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： 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"） 之控股股东招商局集团有限公司（以下简称"招商局集团"）将举办"'创新驱 动，创建一流'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， 推进上市公司高质量发展。公司将与招商局集团的其他三家深市上市公司于2025 年4月23日下午共同参加集体业绩说明会。 一、说明会类型 本次业绩说明会以现场交流、视频直播、网络文字互动等形式召开，公司将 针对2024年度的经营成果和对未来的展望与投资者进行坦诚互动、交流和沟通， 在信息披露允许的范围内就投资者普遍关注的问题进行解答。 证券代码：001965 证券简称：招商公路 公告编号：2025-19 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 二、说明会召开的时间、地点 1、会议召开时间：2025年4月23日（星期三）14:30-17:00 会议召开时间：2025 年 4 月 23 日（星期三）14:30-17:00 会议召开地点：深圳证 ...

面对4月以来，由美国所谓的"对等关税"带来的全球市场剧烈波动，A股市场多家上市公司发布了股东增持、股份回 购等计划公告，连续释放积极信号。 方正证券首席经济学家燕翔对券商中国记者表示，近年来，A股上市公司增持回购的积极性出现了明显提升。 2024 年，A股市场共有超过2100家上市公司实施了股票回购，回购金额合计超过1600亿元，创历史新高，同比增长 71.1%。截至4月9日，今年已有684家上市公司已经实施了超过300亿元的股票回购。 燕翔表示，上市公司增持回购规模持续增加，一方面表达了市场主体坚定看好中国市场的信心和决心；另一方面， 增持回购持续增加也反映出我国上市公司的自身实力在不断增强。 市场关键时期，上市公司增持回购潮再起。 他认为，在政策支持下，未来上市公司增持回购规模有望持续提升。自2024年10月央行正式设立上市公司股票回购 增持再贷款政策工具以来，上市公司积极响应，截至2025年4月9日，已经有430家上市公司累计披露454单股票回 购增持贷款计划，拟申请贷款金额上限合计超过900亿元。 增持回购对于上市公司而言，无疑表达出对中国市场的信心和决心，与此同时，在市场波动之下，拿出真金白银回 购 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a target price of 15.6 CNY, indicating a potential upside of 16% from the current price of 13.38 CNY [3][7]. Core Insights - The company is expected to experience a 5% decline in net profit excluding non-recurring items in 2024, while maintaining a stable dividend payout ratio of 53.44% [2][7]. - The total revenue for 2024 is projected to be 12,711 million CNY, reflecting a year-on-year growth of 30.6%, primarily due to the consolidation of招商中铁 at the end of 2023 [3][7]. - The net profit attributable to the parent company is forecasted to decline by 21.3% in 2024, with a gradual recovery expected in the following years [3][7]. Financial Summary - **Revenue Forecast**: - 2024: 12,711 million CNY - 2025: 12,889 million CNY (1.4% growth) - 2026: 13,474 million CNY (4.5% growth) - 2027: 14,113 million CNY (4.7% growth) [3][8] - **Net Profit Forecast**: - 2024: 5,322 million CNY - 2025: 5,567 million CNY (4.6% growth) - 2026: 5,930 million CNY (6.5% growth) - 2027: 6,320 million CNY (6.6% growth) [3][8] - **Earnings Per Share (EPS)**: - 2024: 0.78 CNY - 2025: 0.82 CNY - 2026: 0.87 CNY - 2027: 0.93 CNY [3][8] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio is projected to decrease from 17 in 2024 to 14 in 2027 [3][8]. - Price-to-Book (P/B) ratio is expected to remain stable around 1.3 to 1.1 over the forecast period [3][8]. Operational Highlights - The company’s total operational road mileage increased from 14,745 kilometers in 2023 to 14,785 kilometers in 2024, with a significant revenue increase in the investment and operation segment [7]. - The traffic volume for 2024 is expected to be 15,920 million vehicles, with toll revenue projected at 9,450 million CNY, both showing a slight decline compared to the previous year [7]. Dividend Policy - The company plans to distribute a cash dividend of 4.17 CNY per 10 shares, totaling 28.44 billion CNY, which corresponds to a dividend yield of 3.12% based on the current stock price [7].

