Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 9.077 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 38.04% (adjusted) [2] - The net profit attributable to shareholders for the same period was 4.160 billion yuan, a decrease of 4.63% (adjusted) [2] - The company is actively repurchasing shares to enhance shareholder confidence, with a planned buyback of 310 million to 618 million yuan [5] Financial Performance Summary - For Q3 2024, the company reported a revenue of 3.093 billion yuan, up 34.90% year-on-year, while the net profit attributable to shareholders was 1.452 billion yuan, down 6.43% [2] - The gross profit for the first three quarters was 3.446 billion yuan, a year-on-year increase of 32.41%, with a gross margin of 37.96%, down 1.62 percentage points [3] - Investment income accounted for 85.3% of the net profit, totaling 3.548 billion yuan, a decrease of 4.86% year-on-year [4] Asset and Liability Overview - Total assets as of 2024 are reported at 158.974 billion yuan, with total liabilities at 75.344 billion yuan [7] - The company has a net asset value of 69.692 billion yuan, with a total share capital of 6.820 billion shares [1] Future Projections - The company is expected to achieve net profits of 5.850 billion yuan, 6.438 billion yuan, and 6.427 billion yuan for 2024, 2025, and 2026 respectively [6] - The estimated earnings per share (EPS) for the same period are projected to be 0.86 yuan, 0.94 yuan, and 0.94 yuan [6]

Investment Rating - The investment rating for the company is "Buy" [1][2] Core Views - The company reported a revenue of 3.093 billion yuan in Q3 2024, representing a year-on-year increase of 34.90%, while the net profit attributable to shareholders was 1.452 billion yuan, a decrease of 6.43% year-on-year [1] - The company is expected to achieve net profits of 5.950 billion yuan, 6.655 billion yuan, and 7.195 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 13.6, 12.2, and 11.3 [2] - The company is positioned as a leading platform in highway operations with high barriers to entry, and it is expected to benefit from significant performance growth due to its proactive acquisition strategy and expansion into smart transportation and technology [1] Financial Performance Summary - In Q3 2024, the company achieved an operating income of 3.093 billion yuan, with a year-on-year growth of 34.90%, and an operating cost of 2.679 billion yuan, which increased by 37.58% year-on-year [1] - For the first three quarters of 2024, the company reported a total revenue of 9.077 billion yuan, a year-on-year increase of 38.04%, and a net profit attributable to shareholders of 4.160 billion yuan, down 4.63% year-on-year [1] - The company’s financial expenses in Q3 2024 amounted to approximately 631 million yuan, a year-on-year increase of 37.65%, primarily due to the consolidation of招商中铁 [1] Future Outlook - The company has committed to a cash dividend policy, planning to distribute no less than 55% of the profit attributable to shareholders after deducting distributions to perpetual bondholders for the years 2022 to 2024 [1] - The company announced a share repurchase plan with a total amount ranging from 310 million yuan to 618 million yuan, which is expected to enhance shareholder returns [1]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company reported its Q3 2024 results, achieving revenue of 9.077 billion yuan for the first three quarters, a year-on-year increase of 38.04%. In Q3 alone, revenue reached 3.093 billion yuan, up 34.90% year-on-year. However, the net profit attributable to shareholders for the first three quarters was 4.160 billion yuan, a decrease of 4.63% year-on-year, with Q3 net profit at 1.452 billion yuan, down 6.43% year-on-year [2][6] - The decline in Q3 net profit was attributed to the impact of the consolidation of China Merchants Jinling, with operating costs rising to 1.855 billion yuan, a year-on-year increase of 37.58%. The gross profit margin for Q3 was 40.03%, down 1.17 percentage points year-on-year. Investment income from various toll road companies was 1.202 billion yuan, a decline of 7.13% year-on-year [6] - The company is steadily advancing its investment and operation of toll roads, with the approval of the Bozhou-Fu Highway REITs project and the completion of fundraising for the highway REIT, which raised 3.496 billion yuan. The company is also progressing with expansion projects for the Beijing-Tianjin-Tanggu Highway and the Yongtaiwen Highway [6] - The company plans to repurchase shares worth between 310 million yuan and 618 million yuan to enhance shareholder returns, with a loan limit of up to 430 million yuan from China Merchants Bank [6] Financial Summary - For 2024-2026, the company is expected to achieve revenues of 13.203 billion yuan, 13.814 billion yuan, and 14.318 billion yuan, with year-on-year growth rates of 35.67%, 4.63%, and 3.65% respectively. The net profit attributable to shareholders is projected to be 6.128 billion yuan, 6.573 billion yuan, and 7.016 billion yuan, with year-on-year growth rates of -9.44%, 7.27%, and 6.74% respectively. The earnings per share (EPS) are expected to be 0.90 yuan, 0.96 yuan, and 1.03 yuan [7][8]

