Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company [1]. Core Insights - The company, Guangdong Provincial Highway Development Co., Ltd., discussed its operational performance for 2024, including the progress of major road expansion projects and significant financial data changes year-on-year [18]. - The opening of the Shenzhen-Zhongshan Bridge has altered the regional road network structure, leading to a decrease in toll revenue for the Guangzhu East section in 2024, with expectations of continued impact into 2025 [18]. - The company has several ongoing and planned highway expansion projects, including the completion of the Jiangzhong Expressway and the ongoing construction of the Huizhan Expressway, expected to finish in 2025 [18][19]. Summary by Sections 1. Basic Research Information - The research focused on Guangdong Provincial Highway Development Co., Ltd. within the railway and highway industry, conducted on March 13, 2025 [13]. 2. Detailed Research Institutions - Participating institutions included China Life Pension Insurance Co., Ltd. and Xinda Securities Co., Ltd. [14]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [16]. 4. Main Content Information - The company’s financing cost ranges from 2.20% to 2.80% as of December 31, 2024 [19]. - The company has a dividend policy that stipulates a cash distribution of at least 70% of the net profit attributable to the parent company for the years 2024 to 2026, contingent on positive distributable profits and sufficient cash flow [20].

Group 1: Company Overview and Financial Performance - The company reported a significant decline in toll revenue for the Guangzhu East section due to the opening of the Shenzhen-Zhongshan Channel, with expected continued impact into 2025 [1] - The financing cost for the company as of December 31, 2024, is estimated to be in the range of 2.20% to 2.80% [2] - The company has a dividend policy that mandates a cash distribution of at least 70% of the net profit attributable to the parent company for the years 2024 to 2026, provided there are no major investment plans or cash expenditures [2] Group 2: Infrastructure Development and Expansion Projects - The expansion of the Jingzhu Expressway (Guangzhu section) is set to be completed by 2027, with one segment already finished in September 2024 [1] - The Jiangzhong Expressway expansion has been fully completed and is currently undergoing a fee adjustment application [1] - The Guanghui Expressway expansion project has received approval from the provincial development and reform commission and is expected to commence in 2025 with a projected duration of 5 years [2]

证券代码：000429、200429 证券简称：粤高速 A、粤高速 B 广东省高速公路发展股份有限公司投资者关系活动记录表 编号：2025007 问 5：广惠高速改扩建项目的开展对公司分红政策有无影响 答：公司于 2024 年 3 月 16 日披露《未来三年股东回报规划（2024 年度—2026 年度）》并通过股东大会审议。分红规划提出：在公司 可供分配利润为正、且现金能够满足公司持续经营和长期发展的前 提下，如无重大投资计划或重大现金支出等事项发生，公司每年应 当采取现金方式分配股利，2024-2026 年度现金分配的股利应满足 "每年度以现金方式分配的利润不低于当年度实现的合并报表归 属母公司所有者净利润的百分之七十"的条件。具体各个年度的利 润分配预案由董事会根据公司年度盈利状况和未来资金使用计划提 出，并提交股东大会审议。 关 于 本 次 活 动 是 否 涉 及 应 披 露 重 大 信 息的说明 无 活 动 过 程 中 所 使 用 的 演 示 文 稿、提供的 文 档 等 附 件（如有， 可 作 为 附 件） 无 2 1 （3）粤肇高速改扩建工程按计划实施；（4）惠盐高速改扩建工程 计划于 2025 年 ...

Group 1: Company Overview and Future Plans - The company aims to serve as a capital operation platform for the transformation and upgrading of the Guangdong province highway transportation industry during the "14th Five-Year Plan" [1] - The focus is on cultivating and integrating new industries in the highway and transportation sectors, expanding the scale of the main business, and enhancing profitability [1] Group 2: Financing and Investment - The total estimated investment for the Guanghui Expressway expansion project is CNY 30.52 billion, with 35% as capital and 65% financed through bank loans [1] - The company will contribute approximately CNY 5.448 billion as capital, based on a 51% stake in Guanghui Company, with a construction period of 5 years [1] Group 3: Dividend Policy - The company plans to distribute cash dividends amounting to at least 70% of the net profit attributable to the parent company for the years 2024-2026, provided there are no major investment plans or cash expenditures [2] Group 4: Operational Management - Guangfo Company will continue to manage the Guangfo Expressway, with ongoing communication with government departments regarding maintenance expenditures [2] - The company is investing in digital technology for highway maintenance and toll system software to enhance operational efficiency [2] Group 5: Financing Costs - As of December 31, 2024, the company's financing interest rate is projected to be between 2.20% and 2.80% [2]

证券代码：000429、200429 证券简称：粤高速 A、粤高速 B 1 | | 推动公司可持续高质量发展。广惠高速实施改扩建后可核定收费经 | | | --- | --- | --- | | | 营期，广惠公司得以持续经营，持续巩固公司高速公路业务。 | | | | 问 4、全资子公司粤高资本控股（广州）有限公司的项目投资情况 | | | | 答：公司依托粤高资本股权投资平台围绕交通领域新兴产业推动拓 | | | | 展投资业务，积极储备项目源，深化业务联动，寻求机会开展交通 | | | | 领域新兴产业的培育、整合升级，延伸主业产业链，加速产业融合， | | | | 培育公司新盈利增长点，提高公司综合收益。 | | | | 问 5：公司的融资成本的大致区间 | | | | 月 31 日，公司融资的年利率区间为 2.20%-2.80%。 | 答：于 2024 年 12 | | | 问 6：公司改扩建项目建成后，是否可以申请调整收费标准？ | | | | 答：公司改扩建项目建成后将按程序依据现行政策向政府申报调整 | | | | 收费标准，并按政府批复的收费标准执行。 | | | 关 于 本 次 | 无 | ...

