证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-004 广东省高速公路发展股份有限公司 第十届监事会第十三次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、监事会会议召开情况 广东省高速公路发展股份有限公司（以下简称"公司"）第十届监事会第十 三次会议（以下简称"本次会议"）于 2025 年 3 月 3 日（星期一）上午以现场会 议形式召开。本次会议的会议通知及相关会议文件已于 2025 年 2 月 21 日以传真、 电子邮件或当面递交方式通知送达各位监事。会议应到监事 4 名，实到监事 4 名，参加本次会议的监事超过全体监事的半数，符合《中华人民共和国公司法》 及《广东省高速公路发展股份有限公司章程》的有关规定。 二、监事会会议审议情况 会议审议通过以下议案： （一) 审议通过《关于 2024 年度利润分配预案的议案》 公司已在 2023、2024 年分别向股东派发 2022 年度和 2023 年度的现金股利 合计 20.39 亿元，加上本次拟分配的 2024 年度现金股利 10.93 亿 ...

证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-003 广东省高速公路发展股份有限公司 第十届董事会第二十七次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 广东省高速公路发展股份有限公司（以下简称"公司"）第十届董事会第二 十七次会议（以下简称"本次会议"）于 2025 年 3 月 3 日（星期一）上午以现 场会议加视频会议及通讯表决形式召开。本次会议的会议通知及相关会议文件已 于 2025 年 2 月 21 日以传真、电子邮件或当面递交方式通知送达各位董事。会议 应到董事 13 名，实到董事 13 名，参加本次会议的董事超过全体董事的半数，符 合《中华人民共和国公司法》及《广东省高速公路发展股份有限公司章程》的有 关规定。 二、董事会会议审议情况 会议审议通过以下议案： （一）审议通过《关于2024年度财务决算报告的议案》 本议案尚需提交公司 2024 年年度股东大会审议。 表决结果：赞成 13 票，反对 0 票，弃权 0 票。 （二）审议通过《关于2024年度利润分 ...

证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-008 广东省高速公路发展股份有限公司 关于 2024 年度利润分配预案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、审议程序 2025 年 3 月 3 日，广东省高速公路发展股份有限公司（以下简称"公司"） 第十届董事会第二十七次会议审议通过了《关于 2024 年度利润分配预案的议案》， 表决结果：赞成 13 票，反对 0 票，弃权 0 票。 本议案尚需提交公司 2024 年年度股东大会审议。 二、利润分配预案的基本情况 经永拓会计师事务所（特殊普通合伙）审计，公司 2024 年度合并财务报表 归属于母公司股东的净利润为 1,562,122,219.95 元，母公司净利润为 1,634,601,993.02 元。 根据《公司章程》《未来三年股东回报规划（2024 年度-2026 年度）》等相 关制度，以及公司 2025 年的资金安排，公司拟在提取 10%的法定盈余公积 163,460,199.30 元后以现金方式进行 2024 年度的利润分配：以 ...

