Investment Rating - The investment rating for the company is "Accumulate" and it is maintained [2][3] Core Views - The company reported a strong recovery in performance for 2023, with operating revenue reaching 4.879 billion yuan, a year-on-year increase of 17.04%, and a net profit attributable to shareholders of 1.634 billion yuan, up 28.01% year-on-year [3][4] - The company plans to maintain a dividend payout ratio of 70% from 2024 to 2026, with a proposed cash dividend of 5.47 yuan per 10 shares for 2023, corresponding to a dividend yield of 5.66% based on the closing price of 9.66 yuan on March 15, 2024 [3][4] - The recovery in traffic volume due to domestic economic recovery has positively impacted revenue and profit, with toll revenue from the company's four controlled highways reaching 4.811 billion yuan, a year-on-year increase of 17.46% [3][4] Financial Summary - For 2023, the company achieved operating revenue of 4.879 billion yuan, with a year-on-year growth of 17.0% [4] - The net profit attributable to shareholders for 2023 was 1.634 billion yuan, reflecting a year-on-year growth of 28.0% [4] - The gross profit margin for 2023 was 64.3%, an increase of 2.38 percentage points year-on-year [4] - The company’s return on equity (ROE) for 2023 was 16.6% [4] - The earnings per share (EPS) for 2023 was 0.78 yuan [4] Market Data - As of March 15, 2024, the closing price of the company's stock was 9.66 yuan, with a total share capital of 2.091 billion shares and a circulating share capital of 1.303 billion shares [5] - The company's net assets amounted to 9.848 billion yuan, while total assets were 21.369 billion yuan [5] Investment Strategy - The company is expected to benefit from the recovery of traffic volume in the post-pandemic era, supported by the completion of expansion projects that enhance network effects [7] - The company has committed to a high dividend payout, making it a defensive investment choice with stable performance [7] - Profit forecasts for 2024, 2025, and 2026 are adjusted to 1.552 billion yuan, 1.472 billion yuan, and 1.532 billion yuan respectively, with a maintained dividend payout ratio of 70% [7]

关于本报告 本报告是广东省高速公路发展股份有限公司（以下简称"粤高速""公司""我们"）向社会发布的第二份环境、社会及治理报告。 报告本着客观、规范、透明和全面的原则，详细披露粤高速 2023 年在环境、社会及治理方面的工作绩效。 重要提示 本报告所披露的信息和数据均来源于粤高速总部及各子公司内部 正式文件、统计报告与年报。报告书中的财务信息以人民币为单 位。财务数据以年度财务报告为准。 公司董事会及全体董事已批准本报告，并保证本报告内容不存在 任何虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、 准确性和完整性承担个别及连带责任。 报告边界及时间范围 报告边界为粤高速及其附属子公司，其中财务相关数据采用 2023 年年报合并财务报表范围统计口径，环境、社会、公司治 理议题相关数据统计口径涵盖公司总部以及分、子公司。 本报告时间范围是 2023 年 1 月 1 日至 2023 年 12 月 31 日（"报 告期"），部分内容及数据适当超出以上范围。报告范围与公司 2023 年年度报告范围一致。 发布周期 本报告为年度报告，其报告周期与财务报告保持一致。 编写标准 深圳证券交易所《深圳证券交易所上市公司自律 ...

广东省高速公路发展股份有限公司 未来三年股东回报规划（2024 年度—2026 年度） （经公司第十届董事会第十八会议审议通过，尚待股东大会审议） 为完善和健全科学、持续、稳定的分红决策和监督机制，积极回报投资者， 引导投资者树立长期投资和理性投资理念，广东省高速公路发展股份有限公司 （以下简称"公司）董事会根据中国证监会《上市公司监管指引第3号——上市 公司现金分红》（2023年修订）的要求，结合《深圳证券交易所上市公司规范运 作指引》以及《公司章程》对利润分配政策的相关规定，以及公司的实际情况， 制订了《未来三年股东回报规划（2024年度-2026年度）》。 第一条 制定本规划考虑的因素 （三）现金分红规划：公司根据《公司法》等有关法律法规及《公司章程》 的规定，足额提取法定公积金、任意公积金以后，在公司可供分配利润为正、且 1 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 ...