Group 1: Financial Performance - The company's revenue in Q4 2024 decreased due to the impact of surrounding road network diversion [1] - The profit decline in Q4 was significantly influenced by last year's recognition of equity transfer gains and the absence of similar interest income from matured deposits this year [1] Group 2: Infrastructure Development - The Huizhou-Yanjiang Expressway expansion is scheduled for completion in 2025, with the company planning to apply for a fee adjustment [2] - The Jiangzhong Expressway expansion has been fully completed, and the company is currently applying for a fee adjustment [2] Group 3: Impact of New Infrastructure - The opening of the Shenzhen-Zhongshan Channel has altered the regional road network structure, leading to a projected decline in toll revenue for the Guangzhu East section in 2024, with similar impacts expected in 2025 [2]

粤高速 A20250304 摘要 Q&A 能否介绍一下广汇改扩建项目的基本情况及其施工计划？ 粤高速 A 的广汇改扩建项目总投资规模为 305 亿元，里程共计 153 公里。该项 目分为两段：广州至小金口段为六车道，将扩建至十车道；小金口至林坑段原 为四车道，将扩建至八车道。单公里造价略低于近期其他参控股项目，每公里 造价约 2 亿元。根据测算，按最高收费年限 25 年计算，资本金的财务内部收益 率（IRR）为 5.08%。该项目属于济广高速国家高速公路网和省主干道的一部分， 因此在概算批复程序上有所不同，但整体作为一个项目推进，不会分段施工。 • 广汇改扩建项目总投资估算约 200 亿元，单公里造价约 2 亿元，资本金财 务内部收益率（IRR）为 5.08%，项目整体推进，不受审查部门影响，将申 请重新核定经营期限以应对原合同到期问题。 • 粤高速 A 现金充裕，初期投入可通过自有资金解决，广汇流动资产约 20 亿 可用于初期投入。融资渠道较多，将根据项目需求和融资市场情况统筹安 排，并争取低成本融资，包括政府指导价等优惠贷款支持。 • 广州东改扩建项目全线工期至 2027 年，2025 年预计投资额约 6 ...

证券代码：000429、200429 证券简称：粤高速 A、粤高速 B 广东省高速公路发展股份有限公司投资者关系活动记录表 编号：2025001 | | 特定对象调研 √ | □分析师会议 | | --- | --- | --- | | 投资者关 | □媒体采访 | □业绩说明会 | | 系活动类 | □新闻发布会 | □路演活动 | | 别 | □现场参观 | | | | □其他 | （请文字说明其他活动内容） | | | 杨汉明 梁继荣 | 广东省高速公路发展股份有限公司 | | | 章泽越 | 富国基金管理有限公司 | | | 李远哲 | 华夏基金管理有限公司 | | | 白宜清 | 天弘基金管理有限公司 | | | 陈梓源 | 南方基金管理股份有限公司 | | | 马敦超 | 泰康基金管理有限公司 | | | 李婉箐 | 鹏扬基金管理有限公司 | | | 黄亚铷 | 路博迈基金管理（中国）有限公司 | | | 曾靖珂 | 博时基金管理有限公司 | | | JerryPeng | 摩根士丹利投资管理 | | | 秦劲风 | 上海盘京投资管理中心（有限合伙） | | | 姚铁睿 | 平安基金管理有限公司 ...

1 | | 一、董事会秘书杨汉明先生简要介绍了公司 2024 年的经营情况、 | | --- | --- | | | 主要参控股路段改扩建工程进展情况、主要财务数据同比变动情 | | | 况。 | | | 二、问答环节主要内容 | | | 问 1：广惠高速改扩建开支较大，公司有何融资安排？ | | | 答：公司董事会已审议通过增资投资广惠高速改扩建项目，以广东 | | | 省发展和改革委员会核准的本项目估算总投资金额 305.2 亿元为 | | | 依据，项目资本金为总投资的 35％，其余 65%为银行贷款。公司按 | | | 持有广惠公司 51%股比承担资本金出资，约 54.48 亿元（最终以项 | | | 目竣工决算价为准），建设期为 5 年。具体详情，可以查阅公司公 | | | 告（公告编号：2025-006） | | | 问 2：广惠高速改扩建项目的开展对公司分红政策有无影响？ | | | 答：公司于 2024 年 3 月 16 日披露《未来三年股东回报规划（2024 | | 交 流 内 容 | 年度—2026 年度）》并通过股东大会审议。分红规划提出：在公司 | | | 可供分配利润为正、且现金能够 ...

证券代码：000429、200429 证券简称：粤高速 A、粤高速 B 2 | | 答：江中高速改扩建工程已全线建成通车，目前正在申请调整收费 | | --- | --- | | | 标准。 | | 关 于 本 次 | 无 | | 活 动 是 否 | | | 涉 及 应 披 | | | 露 重 大 信 | | | 息的说明 | | | 活 动 过 程 | 无 | | 中 所 使 用 | | | 的 演 示 文 | | | 稿、提供的 | | | 文 档 等 附 | | | 件(如有， | | | 可 作 为 附 | | | 件) | | 3 | | √ 特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关 | □媒体采访 | □业绩说明会 | | 系活动类 | □新闻发布会 | □路演活动 | | 别 | □现场参观 | | | | □其他 | （请文字说明其他活动内容） | | | 杨汉明 梁继荣 | 广东省高速公路发展股份有限公司 | | | 林霞颖 | 华泰证券股份有限公司 | | | Vivian Tao | JPMorgan Asset Management (A ...