招商公路：点评：投资收益略拖累业绩，并表业务改善看好发展

Investment Rating - The investment rating for the company is "Buy" [1][2] Core Views - The company reported a revenue of 3.093 billion yuan in Q3 2024, representing a year-on-year increase of 34.90%, while the net profit attributable to shareholders was 1.452 billion yuan, a decrease of 6.43% year-on-year [1] - The company is expected to achieve net profits of 5.950 billion yuan, 6.655 billion yuan, and 7.195 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 13.6, 12.2, and 11.3 [2] - The company is positioned as a leading platform in highway operations with high barriers to entry, and it is expected to benefit from significant performance growth due to its proactive acquisition strategy and expansion into smart transportation and technology [1] Financial Performance Summary - In Q3 2024, the company achieved an operating income of 3.093 billion yuan, with a year-on-year growth of 34.90%, and an operating cost of 2.679 billion yuan, which increased by 37.58% year-on-year [1] - For the first three quarters of 2024, the company reported a total revenue of 9.077 billion yuan, a year-on-year increase of 38.04%, and a net profit attributable to shareholders of 4.160 billion yuan, down 4.63% year-on-year [1] - The company’s financial expenses in Q3 2024 amounted to approximately 631 million yuan, a year-on-year increase of 37.65%, primarily due to the consolidation of招商中铁 [1] Future Outlook - The company has committed to a cash dividend policy, planning to distribute no less than 55% of the profit attributable to shareholders after deducting distributions to perpetual bondholders for the years 2022 to 2024 [1] - The company announced a share repurchase plan with a total amount ranging from 310 million yuan to 618 million yuan, which is expected to enhance shareholder returns [1]