一、董事会会议召开情况 证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-002 广东省高速公路发展股份有限公司 第十届董事会第二十六次（临时）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。 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 十六次（临时）会议（以下简称"本次会议"）于 2025 年 1 月 24 日（星期五） 上午以通讯表决形式召开。本次会议的会议通知及相关会议文件已于 2025 年 1 月 21 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《关于广州南沙开发区土地开发中心凤亭大道项目征收广珠段 公司坦尾部分地块事宜的议案》，同意： 1、由广州南沙开发区土地开发中心依照政府征收流程收回控股子公司京珠 高速广珠段有限公司坦尾部分地块 38657.47 平方米国 ...

Financial Performance - Total operating revenue for 2024 was RMB 4.57 billion, a decrease of 6.34% compared to RMB 4.88 billion in the previous year[4] - Operating profit for 2024 was RMB 2.78 billion, down 7.28% from RMB 2.99 billion year-on-year[4] - Net profit attributable to shareholders for 2024 was RMB 1.56 billion, a decline of 4.39% from RMB 1.63 billion in the previous year[4] - Basic earnings per share for 2024 were RMB 0.75, a decrease of 3.85% compared to RMB 0.78 in the previous year[4] - Net profit after deducting non-recurring gains and losses was RMB 1.64 billion, down 3.55% from RMB 1.71 billion year-on-year[4] - The weighted average return on net assets decreased by 1.78 percentage points to 15.52%[4] Assets and Liabilities - Total assets as of December 31, 2024, reached RMB 22.44 billion, an increase of 5.02% from RMB 21.37 billion at the beginning of the year[5] - Total liabilities increased to RMB 9.25 billion, reflecting a growth of 3.19% from the beginning of the year[5] - Shareholders' equity attributable to the company increased to RMB 10.47 billion, up 6.30% from RMB 9.85 billion at the start of the year[5] Performance Factors - The main factor affecting performance was a decrease in toll revenue from the Guanghui and Jingzhu expressways due to regional network changes[5]

