证券代码：000429、200429 证券简称：粤高速 A、粤高速 B 编号：2024012 | --- | --- | --- | --- | |---------------|------------------|--------------------------------|-------| | | | | | | 投资者关 | √ 特定对象调研 | □ 分析师会议 | | | 系活动类 | □ 媒体采访 | □ 业绩说明会 | | | 别 | □ 新闻发布会 | □ 路演活动 | | | | □ 现场参观 | | | | | □ 其他 | （请文字说明其他活动内容） | | | 活 动 参 与 | 杨汉明梁继荣 | 广东省高速公路发展股份有限公司 | | | 人员 | 张佳 劳杰男 | 鹏华基金 汇添富基金 | | | | | | | | | 李湧 | 兴业基金 | | | | 何杰 | 平安基金 | | | | | | | | | 张王越 | 幸福人寿 | | | | 尹金泽 | 人保资产 | | | | | | | | | 马保良 | 中意资产 | | | | | | | | | 朱永习 | 华 ...

证券研究报告 非金融公司|公司点评|粤高速 A（000429） 2024H1 业绩承压，归母净利下滑 3.4% 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月02日 证券研究报告 |报告要点 公司发布 2024 年半年报。2024H1，公司实现营收 22.31 亿元，同比下降 4.68%，实现归母净 利润 8.55 亿元，同比下降 3.41%。其中 2024Q2 公司实现营收 11.06 亿元，同比下降 6.70%， 实现归母净利润 4.35 亿元，同比下降 8.62%。 |分析师及联系人 李蔚 SAC：S0590522120002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月02日 粤高速 A(000429) 2024H1 业绩承压，归母净利下滑 3.4% | --- | --- | |----------------------------|--------------------------------| | | | | 行 业： 投资评级： | 交通运输/铁路公路 增持（维持） | | 当前价格： | 11.0 ...

Group 1: Company Overview - The company provided a brief introduction to its operating conditions for the first half of the year, including the progress of its controlled and holding road expansion projects and key financial data changes year-on-year [2]. Group 2: Traffic Impact Analysis - The opening of the Shenzhen-Zhongshan Channel has significantly altered the regional road network structure, leading to a noticeable increase in average daily traffic volume on the Guangzhu East section, while toll revenue has decreased [2]. - In July, traffic data indicated that the Guangzhu East section experienced a significant increase in traffic volume compared to both the previous month and the same month last year, but toll revenue showed a decline [2]. Group 3: Future Projections - The company anticipates that the traffic ratio of passenger to freight vehicles on its controlled road sections will remain largely unchanged in the third quarter of 2024 [2]. - The Jiangzhong Expressway expansion project is nearing completion, and the company is currently applying for adjustments to the toll standards, which will be implemented according to government approval [2]. Group 4: Project Progress - The expansion projects for Jiangzhong Expressway, Guangzhao Expressway, and Guangzhu East Expressway are progressing smoothly and as planned [2]. - The Guanghui Expressway company is actively working on preliminary project approval and establishment procedures [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：2024011 | | 投 资 者 关 | √ 特定对象调研 | □ 分析师会议 | | | 系 活 动 类 别 | □ 媒体采访 | □ 业绩说明会 | | | | □ 新闻发布会 | □ 路演活动 | | | | □ 现场参观 | | | | | □ 其他 | （请文字说明其他活动内容） | | | 活 动 参 与 人员 | | 粤高速董事会秘书杨汉明、天风证券股份有限公司李宁、宝盈基金 | | | | | 管理有限公司侯嘉敏、国投证券股份有限公司陈佳敏、北京成泉资 | | | | | 本管理有限公司王海斌、上银基金管理有限公司颜枫、天风国际资 | | | | 产管 ...

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：2024010 √ 特定对象调研 □分析师会议 投 资 者 关 系 活 动 类 □媒体采访 □业绩说明会 别 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 活 动 参 与 人员 粤高速董事会秘书杨汉明、招商证券王春环、招商证券刘若琮、工 银理财有限责任公司折少博、深圳市远望角投资管理企业（有限合 伙）虞光、西部利得基金管理有限公司温震宇、华泰证券林霞颖、 华能贵诚信托有限公司郭润晨、国海证券股份有限公司史亚州、国 联证券李蔚、国金证券股份有限公司（资管）邱友锋、广发证券发 展研究中心王航、明世伙伴私募基金管理(珠海)有限公司孙勇、深 圳中天汇富基金管理有限公司许高飞、粤佛私募基金管理(武汉)有 限公司曹志平、統一投信郑宗杰、上海天猊投资曹国军 | --- | --- | --- | |-------|--------------------------------------------|-------| | 时间 | 2024 年 8 月 30 日下午 ...

