Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company reported a total revenue of 4.57 billion, a year-on-year decrease of 6.34%, and a net profit attributable to shareholders of 1.562 billion, down 4.39% year-on-year [3][4] - The company plans to distribute a dividend of 5.23 yuan per 10 shares, totaling 1.09 billion, which represents 70% of the net profit for the year [3][4] - The company has received a government document confirming the reimbursement of operational maintenance fees, which amounts to 340 million, indicating a positive outlook for future maintenance fee policies [5] Summary by Sections Financial Performance - Total revenue for 2024 was 4.57 billion, down 6.34% year-on-year - Net profit attributable to shareholders was 1.562 billion, a decrease of 4.39% year-on-year - Basic earnings per share were 0.75 yuan, with a weighted ROE of 15.52% [3][4] Business Operations - The company manages 306.78 kilometers of highways, with a total of 295.88 kilometers when considering equity stakes [4] - Key revenue contributors include: - Fokai Expressway: 1.495 billion - Jingzhu Expressway (Guangzhou-Zhuhai section): 1.08 billion - Guanghui Expressway: 1.925 billion [4] Future Outlook - The company aims for a revenue target of 4.447 billion for 2025, which is lower than the actual revenue for 2024 [4] - The estimated total investment for the expansion of Guanghui Expressway is 30.5 billion, with the company responsible for approximately 5.448 billion in capital contributions [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company reported a total revenue of 4.57 billion, a year-on-year decrease of 6.34%, and a net profit attributable to shareholders of 1.562 billion, down 4.39% year-on-year [3][4] - The company plans to distribute a dividend of 5.23 yuan per 10 shares, totaling 1.09 billion, which represents 70% of the net profit for the year [3][4] - The company has received a government document confirming the reimbursement of operational maintenance fees, indicating a positive outlook for future maintenance fee policies [5] Financial Performance - The company operates 306.78 kilometers of expressways, with a total revenue contribution from key expressways: 1.495 billion from Fokai Expressway, 1.08 billion from Jingzhu Expressway, and 1.925 billion from Guanghui Expressway in 2024 [4] - The company’s revenue target for 2025 is set at 4.447 billion, which is lower than the actual revenue for 2024 [4] - The company’s cash flow from operating activities for the reporting period was 3.256 billion [3] Earnings Forecast - The forecasted revenues for the next three years are as follows: 4.676 billion in 2025, 4.692 billion in 2026, and 4.720 billion in 2027, with year-on-year growth rates of 2.3%, 0.4%, and 0.6% respectively [6] - The net profit forecast for the next three years is projected to be 1.571 billion in 2025, 1.582 billion in 2026, and 1.596 billion in 2027, with year-on-year growth rates of 0.6%, 0.7%, and 0.9% respectively [6]