SDHS(600350) 证券日报之声·2025-04-06 08:13Core 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].