Financial Performance - The company's operating revenue for 2024 was CNY 4,569,903,078.72, a decrease of 6.34% compared to CNY 4,879,066,948.19 in 2023[19] - The net profit attributable to shareholders for 2024 was CNY 1,562,122,219.95, down 4.39% from CNY 1,633,811,033.68 in the previous year[19] - The net cash flow from operating activities decreased by 15.02% to CNY 3,256,363,593.91 in 2024, compared to CNY 3,831,785,563.47 in 2023[19] - Basic earnings per share for 2024 were CNY 0.75, a decline of 3.85% from CNY 0.78 in 2023[19] - The weighted average return on equity for 2024 was 15.52%, down from 17.30% in 2023[19] - The company reported a total of 306.78 kilometers of controlled highway mileage, with an additional 295.88 kilometers accounted for through equity stakes in other highways[33] - The company has reported a total of CNY 82.46 million in non-recurring losses for 2024, primarily due to impairment provisions related to pending funding sources[25] Revenue Sources - The revenue from highway transportation is ¥4,499,825,267.43, accounting for 98.47% of total revenue, with a year-on-year decrease of 6.47%[42] - The revenue from Guanghui Expressway is ¥1,924,805,181.43, which is 42.12% of total revenue, showing a decline of 9.74% compared to the previous year[42] - The revenue from Jingzhu Expressway (Guangzhu Section) is ¥1,079,757,126.95, accounting for 23.63% of total revenue, with a decrease of 6.66% year-on-year[42] Operational Challenges - The company faces challenges in adjusting toll fees due to reliance on government approvals, impacting revenue potential[2] - The company is experiencing a decline in toll revenue across multiple expressways due to external factors such as new infrastructure developments and adverse weather conditions[40][42] - The company faced a significant impact on traffic volume and toll revenue due to the opening of new road networks and railways, leading to a decrease in overall performance[39][40] Expansion and Development - The company is actively pursuing multiple expansion projects, including the completion of the Jiangzhong Expressway expansion and ongoing upgrades to several other expressways[36] - The company aims to enhance service quality at highway service areas, implementing innovative technologies for energy efficiency and customer service improvements[36] - The company is focusing on the research and development of high-performance wear layers for road surfaces, aiming to improve road usability and reduce maintenance costs by approximately 15%[50] Research and Development - Research and development expenses rose significantly by 56.66% to ¥5,083,785.20, attributed to an increase in ongoing R&D projects[48] - The company increased its R&D personnel to 81 in 2024, representing 2.71% of the total workforce, compared to 0% in 2023[56] - R&D investment amounted to ¥7,492,700.07 in 2024, a 16.04% increase from ¥6,457,084.00 in 2023, with R&D investment as a percentage of revenue rising from 0.13% to 0.16%[56] Financial Management - The company has established a performance-based salary system, linking employee compensation closely to individual performance and overall company profitability[143] - The company has a well-established internal control system, ensuring compliance with legal and regulatory requirements[148] - The company has maintained effective internal control over financial reporting in all material respects as of the reporting date[152] Governance and Compliance - The company has a clear ownership structure with all shareholders' contributions fully in place and property rights clearly defined[100] - The company has a fully independent board of directors and supervisory board, ensuring proper governance and operational independence[101] - The company has successfully maintained a high level of compliance with legal and regulatory requirements in its governance practices[99] Future Outlook - The company aims to achieve operating revenue of 4.447 billion yuan in 2025, with operating costs controlled within 1.716 billion yuan[80] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[86] - Future strategies include diversifying service offerings to include eco-friendly solutions, aligning with market trends[86] Shareholder Relations - The company plans to maintain a cash dividend ratio of 70% of the net profit attributable to the parent company for the 2024 fiscal year, ensuring a solid return to investors[96] - The company has conducted 8 investor communication events to strengthen investor relations management[96] - The company plans to implement a three-year shareholder return plan from 2024 to 2026, which was approved during the annual general meeting[103] Management Changes - The company reported a significant leadership change with the resignation of several board members, including the general manager, due to retirement and personal reasons[108] - The company has a new chairman, Mr. Miao Deshan, who has extensive experience in the transportation sector, having served in various leadership roles since 2011[109] - The company is actively expanding its market presence and has appointed new directors with diverse expertise in engineering and finance[110]

一、董事会会议召开情况 证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-002 广东省高速公路发展股份有限公司 第十届董事会第二十六次（临时）会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 广东省高速公路发展股份有限公司（以下简称"公司"）第十届董事会第二 十六次（临时）会议（以下简称"本次会议"）于 2025 年 1 月 24 日（星期五） 上午以通讯表决形式召开。本次会议的会议通知及相关会议文件已于 2025 年 1 月 21 日以传真、电子邮件或当面递交方式通知送达各位董事。会议应到董事 13 名，实到董事 13 名，参加本次会议的董事超过全体董事的半数，符合《中华人 民共和国公司法》及《广东省高速公路发展股份有限公司章程》的有关规定。 二、董事会会议审议情况 会议审议通过《关于广州南沙开发区土地开发中心凤亭大道项目征收广珠段 公司坦尾部分地块事宜的议案》，同意： 1、由广州南沙开发区土地开发中心依照政府征收流程收回控股子公司京珠 高速广珠段有限公司坦尾部分地块 38657.47 平方米国 ...

证券代码：000429、200429 证券简称：粤高速 A、粤高速 B 公告编号：2025-001 广东省高速公路发展股份有限公司 特别提示：本公告所载2024年度的财务数据仅为初步核算数据，未经会计 师事务所审计，与年度报告中披露的最终数据可能存在差异，请投资者注意投 资风险。 一、2024 年度主要财务数据和指标 单位：人民币元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度（％） | | --- | --- | --- | --- | | 营业总收入 | 4,569,903,078.72 | 4,879,066,948.19 | -6.34% | | 营业利润 | 2,775,755,674.12 | 2,993,552,818.22 | -7.28% | | 利润总额 | 2,774,091,140.17 | 2,976,901,306.90 | -6.81% | | 归属于上市公司股东的净 | 1,562,122,219.95 | 1,633,811,033.68 | -4.39% | | 利润 | | | | | 扣除非经常性损益后的归 属于上市公司股东的净利 | 1,644,578,71 ...

