Jiangsu Expressway(SH:600377) Changjiang Securities·2024-05-20 03:02Investment Rating - The report maintains a "Buy" rating for Ninghu Expressway [7] Core Insights - In Q1 2024, Ninghu Expressway reported a revenue of 34.7 billion yuan, a year-on-year decrease of 4.3%, while the net profit attributable to shareholders was 12.47 billion yuan, reflecting a year-on-year increase of 1.61% [5][6] - The company's highway toll revenue was 22.8 billion yuan in Q1 2024, showing a year-on-year growth of 2.1%. This growth was impacted by a high base effect from Q1 2023 and two additional days of toll-free travel during the Spring Festival compared to the previous year [5][6] - The company plans to increase capital expenditure to 138.6 billion yuan in 2024, a significant rise of 111.2 billion yuan from 2023, primarily due to new construction projects [6] - The company expects to maintain a stable dividend per share (DPS) of 0.47 yuan, corresponding to a current dividend yield of 4.2% [6] Financial Summary - For 2024, the projected total revenue is 162.71 billion yuan, with a net profit forecast of 47.7 billion yuan, reflecting a PE ratio of 11.7 [12] - The company’s operating profit for 2023 was 56.98 billion yuan, with a net profit of 44.13 billion yuan, indicating a year-on-year increase of 18.5% [12] - The expected net profit for 2024-2026 is projected to be 47.7 billion yuan, 51.05 billion yuan, and 53.6 billion yuan respectively, with corresponding PE ratios of 11.7, 10.9, and 10.4 [6][12]