作 者丨 见习记者李益文 编 辑丨陈思颖 尹华禄 黎雨桐 4月8日下午，据央视新闻消息，国务院国资委8日表示， 将全力支持推动中央企业及其控股上市公司主动作为，不断加大增持回购力度，切实 维护全体股东权益，持续巩固市场对上市公司的信心，努力提升公司价值，充分彰显央企责任担当。 同时，加大对央企市值管理工作的指导， 引导中央企业持续为投资者打造负责任、有实绩、可持续、守规矩的价值投资优质标的，为促进资本市场健康稳定发展作出贡献。 此前，A股市场回购与增持热潮已持续升温。截至8日1 3时3 0分左右， 当日已有近3 0家公司宣布加入股票增持回购行列，涉及金额最高超3 0 0 亿元。 继宁德时代（3 0 0 7 5 0 .SZ）、中国核电（6 0 1 9 8 5 .SH）之后，贵州茅台( 6 0 0 5 1 9 .SH)、招商蛇口( 0 0 1 9 7 9 .SZ)、荣盛石化（0 0 2 4 9 3 .SZ）等一 众龙头企业也相继公布了新一轮回购及增持计划。据Wi n d数据不完全统计，从4月7日盘后到截至目前，总共有7 0余家公司发布了回购公告， 2 0余家公司发布了增持公告。与此同时，"国家队"也同步表态加码， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance is under short-term pressure, but the consolidation with China Merchants Railway has led to significant revenue growth [4] - In 2024, the company achieved a revenue of approximately 12.71 billion yuan, a year-on-year increase of 30.62%, while the net profit attributable to shareholders was about 5.32 billion yuan, a decrease of 21.35% [6] - The company is focusing on its core business and has successfully completed the transition of the management of the Road King asset package, adding 276 kilometers of operational mileage [6] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 9.73 billion yuan (2023), 12.71 billion yuan (2024), 12.90 billion yuan (2025E), 13.23 billion yuan (2026E), and 13.60 billion yuan (2027E) [5] - The net profit attributable to shareholders is projected to be 6.77 billion yuan (2023), 5.32 billion yuan (2024), 5.74 billion yuan (2025E), 6.19 billion yuan (2026E), and 6.70 billion yuan (2027E) [5] - The company’s return on equity (ROE) is expected to be 10.40% (2023), 7.47% (2024), 7.65% (2025E), 7.84% (2026E), and 8.05% (2027E) [5] Market Performance - The company reported a gross margin of 34.09% in 2024, a decrease of 2.87 percentage points year-on-year, primarily due to asset optimization and adverse weather conditions [6] - The company’s operating expenses increased due to the consolidation with China Merchants Railway, with a total expense ratio of 20.92% in 2024, up by 1.34 percentage points year-on-year [6] Strategic Initiatives - The company is actively pursuing expansion strategies and has made progress on various upgrade and expansion projects, including the completion of internal project approvals for the Ningbo-Taizhou-Wenzhou Expressway southern section [6] - The company has also completed the acquisition of the remaining 40% equity in Hunan Yonglan Expressway and is advancing the preliminary engineering for several other projects [6]

招商局公路网络科技控股股份有限公司 关于加快回购公司股份的公告 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 17 日在《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）披露了《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），公司拟以自有资金或自 筹资金通过深圳证券交易所以集中竞价交易方式回购公司股份，回购的股份全部 用于注销并减少注册资本。 招商局公路网络科技控股股份有限公司董事会 证券代码：001965 证券简称：招商公路 公告编号：2025-18 基于对公司未来持续发展的信心和对公司价值的认可，后续，公司将加快实 施回购公司股份，以维护广大投资者的利益，增强投资者对公司的投资信心，稳 定及提升公司价值。 公司将严格按照《上市公司股份回购规则》《深圳证券交易所上市公司自律 监管指引第 9 号——回购股份》等相关规定，在回购期限内根据市场情况择机做 出回购决策并予以实施，并根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告。 ...

