Core Viewpoint - Shandong Hi-Speed Company reported a dual improvement in business scale and quality for the fiscal year 2024, with total assets reaching 161.688 billion yuan and operating income increasing by 7.34% year-on-year to 28.494 billion yuan, while net profit attributable to shareholders was 3.196 billion yuan, indicating sustained development resilience [1]. Business Performance - The company focused on supporting its main business with high-quality resources, achieving a top national ranking in tunnel evaluation during the 2024 National Highway Network technical condition monitoring [1]. - Shandong Hi-Speed established five zero-carbon toll stations, implementing a model for photovoltaic green electricity self-use and surplus electricity grid connection, enhancing its "Shan Gao·Xing" service brand [1]. Investment and Growth - The company actively sought investment opportunities aligned with its main business to strengthen internal growth, acquiring a 20% stake in Luzhou Southeast Expressway Development Co., achieving 100% control and enhancing its influence in the Sichuan-Chongqing region [1]. - Shandong Hi-Speed also won the concession rights and all revenues for the remaining term of the He-Bao Expressway from Xinxiang to Changyuan, adding 49.12 kilometers of quality road assets to its operational portfolio, bringing total managed expressway assets to over 2,913 kilometers [1]. Engineering Projects - The company accelerated various engineering projects, including the successful completion of the Ji-He Expressway expansion, which will resume two-way traffic on December 20, 2024 [2]. - The Weilai project, recognized as the first national expressway project approved for "physical expansion + smart transformation," completed an investment of 136 million yuan during the reporting period [2]. - The company won the bid for the G220 Dongshen Line expansion project, which will cover the entire investment, construction, and operation cycle, becoming a new growth point for performance [2]. Market Performance - Shandong Hi-Speed maintained a leading position in the capital market, with its stock price reaching a new high of 10.51 yuan per share in 2024, resulting in a market capitalization increase of 55.38% to 50 billion yuan [2]. - The company proposed a cash dividend of 4.2 yuan per 10 shares (including tax), with a dividend payout ratio of approximately 63.76%, reflecting its commitment to returning value to investors [2]. ESG Commitment - The company actively implements "dual carbon" goals, focusing on low-carbon road construction, and received an A-level ESG rating from Wind, ranking among the top in the transportation infrastructure industry [2]. Strategic Goals - During the 14th Five-Year Plan period, Shandong Hi-Speed set a vision to focus on its main business, seek steady progress, and become a leading infrastructure investment and construction service provider in China, aiming to solidify its core business and enhance its industry engine [3].

Investment Rating - The investment rating for Shandong Expressway (600350) is "Buy" [1][2] Core Views - The company reported a stable performance with a revenue of 28.494 billion yuan in 2024, reflecting a year-on-year increase of 7.34%. However, the net profit attributable to shareholders decreased by 3.07% to 3.196 billion yuan [2][3] - The toll revenue slightly declined by 5.95% to 9.928 billion yuan, while the traffic volume increased by 3.23% to 186.9 million vehicles [3] - The core road asset expansion is nearing completion, which is expected to enhance traffic volume and fee rates, potentially leading to an upward shift in profit margins [5][8] Financial Performance Summary - In Q4 2024, the company achieved a revenue of 8.593 billion yuan, a slight decrease of 0.16% year-on-year, but the net profit increased by 8.08% to 681 million yuan [2][3] - The company plans to distribute a cash dividend of 0.42 yuan per share, maintaining the same level as in 2023, with a total distribution of 2.038 billion yuan, resulting in a dividend payout ratio of approximately 63.76% [6][7] - The projected net profits for 2024-2026 are 3.346 billion yuan, 3.630 billion yuan, and 3.871 billion yuan, respectively, with corresponding P/E ratios of 15.1, 13.9, and 13.1 [8]

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company achieved a revenue of 28.5 billion RMB in 2024, representing a year-on-year increase of 7.34%, while the net profit attributable to shareholders was 3.196 billion RMB, a decrease of 3.07% year-on-year. The net profit for Q4 was 681 million RMB, an increase of 8.08% year-on-year. The proposed dividend is 0.42 RMB per share, maintaining a dividend yield of 4.0% [1][2][3] - The company’s toll revenue decreased by 6% in 2024, with a gross profit margin decline of 9%. The traffic volume increased by 3%, but the toll revenue was negatively impacted by factors such as insufficient freight demand and policy exemptions [2][3] - Investment income increased by 2.3% to 1.4 billion RMB, contributing 26% to pre-tax profit. The information group saw a net profit increase of 17.89%, while the rail transit group experienced a decline in net profit [3][4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 28.5 billion RMB and a net profit of 3.196 billion RMB. The earnings per share (EPS) for 2024 is projected at 0.55 RMB, with a return on equity (ROE) of 10.73% [6][20] - The company expects net profits of 3.483 billion RMB and 3.766 billion RMB for 2025 and 2026, respectively, with a target price adjustment to 12.02 RMB based on a 19.7x 2025 PE ratio [4][12] Business Segments - The main highway business faced challenges with a 6% decline in toll revenue, attributed to increased exemptions and competition from parallel roads. The freight segment remains sensitive to macroeconomic conditions [2][3] - The investment segment showed resilience with a 2.3% increase in investment income, while the rail transit segment's profit declined by 3.6% [3][4] Valuation - The target price of 12.02 RMB reflects a premium based on the company's high dividend yield compared to peers. The previous target price was 9.41 RMB [4][12]

