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].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - In 2023, the company achieved operating revenue of 9.73 billion RMB, a year-on-year increase of 17.3%, and a net profit attributable to shareholders of 6.77 billion RMB, up 39.2% year-on-year [2] - The company experienced a significant recovery in traffic volume, with a total of 121 million vehicles on its controlled roads, representing a 24.5% increase year-on-year [2] - The company plans to distribute a cash dividend of 3.62 billion RMB, marking a historical high and a 41.4% increase from the previous year [2] Summary by Relevant Sections Financial Performance - In Q4 2023, the company reported operating revenue of 3.16 billion RMB, a 13.5% increase year-on-year, and a net profit of 2.40 billion RMB, up 97.6% year-on-year [2] - The investment operation segment generated revenue of 6.40 billion RMB, a 24.6% increase, driven by traffic growth [2] - The traffic technology segment achieved revenue of 2.19 billion RMB, a 16.9% increase, with new contracts totaling 4.78 billion RMB, setting a historical high [2] Profitability and Margins - The gross margin for 2023 was 36.96%, an increase of 1.9 percentage points year-on-year [2] - The net profit margin for 2023 was 69.5%, up 10.95 percentage points year-on-year [2] Future Projections - The net profit forecasts for 2024, 2025, and 2026 have been raised to 7.31 billion RMB, 8.07 billion RMB, and 8.93 billion RMB, respectively [2] - The company is expected to continue expanding its road assets, with the total controlled highway mileage reaching 2,008 kilometers [2]

| 证券代码：001965 | 证券简称：招商公路 | 公告编号：2024-38 | | --- | --- | --- | | 债券代码：127012 | 债券简称：招路转债 | | 招商局公路网络科技控股股份有限公司 关于"招路转债"赎回结果的公告 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、"招路转债"基本情况 （一）可转债发行情况 经中国证券监督管理委员会《招商局公路网络科技控股股份有限公司公开发 行可转换公司债券的批复》（证监许可〔2019〕25 号）核准，招商公路于 2019 年 3 月 22 日公开发行 5,000 万张可转债，每张面值 100 元，发行总额 50 亿元。 （二）可转债上市情况 经深圳证券交易所（以下简称"深交所"）"深证上〔2019〕237 号"文同意， 招商公路 50 亿元可转债于 2019 年 4 月 30 日起在深交所挂牌交易，债券简称"招 路转债"，债券代码"127012"。 （三）可转债转股期限 根据相关法律法规和《募集说明书》，"招路转债"的转股期自本次可转债发 行结束之日（2019 年 3 月 28 日，T ...

| 证券代码：001965 | 证券简称：招商公路 | 公告编号：2024-39 | | --- | --- | --- | | 债券代码：127012 | 债券简称：招路转债 | | 招商局公路网络科技控股股份有限公司 关于"招路转债"摘牌的公告 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。 特别提示： 1、"招路转债"赎回日：2024 年 3 月 26 日 2、"招路转债"摘牌日：2024 年 4 月 3 日 3、"招路转债"摘牌原因：存续期内可转债全部赎回 一、"招路转债"基本情况 （一）可转债发行情况 经中国证券监督管理委员会《招商局公路网络科技控股股份有限公司公开发 行可转换公司债券的批复》（证监许可〔2019〕25 号）核准，招商公路于 2019 年 3 月 22 日公开发行 5,000 万张可转债，每张面值 100 元，发行总额 50 亿元。 （二）可转债上市情况 根据相关法律法规和《募集说明书》，"招路转债"的转股期自本次可转债发 行结束之日（2019 年 3 月 28 日，T+4 日）满六个月后的第一个交易日（2019 年 9 月 30 日 ...

