证券代码：001965 证券简称：招商公路 公告编号：2024-42 招商局公路网络科技控股股份有限公司 关于公司持股 5%以上股东部分股份解除质押的公告 二、备查文件 （一）股份解除质押登记证明。 招商局公路网络科技控股股份有限公司（以下简称"公司"）于 2024 年 4 月 26 日接到持公司股份 5%以上的股东蜀道资本控股集团有限公司通知，获悉其 所持有公司部分股份办理了解除质押手续，具体情况如下： 一、股东股份解除质押基本情况 1、本次股份解除质押基本情况 单位：股 | 股东名称 | 是否为控股 股东或第一 | 本次解除 | 占其所 持股份 | 占公司 总股本 | 质押起始 | | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大股东及其 一致行动人 | 质押数量 | 比例 | 比例 | 日 | | | | | | 蜀道资本 | | | | | | | | | 成都农村商业 | | 控股集团 | 否 | 98425000 | 25% | 1.44% | 2021 8 月 17 | 年 日 ...

证券代码：001965 证券简称：招商公路 公告编号：2024-41 招商局公路网络科技控股股份有限公司 一、交易概述 招商局公路网络科技控股股份有限公司（以下简称"公司"）于 2023 年 11 月 16 日以通讯表决的方式召开第三届董事会第十三次会议，会议审议通过了《关 于公司全资子公司佳选控股有限公司收购路劲（中国）基建有限公司 100%股权 的议案》，具体详情请见于 2023 年 11 月 18 日在《中国证券报》《上海证券报》 《证券时报》和巨潮资讯网刊登的《招商局公路网络科技控股股份有限公司第三 届董事会第十三次会议决议公告》（公告编号 2023-79）和《招商局公路网络科 技控股股份有限公司关于公司全资子公司佳选控股有限公司收购路劲（中国）基 建有限公司 100%股权的公告》（公告编号 2023-80）。 二、交易进展情况 2024 年 4 月 22 日，公司全资子公司 Cornerstone Holdings Limited（佳选控 股有限公司，以下简称"佳选控股"）按买卖协议约定完成相应对价的支付，Road King (China) Infrastructure Limited（路劲（中国） ...

招商局公路网络科技控股股份有限公司 关于参加招商局集团有限公司上市公司集体业绩说明会的公告 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。 重要内容提示： 证券代码：001965 证券简称：招商公路 公告编号：2024-40 会议召开时间：2024 年 4 月 24 日（星期三）14:30-17:00 会议召开地点：深圳证券交易所上市大厅 网址直播地址："互动易"平台"云访谈"栏目（https://irm.cninfo.com.cn/） 全景路演（https://rs.p5w.net/html/141739.shtml） 会议召开方式：现场交流、视频直播、网络文字互动 投资者可于 2024 年 4 月 23 日（星期二）17:00 前通过公司邮箱 cmetir@cmhk.com 进行提问，公司将在业绩说明会上对投资者普遍关注的问题进 行回答。 招商局公路网络科技控股股份有限公司（以下简称"公司"）的控股股东、 实际控制人招商局集团有限公司（以下简称"招商局集团"）将举办"百年招商 创享未来——招商局集团上市公司集体业绩说明会"，旨在加强与投资者沟通， 推进上市 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 高速公路 ＃ investSuggestion＃ ＃ ＃d 招yCo 商mpa 公ny＃路 （ 001965 ） investSug 买入 ( 维gest持ion C） h 000009 持续 收购路产 ＃ ，tit 高le＃ 分红 回报股东 ange＃ ＃ createTime1＃ 2024 年 4 月 8 日 投资要点 公 ＃市m场a数rk据etD ata＃ ＃ 事su 件m ：ma 招ry＃ 商 公路发布 2023年年报：2023年公司实现营业收入97.31亿元，同比增 司 日期 2024/4/8 长 17.29%（调整后）；实现归母净利润67.67亿元，同比上升 39.19%（调整后）， 点 收盘价（元） 11.40 基本EPS为 1.0553元；实现扣非归母净利润 50.95亿元，同比上升30.48%（调整 评 总股本（百万股） 6820 后），非经常性损益主要来自并表招商中铁产生的按照公允价值重新计量产生的利 报 流通股本（百万股） 6820 得 16.46 亿元。公司以 2024 年 3 月 31 日公司总股本 68 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.58 yuan, based on a 14X PE valuation for 2024 [4][10]. Core Insights - In 2023, the company achieved a revenue of 9.731 billion yuan, a year-on-year increase of 17.29%, and a net profit attributable to shareholders of 6.767 billion yuan, up 39.19% year-on-year [1]. - The company benefited from a recovery in traffic volume, with toll road business revenue increasing by 25% due to a 24.5% rise in traffic volume [2]. - The company has expanded its asset base by acquiring multiple road projects, increasing its operational mileage to 2,008 kilometers and total investment mileage to 14,745 kilometers [2]. Financial Performance - The company reported a cash dividend of 0.531 yuan per share in 2023, with a dividend payout ratio of 53.52%, an increase of 0.84 percentage points from 2022 [3]. - The projected revenues for 2024-2026 are 