Financial Performance - The company's operating revenue for 2023 reached ¥4,879,066,948.19, representing a 17.04% increase compared to ¥4,168,634,113.98 in 2022[15]. - Net profit attributable to shareholders for 2023 was ¥1,633,811,033.68, up 28.01% from ¥1,277,069,521.90 in 2022[15]. - The net profit after deducting non-recurring gains and losses was ¥1,705,099,801.05, reflecting a 30.07% increase from ¥1,311,599,314.34 in 2022[15]. - The net cash flow from operating activities for 2023 was ¥3,831,785,563.47, a significant increase of 39.24% compared to ¥2,752,026,558.38 in 2022[15]. - Basic and diluted earnings per share for 2023 were both ¥0.78, an increase of 27.87% from ¥0.61 in 2022[15]. - The weighted average return on equity for 2023 was 17.30%, up from 14.30% in 2022[15]. - Total assets at the end of 2023 amounted to ¥21,368,963,167.41, marking a 5.43% increase from ¥20,267,197,153.88 at the end of 2022[15]. - Net assets attributable to shareholders reached ¥9,847,531,855.89 at the end of 2023, an 8.50% increase from ¥9,075,877,244.12 at the end of 2022[15]. Revenue Sources - The main source of profit for the company is highway toll revenue, which is subject to approval by government authorities, making it difficult for the company to adjust toll rates based on operational costs or market demand changes[3]. - The toll revenue from the controlled highways increased year-on-year, with the Guangfo Expressway traffic volume rising by 21.72% to 94,937.1 vehicles[26]. - The revenue from the Foshan-Kaiping Expressway was approximately ¥1.52 billion, accounting for 31.18% of total revenue, with a year-on-year growth of 17.38%[28]. Investments and Projects - The company operates a total of 306.78 kilometers of controlled highways and has investments in several other highway projects[22]. - The company is focusing on the investment management of highway expansion projects to improve management levels and effective investment[25]. - The company is actively exploring high-quality investment projects in the highway sector and emerging transportation industries to accumulate development momentum[25]. - The company plans to enhance the quality of service areas and promote the construction of charging infrastructure as part of its strategic initiatives[25]. Research and Development - The company reported a decrease in research and development expenses to approximately ¥3.25 million, down from ¥14.59 million in the previous year[34]. - The company's R&D investment decreased by 55.75% to ¥6,457,084 in 2023 from ¥14,591,773 in 2022, representing only 0.13% of operating revenue[36]. - The number of R&D personnel dropped to 0 in 2023 from 25 in 2022, indicating a 100% reduction[36]. - The company has completed research on a drainage design guide for wide pavement, which aims to enhance traffic safety and reduce accidents during rainfall[35]. - A technology study on unmanned toll collection systems has been completed, improving operational efficiency and digital management of toll stations[35]. Governance and Compliance - The company maintains independent operations in business, assets, personnel, finance, and institutions, ensuring no interference from major shareholders[59]. - The company has established an independent accounting system and financial management practices, with independent bank accounts and tax obligations[59]. - The company’s governance structure complies with relevant laws and regulations, ensuring effective operation and management[58]. - The company has a clear ownership structure, with all shareholders' contributions fully in place and property rights clearly defined[59]. - The company has maintained a consistent governance structure with no directors absent for two consecutive meetings[81]. Shareholder Meetings and Decisions - The