宁沪高速：分红错期扰动Q3业绩

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company reported a revenue of 14.058 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 21.10%. However, the revenue for the third quarter decreased by 8.37% to 4.099 billion yuan. The net profit attributable to the parent company for the first three quarters was 4.120 billion yuan, a year-on-year increase of 2.05%, with a third-quarter net profit of 1.371 billion yuan, down 11.81% year-on-year [2][6] - The decline in third-quarter performance was attributed to a delay in dividend payments, which led to a 41% decrease in investment income [6] - The company plans to invest 1.271 billion yuan in the construction of the Danjin Expressway project, which is expected to enhance its growth potential [6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 14.058 billion yuan, with a year-on-year growth of 21.10%. The third-quarter revenue was 4.099 billion yuan, down 8.37% year-on-year. The net profit attributable to the parent company for the first three quarters was 4.120 billion yuan, with a year-on-year increase of 2.05%, while the third-quarter net profit was 1.371 billion yuan, down 11.81% year-on-year [2][6] - The third-quarter revenue from toll income increased by 0.93% to 2.598 billion yuan, benefiting from increased traffic volume, while revenue from supporting businesses decreased by 8.05% to 449 million yuan due to a decline in oil product sales [6] Investment Plans - The company intends to invest 1.271 billion yuan in the Danjin Expressway project, which is a significant part of the G4013 expressway and has strong development potential. The project has a total length of 41.35 kilometers and is expected to take four years to complete [6] Earnings Forecast - The company forecasts revenues of 16.216 billion yuan, 17.069 billion yuan, and 17.149 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 6.74%, 5.26%, and 0.47%. The net profit attributable to the parent company is expected to be 4.555 billion yuan, 4.818 billion yuan, and 5.067 billion yuan for the same years, with growth rates of 3.21%, 5.78%, and 5.16% [6][7]