赋能行业 优化环境 共赴可持续未来 1 2 招商公路 2023 ESG 报告 赋能行业 优化环境 共赴可持续未来 3 关于本报告 本报告是招商局公路网络科技控股股份有限公司对外发布的第 2 份年度 ESG 报告，上一份报告已于 2023 年 4 月 4 日发布。本着客观、规范、透明和全面的原则，本报告详细披露了招商局公路网络科技控股股份有限 公司 2023 年度在经济、环境、社会及公司治理等责任领域的实践和绩效，旨在与各利益相关方进行有效交流， 系统地回应利益相关方的期望和要求。 组织范围 本报告覆盖招商局公路网络科技控股股份有限公司及其下属公司（与合并财务报表所覆盖的范围一致）。 时间范围 本报告时间跨度为 2023 年 1 月 1 日至 2023 年 12 月 31 日。为增强报告可比性与完整性，部分信息适当向前 追溯、向后延伸。 称谓说明 为便于表达和阅读，"招商局公路网络科技控股股份有限公司"在报告中也以"招商公路""我们"或"公司" 表示。 数据说明 本报告披露的财务数据来源于《招商局公路网络科技控股股份有限公司 2023 年年度报告》，其他数据来自 公司正式文件和统计报告，经公司相关部门审核。如无 ...

招商局公路网络科技控股股份有限公司 财务报表及审计报告 2023 年 12 月 31 日止年度 招商局公路网络科技控股股份有限公司 2023 年 12 月 31 日 | 内容 | 页码 | | | --- | --- | --- | | 审计报告 | 1 - | 6 | | 合并资产负债表 | 7 - | 8 | | 母公司资产负债表 | 9 - | 10 | | 合并利润表 | | 11 | | 母公司利润表 | | 12 | | 合并现金流量表 | | 13 | | 母公司现金流量表 | | 14 | | 合并所有者权益变动表 | 15 - | 16 | | 母公司所有者权益变动表 | 17 - | 18 | | 财务报表附注 | 19 - | 184 | 审 计报告 XYZH/2024BJAA2B0029 共 6 页之第 1 页 招商局公路网络科技控股股份有限公司全体股东： 一、审计意见 我们审计了招商局公路网络科技控股股份有限公司（以下简称"招商公路"）财 务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公 司利润表、合并及母公司现金流量表、合并及母公司 ...

证券代码：001965 证券简称：招商公路 公告编号：2024-36 债券代码：127012 债券简称：招路转债 招商局公路网络科技控股股份有限公司 关于全资子公司招商局重庆交通科研设计院有限公司 为其下属子公司武汉长江航运规划设计院有限公司 申请银行授信提供担保的公告 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、本次担保的基本情况 招商局公路网络科技控股股份有限公司（以下简称"公司"）于 2024 年 4 月 1 日召开第三届董事会第十九次会议，会议审议通过了《关于全资子公司招商 局重庆交通科研设计院有限公司为其下属子公司武汉长江航运规划设计院有限 公司申请交通银行武汉武胜支行综合授信提供担保的议案》。公司全资子公司招 商局重庆交通科研设计院有限公司（以下简称"招商交科"）的下属子公司武汉 长江航运规划设计院有限公司（以下简称"长规院"）拟向交通银行武汉武胜支 行申请人民币 5,000 万元的授信，授信期限 1 年，由招商交科为其提供连带责任 保证担保，担保期限为主合同项下债务履行期限届满之日起三年。 二、被担保人情况 武汉长江航运规划设计院有限公司 ...

招商局公路网络科技控股股份有限公司 关于招商局集团财务有限公司的风险持续评估报告 （2023 年 12 月 31 日） 招商局公路网络科技控股股份有限公司（以下简称"本公司"）查验了招商 局集团财务有限公司（以下简称"财务公司"）《金融许可证》、《营业执照》等证 件资料，审阅了财务公司资产负债表、利润表、现金流量表等定期财务报告，对 财务公司的经营资质、业务和风险状况进行了评估，现将有关风险评估情况报告 如下： 一、财务公司基本情况 财务公司于 2011 年 5 月 17 日经原中国银行业监督管理委员会批准正式成 立，并取得《金融许可证》，是具有企业法人地位的非银行金融机构。 注册地：北京市朝阳区安定路 5 号院 10 号楼 B 栋 15 层 1501 法定代表人：周松 注册资本：人民币 50 亿元，其中招商局集团有限公司和中国外运长航集团 有限公司分别出资人民币 25.5 亿元和人民币 24.5 亿元，分别占比 51%和 49%。 二、财务公司内部控制的基本情况 （一）控制环境 财务公司已根据现代公司治理结构要求，设立股东会、董事会、监事会，并 对董事会和董事、监事、高级管理人员在风险管理中的责任进行了明确 ...