深高速：业绩符合预期，深中通道积极引流

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company's performance in the first three quarters of 2024 met expectations, with a revenue of 5.86 billion yuan, a year-on-year decrease of 8.03%. The net profit attributable to shareholders was 1.374 billion yuan, down 10.71% year-on-year [2][6] - The opening of the Shenzhen-Zhongshan Channel is expected to positively impact traffic flow and revenue generation for the company [6][7] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 2.103 billion yuan, a decline of 6.39% year-on-year. The net profit for Q3 was 600 million yuan, down 1.55% year-on-year [2][6] - Excluding the impact of the deconsolidation of a subsidiary, Q3 toll revenue increased by 4.05% year-on-year [6] - The company’s toll revenue for Q3 was 1.379 billion yuan, a decrease of 4.61% year-on-year, but showed growth when adjusted for the subsidiary's impact [6] Business Segments - The organic waste treatment business saw a revenue increase of 23.69% year-on-year, contributing 182 million yuan in Q3 2024. The wind power generation business, however, experienced a revenue decline of 18.86% year-on-year, generating approximately 127 million yuan [6] - The Shenzhen Outer Ring Road Phase III construction is planned to be funded through a private placement of up to 4.7 billion yuan [7] Future Projections - Revenue projections for 2024-2026 are 9.012 billion yuan, 9.936 billion yuan, and 10.443 billion yuan, with year-on-year growth rates of -3.05%, 10.25%, and 5.11% respectively. Net profit projections for the same period are 2.016 billion yuan, 2.260 billion yuan, and 2.367 billion yuan, with growth rates of -13.36%, 12.09%, and 4.73% respectively [7][8]