转自：中国证券报·中证网 中证报中证网讯（王珞）8月22日晚，深高速公布2025年半年度经营业绩。上半年公司实现营业收入 39.19亿元，同比增长4.30%；归属于上市公司股东的净利润9.60亿元，同比增长24.04%。 报告显示，上半年，深高速实现路费收入24.49亿元，同比增长0.64%，扣除益常高速从2024年3月21日 起不再纳入合并范围的影响，同口径下路费收入同比增长4.31%。 据报告，深高速旗下在建项目进展顺利。其中，外环坑梓东枢纽与外环新围收费站分别于今年3月11日 与4月23日开通；外环三期已全线开工建设，截至报告期末，已完成约20%工程形象进度；机荷高速改 扩建项目主体工程已开工建设并完成约12%工程形象进度。此外，深高速通过控股子公司湾区发展持有 的京港澳高速公路广州至深圳段改扩建亦按计划推进，其中莞穗段已进入实体工程施工阶段；深圳段已 取得立项核准，正在推进环评、土地整备及初步设计等工作。 深高速表示，上半年，公司持续优化债务结构。报告期内共计发行超短期融资券、中期票据、可续期公 司债等93亿元对原有债务进行置换及补充营运资金，争取条件更优的银行贷款进行债务优化。此外，深 高速已完成了 ...

本报讯 （记者刘晓一）8月22日晚间，深圳高速公路集团股份有限公司（以下简称"深高速"）公布2025 年半年度经营业绩。报告期内，深高速实现营业收入39.19亿元，同比增长4.30%；实现归属于上市公司 股东的净利润9.60亿元，同比增长24.04%，每股收益0.382元。业绩增长主要受利息支出减少、环保业 务减亏、相关资产公允价值变动等综合因素影响。 收费公路业务稳中向好 2025年上半年，深圳地区汛期降雨量较上年同期减少，降低了不利天气对交通出行的干扰；此外，深圳 持续通过汽车补贴、以旧换新等措施促进汽车消费，机动车保有量的增长带动了区域内高速公路交通量 的增长。报告期内，深高速实现路费收入24.49亿元，同比增长0.64%，扣除益常高速从2024年3月21日 起不再纳入合并范围的影响，同口径下路费收入同比增长4.31%。于去年六月底开通的深中通道与沿江 二期有效促进了深高速旗下沿江高速及机荷高速等项目的车流量增长。 深高速管理层表示，集团将进一步做好现有项目的挖潜提质，做强做好主业。一是积极推进重大新建、 扩建公路项目的投资建设，聚焦优势做强收费公路业务；二是努力改善环保项目的盈利能力，集中资源 做好核 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's debt structure optimization is showing results, and while toll revenues are under pressure, overall growth remains intact [5] - The company reported a revenue of approximately 3.105 billion yuan for the first half of 2025, a year-on-year increase of 13.17%, with a net profit attributable to shareholders of approximately 663 million yuan, up 7.68% year-on-year [7] - The second quarter toll revenue showed a decline, attributed to a drop in freight demand, but the company operates key highways that are crucial for regional economic connectivity, suggesting potential recovery as logistics improve [7] - The company is making steady progress on the Zhenglu project, which is expected to release incremental revenue upon completion in 2026 [7] - Profit forecasts for the company indicate net profits of 1.002 billion yuan in 2025, 1.091 billion yuan in 2026, and 1.149 billion yuan in 2027, with corresponding P/E ratios of 10.3x, 9.5x, and 9.0x [7] Financial Summary - The company achieved a gross margin of 32.65% in Q2 2025, a decrease of 7.47 percentage points year-on-year, primarily due to changes in revenue structure and toll revenue decline [7] - The company's total market capitalization is approximately 10.315 billion yuan, with a total share capital of 2,247.37 million shares [3] - The company's debt-to-asset ratio stands at 71.01%, and the net asset value per share is 5.17 yuan [3]

Core Insights - The new management team of Greentown China, led by Chairman Liu Chengyun, emphasizes the need for market-oriented support amid challenges in the real estate industry [2][3] - Liu Chengyun acknowledges the past lack of collaboration between China Communications Construction Company (CCCC) and Greentown, and outlines three areas for future cooperation [4] - Greentown's inventory management is a key focus, with a current inventory scale of approximately 200 billion yuan, of which 50 billion yuan is considered difficult to handle [6][7] Financing and Support - Greentown's financing costs are positioned between top-tier companies like China Overseas and Poly, and lower-tier firms like Vanke and Gemdale, with recent issuance of medium-term notes at a record low of 3.94% [5][6] - CCCC's backing is expected to help reduce Greentown's financing costs further, although Greentown remains an independent legal entity [5][6] - The management aims to maintain stable operations while balancing risk and development, with a focus on optimizing debt structure and reducing reliance on credit financing [7] Inventory Management - Greentown's inventory has decreased from 600 billion yuan to 200 billion yuan, with strategies in place to address difficult inventory through government negotiations and project optimizations [6][7] - The company has set ambitious targets for inventory reduction, with over one-third of annual marketing assessment weight dedicated to inventory clearance [6] Investment Strategy - Greentown prioritizes safety and prudence in its investment strategy, particularly in core cities like Beijing and Shanghai, where land prices are significantly high [7][8] - The company is exploring innovative sales models, drawing from international experiences, to enhance cash flow and investment logic [8] Long-term Vision - Liu Chengyun encourages shareholders to adopt a long-term perspective, emphasizing the importance of stability and strategic decision-making in the current market environment [9]

