Since this year，“Valuation system with Chinese characteristics”AtAA-share market frequently set off waves.，As the basic market and ballast stone of the capital market, the state-owned listed companies have attracted considerable attention.。June 8，Yi Huiman, chairman of the Securities Regulatory Commission, emphasized again in his keynote speech at the 14th Lujiazui Forum.，It is necessary to promote listed companies to enhance their governance capabilities.、Competitiveness、Innovation ability、Ability to resist risks、Ability to return，Consolidating the Internal Foundation of the Valuation System with Chinese Characteristics。

People in the industry said，Stock Price and Supply and Demand、Macro situation、Multiple factors such as industry characteristics are related.，But in the final analysis，Stock price performance should be subordinated to fundamentals，It depends on enterprises to practice their internal skills.。Whether it can create value continuously and steadily，It is an important factor for the capital market to evaluate the company's valuation.。

With the recovery of macro-economy and the growth of summer travel demand,，Freight traffic in the second half of 2023、Bus traffic is expected to continue to grow in the first half of the year.，The annual performance improvement of the expressway industry is highly deterministic.。At a time of frequent good news，“A+H”The listed Shenzhen Expressway has launched a big move to issue additional shares.，The proposed financing shall not exceed RMB 6.5 billion.，It is used for the construction of Shenzhen Outer Ring Expressway Phase III Project.。In the long run，This will not only reduce the company's asset-liability ratio by about 6 percentage points,，It will also play an important role in the implementation of the company's strategic planning.。

Financing reconstruction and expansion projects to consolidate regional leading position
Highway transportation is more direct between regions.、Efficient mode of transport，It is an important part of China's comprehensive transportation system.，It occupies an important position in the national passenger and freight transport.。It relies on speed.、Safe、Economy、The advantage of comfort，It plays an important role in economic development.。《Statistical Bulletin on the Development of Transportation Industry》The data shows，By the end of 2022，The total mileage of highways open to traffic in China has reached 535.480,000 kilometers，Highway density up to 55.78 kilometers/100 square kilometers，Wide coverage、Interconnected into a network、Excellent quality、A well-functioning road network has basically taken shape.。

According to the national traffic plan，“Fourteen five”Period is the key period to promote the high-quality development of highway transportation.，It is necessary to further improve the structure and function of the highway network.，Improve the quality of the national highway network，Implement the expansion and reconstruction of the busy and congested sections of the main line of the national expressway，Speed up the parallel line、Construction of connecting lines and sections to be connected。Toll road industry is the basic industry to support economic and social development.，At“Fourteen five”During this period, we will face new opportunities.。

In the critical period of high quality development of expressway system，Shenzhen Expressway has put forward its first equity financing plan since its listing.，No more than 6.5 billion yuan to be raised，Among them, 4.6 billion yuan will be used for highway project construction.，1.9 billion yuan will be used to repay interest-bearing liabilities。

What project is worth Shenzhen Expressway to raise funds for construction?？According to the fixed increase plan disclosed by the company，The project funded by Shenzhen Expressway is the third phase of Shenzhen Outer Ring Expressway.。The Outer Ring Project is an important transportation infrastructure in the Guangdong-Hong Kong-Macao Greater Bay Area.，It's Guangdong Province“Twelve vertical, eight horizontal and two ring”The Densification Line of the Main Skeleton Network of the Expressway，It is also Shenzhen“Eight horizontal lines and thirteen vertical lines”An important part of the trunk road network，It is the longest traffic artery running from east to west in Shenzhen.，After the completion of the whole line, it will be interconnected with 10 expressways and 8 first-class highways in Shenzhen.，The road network has obvious advantages。

In recent years，Shenzhen Outer Ring Expressway Construction Continues to Make New Progress，The first and second phases of the Outer Ring will be opened to traffic in December 2020 and January 2022 respectively.，Since its opening to traffic, the traffic volume and toll revenue have increased rapidly.，In the first half of 2023, the average daily toll revenue reached 3.14 million yuan.，In July, the average daily toll revenue was as high as 3.64 million.，The contribution to the revenue and EBIT of SZ Expressway in the first half of the year was 15.%And 22%Left and right。

