证券研究报告 交通运输 | 铁路公路 非金融|首次覆盖报告 hyzqdatemark 2025 年 06 月 08 日 证券分析师 张付哲 zhangfuzhe@huayuanstock.com 市场表现： 基本数据 2025 年 06 月 06 日 收盘价（元） 6.39 一 年 内 最 高 / 最 低 （元） 总市值（百万元） 19,541.00 流通市值（百万元） 19,541.00 总股本（百万股） 3,058.06 资产负债率（%） 66.62 每股净资产（元/股） 5.51 四川成渝(601107.SH) 投资评级： 买入（首次） ——"大集团+小公司"战略，高股息有望带来价值提升 投资要点： | 收盘价（元） | | | 6.39 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 一 年 内 最 高 低 （元） | / | 最 | 6.56/4.37 | | 2023 | 2024 | 2025E | 2026E | 2027E | | 总市值（百万元） | | | ...

Core Points - The Ningde-Gutian Expressway has officially opened, marking a significant step towards the full connectivity of the highway [1][3] - This expressway is a key project in Fujian Province's "14th Five-Year" transportation development plan, enhancing regional transportation infrastructure [1][3] - The newly opened section is approximately 29 kilometers long, reducing travel time between Ningde and Gutian by about 30 minutes [1][3] Infrastructure Development - The Ningde-Gutian Expressway is part of the G7021 national highway, which connects Ningde to Wuhan, and is crucial for improving transportation in the region [1][3] - The expressway features two toll stations and several tunnels, contributing to a more efficient transportation network [1][3] - The expressway enhances the economic development of the Dajia Industrial Concentration Area by improving logistics and reducing costs for major enterprises [3] Economic Impact - The opening of the expressway is expected to facilitate industrial growth in Ningde, particularly benefiting companies like CATL and SAIC Ningde [3] - Ningde's industrial output value increased by 12.7% year-on-year in the first four months of this year, with the lithium battery and new materials industries contributing significantly to this growth [5] - The development of rural roads in Ningde has also played a crucial role in promoting rural revitalization and economic development [6]

张文彬介绍，此次暂停营运主要是由于福田综合交通枢纽升级改造的需要。"按照整体规划，福田汽车站需要从枢纽的一二层搬到枢纽的负一层来运 营。待升级改造完成后，就恢复运营，暂停运营时间大概有五个月。" 央广网北京6月8日消息（记者周尧 何俊儒）据中央广播电视总台中国之声报道，汽车客运站是城市交通的重要枢纽，人头攒动，车辆进出不绝。如今 走进不少城市的长途客运站，空荡的候车厅、稀疏的乘客、关闭的售票窗口成了常态。 交通运输部数据显示，2024年全国汽车客运量比2019年下降57.8%，2025年第一季度继续下滑11.2%。6月3日，深圳福田汽车客运站暂停营运，全国长 途客运站"关停潮"持续蔓延。这也让我们不禁思考，从前客运站如织的客流涌向何方？长途汽车站的下一站会在哪里？城市交通转型升级究竟该如何走向深 入？ 长途客运站"关停潮"又增一员 如今，您有多久没有买过长途客车票了？本周，长途客运站"关停潮"又增一员，这就是建于1988年的深圳福田汽车客运站。它曾是深圳交通网络中的重 要节点，高峰期开通了广东21个地市100余条班线，以及海南、广西、湖南、湖北、江西、福建、四川、重庆等90余条省际班线。6月3日，这座客运站的 ...

行 业 及 产 业 交通运输 行 业 研 究 / 行 业 点 评 范晨轩 (8621)23297818× fancx@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 08 日 25 年下半年交运新方向：亚洲区域 集运、即时配送、海外仓 看好 ——申万宏源交运一周天地汇(20250601-20250606) 本期投资提示： 相关研究 证 券 研 究 报 告 证券分析师 张慧 A0230524100001 zhanghui@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 研究支持 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 刘衣云 A0230524100007 liuyy@swsresearch.com 王晨鉴 ...

