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深高速:公司深度报告:大湾区公路龙头,“公路+环保”双轮齐驱-20250222
600548SZEW(600548) 信达证券·2025-02-21 12:23

Investment 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 state-owned assets from Shenzhen [3][13]. - As of the end of 2023, the company operates 16 highway projects, with a total toll road mileage of approximately 660 kilometers, mainly located in Guangdong, Hunan, and Jiangsu [3][21]. Highway Business Growth - The company benefits from high regional demand and a dense road network, with ongoing expansion projects that are expected to enhance its main business performance [4][34]. - The company has two ongoing expansion projects and two new construction projects, which are anticipated to boost its highway business growth [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 management, and water environment governance [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 reported a total revenue of 9.295 billion yuan in 2023, with a year-on-year increase in toll revenue of 16.4% [3][8]. - The forecast for 2024-2026 indicates expected revenues of 8.243 billion yuan, 8.874 billion yuan, and 9.334 billion yuan, respectively, with corresponding net profits of 1.374 billion yuan, 1.876 billion yuan, and 2.053 billion yuan [7][8]. 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 in cash dividends [17][20]. - The company has a strong financial position, with unused bank credit lines exceeding 437.4 billion yuan and bond registration limits of 95.5 billion yuan as of the end of 2023 [30][33].