基本面/市值管理双管齐下，低估值性价比显著 山东路桥(000498) 证券研究报告 基础建设 / 公司深度研究报告 / 2026.03.24 投资评级:买入(首次) | 基本数据 | 2026-03-23 | | --- | --- | | 收盘价(元) | 5.55 | | 流通股本(亿股) | 14.49 | | 每股净资产(元) | 10.22 | | 总股本(亿股) | 15.52 | 最近 12 月市场表现 -9% -2% 5% 13% 20% 28% 山东路桥 沪深300 上证指数 基础建设 分析师 王涛 SAC 证书编号：S0160526020003 wangtao01@ctsec.com 相关报告 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 73,024 | 71,348 | 73,927 | 77,681 | 82,505 | | 收入增长率(%) | 3.3 | ...

基本面/市值管理双管齐下，低估值性价比显著 山东路桥(000498) 证券研究报告 基础建设 / 公司深度研究报告 / 2026.03.24 投资评级:买入(首次) | 基本数据 | 2026-03-23 | | --- | --- | | 收盘价(元) | 5.55 | | 流通股本(亿股) | 14.49 | | 每股净资产(元) | 10.22 | | 总股本(亿股) | 15.52 | 最近 12 月市场表现 -9% -2% 5% 13% 20% 28% 山东路桥 沪深300 上证指数 基础建设 分析师 王涛 SAC 证书编号：S0160526020003 wangtao01@ctsec.com 相关报告 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 73,024 | 71,348 | 73,927 | 77,681 | 82,505 | | 收入增长率(%) | 3.3 | -2.3 | 3.6 ...

建筑装饰行业周报 市场调整之际，板块内哪些确定性机会 值得把握 2026 年 03 月 22 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 证券分析师：闫广 证书编号：S1160526010004 联系人：陈怡洁 相对指数表现 -20% -10% 0% 10% 20% 30% 2025/3 2025/9 2026/3 建筑装饰 沪深300 相关研究 《继续推荐大建筑股：低位新基建，全球 中特估》 2026.03.15 《两会及"十五五"规划定调积极，继续 推荐央企及新兴支柱产业标的》 2026.03.08 《两会政府工作报告学习：中央定调积极， 关注未来产业和智能建造》 2026.03.06 《上海放松地产限购政策，关注两会可能 的稳增长及新质生产力政策》 2026.03.01 《节后关注机器人、低空、AI 算力等未来 产业及建筑央企低位修复机会》 2026.02.23 行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 板块行情回顾：本周建筑装饰（S ...

Summary of Conference Call for Shandong Road and Bridge Group Company Overview - Shandong Road and Bridge Group is a comprehensive engineering construction service provider with qualifications in highway engineering and municipal public works, among others. The company has extensive experience in major national projects and is actively expanding its overseas business along the Belt and Road Initiative [3][4]. Key Financial Targets - The company achieved a bid amount of CNY 104.041 billion in 2025, with a preliminary order target of around CNY 100 billion for 2026. The overall goal during the 14th Five-Year Plan period is to maintain stable, slight annual increases in revenue and profit [2][3]. Business Structure and Growth Areas - The business structure is shifting towards high-growth areas, with municipal projects (18%), housing construction (22%), and industrial parks (9%) expected to increase. The company is focusing on strategic emerging businesses such as photovoltaics, wind power, energy storage, and nuclear heating [2][4]. - The overseas business is entering a growth phase, with an expected 16% share of orders in 2025. The goal is to increase overseas revenue from less than 10% to 10%-15% during the 14th Five-Year Plan, with a focus on high-margin projects like the A8 highway in Kenya [2][4][11]. Infrastructure Investment in Shandong Province - Shandong Province plans to invest CNY 230 billion in infrastructure in 2026, with the major shareholder, Shandong High-Speed Group, planning to invest CNY 40 billion. This strong provincial support underpins the company's domestic business [2][6]. Dividend Policy - The company adheres to a stable growth dividend policy, aiming for continuous increases in cash dividends. The plan includes multiple dividends per year to enhance shareholder returns [2][5]. Strategic Development Plans - The company aims to consolidate its core business in transportation infrastructure while expanding into urban infrastructure, including housing and municipal projects. It also plans to enhance its strategic emerging businesses and explore water conservancy projects [4][6]. - The establishment of a subsidiary for engineering equipment aims to extend the industrial chain upstream, focusing on equipment leasing and development to control costs and increase profit margins [7][8]. Confidence in Future Performance - The management expresses confidence in achieving the 2025 operational plan, citing improvements in accounts receivable management and overall market conditions [9][10]. Overseas Business Strategy - The company aims to increase the revenue share from overseas operations by approximately 5 percentage points during the 14th Five-Year Plan, emphasizing risk control and the pursuit of high-quality projects [11]. Concrete Business Outlook - The ready-mixed concrete business is considered a non-core project that supports the main business by reducing costs along the construction chain. Future development will maintain the current pace and model [12].