Summary of the Conference Call for China Merchants Highway (招商公路) Company Overview - **Company**: China Merchants Highway - **Year**: 2024 - **Revenue**: 12.7 billion (127亿元), slightly below the planned 13.2 billion (132亿元), but still a year-on-year growth of 30% [3][4] - **Profit**: 5.3 billion (53亿元), a year-on-year decline of 20% [3] Key Points and Arguments Financial Performance - **Revenue Growth**: Despite a slight miss on revenue targets, the company achieved a significant year-on-year revenue increase of 30% [3] - **Profit Decline**: The profit drop is attributed to: - A decrease in non-operating income from 1.6 billion (16亿元) in 2023 to approximately 560-570 million (5.6-5.7亿元) in 2024 [3] - Adverse weather conditions and road construction affecting traffic volume and revenue [3] Traffic and Revenue Insights - **Traffic Volume**: - Yonglan Expressway saw an increase in traffic volume to 5.69 million vehicles, up 8.5% year-on-year [9] - New consolidated assets showed better growth compared to existing roads, although potential impacts from trade wars were noted [10] - **Highway Performance**: - Yingtaiwen and Beilun Port expressways experienced a decline in toll revenue due to construction and adverse weather [3][5] - Jingtian-Tang Expressway benefited from delayed expansion, resulting in a 6% increase in toll revenue [3][7] Strategic Developments - **Smart Traffic Sector**: - The smart traffic segment faced intense competition, leading to fragmented project profits and significant revenue declines [12] - The company is advancing smart tolling, operations, and safety initiatives, including the development of the Zhaolutong 3.0 version [13] - **Asset Impairment**: - The company reported asset impairment primarily from educational contracts, amounting to approximately 170 million (1.7亿元) [14] Future Plans - **REITs Platform**: - The company remains optimistic about the REITs platform and is exploring strategies for potential issuance, although specific projects for 2025 are uncertain [15] - **M&A Strategy**: - The company plans to continue its acquisition strategy during the 14th Five-Year Plan and into the 15th, focusing on high-quality road assets [16] - **Financing Costs**: - The current financing cost is approximately 3%, with ongoing efforts to reduce costs [19] Regulatory and Market Considerations - **Highway Management Regulations**: - Revisions to toll road management regulations are anticipated, focusing on toll duration, optimization of toll standards, and transfer mechanisms [25] - **Market Dynamics**: - The company is monitoring the impact of economic conditions on traffic volume and revenue, particularly in light of the challenges faced in 2025 [23][24] Operational Innovations - **Smart Tolling Robots**: - The deployment of smart tolling robots has shown significant cost-saving effects, with plans for broader implementation across 22 provinces [22] Additional Important Insights - **Customer Composition**: The ratio of passenger vehicles to freight vehicles is approximately 3:7, with a gradual increase in passenger vehicle traffic [21] - **Impact of Construction**: Ongoing construction projects are affecting traffic volumes and toll revenues across various expressways, necessitating close monitoring [8][10] This summary encapsulates the key insights and developments discussed during the conference call, providing a comprehensive overview of China Merchants Highway's performance, strategic direction, and market challenges.

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a significant increase in revenue for 2024, achieving an operating income of 12.71 billion yuan, a year-on-year growth of 30.6%. However, the net profit attributable to shareholders decreased by 21.4% to 5.32 billion yuan, and the non-recurring net profit fell by 4.7% to 4.86 billion yuan [2][6][11]. - In Q4 2024, the company generated an operating income of 3.63 billion yuan, reflecting a 15.2% increase year-on-year, but the net profit attributable to shareholders dropped by 51.7% to 1.16 billion yuan [2][6]. - The increase in revenue was primarily driven by acquisitions, with the company benefiting from the consolidation of assets from招商中铁 and路劲中国, which contributed to a rapid growth in gross profit [11]. - The company faced challenges with increased impairment losses, particularly in its intelligent transportation and traffic technology segments, which negatively impacted overall profitability [11]. - The company plans to maintain a stable dividend policy, with a proposed dividend of 0.417 yuan per share, corresponding to a payout ratio of 53.44% [11]. - The company is positioned as a leading highway operator with strong growth potential, supported by its background in招商局 and a young asset portfolio [11]. Summary by Sections Financial Performance - For the full year 2024, the company achieved total revenue of 12.71 billion yuan, with a gross profit margin of 34% [11]. - The company recorded a significant one-time non-operating gain of 1.646 billion yuan from the revaluation of its stake in招商中铁, but overall investment income decreased by approximately 1 billion yuan to 4.998 billion yuan [11]. - The company’s total assets reached 159.169 billion yuan, with a debt-to-asset ratio of 44.2% [16]. Business Segments - Revenue from highway investment operations increased by 52.85%, while traffic technology and smart transportation segments saw declines of 1.15% and 46.97%, respectively [11]. - The company’s acquisition strategy is expected to continue driving growth, with plans to increase operational mileage by 276 kilometers through recent acquisitions [11]. Future Outlook - The company forecasts net profits of 6 billion yuan, 6.3 billion yuan, and 6.6 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 14.7, 14.1, and 13.4 [11].