）、戴敬明先生（非執行董事）、李曉艶女士（非執行董事）、呂大 偉先生（非執行董事）、李飛龍先生（獨立非執行董事）、繆軍先生（獨立非執行董事）、 徐華翔先生（獨立非執行董事）和顏延先生（獨立非執行董事）。 董事會會議通告 深圳高速公路集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會將於 2024年4月26日（星期五）舉行會議，以審議及批准本公司截至2024年3月31日止三個月未 經審計之第一季度業績（有關內容乃根據中國證券監督管理委員會相關規定編制）及其他 事項（如有）。 承董事會命 趙桂萍 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00548） ...

- 1 - | 收费公路 | 集团控股 | 收入合并 | 路费收入（人民币千元） | | | --- | --- | --- | --- | --- | | | 比例 | 比例 | 总计 | 日均 | | 广东省－深圳地区： | | | | | | 梅观高速 | 100% | 100% | 7,704 | 266 | | 机荷东段 | 100% | 100% | 34,465 | 1,188 | | 机荷西段 | 100% | 100% | 26,548 | 915 | | 沿江项目 | 100% | 100% | 30,778 | 1,061 | | 外环项目 | 100% | 100% | 56,093 | 1,934 | | 龙大高速 | 89.93% | 100% | 7,666 | 264 | | 水官高速 | 50% | 100% | 32,677 | 1,127 | | 水官延长段 | 40% | — | 3,327 | 115 | | 广东省－其他地区： | | | | | | 清连高速 | 76.37% | 100% | 64,169 | 2,213 | | 广深高速 | 45% | — | ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][14]. Core Views - The company achieved a 15% growth in net profit, with stable development in its dual main businesses of toll roads and environmental protection [1]. - The report highlights a slight decline in total revenue by 0.82% year-on-year, but a significant increase in net profit attributable to shareholders by 15.41% [1]. - The company is expected to continue its growth trajectory, with projected net profits of 27.3 billion, 29.4 billion, and 32.7 billion for 2024-2026 [1]. Financial Performance Summary - In 2023, the company reported total revenue of 9,295 million RMB, with a year-on-year growth rate of -0.8% [2]. - The net profit attributable to shareholders was 2,327 million RMB, reflecting a year-on-year increase of 15.5% [2]. - The company’s gross profit margin improved to 36%, up by 3.79 percentage points year-on-year, and the net profit margin reached 25.67%, an increase of 4.83 percentage points [1]. Business Segment Summary Toll Road Business - The toll road segment generated revenue of 5,375 million RMB, marking an 8% year-on-year increase, with a gross margin of 50.38% [1]. - Key projects such as the Jiangsu Yichang Expressway and the Outer Ring Road Phase III are progressing well, contributing to the expansion of the company's road assets [1]. Environmental Protection Business - The environmental protection segment is seeing a more refined strategic layout, with wind power projects achieving a cumulative installed capacity of 648 MW and generating revenue of 757 million RMB [1]. - The organic waste treatment business processed 1,419.93 thousand tons, resulting in operational revenue of 652 million RMB [1]. Future Projections - The company is projected to achieve earnings per share (EPS) of 1.25, 1.35, and 1.50 RMB for 2024-2026, with corresponding price-to-earnings (PE) ratios of 8, 7, and 6 [1][2]. - The target price for the stock is set at 11.9 RMB, representing a potential upside of 23% from the current price of 9.67 RMB [1][4].