13.250 billion, 13.832 billion, and 14.377 billion yuan, with growth rates of 36.16%, 4.39%, and 3.94% respectively [4][5]. - The net profit attributable to shareholders for the same period is expected to be 6.605 billion, 7.065 billion, and 7.522 billion yuan, with growth rates of -2.39%, 6.96%, and 6.47% respectively [4][5]. Investment and Operations - The company holds a 2% stake in China Merchants Jinling, which contributed a gain of 1.646 billion yuan in 2023 due to fair value remeasurement [1]. - The investment income from joint ventures and associates reached 4.332 billion yuan, reflecting a year-on-year increase of 28.9% [2]. - The company has signed agreements for the acquisition of additional highway assets, indicating a steady expansion of its operational scale [2].

Investment Rating - The report maintains a "Recommend" rating for the company [1][5][17]. Core Views - The company achieved a 17.3% year-on-year increase in revenue, reaching 9.731 billion yuan, and a 39.19% increase in net profit attributable to shareholders, totaling 6.767 billion yuan [1][3]. - The company is recognized as a leading player in the highway industry with ETF-enhanced attributes, showcasing strong growth potential [2][3]. - The company plans to distribute a cash dividend of 0.531 yuan per share, representing 53.5% of net profit attributable to shareholders, an increase of 28.3% from the previous year [1][3]. Financial Performance Summary - **Revenue**: 2023 revenue was 9.731 billion yuan, with a projected increase to 12.526 billion yuan in 2024, reflecting a growth rate of 28.7% [3][11]. - **Net Profit**: The net profit attributable to shareholders for 2023 was 6.767 billion yuan, with forecasts of 7.053 billion yuan for 2024, indicating a growth rate of 4.2% [3][11]. - **Earnings Per Share (EPS)**: EPS for 2023 was 0.99 yuan, expected to rise to 1.03 yuan in 2024 [3][11]. - **Price-to-Earnings Ratio (PE)**: The PE ratio is projected to be 11 for 2024, decreasing to 10 by 2026 [3][11]. Operational Highlights - The total length of highways operated by the company increased from 12,914 kilometers in 2022 to 14,745 kilometers in 2023, with operating income from the investment segment reaching 6.4 billion yuan, a 24.6% increase [2][3]. - The company has signed agreements to acquire additional highway assets, which are expected to contribute to revenue growth in 2024 [2][3]. - The company has consistently improved its dividend payout ratio, increasing from 40% in 2018 to 53% in 2023, reflecting a commitment to shareholder returns [2][3]. Future Outlook - The company is projected to achieve net profits of 7.053 billion yuan in 2024 and 7.408 billion yuan in 2025, with a long-term growth outlook supported by strategic acquisitions and operational expansions [2][3][11]. - The target price for the company's stock is set at 13.7 yuan, indicating a potential upside of 21% from the current price of 11.28 yuan [5][11].