company held its 2022 Annual General Meeting on June 28, 2023, with a participation rate of 66.79%[61]. - The company approved the 2022 financial settlement report and the profit distribution plan during the 2022 Annual General Meeting[61]. - The first temporary shareholders' meeting in 2023 was held on August 23, with a participation rate of 64.41%, approving changes to the 2020 major asset restructuring performance commitment[61]. - The second temporary shareholders' meeting in 2023 took place on November 6, with a participation rate of 40.71%, approving an investment increase in the G80 Guangkun Expressway project[61]. - The third temporary shareholders' meeting in 2023 was held on December 5, with a participation rate of 65.27%, approving revisions to the independent director system and the company’s articles of association[61]. Future Outlook and Strategic Plans - The company aims for a total operating revenue of 4.714 billion RMB in 2024, with operating costs controlled within 1.791 billion RMB[54]. - The company plans to enhance strategic execution by implementing the mid-term adjustment plan of the "14th Five-Year" development plan, focusing on strategic management and resource allocation[54]. - The company will promote investment in renovation and expansion projects, ensuring funding for ongoing projects such as Guangzhu East and Jiangzhong[54]. - The company intends to innovate service area upgrades and accelerate the construction of Zhi Mountain Service Area (North District) and Yayao Service Area "micro-renovation" projects[54]. - The company will focus on post-investment empowerment and value creation for its new energy equity projects[54]. Financial Stability and Risk Management - The company has maintained a 100% loan repayment rate and interest payment rate, demonstrating strong financial stability[153]. - The company reported a significant increase in cash received from other operating activities, totaling CNY 562,750,580.32 in 2023, compared to CNY 120,557,326.45 in 2022[173]. - The company has established a complete internal control system, with 100% of the total assets and operating income of the evaluated units included in the consolidated financial statements[96]. - There were no significant internal control deficiencies identified during the reporting period, with zero major or important deficiencies reported[98]. - The audit committee confirmed that the internal control system was effective as of December 31, 2022, in all material aspects[83]. Environmental and Social Responsibility - There were no environmental penalties or major environmental issues reported during the period[101]. - The company has not disclosed any measures taken to reduce carbon emissions during the reporting period[101]. - The company has not reported any social responsibility initiatives or activities related to poverty alleviation or rural revitalization[102]. Share Capital and Ownership - The total number of shares outstanding is 2,090,806,126, with 20.99% being restricted shares[132]. - The largest shareholder, Guangdong Provincial Transportation Group Co., holds 24.56% of the shares, totaling 513,485,480 shares[136]. - The company reported a total of 48,738 common shareholders at the end of the reporting period[136]. - The company’s capital structure remains stable with no new securities issued during the reporting period[134]. Audit and Compliance - The company received a standard unqualified audit opinion for its financial statements, affirming compliance with accounting standards[154]. - The financial report was approved by the board of directors on March 15, 2024, and is based on the going concern assumption[192]. - The company has maintained its ability to continue as a going concern for at least 12 months from the reporting date[194].