Group 1: Financial Performance - The company's net profit, excluding the impact of the consolidation of China Merchants Railway, remained stable [1] - Revenue growth was significant compared to the same period last year, primarily due to the rapid increase in revenue from the consolidation of China Merchants Railway [1] - Financial expenses were high due to project loan matching for highway projects and the optimization of funding costs during the LPR adjustment process [2] Group 2: Shareholder Returns - The company has distributed approximately CNY 14 billion in cash dividends since its listing [1] - A shareholder return plan for the next three years (2022-2024) has been established, committing to distribute no less than 55% of the net profit attributable to the parent company's shareholders after deducting distributions to perpetual bonds and other equity instruments [2] - The company is considering multiple dividend distributions in the future, in line with trends observed in other companies [1] Group 3: Stock Buyback and REITs - The stock buyback plan was approved at the shareholders' meeting on November 1, 2024 [2] - The REITs project has completed the online and offline allocation phases, with steady progress expected to complete the listing within the year [2] - Future plans include leveraging the REITs platform to explore a full-cycle operation model for highway management [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company reported a steady performance in Q3 2024, achieving operating revenue of 3.09 billion yuan, a year-on-year increase of 34.9%. The total profit reached 1.82 billion yuan, up 1.93% year-on-year, while the net profit attributable to shareholders was 1.45 billion yuan, down 6.42% year-on-year [2][4][5] - The growth in traffic volume was below expectations, and the operational performance post-acquisition of road assets did not meet projections. Additionally, changes in highway toll policies were noted as a concern [2][4] Summary by Sections Financial Performance - In Q3 2024, the company achieved operating revenue of 3.09 billion yuan, a 34.9% increase year-on-year. Operating costs were 2.50 billion yuan, up 37.4% year-on-year, primarily due to the consolidation of China Merchants Railway and Road King China [4] - The gross profit for Q3 was 594 million yuan, reflecting a 25.5% increase compared to Q3 2023. The company maintained stable toll revenue despite macroeconomic pressures and high base effects from the previous year [4] - Investment income decreased slightly to 1.20 billion yuan, down 7.13% year-on-year, influenced by the consolidation adjustments and macroeconomic pressures [5] Investment Outlook - The company is positioned as a leading highway operator with strong growth drivers, supported by its background in the China Merchants Group. The company has a young asset portfolio and is expanding its operations across the entire highway industry chain [6] - The company has committed to a high dividend policy, with a promise that the dividend payout ratio will not be less than 55% from 2022 to 2024. The expected net profits for 2024, 2025, and 2026 are projected to be 6.3 billion, 6.7 billion, and 7.1 billion yuan, respectively, with corresponding PE ratios of 13, 12, and 11.2 [6][7] Dividend Policy - For 2023, the company plans a dividend of 0.531 yuan per share (before tax), maintaining a payout ratio of 53.5%. The company aims to achieve operating revenue of 13.2 billion yuan in 2024, a 36% increase compared to 2023, significantly outpacing comparable companies [7]

招商局公路网络科技控股股份有限公司 章 程 （经 2024 年 11 月 1 日 公司 2024 年第二次临时股东大会审议通过） 第四条 公司于 2017 年 11 月 23 日经中国证券监督管理委员会（以下 简称"中国证监会"）核准，首次向社会公众发行人民币普通股 554,832,864 股，于 2017 年 12 月 25 日在深圳证券交易所上市。 | 第一章 总则 | 3 | | --- | --- | | 第二章 经营宗旨和范围 | 4 | | 第三章 股份 | 5 | | 第一节 股份发行 | 5 | | 第二节 股份增减或回购 | 5 | | 第三节 股份转让 | 7 | | 第四章 股东和股东大会 | 8 | | 第一节 股东 | 8 | | 第二节 股东大会的一般规定 | 10 | | 第三节 股东大会的召集 | 14 | | 第四节 股东大会的提案与通知 | 15 | | 第五节 股东大会的召开 | 17 | | 第六节 股东大会的表决和决议 | 20 | | 第五章 董事会 | 23 | | 第一节 董事 | 23 | | 第二节 董事会 | 25 | | 第六章 总经理及其他高级管理人员 ...