据了解，4月23日，河北省邯港高速公路工程项目南运河特大桥左幅第19跨现浇段发生支架垮塌事故， 造成2人死亡、3人受伤。建设单位为河北高速公路集团有限公司和沧州交通发展（集团）有限责任公司 等投资的河北高速邯港高速公路有限公司，施工单位为河北高速集团工程技术有限公司和四川公路桥梁 建设集团有限公司联合控股的河北联蜀公路工程有限公司，设计单位为中交远洲交通科技集团有限公 司，监理单位为河北保神工程咨询有限公司。 督办要求地方交通运输主管部门依职责做好事故调查工作，尽快查清有关原因，依法依规对责任单位和 人员进行处罚，压实参建各方安全责任，确保行业安全生产形势稳定。 交通运输部对河北省邯港高速公路工程南运河特大桥"4·23"桥梁支架垮塌事故挂牌督办 智通财经6月8日电，近日，交通运输部根据《交通运输安全生产警示约谈和挂牌督办办法》，决定对河 北省邯港高速公路工程南运河特大桥"4·23"桥梁支架垮塌事故提级管控，并实施挂牌督办。 ...

根据京哈高速绥中（冀辽界）至盘锦段改扩建工程第四阶段施工需要，经中铁五局集团有限公司京 哈改扩建第六合同段项目经理部申请，按照《中华人民共和国道路交通安全法》《中华人民共和国道路 交通安全法实施条例》及国务院《公路安全保护条例》的相关规定，拟对京哈高速公路K424+000至 K467+100段主线临时封闭，现将有关情况通告如下： 2025年6月14日20:00至15日06:00，共10小时（如遇下雨等特殊天气实施动态调整）。 三、建议走行路线 （一）拟由京哈高速（沈阳去往山海关方向）途经封闭路段的车辆，应提前在凌海收费站、锦州东 收费站驶出，绕行普通公路后，可在葫芦岛东收费站、葫芦岛收费站驶入京哈高速。 （二）拟由京哈高速（山海关去往沈阳方向）途经封闭路段的车辆，应提前在葫芦岛收费站、葫芦 岛东收费站驶出，绕行普通公路后，可在锦州收费站、锦州东收费站驶入京哈高速。 （三）葫芦岛南票地区拟去往京哈高速（山海关至沈阳方向）的车辆可就近在锦州收费站驶入京哈 高速；拟去往京哈高速（沈阳至山海关方向）的车辆可就近在葫芦岛东收费站驶入京哈高速。 （四）为减少京哈高速改扩建段联络线车辆的汇入，预防长距离交通拥堵，拟由丹锡高 ...

Core Viewpoint - Guangxi Wuzhou Transportation Co., Ltd. received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting the company to clarify its business operations and financial performance, particularly in its trade logistics segment [1][2]. Group 1: Trade Logistics Business - The company reported a revenue of 1.823 billion yuan for the reporting period, an increase of 11.61% year-on-year, primarily due to a significant rise in trade logistics revenue [1][2]. - Trade logistics revenue reached 569 million yuan, a substantial increase of 95.21% year-on-year, although the gross profit margin decreased by 8.12 percentage points to 10.64% [1][5]. - The quarterly financial data showed that the company’s revenue for the four quarters was 405 million yuan, 385 million yuan, 426 million yuan, and 607 million yuan, with net profits attributable to shareholders of 213 million yuan, 140 million yuan, 213 million yuan, and 132 million yuan respectively [1][2]. Group 2: Business Model and Revenue Breakdown - The trade logistics business is managed by several subsidiaries, focusing on providing logistics services such as facility leasing, cold chain storage, vehicle management, and customs clearance, alongside trading agricultural products [4][6]. - The revenue breakdown indicates that logistics services have a lower revenue share but stable gross margins, while the higher revenue share from trade activities has led to a decline in overall gross margin due to lower margins in the traded goods [6][10]. Group 3: Customer and Supplier Analysis - The company provided details on its top ten customers and suppliers, noting stability in core relationships while changes occurred due to the expansion into new product categories like sugar and dairy [7][8]. - The company confirmed that there are no overlapping relationships between its suppliers and customers, ensuring independence in its trade operations [8][10]. Group 4: Financial Performance and Profitability - The significant revenue growth in the fourth quarter was attributed to seasonal demand and the introduction of new product categories, although net profit declined due to increased financial costs and provisions for asset impairment [14][15]. - The company’s financial expenses rose by 169.29% in the fourth quarter, primarily due to foreign exchange losses from loans taken by its subsidiary [14][15]. Group 5: Accounts Receivable and Bad Debt Provisions - The company reported an accounts receivable balance of 145 million yuan at the end of the period, with a provision for bad debts of 71 million yuan, indicating a high proportion of long-aged receivables [17][18]. - The company has implemented strict internal controls and due diligence processes for assessing the creditworthiness of its customers, ensuring compliance with accounting standards in its bad debt provisions [27][33]. Group 6: Loan Issuance and Risk Management - The company has engaged in loan issuance through its subsidiary, with a total loan balance of 40.83 million yuan, of which 33.63 million yuan is overdue, prompting a high provision for impairment [34][35]. - The company established comprehensive internal procedures for loan management, including risk assessment and monitoring, to mitigate potential defaults [35][36].

