SDHS(SH:600350) Zheng Quan Shi Bao Wang·2025-04-03 11:19Core Viewpoint - Shandong Expressway aims to become a "high-quality retirement stock" for A-share investors, focusing on its core business while enhancing both business scale and quality, achieving an asset scale of 161.688 billion yuan and a revenue of 28.494 billion yuan, with a year-on-year growth of 7.34% [1] Group 1: Financial Performance - The company reported a net profit attributable to shareholders of 3.196 billion yuan, with earnings per share of 0.54 yuan and a dividend of 0.42 yuan per share, indicating sustained growth resilience [1] - Investment income reached 1.403 billion yuan, reflecting a year-on-year increase of 2.33% [2] - The company maintained a high dividend payout ratio of approximately 63.76%, distributing 4.20 yuan in cash dividends per 10 shares, totaling cumulative dividends of 21.746 billion yuan over 23 years [3] Group 2: Business Development - Shandong Expressway is enhancing its core business by focusing on road and bridge operations, emphasizing "all-weather passage" and customer-centric service, supported by smart highway initiatives [1] - The company has successfully acquired a 20% stake in Luzhou Southeast Company, achieving 100% control, which strengthens its influence in the Sichuan-Chongqing region [2] - The company has expanded its road network to over 2,913 kilometers, including the successful acquisition of the remaining rights and benefits for the He Bao Expressway [2] Group 3: Engineering Projects - Key engineering projects are progressing rapidly, with the Jike Expressway expansion completed and set to resume two-way traffic on December 20, 2024 [2] - The Weilai project, recognized as the first highway project approved for "physical expansion + intelligent transformation," completed an investment of 136 million yuan during the reporting period [2] - The company won the bid for the G220 Dongshen Line expansion project, which will cover the entire investment, construction, and operation cycle, becoming a new growth point for performance [2] Group 4: ESG and Future Goals - The company is committed to low-carbon road construction, achieving an ESG A rating and receiving multiple accolades for information disclosure and corporate governance [3] - During the 14th Five-Year Plan period, the company aims to solidify its core business and become a leading infrastructure investment and construction service provider in China [3]