山东高速2024年年报：营收增长放缓，净利润下滑引关注

Core Viewpoint - Shandong Expressway (600350) reported a revenue increase of 7.34% year-on-year to 28.494 billion yuan in 2024, but net profit decreased by 3.07% to 3.196 billion yuan, raising concerns about operational efficiency amid challenges such as declining toll revenue and reduced investment returns [1] Toll Road Operations - Despite efforts to enhance service quality and operational efficiency, toll revenue fell significantly, with a 7.44% year-on-year decrease to 7.569 billion yuan in the first three quarters [4] - Major toll road segments like Jiqing Expressway and G104 experienced revenue declines due to factors such as parallel road openings and reduced traffic volumes [4] - Measures like optimizing traffic control and launching tourism activities had limited impact on revenue growth, indicating insufficient adaptability to market competition and external changes [4] - Customer service improvements were noted, with a 67.60% reduction in temporary station closures and a service satisfaction rate of 99.16%, but these did not translate into revenue increases [4] Investment Operations - Investment returns also declined, with a 0.25% year-on-year decrease to 966 million yuan in the first three quarters, primarily due to exits from certain projects [5][6] - Long-term equity investment returns dropped significantly to 589 million yuan, reflecting poor investment decision-making and project management [6] - The rail transport segment reported revenue of 3.535 billion yuan and net profit of 328 million yuan, but growth was mainly driven by increased rail volume rather than new contracts in the transport sector [6] Key Projects - The company continued to advance several expansion projects in 2024, such as the S16 and G220 highway upgrades, which are expected to enhance future operational capacity but also impose significant financial pressure [7] - For instance, the Jitai Expressway upgrade saw investments of 1.986 billion yuan in the first three quarters, totaling 5.354 billion yuan, while the Jizhe Expressway project reached 14.095 billion yuan in total investment [7] - The pace of project execution faced challenges, with uncertainties regarding completion timelines, indicating a need for improved project management efficiency [7]