Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a significant increase in revenue for 2024, achieving an operating income of 12.71 billion yuan, a year-on-year growth of 30.6%. However, the net profit attributable to shareholders decreased by 21.4% to 5.32 billion yuan, and the non-recurring net profit fell by 4.7% to 4.86 billion yuan [2][6][11]. - In Q4 2024, the company generated an operating income of 3.63 billion yuan, reflecting a 15.2% increase year-on-year, but the net profit attributable to shareholders dropped by 51.7% to 1.16 billion yuan [2][6]. - The increase in revenue was primarily driven by acquisitions, with the company benefiting from the consolidation of assets from招商中铁 and路劲中国, which contributed to a rapid growth in gross profit [11]. - The company faced challenges with increased impairment losses, particularly in its intelligent transportation and traffic technology segments, which negatively impacted overall profitability [11]. - The company plans to maintain a stable dividend policy, with a proposed dividend of 0.417 yuan per share, corresponding to a payout ratio of 53.44% [11]. - The company is positioned as a leading highway operator with strong growth potential, supported by its background in招商局 and a young asset portfolio [11]. Summary by Sections Financial Performance - For the full year 2024, the company achieved total revenue of 12.71 billion yuan, with a gross profit margin of 34% [11]. - The company recorded a significant one-time non-operating gain of 1.646 billion yuan from the revaluation of its stake in招商中铁, but overall investment income decreased by approximately 1 billion yuan to 4.998 billion yuan [11]. - The company’s total assets reached 159.169 billion yuan, with a debt-to-asset ratio of 44.2% [16]. Business Segments - Revenue from highway investment operations increased by 52.85%, while traffic technology and smart transportation segments saw declines of 1.15% and 46.97%, respectively [11]. - The company’s acquisition strategy is expected to continue driving growth, with plans to increase operational mileage by 276 kilometers through recent acquisitions [11]. Future Outlook - The company forecasts net profits of 6 billion yuan, 6.3 billion yuan, and 6.6 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 14.7, 14.1, and 13.4 [11].

Investment Rating - The report maintains an "Outperform" rating for the company [2][6][7] Core Insights - The company's 2024 performance showed total revenue of 12.71 billion yuan, a year-on-year increase of 30.62%, while net profit attributable to the parent company was 5.32 billion yuan, a decline of 21.35% [6][7] - The decline in net profit is attributed to several factors, including a high base from the previous year, adverse weather conditions, and macroeconomic influences [6][7] - The company continues to maintain a high dividend policy, distributing 4.17 yuan per 10 shares, totaling 2.844 billion yuan in cash dividends [6][7] - The company is advancing in smart transportation and expanding its traffic ecosystem, with traffic technology revenue reaching 2.169 billion yuan and a gross margin of 10.72% [6][7] - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 6.645 billion, 6.758 billion, and 7.255 billion yuan respectively, reflecting a growth of 24.8%, 1.7%, and 7.4% [6][7] Financial Data and Profit Forecast - Total revenue projections for 2023 to 2027 are as follows: 9.731 billion (2023), 12.711 billion (2024), 14.841 billion (2025E), 14.276 billion (2026E), and 15.157 billion (2027E) [5][7] - Net profit attributable to the parent company is projected to be 6.767 billion (2023), 5.322 billion (2024), 6.645 billion (2025E), 6.758 billion (2026E), and 7.255 billion (2027E) [5][7] - The company's gross margin is expected to be around 35.9% in 2025, with a return on equity (ROE) of 9.3% [5][7]

