越秀交通基建（01052.HK）：上半年业 绩承压，下半年有望逐步改善 | --- | |-------------------| | 2024 年 8 月 7 日 | | 强烈推荐/维持 | | 公司报告 | 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 事件：公司发布 24 年中报，实现收入 18.3 亿元，同比下降 5.6%，其中路费 收入 17.9 亿元，同比下降 5.1%。归母净利润 3.14 亿元，同比下降 26.5%， 多种因素叠加导致公司上半年业绩低于预期。 受路网分流及极端天气影响，上半年收入略低于预期：24 年上半年公司通行 费收入 17.9 亿元，较去年同期下降 5.1%，系多种因素叠加导致。1.今年春节 前后，我国中部省份受极端冰冻天气影响较为严重，而公司大量路产位于湖北 河南等中部省份，导致收入下降；2.路网分流方面，公司核心路产广州北二环 收入同比下降 7.4%，主要系从埔高速开通对路产新城分流；3.今年上半年节 假日免费天数较去年同期多 4 天，对收入产生一定的负面影响。 成本端略超预期，导致毛利率下降较明显：上半年公司营业成本 9.03 亿元， 较去年同期增长 ...

2024 年 8 月 7 日 CMB 国际全球市场 | 股票研究 | 公司更新 越秀运输 （ 1052 香港 ） 上半年收益同比下降 27% ， 低于我们的预期 ； 预计下半年业绩会更好 越秀运输上半年的净利润同比下降 27%，至 3.14 亿元人民币，比我们的预期低 14% 。此次 错过是由于 （ 1 ） 毛利率低于预期 ； （ 2 ） 自 2024 年 3 月起北环路特许经营权到期，保 险损失份额 （ 2000 万元人民币 ） 。越秀运输建议中期股息为 0.12 港元 / 股，意味着 58.5% 的股息支付率 （ 1H23 ： 53.8% ） 。该公司预计 2H24E 的流量将有所改善，并预计可以维 持 50 - 60% 的支付率目标。我们对越秀运输仍持积极态度，预计今年母公司资产注入将成为 催化剂。维护。购买基于 DCF 的 TP 保持不变 ， 为 5.9 港元。 1H24 业绩突出。收入同比下降 6%，至 18.2 亿元人民币 （ 比我们的预期低 1% ） 。由 于经营去杠杆化，毛利率同比收窄 6.5 个百分点至 50.1% （ 而我们的估计为 54.6% ） 。由于北环路特许经营权于 2024 年 ...

证券所充报告 地秀文通基產 (1052 HK) 1H 净利低于预期，静待牛流量改善 件휴研究中报点评 2024 年８月０６日 | 中国香港& 旅 中根冷利低于预期。 主因： 丰流量增长乏力、种销食用大幅增长 公司 1H24 承得收入 18.27 亿元（同比-5.6%）、归井净利 3.14 亿元（同比 -26.5%） 盈利依千载们预期（3.70 亿元）15%。净利下滑主因：1）行业 辰面：牧寮天栽减少、恶劣天气、运输宽未不见；2）公司辰面：林销寮用 大 橘塔长、广州北环到期、路网分流影响。公司拟派发中期殷总 0.12 迭心 股（阿比-20%）、祈中期股总率约 3.35%（2024/8/6）、分红比例为 58.5% (1H23: 53.8%)。考虑榜销费用大幅上涨以及路网变化影响，我们下调 2024/2025/2026 辛归寻净利润预测 20/15/22%至 6.46/7.43/7.21 亿元（前 值 8.10/8.69/9.21 亿元)。我们仍基于 10x 2024E PE (2016-2023 年均值), 下调目标价 21%至 4.22 迭无（前值 5.34 迭无）。维持"买入"。 1H 经营压力大，收食天教 ...

7 Aug 2024 CMB International Global Markets | Equity Research | Company Update Yuexiu Transport (1052 HK) 1H24 earnings down 27% YoY below our expectation; expect a better 2H24E Yuexiu Transport's net profit in 1H24 dropped 27% YoY to RMB314mn, 14% below our estimate. The miss was due to (1) lower-than-expected gross margin and (2) share of loss insured (RMB20mn) due to the expiration of concession right of Northern Ring Road starting from Mar 2024. Yuexiu Transport proposed interim dividend of HK$0.12/shar ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （在 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：01052） 二○二四年中期業績公告 越秀交通基建有限公司（「本 公 司」）董事會（「董 事」或「董 事 會」）欣然宣佈本公司 及其附屬公司（「本 集 團」）截至二○二四年六月三十日止六個月（「報 告 期」）的 未 經 審 核 簡 明 合 併 業 績 如 下： 中期簡明合併損益表 截至二○二四年六月三十日止六個月 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------- ...