Investment Rating - The investment rating for Shandong Expressway (600350) is "Buy" [1] Core Views - The company reported a stable performance with a revenue of 28.494 billion yuan in 2024, reflecting a year-on-year increase of 7.34%, while the net profit attributable to shareholders decreased by 3.07% to 3.196 billion yuan [2][3] - The toll revenue slightly declined by 5.95% to 9.928 billion yuan, despite a 3.23% increase in traffic volume to 186.9 million vehicles [3] - The core road asset expansion is nearing completion, which is expected to enhance traffic volume and fee rates, potentially leading to an upward shift in profit margins [5][8] Financial Performance - In Q4 2024, the company achieved a revenue of 8.593 billion yuan, a slight decrease of 0.16% year-on-year, with a net profit of 681 million yuan, an increase of 8.08% [2] - The company plans to distribute a cash dividend of 0.42 yuan per share for 2024, maintaining the same level as in 2023, with a total distribution of 2.038 billion yuan, resulting in a dividend payout ratio of approximately 63.76% [6][7] - The projected net profits for 2024-2026 are 3.346 billion yuan, 3.630 billion yuan, and 3.871 billion yuan, respectively, with corresponding P/E ratios of 15.1, 13.9, and 13.1 [8] Segment Analysis - Toll revenue from the road and bridge operations was 9.928 billion yuan, with a notable decline in revenue from the Jiqing Expressway, which was approximately 3.603 billion yuan, down 12.12% year-on-year [3] - Capital operations showed a strong performance, with Qilu Expressway generating 7.022 billion yuan in revenue, up 25.19%, while the Rail Transit Group and Information Group also reported revenue increases [3] - The cost structure of toll roads indicates a depreciation and amortization cost of approximately 2.899 billion yuan, a decrease of 6.67%, while maintenance costs rose by 22.44% to 882 million yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - In 2024, the company achieved operating revenue of 28.494 billion RMB, a year-on-year increase of 7.34%, while the net profit attributable to shareholders was 3.196 billion RMB, a decrease of 3.07% [1] - The decline in toll revenue was attributed to a weak macroeconomic recovery leading to reduced traffic flow, with core asset Jiqing Expressway experiencing a toll revenue drop of 12.1% [1] - The company's gross margin decreased to 26.1%, down 4.32 percentage points year-on-year, primarily due to an increase in zero-margin PPP construction revenue [2] - The company plans to distribute a stable dividend of 0.42 RMB per share for 2024, maintaining a payout ratio of 63.76% [3] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 8.59 billion RMB, a year-on-year decline of 22.9%, and a net profit of 680 million RMB, down 4.6% [1] - The company’s investment income reached 1.403 billion RMB, a year-on-year increase of 2.33%, with debt investment growing by 29.5% [2] - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 3.49 billion RMB, 3.64 billion RMB, and 3.89 billion RMB respectively [4] Revenue and Profitability - The main business revenue for 2024 was 28.494 billion RMB, with a growth rate of 7.34% [8] - The net profit margin for 2024 was 11.22%, a decrease of 1.2 percentage points year-on-year [2] - The company’s diluted earnings per share for 2024 was 0.659 RMB, with a projected increase to 0.802 RMB by 2027 [8] Market Position - The company has consistently received a "Buy" rating in recent reports, indicating positive market sentiment [10][11] - Historical recommendations show a target price range of 7.44 RMB to 9.02 RMB, reflecting an optimistic outlook for the stock [10]

2024年，山东高速在路桥运营方面虽然采取了多项措施提升服务质量和运营效率，但通行费收入却出现 了显著下滑。前三季度，公司实现通行费收入75.69亿元，同比减少7.44%。具体来看，济青高速、 G104国道泰曲段、威海-乳山高速公路等多条主要路段的通行费收入均出现下降，主要原因包括平行路 段通车、改扩建工程以及车流量减少等外部因素。 2025年4月3日，山东高速（600350）发布2024年年报，公司全年实现营业总收入284.94亿元，同比增长 7.34%；归属净利润31.96亿元，同比下降3.07%。尽管营收保持增长，但净利润的持续下滑引发了市场 对其经营效率的质疑。作为国内路桥运营的龙头企业，山东高速在2024年面临了多重挑战，尤其是在通 行费收入下降和投资收益减少的双重压力下，公司的盈利能力受到显著影响。 路桥运营：通行费收入下滑，增收措施效果有限 目退出所致。此外，处置长期股权投资产生的投资收益仅为0.32亿元，交易性金融资产在持有期间的投 资收益也仅为0.29亿元，显示出公司在投资领域的回报率较低。 具体来看，轨道交通板块虽然实现了营业收入35.35亿元，净利润3.28亿元，但这一板块的增长主要依赖 ...