广东省高速公路发展股份有限公司 二〇二三年度财务报表 审计报告 目 录 一、审计报告 永拓会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http: the first for and the state of the state of the states of the states of the states of the station of the states of the station of the states of the states of the states of the station of e and the same 二、财务报表 1. 2023年12月31日合并资产负债表及母公司资产负债表 2. 2023 年度合并利润表及母公司利润表 3. 2023 年度合并现金流量表及母公司现金流量表 4. 2023 年度合并股东权益变动表及母公司股东益变动表 5. 2023 年度财务报表附注 会计师事务所(特殊普通合伙) ertified Public Accountants 计 告 报 目 永证审字(2024)第110002 号 广东省高速公路发展 ...

关于广东广惠高速公路有限公司 盈利预测实现情况的专项审核报告 目 录 | 盈利预测实现情况的专项审核报告 | | --- | | 盈利预测实现情况的专项说明 | 永拓会计师事务所(特殊普通合伙) 拓会计师事务所(特殊普通合伙) ngtuo Certified Public Accountants fif 业的网址 - 京24KJWMA 关于广东广惠高速公路有限公司 盈利预测实现情况的专项审核报告 永证专字(2024)第 310039 号 广东省高速公路发展股份有限公司全体股东: 我们接受委托,对后附的广东省高速公路发展股份有限公司(以下简称"粤 高速")2023年度的《关于广东广惠高速公路有限公司盈利预测实现情况的专项 说明》进行了专项审核。 按照《上市公司重大资产重组管理办法》的有关规定和重组协议约定的原则 和方法,编制《关于广东广惠高速公路有限公司盈利预测实现情况的专项说明》, 并保证其真实性、完整性和准确性,提供真实、合法、完整的实物证据、原始书 面材料、副本材料、口头证言以及我们认为必要的其他证据,是粤高速管理层的 责任。我们的责任是在执行审核工作的基础上,对《关于广东广惠高速公路有限 公司盈利预测实 ...

证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2024-008 广东省高速公路发展股份有限公司 第十届监事会第九次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、监事会会议召开情况 1 合计 20.86 亿元，加上本次拟分配的 2023 年度现金股利 11.44 亿元，近三年分 配的现金股利合计 32.30 亿元，占 2021 年度至 2023 年度合并财务报表归属于母 公司股东的净利润的平均数 15.37 亿元的 210.19%，其中，2023 年度分红金额占 2023 年度归属于母公司股东的净利润 16.34 亿元的 70.00%，现金分红在本次股 利分配中所占比例为 100%，已满足关于修改上市公司现金分红若干规定的决定 （证监会第 57 号令）、公司章程及公司股东回报规划等相关法律法规要求。 监事会同意本次利润分配预案。 广东省高速公路发展股份有限公司（以下简称"公司"）第十届监事会第九 次会议（以下简称"本次会议"）于 2024 年 3 月 15 日（星期五）上午以现场会 议加视频会议通讯 ...

关于广东省高速公路发展股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审核报告 目 录 一、专项审核报告 二、附表 永拓会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） i会计师事务所(特殊普通合伙 关于广东省高速公路发展股份有限公司关联方 非经营性资金占用及其他关联资金往来情况汇总表 的专项审核报告 永证专字(2024)第310030号 广东省高速公路发展股份有限公司全体股东: 我们接受委托,在审计了广东省高速公路发展股份有限公司(以下简称"粤 高速")2023年12月31日合并及公司的资产负债表,2023年度合并及公司的 利润表、合并及公司的现金流量表和合并及公司的股东权益变动表以及财务报表 附注的基础上,对后附的《上市公司 2023年度非经营性资金占用及其他关联资 金往来情况汇总表》(以下简称"汇总表")进行了专项审核。按照中国证券监督 管理委员会、国务院国有资产监督管理委员会印发的《上市公司监管指引第 8 号 -- 上市公司资金往来、对外担保的监管要求》(证监会公告[2022]26 号)的规 定,编制 ...

证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2024-007 广东省高速公路发展股份有限公司 第十届董事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 表决结果：赞成 14 票，反对 0 票，弃权 0 票。 （二）审议通过《关于2023年度财务决算报告的议案》 同意公司《2023 年度财务决算报告》。 表决结果：赞成 14 票，反对 0 票，弃权 0 票。 本议案尚需提交 2023 年年度股东大会审议。 一、董事会会议召开情况 广东省高速公路发展股份有限公司（以下简称"公司"）第十届董事会第十 八次会议（以下简称"本次会议"）于 2024 年 3 月 15 日（星期五）上午以现场 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 3 月 4 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，符合 《中华人民共和国公司法》及《广东省高速公路发展股份有限公司章程》的有关 规定。 ...

永拓会计师事务所 (特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mo 报告编码:另 广东省交通集团财务有限公司 2023年风险评估报告 目 录 | 一、风险评估报告 | 1-2 页 | | --- | --- | | 二、风险评估说明 | 1-6 页 | 中国 · 北京市朝阳区东大桥关东店北街1号国安大厦11-13层 PC:100020 TEL: 86-010-65950511/0611 F 会计师事务所(特殊普通合伙) uo Certified Public Accountants LLP 风险评估报告 永证专字(2024)第 310041 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 2023年 12 月 31 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 ...