公司报告 | 首次覆盖报告 粤高速 A（000429） 证券研究报告 | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,168.63 | 4,879.07 | 4,723.11 | 4,875.30 | 5,004.51 | | 增长率(%) | (21.17) | 17.04 | (3.20) | 3.22 | 2.65 | | EBITDA(百万元) | 3,676.18 | 4,399.40 | 4,107.84 | 4,258.27 | 4,371.04 | | 归属母公司净利润(百万元) | 1,277.07 | 1,633.81 | 1,572.86 | 1,625.80 | 1,666.82 | | 增长率(%) | (24.90) | 27.93 | (3.73) | 3.37 | 2.52 | | EPS(元/股) | 0.61 | 0.78 | 0.75 | 0.78 | 0.80 | | 市盈率(P/E) | 22.02 | 17. ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 14.89 CNY per share, indicating an expected upside from the current price of 13.98 CNY [41][251]. Core Insights - The macroeconomic environment is shifting positively, which is expected to support a recovery in the company's performance. The company has maintained a high dividend payout ratio of 70% over the past eight years, reflecting its strong cash flow and commitment to shareholder returns [53][97]. - The company is well-positioned within the Guangdong transportation network, benefiting from the ongoing expansion and improvement of highway infrastructure in the region. The completion of expansion projects for key highways is anticipated to enhance traffic flow and revenue generation [40][51]. - The company has a significant competitive advantage due to its strategic location and the high traffic volume on its toll roads, with average toll revenue per kilometer exceeding 13 million CNY annually [34][274]. Summary by Sections Macroeconomic Outlook - The report highlights an expected improvement in the macroeconomic environment, which is anticipated to boost the company's performance. The infrastructure sector is set to benefit from increased government spending and supportive policies [5][243]. Company Overview - The company operates as the only publicly listed highway platform under the Guangdong Transportation Group, focusing on toll road operations. It has undergone two major asset restructurings, enhancing its profitability and market position [40][71]. - As of the end of 2023, the company controls approximately 295.88 kilometers of highways, with significant revenue contributions from its key toll roads [40][111]. Financial Performance - The company reported a toll revenue of 48.11 billion CNY in 2023, with a projected decline in revenue for 2024 due to the impact of the newly opened Shen-Zhong Channel, which is expected to gradually stabilize [11][92]. - Profit forecasts for the company indicate a net profit of 16.10 billion CNY in 2024, with slight growth expected in subsequent years [251][248]. Highway Expansion Projects - The ongoing expansion of the Jingzhu Expressway and Guanghui Expressway is expected to significantly increase capacity and toll revenue. The Jingzhu Expressway is projected to complete its expansion by 2027, with toll rates expected to rise by approximately 30% post-expansion [11][187]. - The Guanghui Expressway is also undergoing preparatory work for expansion, with completion expected by the end of 2028 [239][242]. Competitive Position - The company benefits from a strong market position within the Guangdong province, where it holds a significant share of the toll road market. The competitive landscape is characterized by stable pricing and a mature network of highways [34][126]. - The report notes that the company's toll revenue per kilometer is among the highest in the industry, reflecting its operational efficiency and strategic asset management [34][179].

两融数据显示，该股最新（12月30日）两融余额为3230.01万元，其中，融资余额为2975.99万元，近10 日减少275.11万元，环比下降8.46%。 公司发布的三季报数据显示，前三季度公司共实现营业收入35.02亿元，同比下降5.03%，实现净利润 13.56亿元，同比增长0.01%，基本每股收益为0.6500元，加权平均净资产收益率13.45%。（数据宝） 粤高速A股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有10个交易日股价刷新历史 纪录。截至10:23，该股目前上涨2.50%，股价报14.33元，成交584.97万股，成交金额8275.42万元，换 手率0.45%，该股最新A股总市值达249.64亿元，该股A股流通市值186.77亿元。 证券时报•数据宝统计显示，粤高速A所属的交通运输行业，目前整体跌幅为0.55%，行业内，目前股价 上涨的有67只，涨幅居前的有盛航股份、宏川智慧、国航远洋等，涨幅分别为7.39%、4.20%、4.02%。 股价下跌的有44只，跌幅居前的有C国货航、中信海直、畅联股份等，跌幅分别为19.78%、3.37%、 3.19%。 ...

证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2024-038 广东省高速公路发展股份有限公司 第十届董事会第二十五次（临时）会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 广东省高速公路发展股份有限公司（以下简称"公司"）第十届董事会第二 十五次（临时）会议（以下简称"本次会议"）于 2024 年 12 月 26 日（星期四） 上午以通讯表决形式召开。本次会议的会议通知及相关会议文件已于 2024 年 12 月 23 日以传真、电子邮件或当面递交方式通知送达各位董事。会议应到董事 13 名，实到董事 13 名，参加本次会议的董事超过全体董事的半数，符合《中华人 民共和国公司法》及《广东省高速公路发展股份有限公司章程》的有关规定。 二、董事会会议审议情况 （二）审议通过《关于修订<"三重一大"决策制度实施办法>的议案》 同意修订后的《广东省高速公路发展股份有限公司"三重一大"决策制度实 施办法》。 表决结果：赞成 13 票，反对 0 票，弃权 0 票。 （三）审议通过《关于修订<董事会审计委员会议事规则 ...