SZEW(600548) 信达证券·2025-02-21 11:47Investment Rating - The report assigns an "Accumulate" rating to the company [2][7]. Core Viewpoints - The company is a leading player in the Greater Bay Area's highway sector, operating under a dual business model of "Highway + Environmental Protection" [3][12]. - The highway business significantly contributes to the company's revenue and gross profit, with a total of 660 kilometers of toll roads under its control as of the end of 2023 [3][21]. - The company has seen a recovery in toll revenue due to the optimization of pandemic policies and economic recovery, with total revenue increasing by 3.2% year-on-year in 2023 [3][29]. Summary by Relevant Sections Company Overview - The company primarily engages in toll road operations and large-scale environmental protection projects, backed by Shenzhen state-owned assets [3][13]. - As of the end of 2023, the company operates 16 highway projects, with a total toll road mileage of approximately 660 kilometers [13][21]. Highway Business Growth - The company benefits from high regional demand and a dense road network, with ongoing expansion projects to enhance capacity [4][34]. - The company has two ongoing expansion projects and two new construction projects, which are expected to boost the performance of its main business [4][5]. Environmental Protection Business - The company is actively exploring opportunities in the environmental sector, focusing on three main areas: clean energy generation, solid waste resource recovery, and water environment management [5][12]. - As of the end of 2023, the company has a cumulative installed capacity of 648 MW in wind power and a solid waste processing capacity of 6,900 tons per day [5][12]. Financial Performance - The company forecasts revenues of 8.243 billion yuan, 8.874 billion yuan, and 9.334 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.374 billion yuan, 1.876 billion yuan, and 2.053 billion yuan [7][8]. - The company reported a year-on-year increase in net profit of 15.4% in 2023, driven by a recovery in toll revenue [3][29]. Investment and Shareholder Returns - The company has a stable dividend policy, with a commitment to distribute at least 55% of its net profit to shareholders [17][20]. - The company has a strong financial position, with unused bank credit lines exceeding 43.74 billion yuan and bond registration limits of 9.55 billion yuan as of the end of 2023 [30][33].