Core Viewpoint - Anhui Wantuo Expressway Co., Ltd. has reported a significant increase in stock price and announced a cash dividend distribution plan for the fiscal year 2024, reflecting positive financial performance and shareholder returns [1][3][4]. Stock Performance - As of March 28, 2025, Wantuo Expressway's stock closed at 16.89 yuan, up 3.68% from the previous week [1]. - The stock reached a peak of 16.91 yuan and a low of 15.87 yuan during the week [1]. - The company's total market capitalization is 29.009 billion yuan, ranking 6th in the railway and highway sector and 507th among A-shares [1]. Shareholder Changes - As of February 28, 2025, the number of shareholders decreased to 14,800, a reduction of 1,678 or 10.18% from December 31, 2024 [2][6]. - The average number of shares held per shareholder increased from 70,700 to 78,700, with an average holding value of 1.3945 million yuan [2]. Profit Distribution Plan - The company announced a cash dividend of 0.604 yuan per share (before tax), with a total proposed distribution of approximately 1.0018 billion yuan, which represents 60.02% of the net profit available for distribution [3][4]. - The net profit for the fiscal year 2024 is reported at 153.452 million yuan, with 152.399 million yuan available for distribution to shareholders [3][4]. Board and Supervisory Meetings - The 10th meeting of the 10th Board of Directors was held on March 28, 2025, where several key resolutions were passed, including the approval of the annual financial report and profit distribution plan [4]. - The 6th meeting of the 10th Supervisory Board also took place on the same day, approving the annual report and profit distribution plan, which will be submitted for shareholder approval [5].

Group 1 - The core viewpoint of the news is that Sichuan Chengyu is implementing various measures to optimize costs and increase profits in 2024, with significant growth in traffic and toll revenue due to the completion of the Chengle Expressway expansion [1] - The company is focusing on cost control and financial optimization to reduce losses in the Suiguang-Suixi project, while still achieving profitability in the Rongcheng Second Ring Road despite macroeconomic challenges [1] - The company is benefiting from the growth of the new energy vehicle market and internal management improvements, leading to a turnaround in profitability for Shudao New Energy [1] - The profits of Zhonglu Energy and Chengya Oil Company have improved due to increased oil sales and refined management practices [1] - The company plans to focus on its core business, enhance maintenance management, and expand comprehensive energy development and service-oriented businesses, while maintaining a high dividend payout ratio and steadily advancing asset injections [1] Group 2 - Beijing Hanhe Capital Management Co., Ltd. is a member of the China Securities Investment Fund Industry Association, established in January 2013, and obtained a private investment fund management license in June 2014 [2] - Hanhe Capital adheres to a long-term value investment philosophy, emphasizing that without a long-term perspective, there can be no victory [2] - The company aims to build an investment philosophy based on long-term thinking, achieving long-term win-win outcomes with excellent enterprises [2] - Hanhe Capital's value proposition includes ultra-long-term, exquisite, and sustainable principles, ensuring alignment of interests between the management and investors by not charging fixed management fees [2]

前十大流通股东累计持有： 577389.35万股，累计占流通股比： 84.64%，较上期变化： -292.16万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 招商局集团有限公司 | 424142.59 | 62.19 | 不变 | | 蜀道资本控股集团有限公司 | 39370.08 | 5.77 | 不变 | | 中国中信金融资产管理股份有限公司 | 35833.00 | 5.25 | 不变 | | 泰康人寿保险有限责任公司-分红-个人分红-019L-FH002 深 | 19854.39 | 2.91 | -1611.65 | | 天津市京津塘高速公路公司 | 17918.42 | 2.63 | 不变 | | 香港中央结算有限公司 | 10444.59 | 1.53 | 1009.86 | | 中国人寿（601628）保险股份有限公司-传统-普通保险产 品-005L-CT001沪 | 8968.58 | 1.31 | 1965.43 | | 泰康人寿保险有限责任公司-传统-普通保险产品-0 ...

Group 1 - The China Securities Index for Hong Kong, Shanghai, and Shenzhen interconnection logistics shows a recent performance with a 1.53% increase over the past month, a 3.20% decrease over the past three months, and a year-to-date decline of 3.20% [1] - The index is based on the comprehensive index samples and the China Securities 500 Index samples, reflecting the overall performance of securities listed in the interconnection range across the three markets [1] - The index's top ten holdings include companies such as Beijing-Shanghai High-Speed Railway (9.37%), SF Holding (6.77%), and COSCO Shipping Holdings (5.95%) [1] Group 2 - The industry composition of the index shows that railway transportation accounts for 18.28%, shipping for 17.98%, and express delivery for 16.64% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In case of special circumstances, temporary adjustments to the index samples may occur, including the removal of companies that are delisted or undergo significant corporate changes [2]

