皖通高速（600012）：2024年业绩点评：2024年业绩展现韧性，2025年收购增厚盈利

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 22.40 RMB [2][11]. Core Insights - The company's performance in 2024 demonstrates resilience, and the acquisition of quality road assets by the end of Q1 2025 is expected to enhance profitability. Future industry policy optimization may accelerate, ensuring reasonable returns on expansion and renovation projects. The company is positioned as a reliable dividend stock focused on domestic demand [3][11]. Financial Summary - Revenue for 2023 was 6,631 million RMB, projected to increase to 7,092 million RMB in 2024, followed by a decrease to 6,364 million RMB in 2025, and then rising to 8,109 million RMB in 2026 [5]. - Net profit attributable to the parent company was 1,660 million RMB in 2023, expected to slightly increase to 1,669 million RMB in 2024, and further rise to 1,864 million RMB in 2025 [5]. - Earnings per share (EPS) is projected to be 1.01 RMB in 2024 and 1.12 RMB in 2025 [5]. Operational Highlights - The average daily traffic volume is expected to decline by 8% in 2024, with toll revenue decreasing by 5%. The decline is attributed to the expansion of the Xuanguang Expressway, which has led to a significant reduction in traffic [11]. - Financial expenses are anticipated to decrease by 39% due to the reduction in LPR and the company's refinancing of existing loans at lower rates [11]. Acquisition and Expansion - The company plans to complete the acquisition of quality road assets from the group by the end of March 2025, which is expected to enhance profitability starting from Q2 2025 [11]. - The ongoing expansion projects of key expressways are projected to contribute significantly to the company's revenue, with three expressways accounting for nearly 70% of toll revenue [11]. Dividend Policy - The company maintains a high dividend payout ratio of 60% for 2024, consistent with its previous commitments to shareholder returns. The expected dividend yield for 2025-2027 is projected to be 3.9%, 3.9%, and 3.7% respectively [11].