深高速(600548) - 2021 Q1 - 季度财报

Important Notice The board, supervisory board, and senior management guarantee the truthfulness and completeness of this quarterly report - The company's board of directors, supervisory board, and all senior management ensure the truthfulness, accuracy, and completeness of this quarterly report and bear corresponding legal responsibilities[4] - Hu Wei, the company's head, Zhao Guiping, the person in charge of accounting, and Li Xiaojun, the head of the accounting department, guarantee the truthfulness, accuracy, and completeness of the financial statements[5] - The company's financial statements for the first quarter of 2021 are unaudited[5] Company Profile This section outlines the company's key financial performance and shareholder structure for the reporting period Key Financial Data In Q1 2021, the company achieved a significant turnaround, with revenue growing 313.31% to CNY 1.96 billion and net profit reaching CNY 541 million Key Financial Data for Q1 2021 | Indicator | Current Period-End / Current Period | Prior Year / Prior Year-End | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Total Assets (CNY) | 58,305,290,489.70 | 55,144,962,042.63 | 5.73% | | Net Assets Attributable to Shareholders (CNY) | 23,537,891,908.32 | 23,042,941,782.92 | 2.15% | | Net Cash Flow from Operating Activities (CNY) | 677,216,593.31 | -335,801,179.71 | Not Applicable | | Operating Revenue (CNY) | 1,962,015,531.22 | 474,711,617.77 | 313.31% | | Net Profit Attributable to Shareholders (CNY) | 540,534,999.13 | -132,684,403.98 | Not Applicable | | Basic Earnings Per Share (CNY/share) | 0.227 | -0.061 | Not Applicable | - Total non-recurring gains and losses for the reporting period amounted to CNY 14.14 million, primarily from asset disposal gains of CNY 15.23 million due to government compensation for land acquisition along expressways[9] Total Shareholders, Top Ten Shareholders, and Top Ten Circulating Shareholders at Period-End As of the reporting period end, the company had 18,767 shareholders, with the top three holding a concentrated majority of shares - As of the end of the reporting period, the company had a total of 18,767 shareholders, including 18,528 A-share shareholders and 239 H-share shareholders[10] Top Ten Shareholders' Holdings | Shareholder Name | Number of Shares Held (shares) | Shareholding Ratio (%) | | :--- | :--- | :--- | | HKSCC NOMINEES LIMITED | 729,642,042 | 33.46 | | Xintongchan Industrial Development (Shenzhen) Co., Ltd. | 654,780,000 | 30.03 | | Shenzhen Shenguanghui Highway Development Co., Ltd. | 411,459,887 | 18.87 | | China Merchants Highway Network Technology Holdings Co., Ltd. | 91,092,743 | 4.18 | | Guangdong Road and Bridge Construction Development Co., Ltd. | 61,948,790 | 2.84 | - Explanation of related party relationships: Xintongchan Industrial Development (Shenzhen) Co., Ltd. and Shenzhen Shenguanghui Highway Development Co., Ltd. are both related parties controlled by Shenzhen International Holdings Co., Ltd[12] Significant Events This section details the company's operational performance, financial analysis, and key developments during the reporting period Operating Information Core toll road business recovered significantly, while environmental protection expanded with new projects and clean energy acquisitions Toll Road Business Toll road operations normalized, showing significant traffic and revenue increases due to economic recovery and a low prior-year base - Due to the low base in the prior year caused by the pandemic and free toll policies, all toll road projects experienced significant year-on-year growth in traffic volume and toll revenue during the reporting period[13] Daily Operating Data for Major Toll Road Projects | Toll Road | Daily Average Mixed Traffic Volume (thousand vehicles/day) | Daily Average Toll Revenue (CNY thousand/day) | | :--- | :--- | :--- | | Shenzhen Area | | | | Jihe East Section | 313 | 1,923 | | Outer Ring Project | 194 | 2,143 | | Shuiguan Expressway | 268 | 1,701 | | Other Areas | | | | Qinglian Expressway | 58 | 2,831 | | Yangmao Expressway | 45 | 1,314 | - The Outer Ring Phase I project, opened in late December 2020, performed well with daily average toll revenue of CNY 2.14 million, though it caused some traffic diversion