Group 1 - The Shanghai Composite Index decreased by 0.46%, while the CSI 300 Transportation Infrastructure Index reported at 1340.72 points [1] - The CSI 300 Transportation Infrastructure Index fell by 0.91% over the past month, 5.99% over the past three months, and 5.06% year-to-date [2] - The CSI 300 Index categorizes its 300 sample companies into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [2] Group 2 - The CSI 300 Transportation Infrastructure Index has a market composition of 70.35% from the Shanghai Stock Exchange and 29.65% from the Shenzhen Stock Exchange [2] - Within the CSI 300 Transportation Infrastructure Index, the airport sector accounts for 44.49%, highways for 37.77%, and ports for 17.74% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December [3]

Core Viewpoint - Longjiang Transportation (601188.SH) reported strong financial performance for 2024, with significant growth in revenue and net profit, while also outlining strategic initiatives for future development [1][2][3][4][5][7][8] Financial Performance - The company achieved operating revenue of 847 million yuan, a year-on-year increase of 28.03% [1] - The net profit attributable to shareholders was 152 million yuan, up 19.00% year-on-year [1] - The basic earnings per share were 0.12 yuan, with a proposed cash dividend of 0.071 yuan per share [1][8] Strategic Initiatives - 2024 is designated as the "Strategic Achievement Year," focusing on the implementation of the "One Body, Two Wings" development strategy [2] - The company aims to enhance high-quality development and investment value through the development of "new quality productivity" [1][7] Business Expansion - Longjiang Transportation successfully expanded its operations by winning the bid for the management and maintenance of the Sui-Da Expressway, contributing an additional revenue of 31.49 million yuan [3] - The company is the only publicly listed expressway operator in Heilongjiang Province, managing a total of 132.8 kilometers of expressway [2] Digital Transformation - The company has implemented a digital transformation in its expressway operations, achieving a new smart cloud toll collection model, generating toll revenue of 342 million yuan in 2024 [2] Diversification and New Ventures - Longjiang Transportation is actively pursuing opportunities in the new energy and new materials sectors, aligning with national "dual carbon" goals [4][5] - The company has made significant investments in solar energy projects, with 35 out of 49 distributed photovoltaic points already connected to the grid [4] Shareholder Returns - The company has a history of returning value to shareholders, with over 1 billion yuan in cash dividends distributed from 2010 to 2023, and plans to maintain a cash dividend payout ratio of over 60% [8]

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。 中華人民共和國 • 四川省 • 成都市 二零二五年三月二十八日 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 四 川 成 渝 高 速 公 路 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 發 佈 的《四 川 成 渝 高 速 公 路 股 份 有 限 公 司2024年 年 度 報 告》《四 川 成 渝 高 速公路股份有限公司2024年 年 度 報 告 摘 要》《四 川 成 渝 高 速 公 路 股 份 有 限 公司獨立董事2024年 度 述 職 報 告（余 海 宗）》《四 川 成 渝 高 速 公 路 股 份 有 限 公司獨立董事2024年 度 述 職 報 告（步 丹 璐）》《四 川 成 渝 高 速 公 路 股 份 有 限 公司獨立董事2024年 度 述 職 報 ...

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之內容概不負責，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 等內容而引致之任何損失承擔任何責任。 安徽皖通高速公路股份有限公司 ANHUI EXPRESSWAY COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份編號： 995） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10(B)條而作出。 茲載列安徽皖通高速公路股份有限公司（「本公司」）在中國大陸報章及上海證券交 易所網站發佈的的公告如下，僅供參閱。 (1)第十屆董事會第十次會議決議公告 (2)第十屆監事會第六次會議決議公告 (3)關於2024年年度利潤分配方案的公告 (4)關於推動公司「提質增效重回報」的公告 (5)關於預計2025年度日常關聯交易的公告 (6)關於續聘2025年度境內審計師的公告 (7)關於購買安徽省阜周高速公路有限公司100%股權和安徽省泗許高速公路 有限公司100%股權暨關聯交易的進展公告 (8)2024年年度報告摘要 (9)2024年年度報告 (10)2024年度 ...