Core Viewpoint - The company has approved the issuance of medium-term notes and non-public corporate bonds to optimize its financing structure and broaden funding channels, which aligns with the interests of the company and all shareholders, particularly minority shareholders [1][2]. Group 1: Medium-Term Notes - The proposal for issuing medium-term notes was approved with a unanimous vote of 3 in favor, 0 abstentions, and 0 against [1]. - The issuance plan is deemed reasonable and feasible, complying with relevant laws and regulations, and does not harm the interests of the company or its shareholders [2]. - The resolution regarding the medium-term notes will be submitted for review at the company's third extraordinary general meeting in 2025 [2]. Group 2: Non-Public Corporate Bonds - The proposal for a non-public issuance of corporate bonds was also approved with a unanimous vote of 3 in favor, 0 abstentions, and 0 against [1]. - Similar to the medium-term notes, this issuance plan is considered reasonable and beneficial for optimizing the company's debt structure and financing channels [2]. - The resolution regarding the non-public corporate bonds will be submitted for review at the company's third extraordinary general meeting in 2025 [2].

Core Insights - Local government bond issuance is accelerating, with a total of approximately 45,322 billion yuan issued as of June 15, representing a 55% increase compared to 29,171 billion yuan in the same period of 2024 [1] - The increase in bond issuance indicates a more proactive fiscal policy aimed at optimizing debt structure and enhancing effective investment [1] Group 1: Local Government Bonds - The issuance of new special bonds reached 16,479 billion yuan, accounting for about 36% of total local bond issuance, which is a 39% increase from 11,871 billion yuan in the same period last year [1] - The issuance of replacement bonds has also progressed rapidly, with approximately 16,835 billion yuan issued, achieving about 84% of the 20,000 billion yuan quota for the year [2] - The issuance of land reserve special bonds has surpassed 1,000 billion yuan, contributing to stabilizing the real estate market [2][3] Group 2: Economic Impact - The funds from new special bonds and infrastructure investments are expected to attract significant social capital, driving effective investment and promoting related industry development [2] - The acceleration of replacement bond issuance is expected to alleviate local government debt risks and repayment pressures, leading to a more stable fiscal and economic environment [2] - The government plans to issue 4.4 trillion yuan in special bonds, an increase of 500 billion yuan from the previous year, focusing on investment construction, land acquisition, and settling local government debts [2] Group 3: Future Outlook - The second quarter is expected to see a high volume of local bond issuance, with June alone projected to reach around 10,000 billion yuan, including 5,364 billion yuan in new bonds [3] - The overall pace of local bond issuance is anticipated to accelerate, with a focus on infrastructure projects to stabilize economic growth and support related industries [3] - Local bonds are becoming a crucial tool for ensuring moderate investment growth and stabilizing local economic growth rates, with continued high issuance expected in the second half of the year [3]

Group 1: Energy Structure and Revenue - As of the end of 2024, the company's non-coal energy installed capacity ratio has reached 74.63%, with a target to exceed 70% by the end of the 14th Five-Year Plan [1] - The company's thermal power business still contributes the majority of revenue, despite an increase in the share of new energy installations to 35% [1] - In 2024, the proportion of revenue from outside the province is expected to rise to 28%, primarily from the Northwest wind power projects [1] Group 2: Strategic Expansion Plans - The company plans to focus on distributed photovoltaic and integrated smart energy projects in its home base of Shenzhen, aiming to create demonstration projects that serve urban and public needs [1] - In the Guangdong-Hong Kong-Macao Greater Bay Area, the company will leverage offshore wind power projects to overcome development bottlenecks [1] - The company is also preparing to establish new energy bases in traditional advantageous regions such as Northwest and North China, focusing on resource development and flexible transformation of thermal power plants [1] Group 3: Debt Structure Optimization - The company is actively working to optimize its debt structure by issuing low-cost bonds, promoting the use of letters of credit, and replacing high-interest existing debt [2] - There are no current plans for pre-REITs, but the company will disclose any related plans in accordance with legal requirements [2]

Core Insights - The company reported a significant increase in revenue for Q1, with total revenue reaching 4.782 billion yuan, a year-on-year increase of 37.66%, primarily driven by increased investment in road and bridge construction projects [1][4] - Despite the revenue growth, net profit experienced a slight decline of 2.88% year-on-year, amounting to 1.211 billion yuan, largely due to soaring construction costs [1][4] - The company’s core business remains stable, with a non-recurring net profit of 1.195 billion yuan, reflecting a year-on-year growth of 0.63% [1][4] Revenue Breakdown - The toll road business, a core segment, generated 2.327 billion yuan in revenue, marking a 2.25% increase, benefiting from the expansion of the Yangtze River highway and a low base effect from adverse weather last year [2][4] - Construction business revenue surged to 1.797 billion yuan, a staggering increase of 284.55%, becoming the largest contributor to revenue growth [2][4] - Other segments showed mixed results, with power sales down 17.23% to 172 million yuan and real estate revenue plummeting 76.02% to 18 million yuan, indicating a strategic contraction in the real estate sector [2][4] Strategic Developments - The completion of the Ningyang Yangtze River Bridge marks a significant milestone, enhancing the company's road network layout [3][4] - The company is actively advancing the northern connection project of the Ningyang Yangtze River Bridge, with total construction investment reaching 4.217 billion yuan, expected to open by the end of 2025 [5] Financial Position - As of March 2025, total assets amounted to 91.485 billion yuan, a 1.78% increase from the previous year, while equity attributable to shareholders rose by 2.68% to 39.631 billion yuan [6] - The company has increased its long-term debt, with long-term borrowings reaching 20.008 billion yuan, up approximately 650 million yuan, indicating a preference for long-term financing [6]