证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-012 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。 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"）第十届董事会第二 十八次（临时）会议（以下简称"本次会议"）于 2025 年 4 月 29 日（星期二） 上午以现场会议加视频会议通讯表决的形式召开。本次会议的会议通知及相关会 议文件已于 2025 年 4 月 22 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 13 名，实到董事 13 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。 二、董事会会议审议情况 会议审议通过以下议案： （一）审议通过《关于会计估计变更的议案》 同意公司于 2025 年 2 月 1 日起对济广高速公路惠州小金口至广州萝岗段及 广惠高速公路惠州小金口至凌坑段－南香山、荔湖（挂绿湖）、金龙（惠州北） 互通立交的折旧年限和折旧车流量进行变更。 表决结果：赞成 13 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,049,919,860.48, a decrease of 6.63% compared to ¥1,124,466,320.26 in the same period last year[5] - Net profit attributable to shareholders increased by 56.28% to ¥657,482,517.83 from ¥420,705,862.42 year-on-year[5] - Basic earnings per share increased by 55.00% to ¥0.31 from ¥0.20 in the same period last year[5] - Net profit for the current period is ¥886,011,914.52, an increase of 58% compared to ¥560,618,118.35 in the previous period[33] - Earnings per share increased to ¥0.31 from ¥0.20, representing a growth of 55%[33] Cash Flow - The net cash flow from operating activities rose by 73.84% to ¥1,404,783,085.32, compared to ¥808,097,600.77 in the previous year[5] - Cash received from operating activities increased dramatically by 1657.72% to ¥66,314,000, primarily due to government subsidies received[19] - Operating cash inflow totaled $1,731,369,370.70, an increase of 49.2% from $1,160,269,897.45 in the previous period[35] - Net cash flow from operating activities reached $1,404,783,085.32, up 73.5% compared to $808,097,600.77 last year[35] - The ending cash and cash equivalents balance was $4,918,860,878.25, compared to $4,859,876,914.81 at the end of the last period[35] Assets and Liabilities - Total assets at the end of the reporting period were ¥23,432,590,886.16, reflecting a 4.42% increase from ¥22,441,664,114.93 at the end of the previous year[5] - The total liabilities of the company were CNY 9,447,976,576.55, compared to CNY 9,245,774,081.95 at the beginning of the period, showing an increase of approximately 2.2%[30] - The company's non-current assets totaled CNY 18,110,351,386.38, up from CNY 17,910,719,778.52, representing a growth of about 1.1%[30] - The company's long-term borrowings increased to CNY 7,199,785,216.00 from CNY 6,728,264,750.00, reflecting an increase of approximately 7.0%[30] Equity - The company’s total equity attributable to shareholders increased by 6.01% to ¥11,096,895,199.47 from ¥10,468,100,319.53 at the end of the previous year[5] - Total equity attributable to shareholders increased to ¥11,096,895,199.47 from ¥10,468,100,319.53, a growth of 6%[31] - The total equity of the company remained stable at CNY 2,090,806,126.00, with no changes reported during the period[30] Investment Income - The company reported a significant increase in investment income, which rose by 25.31% to ¥7,426,000 from ¥5,930,000 year-on-year[15] - Investment income increased to ¥74,072,953.26 from ¥59,110,274.23, a rise of 25.3%[32] Operational Changes - The company reversed a bad debt provision of CNY 343 million related to operational expenses for the Guangfo Expressway, positively impacting its financial status[27] - The company has received government documents regarding the management of the Guangfo Expressway, which may influence future operational strategies[27] Other Financial Metrics - The company experienced a 1738.64% decrease in credit impairment losses, amounting to a recovery of ¥35,416,000[16] - The number of ordinary shareholders at the end of the reporting period was 52,618[25] - Accounts receivable rose to CNY 121,123,025.99 from CNY 82,361,054.69, indicating a growth of about 47.0%[29] - The company reported a decrease in accounts payable from CNY 226,104,482.05 to CNY 178,574,825.21, a reduction of approximately 21.0%[30] - Cash outflow from investing activities was $520,162,310.59, significantly higher than $239,974,068.50 in the prior period[35] - Cash inflow from financing activities amounted to $2,190,000,000.00, a substantial increase from $438,750,000.00 in the previous period[35]

