粤高速Ａ分析师会议-20250414

Group 1: Report General Information - The research object is Yuegaosu A, belonging to the railway and highway industry, and the reception time is April 14, 2025 [17] - The participating research institution is Huaxi Securities Co., Ltd. [2] Group 2: Core Views - The opening of the Shenzhen - Zhongshan Passage changed the regional road network structure. In 2024, the toll revenue of the Guangzhu East section decreased year - on - year, and the impact is expected to continue in 2025, with the overall impact degree to be further tracked and evaluated [22] Group 3: Summary by Directory 01 Research Basic Situation - The research object is Yuegaosu A, belonging to the railway and highway industry. The reception time is 2025 - 04 - 14, and the listed company reception personnel are Yang Hanming and Liang Jirong from Guangdong Provincial Expressway Development Co., Ltd. [17] 02 Detailed Research Institutions - The reception object type is a securities company, and the specific institution is Huaxi Securities Co., Ltd., with the relevant person being You Daozhu [20] 03 Research Institution Proportion - No relevant content 04 Main Content Data - Regarding the company's existing equity - held expressway reconstruction and expansion projects: a section of the Beijing - Zhuhai Expressway Guangzhu section (from Zhongshan urban area to Zhuhai) was completed and opened to traffic in September 2024, and the remaining sections are planned to be completed in 2027; the Jiangzhong Expressway reconstruction and expansion project has been completed and opened to traffic, and is currently applying for a toll standard adjustment; the Yuezhao Expressway reconstruction and expansion project is being implemented as planned; the Huiyan Expressway reconstruction and expansion project is planned to be completed in 2025; the Guanghui Expressway reconstruction and expansion project has been approved by the provincial development and reform commission, passed by the company's board of directors, and still needs to be submitted to the general meeting of shareholders for deliberation, with construction planned to start in 2025 and an expected construction period of 5 years [23] - The company will learn from the construction experience of the north - south sections of the Fokai Expressway reconstruction and expansion project, formulate a traffic organization plan, and minimize the impact of reconstruction and expansion construction on traffic volume [23] - After the company's reconstruction and expansion projects are completed, it will apply to the government for a toll standard adjustment in accordance with the current policy and follow the approved toll standard [23]