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company experienced a revenue increase of 30.62% year-on-year in 2024, reaching 12.711 billion yuan, but the net profit attributable to shareholders decreased by 21.35% to 5.322 billion yuan, with a non-recurring net profit decline of 4.66% to 4.858 billion yuan [1][2] - The investment operation segment saw significant revenue growth of 52.85% year-on-year, contributing 96.86 billion yuan, which accounted for 76.20% of total revenue [2] - The smart transportation segment faced challenges, leading to a revenue drop of 46.97% to 4.37 billion yuan, negatively impacting overall performance [3] - The company’s overall gross margin decreased to 34.09%, down 2.87 percentage points year-on-year, primarily due to increased expenses from the consolidation of China Merchants Railway [4] - The company plans to distribute cash dividends amounting to 28.44 billion yuan, with a dividend payout ratio of approximately 53.44% [6] - The company is positioned as a leading highway operation platform, with a focus on both core highway assets and the development of the transportation industry chain [7] - Profit forecasts for 2025-2027 estimate net profits of 5.886 billion yuan, 6.311 billion yuan, and 6.646 billion yuan, respectively, with corresponding P/E ratios of 15.0, 14.0, and 13.3 [8] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 12.711 billion yuan, a 30.6% increase from 2023, while the net profit attributable to shareholders was 5.322 billion yuan, reflecting a 21.3% decrease [9] - The gross margin for 2024 was 34.1%, down from 37.0% in 2023 [9] Segment Analysis - The investment operation segment generated 96.86 billion yuan in revenue, with a gross profit of approximately 40.56 billion yuan, despite a decline in gross margin due to adverse weather and increased free passage days [2] - The smart transportation segment's revenue fell to 4.37 billion yuan, with a gross loss of 0.48 billion yuan, significantly impacting overall performance [3] Dividend Policy - The company has maintained a high dividend payout, with a proposed cash dividend of 4.17 yuan per 10 shares, resulting in a total distribution of 28.44 billion yuan [6] Future Outlook - The company is expected to continue its growth trajectory, with a focus on expanding its highway assets and enhancing its transportation technology capabilities [7] - The projected net profits for the next three years indicate a steady growth pattern, reinforcing the positive outlook for the company's financial health [8]

Core Viewpoint - As of April 3, 2025, China Merchants Highway (招商公路) reported a closing price of 12.93 yuan, down 3.58%, with a trading volume of 441,900 shares and a transaction value of 560 million yuan [1] Trading Information Summary - On April 3, 2025, the net inflow of main funds into China Merchants Highway was 24.21 million yuan, accounting for 4.32% of the total transaction value; the net inflow of speculative funds was 23.91 million yuan, accounting for 4.27%; while retail investors experienced a net outflow of 48.12 million yuan, accounting for 8.58% [2][7] Shareholder Changes - As of March 31, 2025, the number of shareholders of China Merchants Highway increased to 31,600, an increase of 791 from December 31, 2024, representing a growth rate of 2.57%. The average number of shares held per account decreased from 221,500 shares to 215,900 shares, with an average market value of 2.8591 million yuan [3][7] Performance Disclosure Highlights - The 2024 annual report of China Merchants Highway indicated that the total revenue reached 12.711 billion yuan, a year-on-year increase of 30.62%. However, the net profit attributable to the parent company was 5.322 billion yuan, a year-on-year decrease of 21.35%. The net profit after deducting non-recurring gains and losses was 4.858 billion yuan, down 4.66% year-on-year. In Q4 2024, the quarterly revenue was 3.634 billion yuan, up 15.15% year-on-year, while the quarterly net profit attributable to the parent company was 1.162 billion yuan, down 51.67% year-on-year. The company's debt ratio stood at 44.22%, with investment income of 4.998 billion yuan, financial expenses of 1.72 billion yuan, and a gross profit margin of 34.09% [4][7] Company Announcement Summary - China Merchants Highway announced a profit distribution plan for 2024, proposing a cash dividend of 4.17 yuan per 10 shares (including tax) based on a total share capital of 6,820,337,394 shares as of March 31, 2025. The total dividend amount is 2.844 billion yuan, accounting for 53.44% of the net profit attributable to the parent company for 2024. This plan has been approved by the board and supervisory committee and is subject to shareholder meeting approval [5][7]