Workflow
财务费用优化
icon
Search documents
赣粤高速(600269):2024年报点评:24年业绩增长9%,公路主业韧性强
Huachuang Securities· 2025-04-01 11:22
Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 6.4 CNY, representing a 24% upside from the current price of 5.14 CNY [4]. Core Insights - The company is expected to achieve a revenue growth of 9% in 2024, with a resilient core highway business [2]. - The total revenue for 2024 is projected at 5,985 million CNY, a decrease of 20.1% year-on-year, while the net profit attributable to shareholders is expected to be 1,279 million CNY, an increase of 8.7% year-on-year [8]. - The report highlights the company's ability to optimize costs and financial expenses, with a gross margin of 39.3%, up 7.3 percentage points year-on-year [8]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024A: Total revenue of 5,985 million CNY, net profit of 1,279 million CNY, and EPS of 0.55 CNY [3][8]. - 2025E: Total revenue of 6,356 million CNY, net profit of 1,354 million CNY, and EPS of 0.58 CNY [3][8]. - 2026E: Total revenue of 6,728 million CNY, net profit of 1,435 million CNY, and EPS of 0.61 CNY [3][8]. - 2027E: Total revenue of 7,036 million CNY, net profit of 1,529 million CNY, and EPS of 0.65 CNY [3][8]. - **Cost Management**: - The company has successfully reduced financial expenses by over 80 million CNY, a decrease of 20.75% year-on-year, contributing to improved profitability [8]. - **Dividends**: - The company plans to distribute a cash dividend of 0.17 CNY per share, with a payout ratio of 31.04% [8]. Business Segment Performance - **Toll Revenue**: - The toll service revenue is expected to grow to 35.80 billion CNY, a year-on-year increase of 2.11%, driven by steady traffic growth [8]. - **Other Segments**: - The smart transportation business revenue decreased by 44.99% due to intensified competition, while fuel sales revenue fell by 9.84% due to a decline in diesel sales [8]. Investment Thesis - The report emphasizes that the company has clear optimization potential and that its asset value is underestimated. The remaining toll collection years for key highways are long, and ongoing expansion projects are expected to unlock new growth potential [8].