4月3日晚，山东高速（600350）披露2024年度报告。报告期内，山东高速以打造A股投资者的"优质养 老股"为战略支点，坚持聚焦主责主业，实现业务规模与质量双提升，资产规模达1616.88亿元。实现营 业收入284.94亿元，同比增长7.34%，归属于上市公司股东的净利润31.96亿元，每股收益0.54元，每股 分红0.42元，发展韧性持续增强。 山东高速集中公司优质资源支持主业发展，路桥运营稳中提质，聚焦"全天候通行"，推进以客户为中心 的服务理念,以智慧高速为依托，打造交通基础设施运营管理的核心竞争力。 2024年，公司在国家公路网技术状况监测评价中，隧道评价成绩获全国第一；建成5个零碳收费站，打 造了收费站光伏绿电自发自用、余电上网的零碳运行模式，擦亮"山高·行"服务品牌。 此外，公司中标G220东深线东营南王村至滨州界段改扩建工程，该项目覆盖投资、建设、运营全周 期，届时将成为公司新的业绩增长点。 在稳健经营的同时，山东高速高度重视股东回报。2024年度，公司继续保持较高的分红绝对值，向全体 股东每10股派发现金红利4.20元（含税），公司分红比率约63.76%。上市23年来，公司累计分红217.4 ...

山东高速股份有限公司 （独立董事 王晖） 本人作为山东高速股份有限公司（以下简称"公司"）独立董事，在 2024 年 度于公司任职期间，按照《中华人民共和国公司法》 （以下简称"《公司法》"）、 《中华人民共和国证券法》 《上市公司治理准则》 《上市公司独立董事管理办法》 等法律法规以及《山东高速股份有限公司章程》（以下简称"《公司章程》"）、 公司《独立董事工作制度》等规定和要求，认真、勤勉、谨慎履行职责，出席年 度内董事会等相关会议，对各项议案进行认真审议，及时对公司的发展及经营发 表专项说明，提出建议,进行客观、公正的评价,努力维护公司整体利益及全体股 东的合法权益。现将本年度履行职责情况报告如下： 一、独立董事基本情况 （一）独立董事个人情况 王晖，男，54 岁，硕士研究生，中国注册会计师、美国注册会计师。现任和 信会计师事务所（特殊普通合伙）首席合伙人，山东省注册会计师协会轮值会长， 中国注册会计师协会专业指导委员会委员。2020 年 5 月至本报告期末，兼任公 司第六届董事会独立董事。 （二）独立性情况说明 作为独立董事，本人未在公司担任除独立董事及董事会专门委员会主任或委 员以外的其他任何职务， ...

国浩律师（济南）事务所 关于 山东高速股份有限公司 股票期权激励计划预留授予股票期权 第三个行权期行权条件成就 之 法律意见书 济南市龙奥西路 1 号银丰财富广场 C 座 19、20 层 邮编：250014 电话/Tel: +86 531 8611 0949 8611 2118 传真/Fax: +86 531 8611 0945 网址/Website:http://www.grandall.com.cn 二〇二五年四月 国浩律师（济南）事务所 关于山东高速股份有限公司股票期权激励计划 预留授予股票期权第三个行权期行权条件成就之 法律意见书 致：山东高速股份有限公司 国浩律师（济南）事务所（以下简称"本所"）接受山东高速股份有限公司 （以下简称"山东高速"、 "公司"）的委托，根据《中华人民共和国公司法》 （以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上 市公司股权激励管理办法》 （以下简称"《管理办法》"）、 《律师事务所从事证 券法律业务管理办法》和《律师事务所证券法律业务执业规则》等规定及本法律 意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉 ...

证券代码：600350 证券简称：山东高速 公告编号：2025-014 重要内容提示： ? 每股分配比例：每股派发现金红利 0.42 元（含税）。 ? 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体 日期将在权益分派实施公告中明确。在实施权益分派的股权登记日前公司总股本 发生变动的，拟维持每股分配比例不变，相应调整分配总额，并将在相关公告中 披露。 ? 公司未触及《上海证券交易所股票上市规则（2024 年 4 月修订）》 （以 下简称《股票上市规则》）第 9.8.1 条第一款第（八）项规定的可能被实施其他 风险警示的情形。 ? 本次利润分配方案尚需履行股东大会决策程序。 山东高速股份有限公司 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 现金分红比例（%） 188.87 现金分红比例是否低 于30% 是否触及《股票上市规 则》第9.8.1条第一款 第（八）项规定的可能 否 被实施其他风险警示 的情形 二、公司履行的决策程序 一、利润分配方案内容 （一）利润分配方案的具体内容 经天职国际会计师事务所（特殊普通合伙） ...