Group 1: Report General Information - The research object is Yuegaosu A, belonging to the railway and highway industry, and the reception time is April 14, 2025 [17] - The participating research institution is Huaxi Securities Co., Ltd. [2] Group 2: Core Views - The opening of the Shenzhen - Zhongshan Passage changed the regional road network structure. In 2024, the toll revenue of the Guangzhu East section decreased year - on - year, and the impact is expected to continue in 2025, with the overall impact degree to be further tracked and evaluated [22] Group 3: Summary by Directory 01 Research Basic Situation - The research object is Yuegaosu A, belonging to the railway and highway industry. The reception time is 2025 - 04 - 14, and the listed company reception personnel are Yang Hanming and Liang Jirong from Guangdong Provincial Expressway Development Co., Ltd. [17] 02 Detailed Research Institutions - The reception object type is a securities company, and the specific institution is Huaxi Securities Co., Ltd., with the relevant person being You Daozhu [20] 03 Research Institution Proportion - No relevant content 04 Main Content Data - Regarding the company's existing equity - held expressway reconstruction and expansion projects: a section of the Beijing - Zhuhai Expressway Guangzhu section (from Zhongshan urban area to Zhuhai) was completed and opened to traffic in September 2024, and the remaining sections are planned to be completed in 2027; the Jiangzhong Expressway reconstruction and expansion project has been completed and opened to traffic, and is currently applying for a toll standard adjustment; the Yuezhao Expressway reconstruction and expansion project is being implemented as planned; the Huiyan Expressway reconstruction and expansion project is planned to be completed in 2025; the Guanghui Expressway reconstruction and expansion project has been approved by the provincial development and reform commission, passed by the company's board of directors, and still needs to be submitted to the general meeting of shareholders for deliberation, with construction planned to start in 2025 and an expected construction period of 5 years [23] - The company will learn from the construction experience of the north - south sections of the Fokai Expressway reconstruction and expansion project, formulate a traffic organization plan, and minimize the impact of reconstruction and expansion construction on traffic volume [23] - After the company's reconstruction and expansion projects are completed, it will apply to the government for a toll standard adjustment in accordance with the current policy and follow the approved toll standard [23]

Group 1: Impact of Infrastructure Changes - 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 the impact expected to continue into 2025 [1] Group 2: Ongoing Expansion Projects - The expansion of the Jingzhu Expressway (Guangzhu section) from Zhongshan City to Zhuhai has been completed and opened to traffic in September 2024; other sections are scheduled for completion by 2027 [1] - The Jiangzhong Expressway expansion has been fully completed and is currently undergoing a fee adjustment application [1] - The Yuezhao Expressway expansion is being implemented as planned, while the Huizhan Expressway expansion is expected to be completed in 2025 [1] - The Guanghui Expressway expansion project has received approval from the provincial development and reform commission and is set to start construction in 2025, with an estimated construction period of 5 years [1] Group 3: Traffic Management During Construction - The company plans to utilize the construction experience from the North-South section of the Fokai Expressway to minimize the impact of expansion projects on traffic flow [1] Group 4: Toll Adjustment Procedures - Upon completion of the expansion projects, the company will follow existing policies to apply for toll adjustments, which will be executed according to government-approved standards [1]

Core Viewpoint - The article emphasizes that despite the volatility in the A-share market over the past four years, there has been a bull market for undervalued, high cash flow, and high dividend stocks, particularly among state-owned enterprises, with 30% of these stocks doubling in value [2][5]. Group 1: Market Performance - Over the past four years, 30% of state-owned enterprise dividend stocks have seen their prices more than double, with 90% reaching new highs since February 2021 [2][6]. - Specific sectors such as ports, highways, publishing, and construction have shown significant growth, with stocks like Tangshan Port increasing by 145% and maintaining a dividend yield of 4.77% [5][6]. Group 2: Investment Strategy - Investors are advised to focus on understanding their companies rather than trying to time the market, as this can lead to missed opportunities and costly mistakes [3][8]. - The article references Graham's perspective that many investors fail to profit because they chase market signals rather than focusing on the fundamentals of the companies they invest in [9][10]. Group 3: Company Analysis - The article highlights that companies with low valuations and strong balance sheets have been successfully identified by the market, leading to substantial price increases [5]. - In the publishing sector, companies like Phoenix Media and Shandong Publishing have also seen their earnings per share rise significantly, with dividend yields above 4% [6].