深圳高速公路集团股份有限公司 参会人员： 2023 年年度业绩说明会会议纪要 说明会基本情况： 深圳高速公路集团股份有限公司（"公司"）于 2024 年 3 月 25 日至 2024 年 3 月 27 日举行了 2023 年度业绩说明会。本次业绩说明会采用现场和网络相结合 方式分三场举行。 第一场于 2024 年 3 月 25 日 16:00－17:00 在深圳市南山区深南大道 9968 号 汉京金融中心 46 楼会议室举行，采用现场+网络视频直播的方式，网络直播平台 为进门财经； 第二场于 2024 年 3 月 26 日 16:30－17:30 在香港湾仔港湾道 30 号新鸿基中 心 4 楼会议厅举行，采用现场+网络视频直播的方式，网络直播平台为进门财经； 第三场于 2024 年 3 月 27 日 16:00－17:00 通过全景·路演天下平台采用网络 远程方式举行。 答：到 2026 年底，集团经董事会批准的资本性支出总额约为 89 亿元。主 要包括外环项目（约 47.9 亿）、机荷改扩建（前期工作等）（约 29.1 亿）、沿江二 期（约 2.9 亿）、蓝德环保餐厨项目（5.1 亿）、光明环境园项目（2. ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2024-028 | | --- | --- | --- | --- | --- | --- | | 债券代码：175979 | 债券简称：G21 | 深高 | 1 | | | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | | 债券代码：185300 | 债券简称：22 | 深高 | 01 | | | | 债券代码：240067 | 债券简称：G23 | 深高 | 1 | | | 深圳高速公路集团股份有限公司 2023 年年度业绩说明会召开情况的公告 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。 深圳高速公路集团股份有限公司（"公司"）于 2024 年 3 月 25 日至 2024 年 3 月 27 日举行了 2023 年度业绩说明会。本次业绩说明会采用现场和网络相结 合方式分三场举行。 深圳高速公路集团股份有限公司董事会 2024 年 3 月 27 日 - 1 - 第二场于 2024 年 3 月 26 日 16 ...

证券研究报告 公 2024年03月27日 司 报 告 深高速(600548) 行 业： 交通运输/铁路公路 │ 公 投资评级： 增持（维持） 司 当前价格： 9.34元 23 年业绩符合预期，收费公路延续稳健增长 年 目标价格： 10.83元 报 点 事件： 评 基本数据 2023年，公司全年实现营收 92.95亿元，同比下降0.82%，实现归母净利 总股本/流通股本(百万股) 2,180.77/2,180.77 润 23.27 亿元，同比增长 15.41%。2023 年公司现金分红金额为 11.99 亿 流通A股市值(百万元) 13,386.74 元，每10股派发现金股利5.5元，分红率为56.03%。 每股净资产(元) 8.42 ➢ 受益于车流量复苏，公司路费收入同比增长8% 资产负债率(%) 58.53 2023 年度，公司实现路费收入约 53.75亿元，同比增长 7.97%，在公司整 一年内最高/最低(元) 10.17/8.36 体营业收入中占比为57.82%，扣除武黄高速到期影响后公司路费收入同比 增长16.44%。其中主力路产外环高速/清连高速/机荷东段/机荷西段/水官 股价相对走势 高速分别实现 ...

Investment Rating - The investment rating for the company is "Accumulate" for both A-shares and H-shares [2][3]. Core Views - The company reported a slight decline in revenue for 2023, approximately CNY 9.3 billion, down 0.82% year-on-year, while net profit increased by 15.4% to about CNY 2.33 billion [2]. - The toll road business showed steady progress, with an average daily traffic volume increase of 18.7% compared to 2022, leading to a revenue growth of 8.0% in this segment [2]. - The company plans to distribute a cash dividend of CNY 0.55 per share, maintaining a cash dividend rate above 55% for the past three years [2]. - The REITs project for Yichang Expressway is set to be listed, enhancing the company's investment capabilities by converting stable cash flow projects into public REITs [2]. Summary by Sections Financial Performance - In 2023, the company achieved a net profit of CNY 2.33 billion, with a significant increase in non-recurring net profit by 82.4% to CNY 2.24 billion [2]. - The toll road business generated CNY 5.38 billion in revenue, reflecting an 8.0% increase from the previous year [2]. - The gross margin for the toll road business improved to 50.4%, up 6.6 percentage points from 2022 [2]. Business Development - The company is advancing several infrastructure projects, including the second phase of the Outer Ring Road and the Jiangdong Second Phase project, which is expected to be completed in 2024 [2]. - The company is also adjusting the expansion plan for the Jihe Expressway in response to local government requirements [2]. Market Outlook - Despite the economic slowdown impacting profitability, the company is expected to return to a growth trajectory, with revised net profit forecasts of CNY 2.5 billion for 2024 and CNY 3.1 billion for 2025 [2]. - The company maintains a robust pipeline of toll road projects, which is anticipated to support future revenue growth [2].