转债代码：127083 转债简称：山路转债 证券代码：000498 证券简称：山东路桥 公告编号：2026-8 山东高速路桥集团股份有限公司 关于可转换公司债券 2026 年付息的公告 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。 重要内容提示： 1."山路转债"将于 2026 年 3 月 24 日按面值支付第三年利息， 每 10 张"山路转债"（面值 1,000.00 元）利息为 6.00 元（含税）。 2.债权登记日：2026 年 3 月 23 日（星期一）。 3.除息日：2026 年 3 月 24 日（星期二）。 4.付息日：2026 年 3 月 24 日（星期二）。 5.本次付息期间及票面利率：计息期间为 2025 年 3 月 24 日至 2026 年 3 月 23 日，票面利率为 0.6%。 6."山路转债"本次付息的债权登记日为 2026 年 3 月 23 日，截 至 2026 年 3 月 23 日下午深圳证券交易所（以下简称"深交所"）收 市后，在中国证券登记结算有限责任公司深圳分公司（以下简称"中 国结算深圳分公司"）登记在册的"山路转债"持 ...

山东高速路桥集团股份有限公司 2026 年 面向专业投资者公开发行可续期公司债券（第一期） 在深圳证券交易所上市的公告 (本页无正文,为《山东高速路桥集团股份有限公司 2026年面向专业投资者公开发行 可续期公司债券(第一期)在深圳证券交易所上市的公告》之盖章页) 发行人:山东 限公司 D 日 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述 或者重大遗漏。 根据深圳证券交易所债券上市的有关规定，山东高速路桥集团股份有限公司 2026 年面向专业投资者公开发行可续期公司债券（第一期）符合深圳证券交易所债券上市 条件，将于 2026年 3月 13日起在深圳证券交易所上市，并向专业投资者中的机构投资 者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和协商成交。债券 相关要素如下： | 债券名称 | 山东高速路桥集团股份有限公司 2026 | | | | | 年面向专业投资者公开发 | | --- | --- | --- | --- | --- | --- | --- | | | 行可续期公司债券（第一期） | | | | | | | 债券简称 | 26 山路 Y1 | | | ...

证券代码：524693.SZ 证券简称：26 山路 Y1 山东高速路桥集团股份有限公司 2026 年面向专业投资者 公开发行可续期公司债券（第一期）发行结果公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 山东高速路桥集团股份有限公司（以下简称"发行人"）发行不超过人民币 40 亿元公司债券已获得中国证券监督管理委员会证监许可〔2025〕1756 号文注 册。根据《山东高速路桥集团股份有限公司 2026 年面向专业投资者公开发行可 续期公司债券（第一期）发行公告》，山东高速路桥集团股份有限公司 2026 年面 向专业投资者公开发行可续期公司债券（第一期）（以下简称"本期债券"）发 行规模为不超过 5 亿元（含 5 亿元），发行价格为每张 100 元，采取网下面向专 业机构投资者询价配售的方式。 认购本期债券的投资者均符合《公司债券发行与交易管理办法》、《深圳证券 1 交易所公司债券上市规则（2023 年修订）》，《深圳证券交易所债券市场投资者适 当性管理办法（2023 年修订）》及《关于进一步规范债券发行业务有关事项的通 知》等 ...

