SDHS(600350) 国金证券·2025-04-04 08:56Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - In 2024, the company achieved operating revenue of 28.494 billion RMB, a year-on-year increase of 7.34%, while the net profit attributable to shareholders was 3.196 billion RMB, a decrease of 3.07% [1] - The decline in toll revenue was attributed to a weak macroeconomic recovery leading to reduced traffic flow, with core asset Jiqing Expressway experiencing a toll revenue drop of 12.1% [1] - The company's gross margin decreased to 26.1%, down 4.32 percentage points year-on-year, primarily due to an increase in zero-margin PPP construction revenue [2] - The company plans to distribute a stable dividend of 0.42 RMB per share for 2024, maintaining a payout ratio of 63.76% [3] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 8.59 billion RMB, a year-on-year decline of 22.9%, and a net profit of 680 million RMB, down 4.6% [1] - The company’s investment income reached 1.403 billion RMB, a year-on-year increase of 2.33%, with debt investment growing by 29.5% [2] - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 3.49 billion RMB, 3.64 billion RMB, and 3.89 billion RMB respectively [4] Revenue and Profitability - The main business revenue for 2024 was 28.494 billion RMB, with a growth rate of 7.34% [8] - The net profit margin for 2024 was 11.22%, a decrease of 1.2 percentage points year-on-year [2] - The company’s diluted earnings per share for 2024 was 0.659 RMB, with a projected increase to 0.802 RMB by 2027 [8] Market Position - The company has consistently received a "Buy" rating in recent reports, indicating positive market sentiment [10][11] - Historical recommendations show a target price range of 7.44 RMB to 9.02 RMB, reflecting an optimistic outlook for the stock [10]