WZJT(SH:600368)2026-02-13 02:17Summary of Wuzhou Transportation Conference Call Company Overview - Wuzhou Transportation is the only listed company in Guangxi Province engaged in highway toll operations, primarily generating revenue from two major highways: Tangbo Expressway and Cenluo Expressway, which account for approximately 98% of total revenue [4][5]. Core Business and Financial Performance - The main revenue source is highway toll fees, with Tangbo Expressway and Cenluo Expressway being the core assets. In 2025, the gross profit from toll fees reached 360 million yuan (half-year) and over 700 million yuan (full-year), representing 93% of total gross profit [2][5]. - The logistics and trade segment generated a gross profit of about 40 million yuan, accounting for less than 6% of total gross profit [2]. - The net profit attributable to shareholders for 2025 was 670 million yuan, with earnings per share (EPS) of 0.42 yuan. The projected net profit for 2026 is 705 million yuan, with an EPS of 0.44 yuan [2][5]. - The current stock price is approximately 4 yuan, corresponding to price-to-earnings (P/E) ratios of 9.7 and 9.3 for 2025 and 2026, respectively [3][5]. Key Assets and Projects - Tangbo Expressway: Approximately 188 kilometers long, undergoing a renovation and expansion project costing over 20 billion yuan, expected to be completed by the end of 2029 or early 2030, which will significantly enhance its toll capacity and profit potential [2][7]. - Cenluo Expressway: Serves as a vital link between eastern Guangxi and Guangdong, complementing the G314 national highway for regional transportation [2][7]. - Pinglu Canal Project: Expected to be completed by the end of 2026, this project will significantly enhance the cargo capacity of Beibu Gulf Port, leading to increased truck traffic and toll revenue for Wuzhou Transportation [2][8]. Strategic Initiatives - The company is actively implementing quality improvement and efficiency enhancement measures, including the development of AI smart operation and maintenance equipment, attracting new clients, and establishing cross-border e-commerce headquarters to improve operational efficiency and profitability [2][8]. Dividend Policy - The dividend payout ratio has been increasing annually, reaching 32% in 2024, with a total dividend amount of 210 million yuan, reflecting the company's strong profitability and commitment to returning value to shareholders [3][6].