Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 15.59 [6]. Core Views - The company has resolved the funding source for the operational maintenance costs of the Guangfo Expressway, which will allow it to reverse the bad debt provision of RMB 343 million by the end of 2024, positively impacting profitability in 2025 [1][3]. - The expected dividend payout ratio of 70% for 2025-2027 suggests attractive dividend yields of 4.7%, 4.2%, and 3.8% respectively [1]. - The recent adjustments in the bond market and increased risk appetite in the stock market have put pressure on valuations for highway stocks, yet the company's dividend yield remains appealing [1]. Summary by Sections Financial Performance - The company plans to reverse the bad debt provision, which could increase the net profit attributable to the parent company by approximately RMB 257 million in 2025 [3]. - The company has previously made full provisions for the operational maintenance costs from 2022 to 2024 due to unclear funding sources, leading to a total bad debt provision of RMB 343 million by the end of 2024 [2]. Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been revised upwards by 21.8%, 6.4%, and 6.3% to RMB 1.879 billion, RMB 1.650 billion, and RMB 1.502 billion respectively, with year-on-year changes of +20%, -12%, and -9% [4]. - The target price of RMB 15.59 is derived from a combination of DCF and PE valuation methods, reflecting a WACC of 4.2% and an equity IRR of 6.2% [4].

【业绩】 亚钾国际：第一大股东将变更为汇能集团。 人民财讯3月14日电，【热点】 【增减持】 【回购】 兆丰股份：目前兆丰智能装备公司尚未开展经营业务。 深水海纳：与水环境相关的海洋工程智能装备等业务在公司主营业务收入中占比极低。 宁德时代：2024年净利润同比增长15.01%，拟10派45.53元。 东方财富：2024年净利润96.1亿元，同比增长17.29%。 平安银行：2024年净利润445.08亿元同比下降4.2%。 陕西煤业：2024年净利润221.96亿元，同比下降3.97%。 方正证券业绩快报：2024年净利润22.07亿元，同比增长2.55%。 天茂集团：国华人寿保险前2月保费收入约为80.35亿元。 中国国航：2月旅客周转量同比下降3%。 中国中冶：1—2月新签合同额同比下降27.5%。 常铝股份业绩快报：2024年净利润7077.08万元，同比增368.46%。 招商港口：2月集装箱总计1429万TEU，同比增长6.6%。 中国神华：2月煤炭销售量同比下降11.4%。 尚太科技：2024年净利润同比增长15.97%，拟10派8元。 德赛西威：2024年净利润同比增长29.62%，拟10派1 ...

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。 ...

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"）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（以下简称"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。 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。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。 证券代码：000429、200429 证券简称：粤高速 A、粤高速 B 公告编号：2025-010 广东省高速公路发展股份有限公司 重大事项公告 公司将按相关规定和程序做好广佛高速公路的移交工作，相关进展情况，公 司将另行公告。 特此公告 广东省高速公路发展股份有限公司董事会 2025 年 3 月 15 日 ...

广东省高速公路发展股份有限公司 特此公告 证券代码：000429、200429 证券简称：粤高速A、粤高速B 公告编号：2025-011 关于职工监事辞职暨补选职工监事的公告 广东省高速公路发展股份有限公司（以下简称"公司"）职工监事周冬女士 已届退休年龄，于 2025 年 3 月 14 日向公司监事会辞去监事职务。周冬女士辞职 后将不在公司担任职务。周冬女士未持有公司股票。周冬女士在担任公司监事期 间，勤勉尽责，公司监事会对周冬女士在任职期间所做出的贡献表示衷心感谢。 鉴于周冬女士辞职后将导致公司第十届监事会职工监事人数低于法定人数， 为保证监事会正常运行，根据《公司法》和《公司章程》的规定，公司于 2025 年 3 月 14 日召开公司第十届职代会第三次会议，会议补选了林叶先生为公司第 十届监事会职工监事，任期与第十届监事会一致。 林叶，男，54 岁，中共党员，研究生学历，公共管理硕士，经济师，2018 年 4 月起在本公司工作，历任综合事务部副部长、人力资源部副部长，现任综合 事务部部长。 截至本公告日，林叶先生未持有本公司股份；与持有本公司 5%以上股份的 股东、本公司其他董事、监事和高级管理人员不存 ...

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 | ...