Workflow
莞深高速
icon
Search documents
东莞控股(000828):坏账冲回等增厚利润 拟中期分红回报股东
Xin Lang Cai Jing· 2025-08-26 08:34
Core Viewpoint - Dongguan Holdings reported a mixed performance in its 2025 H1 financial results, with a decline in revenue but an increase in net profit and cash flow, indicating potential resilience in profitability despite revenue challenges [1][2][3][4] Financial Performance - In H1 2025, the company achieved operating revenue of 766 million yuan, a year-on-year decrease of 8.57% [1] - The net profit attributable to shareholders was 532 million yuan, reflecting a year-on-year increase of 20.51% [1] - The net cash flow from operating activities was 931 million yuan, showing a significant year-on-year increase of 332.74% [1] - Basic earnings per share were 0.5122 yuan, up 23.45% year-on-year [1] - The weighted average return on equity was 5.33%, an increase of 0.79 percentage points year-on-year [1] Quarterly Performance - In Q2 2025, the company reported operating revenue of 400 million yuan, a year-on-year decrease of 6.28% but a quarter-on-quarter increase of 9.41% [1] - The net profit for Q2 was 313 million yuan, a substantial year-on-year increase of 699.24% and a quarter-on-quarter increase of 43.02% [1] Revenue Breakdown - Revenue from toll fees, financing leasing, factoring business, and new energy vehicle charging business were 627 million, 10 million, 71 million, and 42 million yuan respectively, with year-on-year changes of -0.37%, -71.52%, -40.66%, and +10.86% [1][2] Traffic and Infrastructure - The traffic volume on the Dongguan-Shenzhen Expressway remained stable year-on-year, with a mixed traffic volume of 60.09 million vehicles, a slight decrease of 0.26% [2] - The company is undertaking expansion and renovation projects on the Dongguan-Shenzhen Expressway, with H1 2025 investments amounting to 863 million yuan, totaling 3.536 billion yuan, which is 20.11% of the total investment [2] Profitability Factors - The company recorded credit impairment losses of 63 million yuan in H1 2025, a significant change from -174 million yuan in the same period last year, primarily due to the recovery of previously impaired receivables [3] - Financial expenses were -11 million yuan, down from 36 million yuan year-on-year, attributed to reduced interest expenses and increased interest income [3] - The company acquired a 7.1% stake in Dongguan Securities, increasing its total holding to 27.1%, and recognized investment income from joint ventures and associates of 111 million yuan, up 26.22% year-on-year [3] Shareholder Returns - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling approximately 156 million yuan, pending approval from the shareholders' meeting [4] - The future three-year shareholder return plan (2025-2027) aims for a minimum cumulative cash dividend of 0.475 yuan per share annually, translating to an estimated dividend yield of about 4.1% based on the closing price of 11.55 yuan on August 25, 2025 [4] Earnings Forecast - The company forecasts net profits attributable to shareholders of 881 million, 893 million, and 931 million yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 0.85, 0.86, and 0.90 yuan [4] - The price-to-earnings ratios based on the closing price on August 25 are projected to be 13.6X, 13.5X, and 12.9X for the respective years [4]
华源证券:首次覆盖东莞控股给予买入评级
Zheng Quan Zhi Xing· 2025-05-27 15:05
Investment Highlights - Dongguan Holdings focuses on its core highway business, with expected substantial dividends from 2025 to 2027. The company has seen its total revenue grow from 1.097 billion to 1.692 billion yuan from 2015 to 2024, with a CAGR of 4.93%. Cumulatively, the company has distributed 3.108 billion yuan in cash dividends during the same period, and it commits to a minimum annual cash dividend of 0.475 yuan per share for the next three years, provided profits are positive and cash flow supports ongoing operations [1][2]. Competitive Advantages - The core asset of the company is the Dongguan-Shenzhen Expressway, strategically located in the Pearl River Delta, serving as a vital link between Guangzhou, Dongguan, and Shenzhen. From 2015 to 2024, toll revenue from this expressway increased from 930 million to 1.32 billion yuan, with a CAGR of 3.9%, and traffic volume rose from 66.7 million to 125.53 million vehicles, with a CAGR of 7.3%. The ongoing expansion project is expected to enhance traffic capacity significantly upon completion in December 2028 [2]. Strategic Diversification - The company is exploring a diversified strategy, including financial investments and new energy initiatives. Its financial services encompass commercial factoring and leasing, with projected gross margins exceeding 50% in 2024. However, the factoring business faced a net loss of 28 million yuan due to impairment provisions. In the new energy sector, revenue from electric vehicle charging services is expected to reach 86 million yuan in 2024, although margins are under pressure due to declining demand and competitive challenges [3]. Profit Forecast - The company anticipates net profits of 812 million, 856 million, and 888 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of -15.0%, 5.4%, and 3.8%. The current price-to-earnings ratios are projected at 13.1, 12.4, and 11.9 times for the respective years. Comparable companies include China Merchants Highway, Ninghu Expressway, and Sichuan Chengyu [3].
东莞控股(000828):高速主业优势夯实,高分红承诺稳定股东收益
Hua Yuan Zheng Quan· 2025-05-27 15:03
Investment Rating - The report gives an initial investment rating of "Buy" for Dongguan Holdings, emphasizing its strong position in the expressway sector and stable dividend commitments to shareholders [4][6][71]. Core Viewpoints - Dongguan Holdings focuses on its core business of expressway operations, particularly the advantageous position of the Dongshen Expressway, which is a vital part of the Guangdong-Hong Kong-Macao Greater Bay Area's transportation network [5][8]. - The company has committed to a minimum annual cash dividend of no less than 0.475 CNY per share for the years 2025-2027, reflecting its emphasis on shareholder returns [5][33]. - The ongoing expansion project of the Dongshen Expressway is expected to significantly enhance traffic capacity and toll revenue in the long term, despite short-term challenges during the construction phase [5][45][71]. Summary by Sections Financial Performance - The company's total revenue increased from 1.097 billion CNY in 2015 to 1.692 billion CNY in 2024, with a CAGR of 4.93% [5][18]. - The projected net profit for 2025-2027 is estimated at 812 million CNY, 856 million CNY, and 888 million CNY, with year-on-year growth rates of -15.0%, 5.4%, and 3.8% respectively [6][71]. Business Segments - The expressway business remains the core revenue driver, contributing 78.19% of total revenue in 2024, with toll revenue from the Dongshen Expressway reaching 1.323 billion CNY [18][22]. - The financial investment segment, including commercial factoring and leasing, is expected to provide stable income, while the new energy sector is expanding but facing short-term profitability challenges [51][58]. Strategic Initiatives - The company is actively pursuing a multi-faceted strategy that includes optimizing its asset portfolio by focusing on expressway operations and divesting non-core assets [71]. - The ongoing expansion of the Dongshen Expressway is projected to alleviate traffic congestion and enhance toll revenue, with completion expected by December 2028 [5][45]. Market Position - Dongguan Holdings is positioned as a key player in the expressway sector within the Greater Bay Area, benefiting from its strategic location and the ongoing integration of regional transportation networks [8][71]. - The company’s financial health is supported by a strong shareholder base and a commitment to maintaining a stable dividend policy [33][71].