智通财经APP讯，深圳高速公路股份(00548)发布公告，于2025年9月，梅观高速、机荷东段、机荷西 段、沿江项目及外环项目路费收入分别为人民币1202.5万元、5790.4万元、4763.4万元、6904.7万元及 1.06亿元。 ...

公司摊薄每股收益为0.74元，较去年同报告期摊薄每股收益增加0.09元，同比较去年同期上涨13.85%。 2025年10月29日，粤高速A(000429.SZ)发布2025年三季报。 公司营业总收入为33.63亿元。归母净利润为15.45亿元，较去年同报告期归母净利润增加1.89亿元，实 现3年连续上涨，同比较去年同期上涨13.92%。经营活动现金净流入为30.45亿元，较去年同报告期经营 活动现金净流入增加5.13亿元，同比较去年同期上涨20.27%。 公司最新资产负债率为42.04%，较上季度资产负债率减少2.71个百分点。 公司最新毛利率为68.89%，较上季度毛利率增加0.69个百分点，实现3个季度连续上涨，较去年同期毛 利率增加0.65个百分点。最新ROE为14.25%，较去年同期ROE增加0.95个百分点。 公司最新总资产周转率为0.14次。 公司股东户数为6.61万户，前十大股东持股数量为13.47亿股，占总股本比例为64.44%，前十大股东持 股情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | l | 广东省交通集团有限公司 | 24.56% | ...

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating an expected price increase of over 15% relative to the CSI 300 index within the next six months [11]. Core Insights - The company reported a revenue of 3.105 billion yuan for the first half of 2025, representing a year-on-year growth of 13.17%. The net profit attributable to shareholders was 663 million yuan, up 7.68% year-on-year [5]. - The company's highway operation business is stable, with toll revenue increasing by 2.23% year-on-year. The construction service revenue saw a significant increase of 72.63%, contributing to the overall revenue growth [5][6]. - The company is the only publicly listed highway operator in Henan Province, managing a total of 808 kilometers of highways [5]. - The investment income from subsidiaries has been growing, with a reported investment income of 331 million yuan in 2024, a 158.80% increase year-on-year [7]. - The company has optimized its debt structure, resulting in a reduction of financial expenses by 18.75% to 373 million yuan in the first half of 2025 [9]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a basic earnings per share of 0.27 yuan, a year-on-year increase of 9.15%. The weighted average return on equity was 5.16%, up 0.2 percentage points from the same period in 2024 [5]. - The operating cash flow for the first half of 2025 was 1.146 billion yuan, a significant increase of 30.51% year-on-year [8]. Business Operations - The company is expected to benefit from the growth of the highway network in Henan Province, with the total operational mileage projected to exceed 10,000 kilometers by 2025 [6]. - The company has diversified its business operations, with significant contributions from construction services and real estate sales [5]. Future Projections - The company is projected to achieve net profits of 937 million yuan, 1.009 billion yuan, and 1.116 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding earnings per share of 0.42, 0.45, and 0.50 yuan [11].

Core Viewpoint - Shenzhen Expressway Company Limited (00548.HK) reported a revenue of 3.919 billion yuan for the first half of 2025, reflecting a year-on-year increase of 4.30%, primarily due to increased construction service income under concession arrangements [1] Financial Performance - The company achieved a net profit attributable to shareholders of 960 million yuan in the first half of 2025, representing a year-on-year increase of 24.04% [1] - The increase in net profit was mainly driven by gains from the fair value changes of equity interests in associated companies and a reduction in interest expenses [1]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a net profit of 361 million HKD for the first half of 2025, which is a 14.9% year-on-year increase, driven by the acquisition of Pinglin Expressway and positive network changes benefiting Hubei-Han Expressway [1][2] - The company plans to distribute an interim dividend of 0.12 HKD per share for 2025, maintaining a dividend payout ratio of 50.6% [1] - The target price has been adjusted to 4.79 HKD based on an updated profit forecast for 2025-2027, reflecting an 8.5% increase in net profit estimates for 2025 [5][9] Summary by Sections Financial Performance - The company's revenue for the first half of 2025 was 2.099 billion HKD, up 14.9% year-on-year, with net profit reaching 361 million HKD, also a 14.9% increase [1] - The acquisition of Pinglin Expressway contributed approximately 39 million HKD to the net profit, accounting for about 80% of the total net profit increase [2] - The financial costs decreased by 28 million HKD year-on-year due to lower market interest rates, with the average borrowing rate dropping to 2.57% [2] Revenue Drivers - Toll revenue increased by 15.2% year-on-year, with a 3.1% increase in non-consolidated toll revenue, primarily due to the performance of Hubei-Han Expressway, which saw a 57% increase in toll revenue [3] - The overall impact of network changes in 2025 is expected to be neutral, with slight variations in toll revenues across different expressways [4] Profit Forecast and Valuation - The net profit forecast for 2025-2027 has been raised by 8.5%, 5.1%, and 10.4% respectively, with projected net profits of 730 million, 745 million, and 757 million HKD [5] - The estimated dividend yield for 2025 is projected to be 6.8%, indicating strong attractiveness for dividend investors [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 （在 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：01052） 2024年11月未經審計營運資料 本集團2024年11月 未 經 審 計 的 營 運 資 料 如 下： | | | | 日均收費車流量（輛 次） | | | | | 路 費 收 入（人 民 幣，千 元） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 當月環比 | 當月同比 | 2024年 | 累計同比 | | 當月環比 | 當月同比 | 2024年 | 累計同比 | | 項目 | 當月 | 變 動 | 變 動 | 累 計 | 變動 | 當月 | 變 動 | 變 動 | 累 計 | 變 動 | | 附屬公司項目 | | | | | | | | | | ...