Group 1 - A total of 203 companies were investigated by institutions in the past five days, with significant interest in companies like Shenzhen South Circuit, Chip Source Micro, and Zoli Pharmaceutical [1] - Among the companies investigated, 46 received attention from more than 20 institutions, with Shenzhen South Circuit being the most popular, attracting 129 institutions [1] - The types of institutions involved in the investigations included 177 securities companies, 148 fund companies, and 85 private equity firms [1] Group 2 - In terms of market performance, 25 stocks among those investigated saw an increase, with Shenghong Technology, Xingtum Control, and Chaohongji leading with gains of 37.70%, 27.75%, and 18.76% respectively [2] - Nine stocks have reported annual results, with the highest net profit growth seen in Wantong Hydraulic and Xingtum Control, at 37.02% and 35.68% respectively [2] - Fourteen stocks have released preliminary reports for 2024, with significant net profit growth reported by Sitwei and Shenghong Technology, at 2651.81% and 72.94% respectively [2]

2025 年 03 月 15 日 公司点评 增持/维持 电话：010-88321701 E-MAIL：chengzf@tpyzq.com 分析师登记编号：S1190513090001 ■ 事件 粤高速 A(000429) 目标价: 昨收盘:13.29 粤高速 A，2024 年报点评，业绩承压，迎来管养费政策曙光 ◼ 走势比较 (20%) (2%) 16% 34% 52% 70% 24/3/14 24/5/26 24/8/7 24/10/19 24/12/31 25/3/14 粤高速A 沪深300 ◼ 股票数据 总股本/流通(亿股) 20.91/13.03 总市值/流通(亿元) 277.87/173.21 12 个月内最高/最低价 (元) 14.98/9.46 相关研究报告 <<粤高速 22 年点评，公路扩建继续， 分红承诺继续>>--2023-04-10 证券分析师：程志峰 近日，粤高速 A 披露 2024 年报。本报告期，实现营业总收入 45.7 亿，同比减-6.34%；归母净利 15.62 亿，同比减-4.39%；扣非的归母 净利 16.45 亿，同比减-3.55%；基本每股收益 0.75 元，加权 RO ...

2025 年 03 月 15 日 公司点评 增持/维持 粤高速 A(000429) 目标价: 昨收盘:13.29 粤高速 A，2024 年报点评，业绩承压，迎来管养费政策曙光 ◼ 走势比较 近日，粤高速 A 披露 2024 年报。本报告期，实现营业总收入 45.7 亿，同比减-6.34%；归母净利 15.62 亿，同比减-4.39%；扣非的归母 净利 16.45 亿，同比减-3.55%；基本每股收益 0.75 元，加权 ROE 为 15.52%，经营活动产生的现金流量净额为 32.56 亿元。 分红政策，公司拟每 10 股派发股息 5.23 元（含税），合计拟派发 股利 10.9 亿，占 24 年归母净利润的 70%。若以年报披露日计算的股 息率约为 3.59%。 ■ 点评 (20%) (2%) 16% 34% 52% 70% 24/3/14 24/5/26 24/8/7 24/10/19 24/12/31 25/3/14 粤高速A 沪深300 ◼ 股票数据 总股本/流通(亿股) 20.91/13.03 总市值/流通(亿元) 277.87/173.21 12 个月内最高/最低价 (元) 14.98/9.46 ...

3 月 14 日晚，粤高速发布公告：公司收到政府文件，明确广佛高速由政府 收回管理，广佛公司代垫的运营管养费用经审计清算后由有关单位支付广佛 公司。据此，广佛公司拟冲回代垫支出的坏账准备，2024 年末相关金额已 达到 3.43 亿元。我们认为，代垫支出的资金来源获得妥善解决，或对公司 2025 年盈利产生较大利好。假设公司 2025-2027 年分红比例维持 70%（与 2024-2026 年分红承诺一致），股息率将分别达到 4.7%、4.2%、3.8%。近 期债市经历调整、股市风险偏好明显上升，使公路股估值承压。但我们认为 公司股息率在如此"逆风"的环境下已颇具吸引力，维持"买入"评级。 证券研究报告 粤高速 A (000429 CH) 广佛代垫支出妥善解决，拟冲回坏账 华泰研究 公告点评 2025 年 3 月 15 日│中国内地 路桥 广佛公司代垫管养支出的始末 广佛高速自 2022 年 3 月 3 日零时起停止收费，但当时项目并未移交，此后 广佛公司代垫运营管养支出至今。由于资金来源尚不明确，公司出于谨慎角 度，于 2022-2024 年对代垫支出全额计提信用减值损失。2024 年末相关坏 账准备已达 ...

公司持有广佛公司75%股权，广佛公司拟冲回已计提的代垫广佛高速管养支出的坏账准备。 人民财讯3月14日电，粤高速A(000429)3月14日晚间公告，公司收到政府有关文件，明确广佛高速公路 由政府收回管理，广佛高速公路有限公司（简称"广佛公司"）代垫的运营管养费用，经按程序开展审计 清算后，由有关单位支付广佛公司。 本事项对公司财务状况的影响尚待进一步评估，实际影响数最终以审计清算金额为准，敬请投资者留 意。 ...