Investment Rating - The report assigns an "Accumulate" rating for the company with a target price of 15.57 CNY, based on a current price of 13.35 CNY [5]. Core Views - The company focuses on toll road operations, demonstrating robust growth in revenue and profitability, with a high return on equity (ROE) around 15% and a dividend payout ratio of approximately 70%, which are industry-leading figures [1][11][25]. - The traffic volume on the company's toll roads is expected to continue rising, driven by economic growth in Guangdong province, which has a GDP growth rate higher than the national average [2][38]. - The company is actively pursuing acquisitions and increasing its stake in quality road assets, which has led to a significant increase in controlled toll road mileage by 223% from 2014 to 2023 [3][54]. Summary by Sections Focus on Core Business, High ROE, and High Dividends - The company is the only publicly listed toll road operator controlled by the Guangdong Provincial Transportation Group, focusing on toll road operations and showing steady growth [1][12]. - From 2014 to 2023, the company's toll revenue and net profit have increased by 241% and 413%, respectively, indicating strong operational performance [15][20]. Existing Road Traffic Volume Continues to Rise - The traffic volume on major toll roads operated by the company has shown an upward trend, with annual growth rates for specific highways such as Guangfo, Fokai, and Guanghui at 10.6%, 12.5%, and 13.5%, respectively [2][31]. - The company anticipates further increases in traffic volume and toll revenue following the completion of road expansions [2][38]. Acquisition and Increase of Quality Road Assets Accelerates Development - The company employs a "stake increase to control" strategy, which has resulted in a significant increase in controlled toll road mileage and traffic volume [3][54]. - The company is expected to continue acquiring or increasing stakes in quality road assets, supported by favorable policies for industry consolidation [3][66]. Profitability Forecast and Target Price - The company is projected to see continued profit growth, with estimated net profits of 1.57 billion CNY, 1.63 billion CNY, and 1.67 billion CNY for 2024, 2025, and 2026, respectively [4][4]. - The target price of 15.57 CNY reflects the company's strong fundamentals and growth potential [4][5].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 14.89 CNY per share, indicating an expected upside from the current price of 13.98 CNY [41][251]. Core Insights - The macroeconomic environment is shifting positively, which is expected to support a recovery in the company's performance. The company has maintained a high dividend payout ratio of 70% over the past eight years, reflecting its strong cash flow and commitment to shareholder returns [53][97]. - The company is well-positioned within the Guangdong transportation network, benefiting from the ongoing expansion and improvement of highway infrastructure in the region. The completion of expansion projects for key highways is anticipated to enhance traffic flow and revenue generation [40][51]. - The company has a significant competitive advantage due to its strategic location and the high traffic volume on its toll roads, with average toll revenue per kilometer exceeding 13 million CNY annually [34][274]. Summary by Sections Macroeconomic Outlook - The report highlights an expected improvement in the macroeconomic environment, which is anticipated to boost the company's performance. The infrastructure sector is set to benefit from increased government spending and supportive policies [5][243]. Company Overview - The company operates as the only publicly listed highway platform under the Guangdong Transportation Group, focusing on toll road operations. It has undergone two major asset restructurings, enhancing its profitability and market position [40][71]. - As of the end of 2023, the company controls approximately 295.88 kilometers of highways, with significant revenue contributions from its key toll roads [40][111]. Financial Performance - The company reported a toll revenue of 48.11 billion CNY in 2023, with a projected decline in revenue for 2024 due to the impact of the newly opened Shen-Zhong Channel, which is expected to gradually stabilize [11][92]. - Profit forecasts for the company indicate a net profit of 16.10 billion CNY in 2024, with slight growth expected in subsequent years [251][248]. Highway Expansion Projects - The ongoing expansion of the Jingzhu Expressway and Guanghui Expressway is expected to significantly increase capacity and toll revenue. The Jingzhu Expressway is projected to complete its expansion by 2027, with toll rates expected to rise by approximately 30% post-expansion [11][187]. - The Guanghui Expressway is also undergoing preparatory work for expansion, with completion expected by the end of 2028 [239][242]. Competitive Position - The company benefits from a strong market position within the Guangdong province, where it holds a significant share of the toll road market. The competitive landscape is characterized by stable pricing and a mature network of highways [34][126]. - The report notes that the company's toll revenue per kilometer is among the highest in the industry, reflecting its operational efficiency and strategic asset management [34][179].

两融数据显示，该股最新（12月30日）两融余额为3230.01万元，其中，融资余额为2975.99万元，近10 日减少275.11万元，环比下降8.46%。 公司发布的三季报数据显示，前三季度公司共实现营业收入35.02亿元，同比下降5.03%，实现净利润 13.56亿元，同比增长0.01%，基本每股收益为0.6500元，加权平均净资产收益率13.45%。（数据宝） 粤高速A股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有10个交易日股价刷新历史 纪录。截至10:23，该股目前上涨2.50%，股价报14.33元，成交584.97万股，成交金额8275.42万元，换 手率0.45%，该股最新A股总市值达249.64亿元，该股A股流通市值186.77亿元。 证券时报•数据宝统计显示，粤高速A所属的交通运输行业，目前整体跌幅为0.55%，行业内，目前股价 上涨的有67只，涨幅居前的有盛航股份、宏川智慧、国航远洋等，涨幅分别为7.39%、4.20%、4.02%。 股价下跌的有44只，跌幅居前的有C国货航、中信海直、畅联股份等，跌幅分别为19.78%、3.37%、 3.19%。 ...

证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2024-038 广东省高速公路发展股份有限公司 第十届董事会第二十五次（临时）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。 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 十五次（临时）会议（以下简称"本次会议"）于 2024 年 12 月 26 日（星期四） 上午以通讯表决形式召开。本次会议的会议通知及相关会议文件已于 2024 年 12 月 23 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 （二）审议通过《关于修订<"三重一大"决策制度实施办法>的议案》 同意修订后的《广东省高速公路发展股份有限公司"三重一大"决策制度实 施办法》。 表决结果：赞成 13 票，反对 0 票，弃权 0 票。 （三）审议通过《关于修订<董事会审计委员会议事规则 ...

