招商公路：业绩符合预期，积极回购彰显信心

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company reported its Q3 2024 results, achieving revenue of 9.077 billion yuan for the first three quarters, a year-on-year increase of 38.04%. In Q3 alone, revenue reached 3.093 billion yuan, up 34.90% year-on-year. However, the net profit attributable to shareholders for the first three quarters was 4.160 billion yuan, a decrease of 4.63% year-on-year, with Q3 net profit at 1.452 billion yuan, down 6.43% year-on-year [2][6] - The decline in Q3 net profit was attributed to the impact of the consolidation of China Merchants Jinling, with operating costs rising to 1.855 billion yuan, a year-on-year increase of 37.58%. The gross profit margin for Q3 was 40.03%, down 1.17 percentage points year-on-year. Investment income from various toll road companies was 1.202 billion yuan, a decline of 7.13% year-on-year [6] - The company is steadily advancing its investment and operation of toll roads, with the approval of the Bozhou-Fu Highway REITs project and the completion of fundraising for the highway REIT, which raised 3.496 billion yuan. The company is also progressing with expansion projects for the Beijing-Tianjin-Tanggu Highway and the Yongtaiwen Highway [6] - The company plans to repurchase shares worth between 310 million yuan and 618 million yuan to enhance shareholder returns, with a loan limit of up to 430 million yuan from China Merchants Bank [6] Financial Summary - For 2024-2026, the company is expected to achieve revenues of 13.203 billion yuan, 13.814 billion yuan, and 14.318 billion yuan, with year-on-year growth rates of 35.67%, 4.63%, and 3.65% respectively. The net profit attributable to shareholders is projected to be 6.128 billion yuan, 6.573 billion yuan, and 7.016 billion yuan, with year-on-year growth rates of -9.44%, 7.27%, and 6.74% respectively. The earnings per share (EPS) are expected to be 0.90 yuan, 0.96 yuan, and 1.03 yuan [7][8]