研報掘金丨招商證券:粵高速A廣惠改擴建工作即將啓動,後續改擴建完工後有望帶來增量
招商證券研報指出,粵高速A(000429.SZ)24年實現歸母淨利潤15.6億元,同比下降4.4%,其中Q4歸母爲2.1億元,同比下降25.9%。業績符合預期。公路主業營收小幅下滑,部分路產受路網分流及改擴建影響;主業毛利率保持穩定,受改擴建工程完工轉固影響投資收益有所下滑。公司持續受益於區域經濟增長及核心路產改擴建帶來遠期車流量及通行收入增長,當前參控股路產中,京珠高速廣珠段正處於改擴建中,廣惠高速改擴建項目即將啓動,後續改擴建完工後有望帶來增量。考慮到路產分流影響仍存及廣惠改擴建項目即將啓動,基於審慎考慮,下調至“增持”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.