Company Performance - The stock price of Yuexiu Transport A reached a historical high, increasing by 2.36% to 12.57 yuan, with a trading volume of 2.81 million shares and a transaction value of 34.89 million yuan, resulting in a turnover rate of 0.22% [1] - The latest total market capitalization of the stock is 21.898 billion yuan, with a circulating market capitalization of 16.383 billion yuan [1] - The company reported a revenue of 3.502 billion yuan for the first three quarters, a year-on-year decrease of 5.03%, while net profit was 1.356 billion yuan, a slight increase of 0.01%, with basic earnings per share at 0.6500 yuan and a weighted average return on equity of 13.45% [1] Industry Overview - The transportation industry, to which Yuexiu Transport A belongs, has an overall increase of 0.42%, with 82 stocks rising, including Jilin Expressway, Qingdao Port, and COSCO Shipping, which saw increases of 6.53%, 3.91%, and 3.36% respectively [1] - Conversely, 38 stocks in the industry experienced declines, with Jinjiang Online, Jiangxi Changyun, and Juneyao Airlines showing decreases of 4.06%, 3.92%, and 3.50% respectively [1] Margin Trading Data - As of December 13, the latest margin trading balance for Yuexiu Transport A was 28.0654 million yuan, with a financing balance of 27.0118 million yuan, reflecting a decrease of 1.4072 million yuan over the past 10 days, representing a 4.95% decline [1]

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 十四次（临时）会议审议通过《关于广珠段公司委托通驿公司负责中山（原民众） 服务区加油站开发经营的议案》，同意控股子公司京珠高速广珠段有限公司（以 下简称"广珠段公司"）委托广东通驿高速公路服务区有限公司（以下简称"通 驿公司"）负责京珠高速广珠段中山（原民众）服务区加油站开发经营事项；同 意广珠段公司与通驿公司签订服务区加油站开发经营委托合同期限为三年（即 2024 年 12 月起至 2027 年 12 月止），合同总金额不超过 5,400 万元。 广珠段公司为本公司控股子公司，本公司持有该公司 75%股权；通驿公司为 本公司控股股东广东省交通集团有限公司的间接控股子公司，根据《深圳证券交 易所股票上市规则》规定，本次交易构成了本公司的关联交易。 证券简称：粤高速 A 、粤高速 B 证券代码：000429、200429 公告编号：2024-037 广东省高速公路发展股份有限公司 关联交易公告 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。 一、关联交易概述 公司第十届董事会第二十四次（临时）会 ...

证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2024-036 广东省高速公路发展股份有限公司 第十届董事会第二十四次（临时）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。 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 十四次（临时）会议（以下简称"本次会议"）于 2024 年 12 月 13 日（星期五） 上午以通讯表决形式召开。本次会议的会议通知及相关会议文件已于 2024 年 12 月 5 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《关于广珠段公司委托通驿公司负责中山（原民众）服务 区加油站开发经营的议案》 同意：1、京珠高速广珠段有限公司委托广东通驿高速公路服务区有限公司 负责京珠高速广珠段中山（原民众）服务区加油站开 ...

证券代码：000429，200429 证券简称：粤高速 A、粤高速 B 公告编号：2024-035 广东省高速公路发展股份有限公司 2024 年第一次临时股东大会决议公告 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。 特别提示：本次会议召开期间无增加、否决或变更提案情况发生。 一、会议召开和出席情况 1、会议召开时间 （1）现场召开时间：2024年12月12日（星期三）下午3:30。 （2）网络投票时间为：2024年12月12日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为2024年12 月12日上午9:15至9:25，9:30至11:30，下午1:00至3:00；通过深圳证券交易所互 联网投票的具体时间为2024年12月12日上午9:15至下午3:00。 2、会议召开地点：本公司会议室（广州市珠江新城珠江东路32号利通广场 45层）。 3、会议召开方式：现场投票及网络投票相结合的方式。 4、召集人：公司董事会。 5、主持人：董事长苗德山先生。 6、会议通知刊登在2024年11月27日的《证券时报》、《上海证券报》、《中 1 国证券报》、《香港 ...