2024 年 7 月 31 日 CMB 国际全球市场 | 股票研究 | 公司更新 越秀运输 （ 1052 香港 ） 1H24E 预览 ： 预计净利润同比增长 - 14% 由于交通分流 (上一个 TP HK $5.90 HK $7.20) 53.6% 越秀运输将在下周二 （ 8 月 6 日 ） 报告其 1H24 业绩。鉴于下降 在 5M24 年交通分流的交通量和收入方面 ， 我们 预测其上半年净利润将同比下降 14% ， 至 3.66 亿元人民币。我们下调 我们的 2024E - 26E 盈利预测为 17 - 19% ， 因为我们预计交通分流 一些主要的高速公路将继续。展望未来 ， 我们看到 公司持股比例 (至 12%)招商高速公路 (001965 CH, NR)暗示河南潜在资产注入的进展 平林高速公路 (河南平临高速) 和其他形式的潜在合作。 上 / 下 当前价格 港币 3.84 元 目标价格 中国收费公路 Wayne FUNG, CFA (852) 3900 0826 waynefung @ cmbi. com. hk 维护购买新的基于 DCF 的 TP 为 5.9 港元 (以前为 7.2 港元) ， 暗示 ...

31 Jul 2024 CMB International Global Markets | Equity Research | Company Update Yuexiu Transport (1052 HK) 1H24E preview: Expect net profit to -14% YoY due to traffic diversion Yuexiu Transport will report its 1H24 results next Tue (6 Aug). Given the decline in both traffic volume and revenue as a result of traffic diversion in 5M24, we forecast its net profit in 1H24E to drop 14% YoY to RMB366mn. We revise down our 2024E-26E earnings forecast by 17-19%, as we expect traffic diversion on some key expressway ...