第一章 总 则 第一条 为明确招商局公路网络科技控股股份有限公司（以下简称"公 司"）董事会的职责权限，规范公司董事会的议事方式和决策程 序，促使公司董事和董事会有效地履行其职责，提高公司董事会 规范运作和科学决策水平，根据《中华人民共和国公司法》（以 下简称"《公司法》"）《中华人民共和国证券法》（以下简称 "《证券法》"）《上市公司章程指引》《深圳证券交易所股票 上市规则》《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作》等有关法律、行政法规、规范性文件， 以及《招商局公路网络科技控股股份有限公司章程》（以下简称 "《公司章程》"）的有关规定，制定本规则。 第二章 董事会的组成和职权 第二条 公司依法设立董事会，董事会向股东大会负责，并根据法律、法 规和公司章程的规定行使职权。董事会应认真履行法律、法规和 《公司章程》规定的职责，确保公司遵守法律、法规和《公司章 程》的规定，公平对待所有股东，并关注其他利益相关者的合法 权益。 第三条 董事会由十二名董事组成，其中包含四名独立董事。董事由股东 大会选举或者更换，并可在任期届满前由股东大会解除其职务。 董事每届任期三年，任期届满可连选 ...

证券代码：001965 证券简称：招商公路 公告编号：2024-91 招商局公路网络科技控股股份有限公司 关于回购注销并减少注册资本暨通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、关于回购股份用于注销并减少注册资本的情况 招商局公路网络科技控股股份有限公司（以下简称"公司"或"招商公路"） 于 2024 年 10 月 16 日召开第三届董事会第二十五次会议，并于 2024 年 11 月 1 日召开 2024 年第二次临时股东大会，会议分别审议通过了《关于公司以集中竞 价交易方式回购公司股份的议案》，详请请参见 2024 年 10 月 17 日、2024 年 11 月 2 日刊登在《中国证券报》《证券时报》《上海证券报》及巨潮资讯网 （http://www.cninfo.com.cn）的《招商公路第三届董事会第二十五次会议决议 公告》（公告编号 2024-81）《招商公路关于公司以集中竞价交易方式回购公司 股份方案的公告》（公告编号 2024-82）和《招商公路 2024 年第二次临时股东 大会决议公告》（公告编号 2024-90）。 根 ...

北京中银律师事务所 关于招商局公路网络科技控股股份有限公司 2024 年第二次临时股东大会的 法律意见书 地址：北京市朝阳区光华路正大中心北塔 11-12 层 邮编：100022 网址：www.zhongyinlawyer.com 电话：010-65876666 为出具本法律意见书，本所律师查阅了公司提供的有关本次股东大会的相关 文件。本所律师仅根据本法律意见书出具日以前已经发生或存在的事实和本所律 师对我国现行法律、法规及规范性文件的理解，就本次股东大会的召集和召开程 序、出席会议人员和召集人的资格、表决程序和表决结果等有关事项进行见证， 并发表法律意见。本所律师不对本次股东大会有关议案的内容及议案中所涉事实、 数据的真实性、准确性和完整性等事宜发表法律意见。 本法律意见书仅供公司本次股东大会之目的使用，不得用于其它任何目的或 用途。本所律师同意本法律意见书作为本次股东大会公告材料，随其他材料一并 向社会公众披露。 本所律师对本次股东大会的有关事项，出具见证意见如下： 二○二四年十一月 1 法律意见书 北京中银律师事务所 关于招商局公路网络科技控股股份有限公司 2024 年第二次临时股东大会的 法律意见书 ...

证券代码：001965 证券简称：招商公路 公告编号：2024-90 招商局公路网络科技控股股份有限公司 2024 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无增加、变更、否决议案的情况； 2、本次会议采取现场投票与网络投票结合的表决方式。 一、会议召开和出席情况 2024 年 10 月 17 日，招商局公路网络科技控股股份有限公司（以下简称 "公司"或"招商公路"）董事会以公告方式向全体股东发出召开公司 2024 年 第二次临时股东大会的通知。本次会议以现场会议与网络投票相结合的方式召 开。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 11 月 1 日 9:15—9:25,9:30—11:30 和 13:00—15:00；通过深圳证券交易所互 联网系统投票的具体时间为 2024 年 11 月 1 日 9:15—15:00。现场会议于 2024 年 11 月 1 日下午 14：50 分在公司 11 层会议室召开。 本次会议召集人为公司董事会，公司董事长白景涛先生主持本次会 ...