深高速：H1业绩低于预期，关注后续深中通道引流效果

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company's H1 2024 performance was below expectations, with revenue of 3.757 billion yuan, a year-on-year decrease of 8.92%, and a net profit attributable to shareholders of 774 million yuan, down 16.72% [2][6] - The decline in revenue was influenced by multiple factors, including adverse weather conditions and increased free periods for small passenger cars on highways during statutory holidays [6] - The opening of the Shenzhen-Zhongshan Channel on June 30, 2024, is expected to have a positive impact on traffic flow for the company's highways [6] - The company plans to conduct a private placement to raise up to 4.9 billion yuan for investment in the Outer Ring Project and to repay interest-bearing debts [6] Summary by Sections Financial Performance - In H1 2024, the company's toll revenue decreased by 6.35% to 2.433 billion yuan, primarily due to adverse weather and increased free periods for small passenger cars [6] - The clean energy generation business reported revenue of 302 million yuan, down 13.22%, while the kitchen waste treatment business saw a revenue increase of 9.51% to 309 million yuan [6] - The company expects revenues for 2024-2026 to be 9.012 billion, 9.936 billion, and 10.443 billion yuan, with year-on-year growth rates of -3.05%, 10.25%, and 5.11% respectively [6][7] Investment and Capital Expenditure - The company is focusing on the Outer Ring Phase III and the Jihe Expressway projects, with total investments of 8.447 billion yuan and 19.23 billion yuan respectively [6] - Capital expenditure plans for 2024, 2025, and 2026 are projected at 2.659 billion, 3.956 billion, and 4.138 billion yuan respectively [6] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 2.016 billion, 2.260 billion, and 2.367 billion yuan, with year-on-year growth rates of -13.36%, 12.09%, and 4.73% respectively [6][7] - Earnings per share (EPS) are expected to be 0.92, 1.04, and 1.09 yuan for the same period [7]