SZEW(600548) 国海证券·2024-08-29 05:21Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][6]. Core Insights - The company's performance has been impacted by significant impairment losses in its environmental sector, while the opening of the Shenzhen-Zhongshan Corridor is expected to bring incremental revenue [2][5]. - In the first half of 2024, the company reported a 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% year-on-year [3][4]. - The report highlights that the toll revenue from the expressway segment decreased by 6.35% due to various factors, including the impact of the Yichang project and increased free passage days [4][6]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 3.757 billion yuan, with a net profit of 774 million yuan, and a non-recurring net profit of 673 million yuan, all showing declines compared to the previous year [3][4]. - The financial expenses ratio for H1 2024 was 14.9%, a decrease of 1.2 percentage points year-on-year, primarily due to reduced exchange losses [4][6]. - The report forecasts the company's revenue for 2024-2026 to be 9.065 billion yuan, 10.098 billion yuan, and 10.384 billion yuan, with corresponding net profits of 2.048 billion yuan, 2.251 billion yuan, and 2.356 billion yuan [6][7]. Project Development and Future Outlook - The company is actively advancing major new construction and expansion projects, including the Outer Ring Phase III and the Jihe Highway, to enhance its quality highway assets [5][6]. - The opening of the Shenzhen-Zhongshan Corridor has led to a 15% increase in traffic for the Yangtze River Expressway and a 7% increase for the Jihe Highway, positively impacting overall operations [6][7]. - The report anticipates steady development in the core highway business, with significant growth potential in the environmental sector as a secondary business [6][7].