Jiangsu Expressway(600377) 东兴证券·2025-04-01 01:05Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - In 2024, the company achieved a revenue of 23.198 billion, a year-on-year increase of 52.7%, primarily driven by significant growth in construction business revenue, while revenue excluding this impact decreased by 2.86% [1] - The net profit attributable to the parent company for 2024 was 4.947 billion, reflecting a year-on-year growth of 12.1%, with the non-recurring net profit at 4.880 billion, up 16.9% [1] - The toll road business revenue remained stable, with a slight increase in gross margin; toll revenue was 9.528 billion, a 0.2% increase year-on-year, while toll business costs decreased by 9.37%, leading to a gross margin increase of 4.33 percentage points to 58.86% [1] Revenue Breakdown - Core asset revenue from the Hu-Ning Expressway was 5.260 billion, remaining stable compared to 2023; revenue from Ningchang-Zhenli Expressway increased by 8.43% due to natural traffic growth from surrounding expressway network improvements; revenue from Wufengshan Bridge grew by 8.88% as it is still in a rapid traffic growth phase [2] - Revenue from Xiyi Expressway and Changyi Expressway saw significant declines of 27.11% and 12.08% respectively, mainly due to the impact of construction on the Hu-Yi Expressway [2] Cost Analysis - In 2024, the operating costs of the toll road business decreased by 9.37%, with depreciation and amortization costs remaining stable at 2.028 billion; maintenance costs dropped significantly from 1.054 billion in 2023 to 599 million in 2024, a decrease of 43.15% [2] Capital Expenditure and Investment Income - The capital expenditure plan for 2025 is approximately 9.37 billion, with ongoing investments in new road construction; several projects are in progress or preparation [3] - Investment income for 2024 totaled 1.780 billion, a year-on-year increase of 21.53%, with significant contributions from joint venture road and bridge companies [3] Financial Performance and Forecast - Financial expenses for 2024 were 957 million, down 15.1% from 1.126 billion in 2023, primarily due to a decrease in the comprehensive borrowing rate [4] - The company forecasts net profits of 5.090 billion, 5.170 billion, and 5.380 billion for 2025 to 2027, with corresponding EPS of 1.01, 1.03, and 1.07, reflecting a stable growth outlook [4]