The completion of the third phase of the Outer Ring，It will also enhance the total profitability of the project during the operation period.。Estimate according to Shenzhen Expressway，The after-tax financial internal rate of return of the whole outer ring project is about 6.76%，Better than the average return level of similar projects in the market，It is a rare high-quality toll road project.。

Guolian Securities said，The projectIRRAbout 6.76%，During the operation period, it is expected to achieve operating income of 414.300 million yuan，Cash flow from operating activities is about 28.7 billion yuan.，And has better economic benefit.。

With the development of economy，Many highway projects under Shenzhen Expressway are in saturated operation.，High traffic pressure，At the same time, it is also facing the dilemma that the remaining operation period of some core roads is less than 5 years.，The construction of the third phase of the outer ring will help the overall approval of the outer ring project for a period of about 25 years.。

At the same time，Shenzhen Expressway Grasps Guangdong-Hong Kong-Macao Greater Bay Area and Shenzhen to Build a Pilot Demonstration Zone of Socialism with Chinese Characteristics“Two zones”Strategic opportunities brought about by major policies such as construction，Promote its core road to produce machine-load high-speed、Reconstruction and expansion of Guangzhou-Shenzhen Expressway，After the reconstruction and expansion of the above projects are completed,，The company's overall toll road operation period will be extended.，At the same time, the traffic capacity and the overall service level of the road network will be improved qualitatively.，Guarantee the company's high-quality and sustainable development。

The main business continues to grow, and the environmental protection business has sprung up.
After more than 20 years of deep cultivation in the transportation infrastructure industry，There are 16 toll road projects invested or operated by Shenzhen Expressway.，The controlling interest mileage is about 643 kilometers.，Mainly distributed in Guangdong、Economically developed areas such as Hunan and Jiangsu，They are all important traffic arteries in the region.。Investment in Shenzhen region、90% of the expressways under construction and management%Market share，Occupying the natural location advantage，It ranks first in the performance of highway listed companies in China.，Profitability is leading，It ranks the first echelon of China's highway listed companies.。

The first half of this year，As road traffic demand recovers，Steady increase in highway transport volume，The expressway plate and environmental plate of Shenzhen Expressway have witnessed relatively strong growth.。“The overall toll revenue of the Company increased from 2019 to 2022.，There is generally double-digit growth.。If we exclude the factors that the operation period of Wuhuang Expressway expired last year，Fee income increased by 17% year on year%。”At the performance presentation on August 28,，Liao Xiangwen, Executive Director and President of Shenzhen Expressway, said.。

The semi-annual report of Shenzhen Expressway in 2023 shows，The company achieved operating income of 41..2.5 billion yuan，Year-on-year growth of 0.75%；Net profit attributable to shareholders of the listed company 9.2.9 billion yuan，Year-on-year growth of 9.49%。Among，The Company achieved a toll revenue of 25.9.9 billion yuan，Year-on-year growth of 7.83%，Deduct the impact of the expiration of the franchise period of Wuhuang Expressway.，Year-on-year growth of 17.34%，Gross profit margin is also constantly restored.，Year-on-year increase of 5.37 percentage points。

During the reporting period，Traffic volume of toll roads operated and invested by Shenzhen Expressway、Toll revenue recorded a significant increase over the same period.。Especially in Shenzhen area.，As the regional economic development continues to recover to a good trend.，The total import and export volume of goods maintained growth.，Drive the recovery growth of enterprise logistics transportation and public travel demand，The total revenue of road sections in Shenzhen increased by more than 20% year on year%。

As the core road network of the company，It is also an important transportation infrastructure in Guangdong-Hong Kong-Macao Greater Bay Area.，The second phase of the outer ring was officially opened to traffic on New Year's Day 2022.，Form through effect with the first phase of the outer ring，It has become the most convenient high-speed trunk road in Shenzhen from east to west.，The operation performed well。During the reporting period，The average daily traffic volume and the average daily toll revenue of the Outer Ring Projects increased by 33.0% and 33.3% respectively..7%And 29%。

