招商公路（001965）：收入显著增加，减值增加拖累盈利

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a significant increase in revenue for 2024, achieving an operating income of 12.71 billion yuan, a year-on-year growth of 30.6%. However, the net profit attributable to shareholders decreased by 21.4% to 5.32 billion yuan, and the non-recurring net profit fell by 4.7% to 4.86 billion yuan [2][6][11]. - In Q4 2024, the company generated an operating income of 3.63 billion yuan, reflecting a 15.2% increase year-on-year, but the net profit attributable to shareholders dropped by 51.7% to 1.16 billion yuan [2][6]. - The increase in revenue was primarily driven by acquisitions, with the company benefiting from the consolidation of assets from招商中铁 and路劲中国, which contributed to a rapid growth in gross profit [11]. - The company faced challenges with increased impairment losses, particularly in its intelligent transportation and traffic technology segments, which negatively impacted overall profitability [11]. - The company plans to maintain a stable dividend policy, with a proposed dividend of 0.417 yuan per share, corresponding to a payout ratio of 53.44% [11]. - The company is positioned as a leading highway operator with strong growth potential, supported by its background in招商局 and a young asset portfolio [11]. Summary by Sections Financial Performance - For the full year 2024, the company achieved total revenue of 12.71 billion yuan, with a gross profit margin of 34% [11]. - The company recorded a significant one-time non-operating gain of 1.646 billion yuan from the revaluation of its stake in招商中铁, but overall investment income decreased by approximately 1 billion yuan to 4.998 billion yuan [11]. - The company’s total assets reached 159.169 billion yuan, with a debt-to-asset ratio of 44.2% [16]. Business Segments - Revenue from highway investment operations increased by 52.85%, while traffic technology and smart transportation segments saw declines of 1.15% and 46.97%, respectively [11]. - The company’s acquisition strategy is expected to continue driving growth, with plans to increase operational mileage by 276 kilometers through recent acquisitions [11]. Future Outlook - The company forecasts net profits of 6 billion yuan, 6.3 billion yuan, and 6.6 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 14.7, 14.1, and 13.4 [11].