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-062 | | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | 债券代码：185300 | 债券简称：22 | 深高 | 01 | | | 债券代码：240067 | 债券简称：G23 | 深高 | 1 | | | 债券代码：241018 | 债券简称：24 | 深高 | 01 | | | 债券代码：241019 | 债券简称：24 | 深高 | 02 | | | 债券代码：242050 | 债券简称：24 | 深高 | 03 | | | 债券代码：242539 | 债券简称：25 | 深高 | 01 | | | 债券代码：242780 | 债券简称：25 | 深高 | Y1 | | | 债券代码：242781 | 债券简称：25 | 深高 | Y2 | | | 债券代码：242972 | 债券简称：25 | 深高 | Y3 | | 债券代码：242973 债券简称：25 深高 Y4 深圳高速公路集团股份有限公司 本公司董事会及全体董 ...

Core Viewpoint - Guangxi Wuzhou Transportation Co., Ltd. reported a significant increase in operating revenue for 2024, driven primarily by growth in its commercial logistics business, despite a decline in net profit due to rising costs and lower profit margins in this segment [2][14]. Financial Performance - The company achieved operating revenue of 1.823 billion yuan, a year-on-year increase of 11.61%, mainly attributed to a rise in commercial logistics revenue [2]. - The quarterly operating revenues were 405 million yuan, 385 million yuan, 426 million yuan, and 607 million yuan, with the fourth quarter showing a substantial year-on-year increase of 33.40% [2]. - The net profit attributable to shareholders for the quarters was 213 million yuan, 140 million yuan, 213 million yuan, and 132 million yuan, indicating a significant decline of 38.03% in the fourth quarter [2]. Business Segments - The commercial logistics business is divided into logistics and trade operations, with logistics services including facility leasing, cold chain storage, vehicle management, and customs clearance [3][4]. - The revenue breakdown for the commercial logistics business shows logistics contributing 37.01% of revenue with a gross margin of 51.40%, while trade operations accounted for 62.99% of revenue with a gross margin of only 3.19% [4]. Client and Supplier Relationships - The company provided details on its top ten clients and suppliers, indicating no significant changes in core relationships compared to the previous year, although new clients and suppliers emerged due to the expansion into new product categories [5][16]. - The company confirmed that there are no overlapping relationships between its suppliers and clients, ensuring independence in its commercial operations [9][16]. Accounting Practices - The company utilizes both gross and net methods for revenue recognition, with the gross method applied to most agricultural products, while the net method is used for specific products like live pigs due to their unique trading characteristics [11][12]. - The accounting practices align with the relevant accounting standards, confirming the appropriateness of the revenue recognition methods used [16]. Seasonal Impact - The fourth quarter's revenue growth was significantly influenced by seasonal factors, with increased demand for agricultural products post-harvest and pre-festival preparations contributing to higher sales [13][16]. - The company noted that the increase in revenue did not translate into profit due to the lower margins in the newly introduced product categories and increased financial costs [14][16].

福州机场第二高速公路项目意义非凡，其桥隧比高达91.4%，其中隧道总长6588米，共3座。本次贯通 的潭头隧道是项目重要的控制性工程之一，全长2830米，为小净距双向六车道隧道。单洞开挖宽度达 17.5米，左、右线最小净距约9.5米，仅为单洞开挖宽度的0.5倍。更为复杂的是，该隧道线路下穿浮岐 水库、蒲竹寺建筑群，施工风险高、难度大，对施工技术和安全管理提出了极高要求，自施工伊始便备 受各方关注。 福州机场第二高速公路的建设，将进一步优化区域骨干路网布局，完善福州长乐国际机场集疏运体系， 使机场与周边区域的联系更加紧密高效。同时，对于促进闽东北协同发展区交通基础设施互联互通，服 务地方经济社会发展，推进福州城市"东进南下、沿江向海"的发展战略，着力构建福州大都市圈等都具 有不可估量的重要作用。 来源：环球网 随着福州机场第二高速公路项目的稳步推进，福州正以更加开放的姿态、更加坚实的步伐，向着现代化 国际城市的目标迈进。这条高速公路将成为福州发展的新动脉，为城市的经济腾飞和社会进步注入源源 不断地动力。我们期待着项目早日竣工，为福州的明天增添更加绚丽的色彩！（林晗、洪族智、陈宇） 6月5日，一声清脆的爆破声响， ...