[Table_Title] 证券研究报告 23 年归母净利润同比+39%，央企龙头分红再 公司研究 创历史新高 [Table_ReportType] 公司点评报告 [Table_ReportDate] 2024年04月03日 [招Ta商bl公e_路Sto(c0k0A1n9d6R5an)k ] [T事ab件le：_S公um司ma发r 布 2023 年报，2023 年实现归母净利润 67.67 亿元，同比增 投资评级 买入 长 39.2%；扣非归母净利润 50.95 亿元，同比增长 30.5%。其中单四季度 上次评级 买入 归母净利润24.04亿元，同比增长97.6%；扣非归母净利润7.73亿元，同 比增长40.2%。 [左Ta前b明le _能Au源th行o业r] 首席分析师 点评： 执业编号：S1500518070001 邮 箱：zuoqianming@cindasc.com  剔除招商中铁股权按公允价值重新计量利得等非经影响后，2023 年扣 非业绩稳健增长 公司23年归母净利润67.67亿元，同比增长39.2%；剔除招商中铁原49% 股权按公允价值重新计量产生的16.46亿元利得等非经后，公司23年扣非 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][3]. Core Views - The company reported a revenue of 9.731 billion yuan in 2023, a year-on-year increase of 17.29%, and a net profit attributable to shareholders of 6.767 billion yuan, up 39.19%, exceeding expectations [2]. - Growth in passenger traffic has driven the company's strong performance, with national road passenger volume increasing by 28.94% year-on-year in 2023 [2]. - The company continues to pursue external mergers and acquisitions, enhancing its operational scale and market position, with total controlled highway mileage reaching 2008 kilometers [2]. - Diversified business segments, including smart transportation and transportation technology, have shown significant growth, with transportation technology revenue reaching 2.194 billion yuan, accounting for 22.55% of total revenue [2]. Financial Data and Profit Forecast - The company’s total revenue for 2023 was 9.731 billion yuan, with a projected revenue of 11.960 billion yuan for 2024, reflecting a growth rate of 22.9% [4]. - The net profit for 2023 was 6.767 billion yuan, with forecasts of 7.040 billion yuan for 2024, indicating a growth of 4.0% [4]. - The earnings per share for 2023 was 1.08 yuan, with projections of 1.12 yuan for 2024 [4]. - The company’s gross margin improved to 37.0% in 2023, with expectations of 42.1% in 2024 [4].

证券研究报告：交通运输 | 公司点评报告 2024年4月3日 股票投资评级 招商公路(001965) 增持|维持 投资收益拉动业绩超预期增长，股息率仍具吸引力 个股表现 ⚫ 招商公路披露 2023 年年报 招商公路披露2023年年报，2023年全年营业收入97.3亿元，同 招商公路 交通运输 38% 比增长17.3%，实现归母净利润67.7亿元，同比增长39.2%。第四季 32% 度公司营业收入31.6亿元，归母净利润24.0亿元。 26% 20% ⚫ 车流量复苏，投资运营收入明显增长带动收入上行 14% 8% 2023年我国公路运输需求底部回升，全年公路旅客量45.7亿人 2% -4% 次，同比增长28.9%，公路货运量403.4万亿吨，同比增长8.7%。2023 -10% 年招商公路控股路段车流量 12052 万辆次、通行费收入 60.9 亿元， -16% -22% 分别同比增长 24.5%和 14.9%。受益于车流量的增长拉动的路费收入 2023-04 2023-06 2023-08 2023-11 2024-01 2024-04 提升，2023年公司高速公路投资运营收入64.0亿元，同比增长24.6% ...

