Jiangsu Expressway(SH:600377)2024-04-28 07:47Financial Performance - The company's operating revenue for Q1 2024 was CNY 3,473,393,457.30, representing a decrease of 4.30% compared to the same period last year[4]. - Net profit attributable to shareholders was CNY 1,246,836,155.30, an increase of 1.61% year-on-year[4]. - The net cash flow from operating activities was CNY 1,639,672,583.68, reflecting a growth of 1.01% compared to the previous year[4]. - The basic earnings per share for the period was CNY 0.2475, which is a 1.61% increase year-on-year[4]. - The company achieved an operating profit of approximately RMB 1,652,655 thousand, a year-over-year increase of 3.10%[15]. - Total comprehensive income for Q1 2024 reached CNY 1,987,076,378.89, up from CNY 1,216,100,535.92 in Q1 2023, representing a year-over-year increase of approximately 63.3%[22]. Assets and Liabilities - Total assets at the end of Q1 2024 reached CNY 81,436,864,200.94, marking a 3.53% increase from the end of the previous year[5]. - Total liabilities increased to CNY 38,559,842,762.53 in Q1 2024 from CNY 37,772,936,068.68 in Q4 2023, marking a rise of 2.1%[20]. - The company’s total equity increased to CNY 42,877,021,438.41 as of March 31, 2024, from CNY 40,888,507,875.68 at the end of 2023, reflecting a growth of 4.9%[20]. Revenue Sources - The decrease in operating revenue was attributed to lower revenue from real estate projects and reduced construction input for road and bridge projects compared to the previous year[7]. - The company reported an increase in toll revenue and improved performance from joint ventures, contributing to the rise in net profit[7]. - The toll road business generated revenue of approximately RMB 2,275,501 thousand, an increase of 2.12% year-over-year, despite a 0.04% decrease in traffic volume on the Shanghai-Nanjing Expressway[12]. - The average daily toll revenue for the Shanghai-Nanjing Expressway was approximately RMB 13,595.29 thousand, a decrease of 4.79% year-over-year[13]. - The average daily toll revenue for the Wufengshan Bridge increased by 55.42% year-over-year, reaching approximately RMB 2,871.96 thousand, benefiting from the completion of the Beijing-Shanghai Expressway expansion[12][14]. Cash Flow - Cash inflow from investment activities in Q1 2024 was CNY 6,046,644,637.68, compared to CNY 3,324,748,220.22 in Q1 2023, indicating a significant increase of approximately 81.9%[24]. - Net cash outflow from investment activities for Q1 2024 was CNY 2,238,250,411.49, compared to CNY 2,060,079,127.24 in Q1 2023, reflecting a year-over-year increase of about 8.6%[24]. - Cash flow from financing activities in Q1 2024 totaled CNY 549,163,196.57, compared to CNY 436,449,294.72 in Q1 2023, showing an increase of approximately 25.8%[24]. - Total cash and cash equivalents at the end of Q1 2024 were CNY 784,188,898.65, down from CNY 924,652,229.62 at the end of Q1 2023[24]. Investments and Acquisitions - The company is in the process of acquiring a 65% stake in the Su-Xi-Chang Southern Expressway Company to expand its asset scale in the southern Jiangsu expressway network[16]. - The company reported investment income of CNY 297,399,568.44 for Q1 2024, compared to CNY 235,857,718.24 in Q1 2023, an increase of 26.1%[21]. Other Financial Metrics - Non-recurring gains and losses amounted to CNY 59,785,122.39 after tax, primarily due to asset disposal gains from the cessation of toll collection on a highway[6]. - The weighted average return on equity was 3.58%, a decrease of 0.19 percentage points compared to the previous year[4]. - Total operating costs for Q1 2024 were CNY 2,153,921,024.67, down from CNY 2,293,242,921.45 in Q1 2023, reflecting a reduction of 6.1%[21]. - Cash received from sales of goods and services in Q1 2024 was CNY 3,119,768,178.99, compared to CNY 3,086,046,653.04 in Q1 2023, indicating a modest increase[23].