Core Viewpoint - The performance meeting held by China Merchants Group and its subsidiaries highlighted the challenges and opportunities in the highway operation sector, particularly focusing on the revenue growth and profit decline of China Merchants Highway [1][2]. Group 1: Financial Performance - In 2024, China Merchants Highway achieved an operating revenue of 12.71 billion yuan, a year-on-year increase of 30.62% [1]. - The net profit attributable to shareholders was 5.32 billion yuan, reflecting a year-on-year decrease of 21.35%, primarily due to reduced asset optimization gains and adverse weather conditions [1]. - The company has distributed a total cash dividend of 9.03 billion yuan over the past three years from 2022 to 2024 [3]. Group 2: Highway Expansion Challenges - The current challenges in highway expansion include aging infrastructure and outdated design standards that do not meet the increasing traffic demands [2]. - The company is evaluating the necessity and feasibility of participating in highway expansion projects, which could extend operational and toll collection periods by approximately 25 years [2]. - China Merchants Highway currently manages 26 highway projects with a total length of about 2,008 kilometers, with an average toll collection period of around 12 years remaining [2]. Group 3: Revenue Composition - The investment and operation segment, primarily consisting of highway projects, accounted for 76.2% of the total revenue in 2024, showing a significant increase compared to 2023 [3]. - The traffic technology segment contributed 17% to the revenue, while both the intelligent transportation and ecological transportation segments accounted for less than 4% each [3].
直击业绩会｜招商公路董事长白景涛：高速公路改扩建面临新挑战，公司从必要性及可行性考虑是否介入