Look at the whole Guangdong Province，Guangzhou-Shenzhen Expressway, an important fast passage connecting Guangzhou and Shenzhen，As well as the Western Expressway, which forms the Ring Expressway in the Pearl River Delta Region, have performed well.。During the reporting period，With the improvement of the production and operation order of the cities along the line，The average daily traffic volume of the above sections reached 62..70,000、26.20,000，Toll revenue increased by 20% year-on-year%Above。

Look at the big environmental protection field.，In recent years，The company responds“Double Carbon”Aim，Actively March into the environmental protection industry，Vigorously carry out solid waste resource management、Wind power generation and other environmental protection projects。

Organic waste treatment business，The design and treatment scale of organic waste has exceeded 6,900 tons/Day，In the forefront of the domestic industry。2023 1~ June ，The company's cumulative organic waste disposal capacity reached 55.60,000 tons，Realized operating income 2.6.5 billion yuan。

Clean energy，Through the pre-layout，The company already has a wind farm、PV project investment operation and post-operation and maintenance services，And the integrated business capability of project supporting financing.。So far，The accumulated installed capacity of wind power projects invested and operated by the Company has reached 648MW，Revenue from clean energy power generation in the first half of the year 3.500 million yuan。In addition，The company has also reserved a number of high-quality clean energy projects.，With the continuous expansion of clean energy business,，It is believed that the future will bring better profit contribution to the company.。

Looking forward to the future development plan，Shenzhen Expressway in the second half of 2023-There are also a number of capital expenditure plans approved by the board of directors in 2025.：Including the Outer Ring Project、Phase II along the Yangtze River、Lande Environmental Kitchen Project、Construction expenditure of Guangming Environmental Park Project and other projects，Equity investment expenditure such as Shenzhen Investment Control Infrastructure M & A, etc.。Expected by the end of 2025，The Group's total capital expenditures approved by the Board amounted to approximately 92 percent.7.9 billion yuan。

Reduce the debt ratio and continue to give high-quality feedback to shareholders
It is reported that，Shenzhen Expressway has not expanded its capital stock since its listing for more than 20 years.，The next three years will be a critical period for the company to implement its strategic plan.，Construction of expressways and new environmental protection projects still need a lot of financial support.。Continuing to rely on debt financing and accumulated profits is difficult to support the company to achieve its strategic objectives.，Capital stock needs to be enlarged to raise funds for development，Consolidate the foundation for development。

Judging from the effect of raising 6.5 billion yuan in this issue,，On the one hand，After Shenzhen Expressway obtains financing，The asset structure has improved，Raising funds for investment in the main business of expressways，It is conducive to the sustained growth of company profits.。On the other hand，The company's asset-liability ratio will drop by about 6 percentage points.，So as to effectively improve the financial structure、Reduce financial risk、Improve the overall anti-risk ability，Provide a strong guarantee for the sustainable development of the company。

After the issuance，The development achievements of Shenzhen Expressway will also benefit more shareholders.。

Review the past，Shenzhen Expressway has always insisted on returning shareholders since its listing.，Cash dividends have been distributed for 26 consecutive years without interruption.，The total cash dividend is about 13.2 billion yuan.，It's the company“A+H”Nearly six times the total amount raised by listing in the two capital markets.。Liao Xiangwen said，The average cash dividend ratio of the company in the past five years is about 50%，AThe average dividend yield is 5..7%，HThe average dividend yield is 7..8%。Formulated in the company《2021－Shareholder Return Plan 2023》Medium，It has already promised that the annual dividend profit will not be less than 55% of the distributable profit in that year%。

Look to the future，Liao Xiangwen said，Management will certainly maximize the return to shareholders as the company's business philosophy and business value.。On the one hand, the company will maintain the stability of the existing dividend policy.，On the other hand, we should balance the relationship between the long-term development of the company and the long-term interests of shareholders.。The company will also increase according to this situation.，Formulate a dividend policy that expresses the greatest sincerity to shareholders。