FUJIAN EXPRESSWAY(600033) 太平洋·2024-09-13 02:43Investment Rating - The report assigns a rating of "Buy" for the company, indicating an expected relative increase in stock price compared to the CSI 300 index over the next six months [3][8]. Core Views - The company's main business involves investment, construction, toll collection, and operation management of highways, primarily generating revenue from toll fees [2]. - The overall performance of the company remained stable in the first half of 2024, with total revenue reaching 1.477 billion, a year-on-year increase of 0.79%, and net profit attributable to shareholders at 531 million, showing no growth compared to the previous year [1][2]. - The report highlights that the company has not added any new highway mileage during the reporting period, and toll revenue from major highways showed mixed results, with some segments experiencing slight declines while others saw growth [2]. Summary by Sections Financial Performance - Total revenue for the first half of 2024 was 1.477 billion, with a year-on-year increase of 0.79% - Net profit attributable to shareholders was 531 million, with a year-on-year growth rate of 0% - Basic earnings per share were 0.19, and the weighted average return on equity was 4.66% [1][3]. Business Operations - The company operates a total of 282 kilometers of highways, including the Quanzhou-Xiamen Expressway, Fuzhou-Quanzhou Expressway, and Roning Expressway, with no new toll road openings during the reporting period [2]. - The revenue from the Quanzhou-Xiamen segment was 598 million, a decrease of 1.33%, while the Fuzhou-Quanzhou segment generated 796 million, an increase of 2.6% [2]. Market Conditions - The overall economic environment in Fujian province remained stable, with significant growth in foreign trade and tourism, contributing positively to the company's revenue [3].