广东省交通集团财务有限公司 2024年上半年风险评估报告 目 录 一、风险评估报告 二、风险评估说明 永拓会计师事务所(特殊普通合伙) "创业 " 报告编码:京24G k 拓会计师事务所(特殊普通合伙) ongtuo Certified Public Accountants LLP 通合伙) 永拓乡 10521642 中国·北京 中国注册会计师: (项目合伙人) 风险评估报告 永证专字(2024)第 310274 号 广东省高速公路发展股份有限公司: 我们接受委托,审核了广东省交通集团财务有限公司(以下简称"交通集团 财务公司")管理层对截至2024年6月30日与财务报表编制有关的风险管理制 度设计的合理性与执行的有效性做出的评价与认定。建立健全风险管理制度并保 持其有效性是交通集团财务公司管理当局的责任。我们的责任是对交通集团财务 公司与财务报表编制有关的风险管理制度的执行情况发表意见。 我们在审核过程中,实施了包括了解、测试和评价交通集团财务公司与财务 报表编制有关的风险管理制度设计的合理性和执行的有效性情况,以及我们认为 必要的其他程序。我们相信,我们的审核为发表意见提供了合理的基础。 风险管理具有固有 ...

证券代码：000429，200429 证券简称：粤高速 A、B 公告编号：2024-021 广东省高速公路发展股份有限公司 第十届董事会第二十次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，公告不存在虚假记载、误导 性陈述或者重大遗漏。 一、董事会会议召开情况 表决结果：赞成 14 票，反对 0 票，弃权 0 票。 《2024 年半年度报告》中的财务信息已在召开董事会会议前经董事会审计 委员会审议同意。 1 （二）审议通过《关于确认广东省交通集团财务有限公司风险评估报告的 议案》 同意《关于广东省交通集团财务有限公司风险评估报告》。 表决结果：赞成 14 票，反对 0 票，弃权 0 票。 广东省高速公路发展股份有限公司（以下简称"公司"）第十届董事会第二 十次会议（以下简称"本次会议"）于 2024 年 8 月 29 日（星期四）上午在本公 司会议室以现场会议加视频会议通讯表决形式召开。本次会议的会议通知及相关 会议文件已于 2024 年 8 月 16 日以传真、电子邮件或当面递交方式通知送达各位 董事。会议应到董事 14 名，实到董事 14 名，参加本次会议的董事超过全体董事 的半数，符 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 2,230,865,662.20, a decrease of 4.68% compared to CNY 2,340,436,775.08 in the same period last year[12]. - The net profit attributable to shareholders was CNY 855,465,441.00, down 3.41% from CNY 885,644,187.99 year-on-year[12]. - The net cash flow from operating activities decreased by 20.39% to CNY 1,603,256,009.68 from CNY 2,013,917,191.70 in the previous year[12]. - The basic earnings per share for the reporting period was CNY 0.41, a decrease of 2.38% compared to CNY 0.42 in the same period last year[12]. - The weighted average return on equity was 8.45%, down from 9.30% in the previous year[12]. - The company reported a significant decrease in non-operating income, with a total impact of CNY -28,393,962.20 from various non-recurring items[14]. - The revenue from the Guanghui Expressway decreased by 12.40% to CNY 891,605,070.85, impacted by nearby road network changes[22]. - The company reported a decrease in fixed assets to 8,497,540,533.10 yuan, which is 37.97% of total assets, a decrease of 4.19% from the previous year[25]. - The company reported a net profit margin of 18%, reflecting improved cost management and operational efficiency[119]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 22,379,416,869.63, reflecting a 4.73% increase from CNY 21,368,963,167.41 at the end of the previous year[12]. - The net assets attributable to shareholders decreased by 2.10% to CNY 9,640,941,824.71 from CNY 9,847,531,855.89 at the end of the previous year[12]. - Long-term borrowings increased to 6,435,971,150.00 yuan, representing 28.76% of total liabilities, an increase of 0.94% from the previous year[25]. - Total liabilities increased to CNY 10.14 billion, compared to CNY 8.96 billion, marking a rise of approximately 13.14%[81]. - Owner's equity decreased to CNY 12.24 billion from CNY 12.41 billion, a decline of about 1.41%[81]. Cash Flow - The cash and cash equivalents net increase was CNY 253,713,946.26, a decrease of 74.37% compared to CNY 990,085,036.42 in the previous year[21]. - The cash flow from operating activities for the first half of 2024 was CNY 1,603.26 million, a decrease of 20.36% compared to CNY 2,013.92 million in the first half of 2023[90]. - The company reported a significant increase in bank deposits, which rose to CNY 2,486,064,082.26 from CNY 2,039,934,390.23, reflecting an increase of approximately 21.9%[175]. Investments and Acquisitions - The company invested a total of 740,451,816.75 yuan during the reporting period, representing a 24.95% increase compared to 592,619,036.60 yuan in the same period last year[28]. - The company completed significant equity investments totaling 173,500,000.00 yuan, with a 15% stake in Guangdong Jiangzhong Expressway Co., Ltd. and a 25% stake in Zhaoqing Yuezhong Expressway Co., Ltd.[29]. - The company reported an increase in investment income to CNY 765.19 million in the first half of 2024, up from CNY 596.72 million in the same period of 2023, representing a growth of 28.23%[88]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares[3]. - The company has established a three-year shareholder return plan to ensure stable and predictable profit distribution policies[39]. - The total number of shareholders at the end of the reporting period was 51,839, with significant shareholders holding more than 5% of the shares[68]. Operational Strategy - The company operates 306.78 kilometers of controlled highways and is actively participating in several expansion projects, including Jiangzhong Expressway and Huizhou-Yantian Expressway, to meet increasing traffic demands[38]. - The company plans to accelerate the upgrade of service areas, including the installation of charging stations for electric vehicles, to meet the growing energy supply needs[38]. - The company emphasizes digital transformation, enhancing smart traffic infrastructure and management processes to improve operational efficiency and safety[38]. - The company provided a positive outlook for the second half of 2024, projecting a revenue growth of 10% to 12%[120]. Financial Management - The company has not reported any tax incentives for the current period[173]. - The company applies a 25% corporate income tax rate on taxable income[173]. - The company has not experienced any changes in the scope of its consolidated financial statements during the reporting period, maintaining consistency in its financial reporting[109]. Risk Management - The company recognizes impairment losses for financial instruments measured at amortized cost and those measured at fair value with changes recognized in other comprehensive income[130]. - The expected credit loss rate for accounts receivable within 1 year is 0%, while for 1-2 years it is 10%, 2-3 years 30%, 3-4 years 50%, 4-5 years 90%, and over 5 years 100%[134]. - The company has no significant write-offs of accounts receivable during the period, indicating effective credit control measures[181]. Compliance and Governance - The financial report was approved by the board of directors on August 29, 2024, indicating a commitment to transparency and compliance with regulatory standards[110]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that its financial reports are in compliance with national regulations[112].