Financial Performance - The company's operating revenue for 2023 was ¥9,731,355,008.25, representing a 17.29% increase compared to ¥8,297,090,007.26 in 2022[14]. - The net profit attributable to shareholders for 2023 was ¥6,766,648,808.34, a 39.19% increase from ¥4,860,696,357.37 in 2022[14]. - The net profit after deducting non-recurring gains and losses was ¥5,094,998,905.92, up 30.48% from ¥3,854,190,776.39 in the previous year[14]. - The net cash flow from operating activities for 2023 was ¥4,437,621,274.00, an increase of 14.43% compared to ¥3,878,052,758.41 in 2022[14]. - The total assets at the end of 2023 were ¥157,482,240,634.00, a 37.01% increase from ¥114,930,280,157.83 at the end of 2022[14]. - The net assets attributable to shareholders at the end of 2023 were ¥65,053,321,200.84, reflecting a 7.45% increase from ¥60,535,028,105.47 at the end of 2022[14]. - The basic earnings per share for 2023 were ¥1.0553, a 40.18% increase from ¥0.7528 in 2022[14]. - The diluted earnings per share for 2023 were ¥0.9916, up 40.23% from ¥0.7071 in the previous year[14]. - The weighted average return on equity for 2023 was 11.41%, compared to 8.52% in 2022[14]. - The company achieved a significant increase in cash dividend payout ratio as part of its shareholder return plan[67]. Investment and Growth Strategy - The company is actively investing in solar energy projects along highways, indicating a strategic move towards energy integration and sustainability in the transportation sector[30]. - The company has a diversified portfolio of highway projects, with significant investments in regions such as Guangxi and Yunnan, enhancing its market presence[35]. - The company is exploring multi-energy complementary projects, indicating a commitment to innovative energy solutions in transportation[30]. - The company’s investment in various highway projects reflects its strategy to capitalize on the growing demand for transportation infrastructure across China[32]. - The company is committed to enhancing its operational efficiency through digital management and optimizing maintenance costs based on a full lifecycle maintenance plan[120]. - The company is focusing on research and development of innovative technologies, including new direct current microgrid systems for transportation applications[125]. Market and Industry Trends - In 2023, China's GDP exceeded CNY 126 trillion, with a growth rate of 5.2%, an increase of 2.2 percentage points compared to 2022[22]. - The total highway freight volume reached 4.034 trillion tons in 2023, representing a year-on-year increase of 8.7%[23]. - The total investment in fixed assets for transportation in 2023 was CNY 3.9 trillion, with new and expanded highways totaling 7,000 kilometers[23]. - The market for smart highways is expanding, with approximately 10,000 kilometers of smart highway demonstration projects completed or under construction nationwide[27]. - The green environmental industry in China is projected to reach a market value of CNY 11 trillion by 2025[28]. Corporate Governance and Compliance - The company adheres to strict governance practices, ensuring compliance with relevant laws and regulations, and maintaining independence from its controlling shareholder[128]. - The board of directors operates in accordance with established rules, ensuring fair and transparent decision-making processes[129]. - The company has a dedicated team for information disclosure, ensuring timely and accurate communication with all shareholders[130]. - The company maintains complete independence in its assets, personnel, and operations from its controlling shareholder[131]. - The company has established a complete internal organizational structure, ensuring independent operations and decision-making free from the influence of controlling shareholders[133]. Research and Development - The company has a strong research and innovation capability, with 21 research and development platforms, including 6 national-level platforms, supporting its technological advancements in transportation[45]. - Research and development (R&D) investment amounted to CNY 397,307,583.70 in 2023, representing a 9.26% increase from CNY 363,643,588.98 in 2022[91]. - The number of R&D personnel increased to 1,082 in 2023, up by 2.08% from 1,060 in 2022[91]. - The company has developed high-performance asphalt recycling technology with a 100% utilization rate of old materials, extending the service life of road surfaces to 5-8 years[90]. Social Responsibility and Community Engagement - The C Green公益助教计划 has benefited over 80,000 teachers and students across six normal universities in China during 2022-2023[199]. - The C Green公益品牌 has received multiple awards, including "ESG竞争力·战略公益" and "上市公司ESG优秀实践案例" for its social impact and sustainability efforts[200]. - The C Green公益品牌 has achieved a media exposure of 1,110,255 times through various platforms, enhancing its influence in the community[200]. Future Outlook - The company anticipates continued growth in the upcoming fiscal year, with a focus on expanding its market presence[143]. - Future guidance indicates a positive outlook for revenue growth and profitability[143]. - The company aims to achieve a total revenue of 13.2 billion yuan in 2024, focusing on quality and reasonable growth[120]. - The company plans to deepen its focus on scientific research and innovation, aiming to significantly improve its innovation capabilities and market presence[121].