Jiangsu Expressway(SH:600377)2022-03-16 09:04Group 1: Investor Research Overview - The company conducted a telephone survey with investors, including Industrial Securities and Changjiang Securities, involving the board secretary, securities representative, and financial manager [2] Group 2: 2021 Financial Performance - The company reported a revenue of approximately RMB 12.728 billion in 2021, a year-on-year increase of about 58.46% [3] - The total profit for the year was approximately RMB 5.410 billion, reflecting a year-on-year growth of about 67.30% [3] - The net profit attributable to shareholders was around RMB 4.218 billion, marking a year-on-year increase of approximately 71.19% [3] Group 3: Revenue Growth Drivers - Revenue growth was primarily driven by a strong recovery in toll revenue from road and bridge operations and increased sales from real estate projects [4] - The company implemented accounting standards that recognized zero-profit construction income for certain government and social capital cooperation (PPP) projects, impacting revenue recognition [4] Group 4: Traffic Volume and Economic Context - In 2021, Jiangsu Province's GDP reached RMB 11.6 trillion, growing approximately 8.6% year-on-year, contributing to stable traffic volume across the company's road and bridge projects [5] - The company’s projects are strategically located in a busy economic area, supporting consistent traffic flow [5] Group 5: Project Development Status - Key projects like Yichang Expressway and Wufengshan Bridge were successfully opened in 2021, while the Longtan Bridge is expected to be completed by 2024 [6] - The traffic volume for Wufengshan Bridge has been affected by the pandemic and the diversion of freight traffic due to the expansion of the Jinghu Expressway, but is expected to grow post-expansion [6] Group 6: Industry Outlook - The national GDP for 2021 was approximately RMB 114.37 trillion, with an 8.1% year-on-year growth, indicating a positive economic recovery [7] - The road transport industry is deemed essential for the national economy, with a strong correlation to macroeconomic conditions, suggesting favorable long-term growth prospects [7] Group 7: Future Development Strategy - As the only listed road and bridge company in Jiangsu Province, the company aims to maintain stability while pursuing growth, focusing on core business development and enhancing management practices [8]