| | | | --- | --- | | | 1 | | | .. | | 编制单位: | 东省高速公路发展股份有限公 | 法定代表人: 主管会计工作的负责人(总会计师): 会计机构负责人: | 非经营性资金占用 | 112 资金占用方 | 占用方与上市公司的 | 上市公司核算的会 | 2024年初往来资 | 2024年1-6月在 | 2024年1-6月在 | 2024年1-6月偿 | 2024年6月30日 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 关联关系 | 计科目 | 金余额 | 来累计发生金额 (不含利息) | 来资金的利息 (如有) | 还累计发生额 | 往来资金余额 | 占用形成原因 | 占用性质 | | 现大股东及其附属企 | | | | | | | | | | | | AN | | | | | | | | | | | | 小 计 | - | | - | | | | | | | - | | 前大股东及其附属企 | | | | | | | | | | | | ਸਨ | | | | ...

一、坚持高质量发展，注重内涵式增长，优化资源配置 公司主营高速公路、等级公路和桥梁的投资、建设、收费和养护管理，公司 控股高速公路里程 306.78 公里。得益于广东省经济的多年稳健增长，公司旗下 多条高速公路的车流量已逐渐达到饱和状态。 广东省高速公路发展股份有限公司 关于"质量回报双提升"行动方案的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，公告不存在虚假记载、误导 性陈述或者重大遗漏。 为响应并践行中央政治局会议提出的"要活跃资本市场、提振投资者信心" 及国务院常务会议提出的"要大力提升上市公司质量和投资价值，要采取更加有 力有效措施，着力稳市场、稳信心"的指导思想，维护全体股东利益，促进公司 长远健康可持续发展，广东省高速公路发展股份有限公司（以下简称"公司"） 制定了"质量回报双提升"行动方案。具体举措如下： 证券代码：000429，200429 证券简称：粤高速 A、B 公告编号：2024-020 面对日益增长的交通需求，公司已在近年相继参加或启动了江中高速、惠盐 高速、京珠高速广珠段、广肇高速等一系列改扩建工程，并正在积极筹划广惠高 速的改扩建项目。展望未来，公司将致力于加速这些改 ...