Summary of Shandong Road and Bridge's Conference Call Company Overview - **Company**: Shandong Road and Bridge - **Industry**: Infrastructure and Construction - **Market Share**: Maintains an 80%-90% market share in the highway sector within Shandong Province [6] Key Points and Arguments Market Position and Order Supply - **Market Share**: The company holds a significant market share in Shandong's highway sector, estimated at 80%-90% [6] - **Order Supply**: In 2026, Shandong's infrastructure investment is projected at approximately 230 billion RMB, with the major shareholder, Shandong Highway Group, planning to invest 40 billion RMB [2] - **Order Breakdown**: In 2025, the company secured a total bid amount of 104.041 billion RMB, with a diversified business structure: - Road and bridge: 31% - Housing construction: 22-23% - Municipal projects: 17-18% - New energy: 9.56% [7] Profitability and Margins - **Gross Margin Variability**: Gross margins vary significantly by project type and region: - Maintenance projects have the highest margins due to scale effects, especially in Shandong. - Municipal projects yield margins of about 8-9%, housing construction around 6-7%, and high-speed rail and water conservancy projects approximately 5% [8] Dividend Strategy - **Dividend Policy**: The company plans to continue a multi-dividend strategy, but short-term increases in the dividend rate are constrained by the "investment-driven construction" model and significant capital tied up in ongoing projects exceeding 100 billion RMB [2][10] Cash Flow and Debt Management - **Cash Flow Improvement**: Expected improvements in operating cash flow in 2026 will depend on enhanced collection efforts and external debt management strategies, with a notable regional performance difference favoring southern areas over northern ones [11] Future Outlook and Growth Strategy - **2026 Business Outlook**: The company anticipates a favorable order supply for 2026, supported by government infrastructure plans and ongoing projects from major shareholders [4] - **Geographic Diversification**: The company has a balanced order distribution with approximately 40.8% from outside Shandong, 43.1% from within, and 16.1% from overseas, reducing reliance on a single market [4] Regulatory and Governance Factors - **State-Owned Enterprise Assessment**: The Shandong Provincial State-Owned Assets Supervision and Administration Commission has implemented a new assessment method for state-owned listed companies, focusing on stock price growth, dividends, and return on equity [9] International Expansion - **Overseas Orders**: The company has successfully expanded its overseas business, with international orders nearing 20%. It continues to explore new markets while managing risks associated with currency fluctuations and geopolitical factors [14] Strategic Initiatives - **Second Growth Curve**: The company is exploring new growth opportunities within the infrastructure and construction value chain, particularly in high-end equipment manufacturing [20] REITs Potential - **REITs Issuance**: Currently, the company does not possess the necessary assets for issuing REITs, as its operations do not include asset management or operational activities [21] Additional Important Insights - **Project Execution**: The company maintains a high project execution rate, with most projects being essential for public welfare and government planning, ensuring a stable operational environment [3] - **Market Conditions**: The first quarter of the year is typically a slow season for the construction industry, with project initiation and bidding processes affected by seasonal factors [3]

证券代码：524693.SZ 证券简称：26 山路 Y1 山东高速路桥集团股份有限公司 2026 年面向专业投资者 公开发行可续期公司债券（第一期）票面利率公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 2026 年 3 月 5 日，发行人和主承销商在网下向专业机构投资者进行了票面 利率询价，本期债券利率询价区间为 1.60%-2.60%。根据网下向专业机构投资者 询价结果，经发行人和主承销商协商一致，最终确定本期债券票面利率为 1.93%。 （本页无正文，为《山东高速路桥集团股份有限公司 2026 年面向专业投资者公 开发行可续期公司债券（第一期）票面利率公告》之签章页) 山东高速路桥集 限公司(公章) 月 5 日 山东高速路桥集团股份有限公司（以下简称"发行人"）发行不超过人民币 40 亿元公司债券已获得中国证券监督管理委员会证监许可〔2025〕1756 号文注 册。山东高速路桥集团股份有限公司 2026 年面向专业投资者公开发行可续期公 司债券（第一期）（以下简称"本期债券"）为本次批文项下的第三期发行，发 行规模为不超 ...

关于延长山东高速路桥集团股份有限公司 2026 年面向专业投资者 公开发行可续期公司债券（第一期）簿记建档时间的公告 山东高速路桥集团股份有限公司（以下简称"发行人"）面向专业投资者公 开发行面值不超过人民币 40 亿元（含 40 亿元）的公司债券已获得中国证券监督 管理委员会"证监许可〔2025〕1756 号"文注册。 根据《山东高速路桥集团股份有限公司 2026 年面向专业投资者公开发行可 续期公司债券（第一期）发行公告》，发行人和簿记管理人将于 2026 年 3 月 5 日（T-1 日）15:00-18:00 以簿记建档的方式向网下投资者进行利率询价，并根据 簿记建档结果确定本期债券的最终票面利率。 因簿记建档当日市场变化较为剧烈，经发行人、簿记管理人及其他簿记参与 方协商一致，现将簿记建档结束时间由 2026 年 3 月 5 日 18:00 延长 2026 年 3 月 5 日至 19:00。 特此公告。 （以下无正文） 1 (本页无正文, 为《关于延长山东高速路桥集团股份有限公司 2026 年面向专业 投资者公开发行可续期公司债券（第一期）簿记建档时间的公告》之盖章页 ) (本页无正文,为《关于延长山 ...