公路铁路运输

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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].
五洲交通: 五洲交通2024年度利润分配预案公告
Zheng Quan Zhi Xing· 2025-03-28 12:43
Summary of Key Points Core Viewpoint - The company plans to distribute a cash dividend of RMB 0.131 per share, amounting to a total of RMB 210,864,655.40, which represents 30.20% of the net profit attributable to shareholders for the year 2024 [1][2]. Profit Distribution Plan - The profit distribution is based on the total share capital as of December 31, 2024, and will be adjusted if there are changes in the total share capital before the record date [1][2]. - The profit distribution plan requires approval from the company's 2024 annual general meeting before implementation [2][4]. Financial Metrics - The total cash dividend for the current year is RMB 210,864,655.40, compared to RMB 132,486,894.43 in the previous year and RMB 58,532,867.54 in the year before that [2]. - The net profit attributable to shareholders for the current year is RMB 698,233,497.46, with an ending balance of undistributed profits at RMB 3,453,309,829.72 [2][3]. - Cumulative cash dividends over the last three years amount to RMB 401,884,417.37, which is above 30% of the average net profit for the same period [3]. Decision-Making Process - The company's board of directors approved the profit distribution plan during the 27th meeting of the 10th board on March 28, 2025, ensuring compliance with relevant laws and regulations [3]. - The supervisory board agrees with the cash dividend ratio and decision-making process, emphasizing the plan's alignment with the company's long-term dividend policy [3].
粤高速A(000429):广佛代垫支出妥善解决,拟冲回坏账
HTSC· 2025-03-16 03:21
Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 15.59 [6]. Core Views - The company has resolved the funding source for the operational maintenance costs of the Guangfo Expressway, which will allow it to reverse the bad debt provision of RMB 343 million by the end of 2024, positively impacting profitability in 2025 [1][3]. - The expected dividend payout ratio of 70% for 2025-2027 suggests attractive dividend yields of 4.7%, 4.2%, and 3.8% respectively [1]. - The recent adjustments in the bond market and increased risk appetite in the stock market have put pressure on valuations for highway stocks, yet the company's dividend yield remains appealing [1]. Summary by Sections Financial Performance - The company plans to reverse the bad debt provision, which could increase the net profit attributable to the parent company by approximately RMB 257 million in 2025 [3]. - The company has previously made full provisions for the operational maintenance costs from 2022 to 2024 due to unclear funding sources, leading to a total bad debt provision of RMB 343 million by the end of 2024 [2]. Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been revised upwards by 21.8%, 6.4%, and 6.3% to RMB 1.879 billion, RMB 1.650 billion, and RMB 1.502 billion respectively, with year-on-year changes of +20%, -12%, and -9% [4]. - The target price of RMB 15.59 is derived from a combination of DCF and PE valuation methods, reflecting a WACC of 4.2% and an equity IRR of 6.2% [4].