Jiangsu Expressway(600377) 长江证券·2025-03-31 04:46Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In 2024, the company achieved operating revenue of 23.2 billion, a year-on-year increase of 52.7%, and a net profit attributable to shareholders of 4.95 billion, up 12.1% year-on-year [2][4] - In Q4 2024, the company reported operating revenue of 9.14 billion, a significant year-on-year increase of 155.1%, primarily due to the recognition of construction period service income; the net profit attributable to shareholders reached 827 million, a remarkable increase of 120% year-on-year, exceeding market expectations [2][4] - The company has implemented significant cost reduction and efficiency improvement measures, with a 26% year-on-year decrease in costs excluding construction service costs in Q4 [4] Summary by Sections Revenue and Profitability - The company's Q4 highway toll revenue was 2.4 billion, a slight year-on-year decrease of 0.62%, indicating stable overall performance; traffic volume on key routes showed robust growth, with the Jiangsu section of the Hu-Ning Expressway increasing by 11.5% year-on-year [10] - The company achieved a total investment expenditure of 11.16 billion in 2024, a year-on-year increase of 307.26%, driven by investments in road and bridge projects [10] Cost Management - The company successfully reduced operating costs by 12% year-on-year, with maintenance costs significantly reduced by 43.2% [10] - The company plans to invest 9.37 billion in capital expenditures in 2025, a decrease of 17.9 billion compared to 2024 [10] Dividend Policy - The company has continued its stable dividend policy, slightly increasing the dividend per share (DPS) to 0.49 yuan, corresponding to a dividend yield of 3.3% at the current stock price [10] - The company is expected to achieve net profits of 5.25 billion, 5.44 billion, and 5.63 billion in 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 14.3, 13.8, and 13.3 [10]