from the Jihe Expressway[17] Environmental Protection Business Environmental protection business expanded with increased waste management revenue, new project signings, and Xinjiang Mulei wind power acquisitions, enhancing clean energy - Solid waste resource management: Lande Environmental's kitchen waste treatment capacity increased, with operating revenue growing significantly year-on-year; the Guangming Environmental Park project was officially signed in February; completed the controlling acquisition of a 50% equity stake in Qiantai Company, entering the field of comprehensive utilization of discarded new energy vehicle batteries[21] - Clean energy: Acquired three Xinjiang Mulei wind power projects during the reporting period, which, after consolidation, collectively generated 70,579.73 MWh of grid-connected electricity; Baotou Nanfeng project generated 182,156.18 MWh, a 24% year-on-year increase[23] Financial Analysis The company achieved a net profit of CNY 541 million, a significant turnaround from prior year's loss, driven by revenue growth and increased interest-bearing debt Key Income Statement Item Changes for Q1 2021 | Item | 2021 Q1 (CNY thousand) | 2020 Q1 (CNY thousand) | Year-on-Year Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,962,016 | 474,712 | 313.31% | Prior year affected by pandemic and free toll policies, current period toll revenue recovered | | Operating Cost | 1,056,874 | 518,400 | 103.87% | Increased depreciation and amortization due to traffic growth, and cost recognition for Guilong development project | | Net Profit Attributable to Parent | 540,535 | -132,684 | Not Applicable | Primarily due to significant decline in toll road revenue in prior year | - Capital expenditure during the reporting period was approximately CNY 2.69 billion; total outstanding interest-bearing debt at period-end was approximately CNY 23.1 billion, a 19.43% increase from the beginning of the year, primarily due to increased borrowings for the acquisition of Mulei wind power projects and new office building purchases; the asset-liability ratio was 54.02%, an increase of 1.67 percentage points from the beginning of the year[25] - During the reporting period, the company completed the 100% equity acquisition of Qianzhi, Qianhui, and Qianxin (Mulei Wind Power Projects), consolidating them into the financial statements; these three companies collectively contributed CNY 28.86 million in operating revenue and CNY 2.51 million in net profit attributable to parent[25] Analysis of Significant Changes in Major Financial Statement Items and Indicators and Their Reasons Significant changes in financial statement items include increased fixed assets and long-term prepayments from acquisitions, and a substantial rise in investment income Significant Changes in Major Financial Statement Items | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Fixed Assets | 58.93% | Mulei wind power projects consolidated | | Long-term Prepayments | 330.45% | Prepayment for new office building purchase | | Short-term Borrowings | 66.24% | Increased short-term borrowings based on market funding conditions | | Other Current Liabilities | 47.86% | Issuance of ultra-short-term financing bonds | | Taxes and Surcharges | 1,045.64% | Increased revenue led to corresponding increase in taxes and surcharges | | Investment Income | 317.27% | Lower investment income from associates in prior year, and increased performance of Derun Environment in current period | | Net Cash Flow from Operating Activities | Not Applicable | Lower cash inflow from tolls in prior year due to pandemic and free toll policies | | Net Cash Flow from Investing Activities | Not Applicable | Payment for new office building prepayment and equity consideration for Mulei wind power projects acquisition | Progress of Significant Events The company completed Xinjiang Mulei wind power acquisition, issued short-term financing bonds, and extended H-share private placement resolution validity - The company invested approximately CNY 1.015 billion to complete the 100% equity acquisition of three Xinjiang Mulei wind power projects, with a total installed capacity of 299 MW[28] - In February and March 2021, the company issued two tranches of ultra-short-term financing bonds, each for CNY 1 