2024H1，公司实现通行费收入18.62 亿元，同比下降8.55%，主要系上半年受到多轮雨雪冰冻恶劣天气影响、免费通行天数增加、周边路网分流及改扩建等因素影响。其中合宁高速实现收入6.83 亿元，同比下降2.56%，表现相对稳健；宣广高速/广祠高速受改扩建施工影响，自3 月8 日实施单向通行并封闭部分站点致使通行费下滑明显，2024H1 收入同比下降58.03%/48.44%；宁宣杭高速/岳武高速因断头路打通车流量提振明显，2024H1 收入同比增长73.75%/67.54%。occurrences
The company released its 2024 semi-annual report. With 2024H1, the company achieved revenue of 3.053 billion yuan, a year-on-year increase of 31.38%, and realized net profit to mother of 0.81 billion yuan, a year-on-year decrease of 3.53%. Among them, in 2024Q2, the company achieved revenue of 1.766 billion yuan, a year-on-year increase of 49.83%, and realized net profit to mother of 0.35 billion yuan, a year-on-year decrease of 7.85%.
2024H1's toll revenue fell 8.6% year over year
With 2024H1, the company achieved toll revenue of 1.862 billion yuan, a year-on-year decrease of 8.55%. The first half of the year was mainly affected by factors such as multiple rounds of rain, snow, freezing and bad weather, an increase in the number of free days, and the diversion and expansion of the surrounding road network. Among them, the Hening Expressway achieved revenue of 0.683 billion yuan, a year-on-year decrease of 2.56%, and the performance was relatively steady; the Xuanguang Expressway/Guangci Expressway was affected by the renovation and expansion construction. Tolls declined significantly due to the one-way traffic closure and the closure of some stations on March 8. 2024H1 revenue decreased 58.03%/48.44% year over year; traffic on Ningxuanhang Expressway/Yuewu Expressway was significantly boosted by traffic due to the opening of the guillotine road, and the 2024H1 revenue increased 73.75%/67.54% year on year.
The gross margin of the main toll road business fell 3.5 pct year on year
2024H1's toll road business cost was 0.747 billion yuan, up 0.59% year on year, gross margin was 60.49%, down 3.51 pct year on year; construction service revenue for the Xuanguang Renovation and Expansion PPP project adopted a zero-gross profit confirmation method, and 2024H1 construction period revenue/cost was 1.121/1.121 billion yuan, an increase of 0.885 billion yuan over the previous year. 2024H1, the company's financial expenses were 0.032 billion yuan, a year-on-year decrease of 38.34%, mainly due to lower interest rates on the company's stock loans and an increase in deposit interest income.
The renovation and expansion of the Xuan-Guangzhou Expressway is nearing completion
Currently, the main projects under construction by the company are PPP projects for the Xuanguang Expressway. Construction of the Xuanguang Expressway renovation and expansion began in February 2022. 2024H1 completed an investment of 1.121 billion yuan, with a cumulative actual investment of 5.014 billion yuan. The renovation and expansion of the Xuan-Guangzhou Expressway is about to be completed, and the Gaojie Expressway has begun preliminary work on the renovation and expansion.
Profit Forecasts and Ratings
Considering that the company was affected by factors such as bad weather and renovation and expansion construction in the first half of the year, we expect the company's revenue for 2024-2026 to be 7.615/5.082/4.771 billion yuan, with year-on-year growth rates of 14.83%/-33.26%/-6.13%, respectively; net profit to mother of 1.623/1.784/1.894 billion yuan, respectively, with year-on-year growth rates of -2.24%/9.91%/6.21%; EPS 0.98/1.08/1.14 respectively yuan. The road products under the company are all major transit national highway routes through the Anhui region. With the opening of the Ningxuanhang Expressway and Yuewu Expressway, they are optimistic that the road network will continue to boost traffic after completion, and maintain a “buy” rating.
Risk warning: Economic growth falls short of expectations; traffic declines due to road network diversion; changes in toll policies.
