Summary of Conference Call Company and Industry Involved - The conference call involved Gao Yong Highway, with executives Wu and Xue presenting the situation regarding the pandemic report [1] Core Points and Arguments - The executives provided insights into the impact of the pandemic on the company's operations and financial performance [1] Other Important but Possibly Overlooked Content - Specific details regarding financial metrics or strategic responses to the pandemic were not provided in the excerpt [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance relative to the market [1][4]. Core Insights - The company is recognized as a leading player in highway operations, with strong growth potential driven by its proactive acquisition strategy and the relatively young age of its road assets, which are expected to contribute significantly to performance growth [2]. - The company is also expanding into smart transportation and transportation technology, providing substantial opportunities for business output [2]. - The completion of the debt-to-equity conversion for the company's convertible bonds has positively influenced market sentiment, increasing the total share capital to 6.82 billion shares [2]. Financial Performance Summary - In Q1 2024, the company reported a 4.2% year-on-year decline in net profit attributable to shareholders, amounting to 12.93 billion yuan, while revenue grew by 49.1% [1]. - The company plans to distribute a cash dividend of 36.22 billion yuan in 2023, marking a 10.61 billion yuan increase from the previous year, achieving a record high since its listing, with a dividend yield of 4.7% [3]. - Forecasts for net profit attributable to shareholders for 2024-2026 are 70.64 billion yuan, 78.06 billion yuan, and 85.49 billion yuan, with corresponding price-to-earnings ratios of 11x, 10x, and 9x respectively [4]. Business Strategy and Growth Potential - The company is actively pursuing external acquisitions to enhance its asset portfolio, with a focus on high-quality targets that can drive future performance [2]. - The strategic emphasis on smart transportation and technology is expected to yield significant business opportunities, aligning with national trends in transportation digitization [2]. - The company’s operational management capabilities are highlighted as exceptional, positioning it to potentially enjoy valuation premiums due to its high dividend distribution policy [4].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 3,021,523,137.67, representing a 49.14% increase compared to CNY 2,025,990,680.00 in the same period last year[5] - Net profit attributable to shareholders was CNY 1,293,427,188.45, showing a decrease of 4.15% from CNY 1,349,407,335.81 in the previous year[5] - Basic earnings per share decreased by 12.80% to CNY 0.1839, compared to CNY 0.2109 in the same period last year[6] - Net profit for Q1 2024 was CNY 1,440,540,946.35, slightly down by 0.3% from CNY 1,445,212,774.16 in Q1 2023[20] - Earnings per share (EPS) for Q1 2024 was CNY 0.1839, compared to CNY 0.2109 in the previous year[20] Cash Flow - The net cash flow from operating activities increased by 100.13% to CNY 1,436,093,540.73, up from CNY 717,567,797.02 in Q1 2023[6] - The total cash inflow from operating activities for Q1 2024 was CNY 3,443,578,470.29, an increase of 42.4% compared to CNY 2,416,900,795.32 in the same period last year[21] - The total cash outflow for operating activities was CNY 2,007,484,929.56, compared to CNY 1,699,332,998.30 in Q1 2023, marking an 18.1% increase[21] - The company received CNY 1,440,203.43 in tax refunds, a substantial increase from CNY 23,421.51 in the previous year[21] - Cash outflow for purchasing goods and services was CNY 824,412,039.83, compared to CNY 651,335,527.46 in the previous year, reflecting a 26.5% increase[21] Assets and Liabilities - Total assets as of March 31, 2024, were CNY 157,902,764,928.59, reflecting a 0.27% increase from CNY 157,482,240,634.00 at the end of the previous year[6] - The total liabilities of the company were not explicitly stated, but short-term borrowings increased to CNY 2.81 billion from CNY 2.74 billion, reflecting a growth of approximately 2.67%[16] - Total liabilities decreased to CNY 70,141,226,487.04 from CNY 75,344,009,023.80 year-over-year, reflecting a reduction of 6.5%[19] - Total equity increased to CNY 87,761,538,441.55 from CNY 82,138,231,610.20, marking a growth of 6.4%[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 31,407, with the largest shareholder being China Merchants Group, holding 62.19% of the shares[11] Operating Costs and Expenses - The company reported a 59.69% increase in operating costs, amounting to CNY 1,943,999,608.47, attributed to the same consolidation effect[10] - Operating costs for the same period were CNY 2,627,755,673.95, up 55.8% from CNY 1,688,017,757.89 year-over-year[19] - The company’s financial expenses rose by 65.14% to CNY 457,523,949.65, also influenced by the consolidation of China Merchants Railway[10] - The company reported a financial expense of CNY 457,523,949.65, which is an increase of 65.2% compared to CNY 277,046,263.35 in the previous year[19] - Research and development expenses were CNY 30,631,989.04, down 11.1% from CNY 34,554,240.00 year-over-year[19] Future Outlook - Future outlook indicates a focus on market expansion and potential new product development to drive revenue growth[19]

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 ...