粤高速A：广乐分红错期，单季度利润同比高增

Investment Rating - The report maintains an "Add" rating for the company [1][8] Core Views - The company reported a revenue of 3.502 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.03%, while the net profit attributable to shareholders was 1.356 billion yuan, a slight increase of 0.01% [2] - The decline in toll revenue is attributed to the opening of new parallel highways, which has significantly diverted traffic from the company's main highways [3] - The company is actively involved in multiple highway expansion projects with a total estimated investment of 15.425 billion yuan, of which it will contribute approximately 3.414 billion yuan [4] - The company has a strong commitment to shareholder returns, promising a dividend payout ratio of no less than 70% from 2024 to 2026 [8] Financial Summary - For 2024, the company is projected to achieve a revenue of 4.675 billion yuan, a decrease of 4.2% year-on-year, with a net profit of 1.589 billion yuan, down 2.7% [5] - The gross profit margin is expected to remain stable at around 65% over the next few years [5] - The company’s earnings per share (EPS) for 2024 is estimated at 0.76 yuan, with a price-to-earnings (PE) ratio of 14.2 [5][8]