GPED(SZ:000429)2022-12-07 09:24Group 1: Maintenance Costs - The maintenance costs for early opened highways like Guangfo and Fokai are approximately 130,000 to 150,000 RMB per kilometer (calculated based on four lanes) [1] - The maintenance costs for newly opened highways are around 70,000 RMB per kilometer (calculated based on four lanes) [1] - Maintenance costs are expected to remain stable over the years, with no significant changes anticipated [1] Group 2: Stakeholding and Acquisitions - The company is considering acquiring more equity in its joint venture projects, but faces challenges in communicating with original shareholders [2] - The major shareholders of these joint projects are cautious about selling their stakes, as these projects are crucial for their operations [2] Group 3: Government Regulations - The Ministry of Transport has strict regulations regarding the extension of highway operating periods, which must cease upon expiration unless the highway is expanded [2] - The company does not have any historical burdens imposed by the government, such as personnel issues [2] Group 4: Diversification and Investment - The company is exploring diversification, focusing on financial services and energy-saving projects, having invested in three financial-related projects since 2009 [2] - The company is open to participating in PPP models for highway projects, aligning with national policies promoting diversified investment [2] Group 5: Subsidiary Operations - Guangdong Expressway Technology Investment Co., Ltd. was established in 2001 to focus on technology-related investments, although past investments were not successful due to a lack of expertise [3] - The subsidiary has shifted its focus back to highway-related businesses, such as maintenance projects and LED lighting upgrades [3] Group 6: Financial Performance - Guangdong Broadcasting Network achieved revenue of 3.65 billion RMB and a net profit of 350 million RMB in 2013, with a net asset return rate of approximately 3.2% [3] - The company has invested 50 million RMB in Guangdong Broadcasting Network, indirectly holding 0.34% of the shares [3] Group 7: Future Plans - The company may issue corporate bonds if there are new investment needs [3] - Recommendations suggest cautious diversification through fund formation or acting as a financial investor in quality projects [3]