Financial Performance - Total revenue for 2023 reached RMB 3,966.73 million, an increase of 20.6% compared to RMB 3,288.92 million in 2022[4]. - Profit attributable to shareholders for 2023 was RMB 765.31 million, up 69.0% from RMB 453.11 million in 2022[4]. - Basic earnings per share for 2023 were RMB 0.4574, compared to RMB 0.2708 in 2022, reflecting a growth of 69.0%[4]. - The gross profit margin for 2023 was 54.1%, indicating a stable performance in profitability[8]. - Total toll revenue for the group reached RMB 3.841 billion, a 20.3% increase from RMB 3.193 billion in 2022[132]. - Operating profit increased by 24.0% to RMB 1.804 billion[127]. - The financial income decreased by 52.5% to RMB 30.19 million, primarily due to a reduction in average cash and cash equivalents held in banks[145]. - The income from joint ventures and an associate increased by 60.6% to RMB 277 million, reflecting the recovery of traffic volumes and economic growth[146]. - The total gross profit from all controlled projects was RMB 2.13 billion, with an overall gross margin of 54.2%, up from 52.3% in the previous year[140]. - The company’s attributable profit for the reporting year was RMB 765 million, a 68.9% increase from RMB 453 million in 2022, driven by improved economic conditions and the consolidation of financial data from the newly acquired Henan Lanwei Expressway[151]. Assets and Liabilities - The company's total assets as of December 31, 2023, were RMB 36,502.46 million, slightly up from RMB 36,337.41 million in 2022[5]. - The company’s total liabilities decreased to RMB 21,652.52 million in 2023 from RMB 22,102.44 million in 2022, showing improved financial stability[5]. - The total equity increased by RMB 615 million to RMB 14.85 billion, with equity attributable to shareholders amounting to RMB 11.61 billion, up 3.4% from RMB 11.23 billion in the previous year[162]. - Total debt as of December 31, 2023, is RMB 16.92 billion, down from RMB 17.56 billion in 2022[173]. - Cash and cash equivalents decreased by 4.0% to RMB 2,380,785,000 from RMB 2,480,267,000 in the previous year[159]. Investment and Expansion Plans - The company plans to expand its investment in toll roads and bridges, focusing on high-growth provinces in China[13]. - The group aims to enhance its asset management capabilities through a "3331" development strategy, focusing on highway investments and acquisitions in key regions[64]. - The company is advancing the Guangzhou North Second Ring Expressway expansion project, expected to commence full construction by June 2024, enhancing traffic conditions and extending the toll operation period by up to 25 years[56]. - The company plans to leverage its incubation platform to explore quality asset investment opportunities, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area and central regions[64]. Market and Economic Environment - The macroeconomic environment showed resilience, with China's GDP growing by 5.2% in 2023, and road passenger traffic increasing by 26.3% to 56.52 billion trips[55]. - In 2023, China's GDP achieved a year-on-year growth of 5.2%, ranking among the top in major economies, indicating a recovery trend[62]. - The number of motor vehicles in China reached 435 million in 2023, with 33.6 million being cars and 20.41 million being new energy vehicles, representing a 25% increase from the pre-pandemic level[62]. Risk Management - The company faces market risks, particularly from parallel highway competition, which has impacted toll revenue due to traffic diversion[96][97]. - To mitigate risks from parallel highways, the company plans to enhance marketing efforts and promote a membership points platform to drive user value conversion[98]. - The company has established a comprehensive risk management system and is actively exploring smart risk management pathways[96]. Corporate Governance and Shareholder Returns - The company has received multiple awards for its corporate governance and investor relations, including the Outstanding Listed Company Award 2023 from Bloomberg Businessweek and the Outstanding Enterprise Award 2022 from Capital Magazine[192]. - The company has consistently paid cash dividends for over 20 years since its listing, reflecting its commitment to shareholder returns[193]. - The board proposed a final dividend of HKD 0.15 per share, totaling approximately RMB 0.2734 per share for the year, with a payout ratio of 59.8%[130]. Operational Efficiency and Innovations - The average ETC billing success rate was 99.44%, and the automatic license plate recognition rate was 98.07%, both exceeding industry standards[90]. - The company launched 25 research projects and was approved for a transportation ministry research project on highway safety and emergency digital applications[91]. - The company achieved a significant reduction in carbon emissions through solar power generation projects, with an annual capacity of 6.5 MW[89]. - The company is committed to green development, ensuring full coverage of charging and battery swap facilities at service areas[89].

公 司 研 究 越秀交通基建（01052.HK）：扣非业绩 2024年3月8日 强烈推荐/维持 符合预期，北二环高速改扩建即将启动 东 越秀交通基建 公司报告 兴 证 事件：公司发布23年年报，实现收入39.66亿元，同比提升20.6%，其中路 公司简介： 券 费收入38.41亿元，同比提升20.3%。归母净利润7.65亿元，同比提升68.9%， 公司主要从事投资、经营及管理位于中国广 股 低于预期值，主要系对汕头海湾大桥的投资计提了 1.00 亿元的减值损失。剔 东省及其他经济发展高增长省份的高速公 份 路及桥梁，包括位于广东省的广州北二环高 除该影响后公司业绩符合预期。 有 速、广州西二环高速、广州北环高速、虎门 限 大部分控股与参股路产实现收入两位数增长：23 年公司通行费收费大幅提升 大桥、汕头海湾大桥和清连高速；位于湖北 公 主要系两方面原因，一是兰尉高速于22年11月并表，22年仅计算一个多月 省内的汉孝高速、随岳南高速、汉蔡高速、 汉鄂高速、大广南高速；位于广西壮族自治 司 的收入，而23年计算全年收入。二是受益于22年行业受疫情影响较大导致收 区的苍郁高速；还包括天津市津雄高速、湖 证 入基数 ...

M N 6 Mar 2024 CMB International Global Markets | Equity Research | Company Update Yuexiu Transport (1052 HK) 2023 core profit +91% YoY but below estimates; >7% yield + potential asset injection Target Price HK$7.20 Yuexiu Transport’s net profit in 2023 grew 69% YoY to RMB765mn. Adjusted (Previous TP HK$7.50) for RMB100mn of non-cash impairment on Shantou Bay Bridge, the core net Up/Downside 57.2% profit would be RMB865mn (+91% YoY), 10%/8% below our/consensus Current Price HK$4.58 forecast as the gross mar ...