billion, with maturities of 60 days and 180 days and interest rates of 2.65% and 2.75%, respectively[28][29] - To ensure the smooth progress of the private placement of H-shares, the board of directors approved extending the validity period of relevant resolutions and authorizations by 12 months to March 30, 2022, pending shareholder approval[29] Performance Forecast The company forecasts a significant year-on-year net profit increase for H1 2021, primarily due to a low comparative base from prior year's pandemic impact - The Group expects a significant year-on-year increase in net profit for the first half of 2021[33] - The primary reason for the significant performance growth is the low comparative base in the first half of 2020, when toll road revenue significantly declined due to the pandemic and free toll policies[33] Appendix This appendix provides the company's unaudited consolidated and parent company financial statements for the first quarter of 2021 Financial Statements This section presents the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2021 Consolidated Balance Sheet As of March 31, 2021, total assets were CNY 58.31 billion, total liabilities CNY 31.50 billion, and net assets attributable to shareholders CNY 23.54 billion Key Items of Consolidated Balance Sheet | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | | :--- | :--- | :--- | | Total Assets | 58,305,290,489.70 | 55,144,962,042.63 | | Total Liabilities | 31,496,202,963.17 | 28,865,852,158.86 | | Total Owners' Equity Attributable to Parent Company | 23,537,891,908.32 | 23,042,941,782.92 | Parent Company Balance Sheet As of March 31, 2021, the parent company's total assets were CNY 40.18 billion, total liabilities CNY 21.82 billion, and total owner's equity CNY 18.35 billion Key Items of Parent Company Balance Sheet | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | | :--- | :--- | :--- | | Total Assets | 40,175,179,202.76 | 36,786,576,377.85 | | Total Liabilities | 21,821,024,928.95 | 18,758,101,048.69 | | Total Owners' Equity | 18,354,154,273.81 | 18,028,475,329.16 | Consolidated Income Statement In Q1 2021, consolidated operating revenue was CNY 1.96 billion, with net profit attributable to parent company shareholders of CNY 541 million, a significant turnaround Key Items of Consolidated Income Statement | Item | 2021 Q1 (CNY) | 2020 Q1 (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 1,962,015,531.22 | 474,711,617.77 | | III. Operating Profit | 750,595,014.03 | -219,930,715.23 | | V. Net Profit | 585,562,516.85 | -174,228,740.36 | | Net Profit Attributable to Parent Company Shareholders | 540,534,999.13 | -132,684,403.98 | Parent Company Income Statement In Q1 2021, parent company operating revenue was CNY 149 million, with net profit of CNY 372 million, largely due to investment income Key Items of Parent Company Income Statement | Item | 2021 Q1 (CNY) | 2020 Q1 (CNY) | | :--- | :--- | :--- | | I. Operating Revenue | 149,040,642.42 | 54,369,841.66 | | Investment Income | 397,364,682.84 | -11,707,862.20 | | IV. Net Profit | 371,678,944.65 | -70,353,117.54 | Consolidated Cash Flow Statement Q1 2021 saw positive net cash flow from operating activities of CNY 677 million, while investment activities resulted in a net outflow of CNY 2.27 billion Key Items of Consolidated Cash Flow Statement | Item | 2021 Q1 (CNY) | 2020 Q1 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 677,216,593.31 | -335,801,179.71 | | Net Cash Flow from Investing Activities | -2,266,944,593.98 | -286,429,394.96 | | Net Cash Flow from Financing Activities | 1,748,058,149.90 | 1,458,258,351.05 | | Net Increase in Cash and Cash Equivalents | 158,328,252.82 | 835,977,124.87 | Parent Company Cash Flow Statement In Q1 2021, parent company operating cash flow was CNY 28 million, with a significant net outflow from investment activities of CNY 3.05 billion Key Items of Parent Company Cash Flow Statement | Item | 2021 Q1 (CNY) | 2020 Q1 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 28,392,252.51 | 88,453,083.53 | | Net Cash Flow from Investing Activities | -3,054,646,041.73 | -1,643,707,367.19 | | Net Cash Flow from Financing Activities | 2,879,883,135.11 | 2,309,435,756.96 | | Net Increase in Cash and Cash Equivalents | -146,370,188.35 | 754,183,600.82 |