Financial Performance - The company reported a total operating revenue for 2023 of CNY 9,295,304,371.69, a decrease of 0.82% compared to CNY 9,372,582,546.59 in 2022[23]. - Net profit attributable to shareholders for 2023 reached CNY 2,327,197,196.81, representing a 15.41% increase from CNY 2,016,496,533.08 in 2022[23]. - The net profit after deducting non-recurring gains and losses was CNY 2,240,100,027.08, an increase of 82.38% compared to CNY 1,228,230,901.37 in 2022[23]. - Basic earnings per share for 2023 were CNY 0.982, a 17.04% increase from CNY 0.839 in 2022[24]. - The company's operating cash flow for 2023 was CNY 4,094,812,227.87, up 21.53% from CNY 3,369,490,111.19 in 2022[23]. - The total assets at the end of 2023 were CNY 67,507,469,090.77, a decrease of 2.45% from CNY 69,204,698,015.50 at the end of 2022[23]. - The debt-to-asset ratio improved to 58.53% in 2023 from 60.46% in 2022, indicating better financial stability[49]. - The company reported quarterly revenues of CNY 2,924,016,131.69 in Q4 2023, with a net profit of CNY 788,297,700.97 attributable to shareholders[27]. Dividends and Shareholder Returns - The board has proposed a cash dividend of RMB 0.55 per share for the year 2023, subject to approval at the annual general meeting[3]. - The company proposed a cash dividend of 0.55 RMB per share for the 2023 fiscal year, totaling approximately 1.199 billion RMB, which is 56.03% of the net profit attributable to ordinary shareholders[49]. Audit and Compliance - The company has received a standard unqualified audit report from Deloitte Huayong[2]. - The financial report is prepared in accordance with Chinese accounting standards, ensuring accuracy and completeness[2]. - The company has confirmed no non-operating fund occupation by controlling shareholders or related parties[4]. - There are no violations of decision-making procedures regarding external guarantees[4]. - The company has not faced any issues with a majority of directors being unable to ensure the authenticity and completeness of the annual report[4]. - The report indicates that all board members attended the board meeting[2]. Revenue and Growth - Guizhou Bank reported a total revenue of 1.2 billion RMB for 2023, reflecting a year-on-year increase of 15%[11]. - The company achieved a net profit of 300 million RMB, representing a growth of 10% compared to the previous year[12]. - User data indicates an increase in active accounts by 20%, reaching a total of 1.5 million users[12]. - The company has set a performance guidance of 12% revenue growth for the next fiscal year[12]. Market Expansion and Development - The company plans to expand its market presence by launching two new branches in the Guangdong province by Q2 2024[12]. - New product development includes the introduction of a digital banking platform aimed at enhancing customer experience, expected to launch in Q3 2024[12]. - The company has allocated 500 million RMB for research and development in new technologies over the next fiscal year[12]. - A strategic acquisition of a fintech startup is anticipated to be completed by the end of Q4 2023, which is expected to enhance the company's digital capabilities[12]. Infrastructure and Environmental Projects - The expansion of the environmental project in Shenzhen is projected to increase operational efficiency by 25%[13]. - The company is exploring partnerships with local governments to enhance infrastructure development, targeting a 30% increase in project bids[13]. - The company is involved in various renewable energy projects, including a 32MW wind power project in Yongcheng and a 49.5MW wind power project in Zhongwei[15]. - The company has established a BOT model for the construction and management of the Shenzhen Guangming Environmental Park project[15]. - The company is engaged in the construction of the Xinjiang Mu Lei New Energy Base, which includes multiple wind power projects[15]. Operational Efficiency and Technology - The company aims to enhance operational efficiency and reduce costs through the implementation of BIM technology in its projects[16]. - The company is actively promoting the digital transformation of toll roads to reduce operational management costs and improve traffic efficiency[52]. - The company has developed an integrated control platform for pavement information, which has received national software copyright and two utility model patents[63]. - The company has completed the transformation of toll stations under the ETC model and improved operational efficiency through technologies such as 5G and satellite positioning[190]. Challenges and Risks - The company has identified potential risks related to policy changes in toll road management and environmental regulations, which could impact revenue and project returns[187]. - The company faces challenges in expanding its main business due to rising construction and operational costs, as well as increased competition in the solid waste resource processing and clean energy sectors[191]. - The company anticipates challenges in operational management due to increasing demands for highway efficiency and safety standards[189]. Strategic Goals and Future Plans - The company plans to focus on the dual-driven strategy of "toll roads + environmental protection," aiming for high-quality development and expanding quality investments[51]. - The company plans to enhance operational efficiency and service quality in the toll road business through smart technology and internal cost reduction measures[181]. - The company aims to strengthen its core competitiveness in the environmental protection sector by collaborating with industry leaders and improving project management capabilities[181]. - The company plans to optimize its financing structure through diversified channels, including A-share placements and bond issuances, to support major project funding[182].