Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a slight decline in profits for Q2 2024, but overall operations remain stable [11] - In H1 2024, the company achieved revenue of 5.984 billion yuan, a year-on-year increase of 39.73%, while net profit attributable to the parent company was 2.708 billion yuan, a year-on-year decrease of 3.64% [11] - The revenue for Q2 2024 was 2.963 billion yuan, with a year-on-year growth of 31.28%, and net profit attributable to the parent company was 1.415 billion yuan, down 3.18% year-on-year [11] Summary by Sections Financial Performance - In H1 2024, the investment operation segment, traffic technology segment, intelligent traffic segment, and traffic ecology segment generated revenues of 4.827 billion, 922 million, 122 million, and 113 million yuan respectively, with year-on-year changes of +54.64%, +10.09%, -39.94%, and -6.20% [11] - The gross margin for the investment operation segment decreased by 5 percentage points, with operating costs rising by 69.91% to 2.766 billion yuan [11] - Management and financial expenses increased year-on-year, with management expenses at 299 million yuan (up 35.27%) and financial expenses at 885 million yuan (up 63.14%) [11] Business Development - The company is steadily advancing the expansion and reconstruction projects of the Beijing-Tianjin-Tanggu Expressway (Tianjin section) and is in the preliminary work for the Hebei section [11] - The company completed the delivery of the Road King asset package and achieved a smooth management transition [11] - The REITs project for the Bo-Fu Expressway has been approved by the China Securities Regulatory Commission and the Shenzhen Stock Exchange, with preparations for issuance currently underway [11] Earnings Forecast - Revenue projections for 2024-2026 are 13.203 billion, 13.814 billion, and 14.318 billion yuan, with year-on-year growth rates of 35.67%, 4.63%, and 3.65% respectively [12] - Net profit attributable to the parent company is expected to be 6.128 billion, 6.573 billion, and 7.016 billion yuan for the same period, with year-on-year growth rates of -9.44%, 7.27%, and 6.74% respectively [12] - The company is recognized as a comprehensive highway investment and operation entity with the longest operating mileage and the widest coverage area in the industry, which positively contributes to profitability through investment income from various quality toll road entities [12]
招商公路：2024Q2盈利小幅下滑，经营整体稳健