招商公路：通行费同比承压，积极回购回报投资人

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 9.077 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 38.04% (adjusted) [2] - The net profit attributable to shareholders for the same period was 4.160 billion yuan, a decrease of 4.63% (adjusted) [2] - The company is actively repurchasing shares to enhance shareholder confidence, with a planned buyback of 310 million to 618 million yuan [5] Financial Performance Summary - For Q3 2024, the company reported a revenue of 3.093 billion yuan, up 34.90% year-on-year, while the net profit attributable to shareholders was 1.452 billion yuan, down 6.43% [2] - The gross profit for the first three quarters was 3.446 billion yuan, a year-on-year increase of 32.41%, with a gross margin of 37.96%, down 1.62 percentage points [3] - Investment income accounted for 85.3% of the net profit, totaling 3.548 billion yuan, a decrease of 4.86% year-on-year [4] Asset and Liability Overview - Total assets as of 2024 are reported at 158.974 billion yuan, with total liabilities at 75.344 billion yuan [7] - The company has a net asset value of 69.692 billion yuan, with a total share capital of 6.820 billion shares [1] Future Projections - The company is expected to achieve net profits of 5.850 billion yuan, 6.438 billion yuan, and 6.427 billion yuan for 2024, 2025, and 2026 respectively [6] - The estimated earnings per share (EPS) for the same period are projected to be 0.86 yuan, 0.94 yuan, and 0.94 yuan [6]