SDHS(600350) 信达证券·2025-04-06 07:45Investment Rating - The investment rating for Shandong Expressway (600350) is "Buy" [1][2] Core Views - The company reported a stable performance with a revenue of 28.494 billion yuan in 2024, reflecting a year-on-year increase of 7.34%. However, the net profit attributable to shareholders decreased by 3.07% to 3.196 billion yuan [2][3] - The toll revenue slightly declined by 5.95% to 9.928 billion yuan, while the traffic volume increased by 3.23% to 186.9 million vehicles [3] - The core road asset expansion is nearing completion, which is expected to enhance traffic volume and fee rates, potentially leading to an upward shift in profit margins [5][8] Financial Performance Summary - In Q4 2024, the company achieved a revenue of 8.593 billion yuan, a slight decrease of 0.16% year-on-year, but the net profit increased by 8.08% to 681 million yuan [2][3] - The company plans to distribute a cash dividend of 0.42 yuan per share, maintaining the same level as in 2023, with a total distribution of 2.038 billion yuan, resulting in a dividend payout ratio of approximately 63.76% [6][7] - The projected net profits for 2024-2026 are 3.346 billion yuan, 3.630 billion yuan, and 3.871 billion yuan, respectively, with corresponding P/E ratios of 15.1, 13.9, and 13.1 [8]