A-Share Listed Expressway Companies - Profiles and Financial Data

March 2017 | 80 pages | ID: ABB923DB91CEN
China Research and Intelligence Co., Ltd.

Abstracts

Regulation on the Administration of Toll Roads became effective in 2004. Over 95% of all of China's expressways were constructed with the funds raised in accordance with toll road policies. To repay loans with tolls expanded financing and investment channels in the early stages of China's expressway development. From 2011 to 2015, Ministry of Transport made several amendments to Regulation on the Administration of Toll Roads to eliminate unreasonable tolls. Most expressways in China are toll roads.

According to CRI, the total length of expressways in China reached 10,000 km at the end of 1999 and 29,000 km at the end of 2003, ranking the second in the world. It reached 110,000 km at the end of 2014, ranking the world's No.1. By the end of 2016, the length of expressways was over 130,000 km. In 2015, total investment in road was CNY 1,651.33 billion, increasing by 6.8% over 2014. This included CNY 794.997 billion in expressways, increasing by 1.7%.

In June 2013, National Development and Reform Commission and Ministry of Transport jointly issued Plan of the National Road Network (2013-2030) which stated that in the following more than 10 years, China would invest CNY 4.7 trillion to extend the total length of the road network to 401,000 km, including 118,000 km expressways. China is still in the stage of fast industrialization and the road industry required large amounts of investment. The expressway industry will need vast investments in the future.

In this report, CRI analyzes 19 expressway enterprises listed in A-share market in China.

The report is composed of two parts: the first part is enterprise profiles and the second part is the operation status of these enterprises in the recent decade (presently 2006 to 2016, we will update it to the latest as time goes by).

The operation status is demonstrated from the following perspectives: (1) financial indexes, such as earnings per share, book value per share (BPS), sales per share, net cash flow per share, return on net worth and debt to asset ratio; (2) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (3) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (4) indexes on the balance sheet, such as liquid asset, fixed asset, current liability, non-current liability, capital reserve and shareholders' equity.

(1) Financial Indexes

• Earnings per Share
• Book Value per Share (BPS)
• Sales per Share (SPS)
• Net Cash Flow per Share from Operations
• Net Cash Flow per Share (CNY)
• Return on Net Worth
• Net Profit Margin on Total Assets
• Return on Invested Capital (ROIC) (%)
• Gross Profit Margin on Sales (%)
• Net Profit Margin on Sales (%)
• EBIT Margin (%)
• EBITDA Margin (%)
• Debt to Asset Ratio (%)
• Total Asset Turnover (times)
• Cash/Operating Income Received from Sales of Goods or Services
• YOY Growth Rate of Operating Revenue (%)
• YOY Growth Rate of Operating Profit (%)
• YOY Growth Rate of Net Profit Attributable to Shareholders of Parent Company (%)

(2) Summary of Income Statement

• Gross Revenue (CNY, million)
• Total Operating Costs (CNY, million)
• Revenue (CNY, million)
• Operating Profit (CNY, million)
• Total Profit (CNY, million)
• Net Profit (CNY, million)
• Net Profit Attributable to Shareholders of Parent Company (CNY, million)
• Non-recurring Items (CNY, million)
• Net Profit Deducting Non-recurring Items (CNY, million)
• R&D Costs (CNY, million)
• Earnings Before Interest and Tax (EBIT) (CNY, million)
• Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (CNY, million)

(3) Summary of Balance Sheet

• Liquid Asset (CNY, million)
• Fixed Asset (CNY, million)
• Long-term Equity Investment
• Total Assets (CNY, million)
• Liquid Liability (CNY, million)
• Non-current Liability (CNY, million)
• Total Liability (CNY, million)
• Capital Reserve (CNY, million)
• Surplus Reserve (CNY, million)
• Undistributed Profit (CNY, million)
• Shareholders' Equity (CNY, million)
• Equity Attributable to Shareholders of Parent Company (CNY, million)

(4) Summary of Cash Flow Statement

• Cash Received from Sales of Goods and Services (CNY, million)
• Cash Flow from Operations (CNY, million)
• Cash Paid to Purchase Fixed Assets, Intangible Assets and Other Long-term Assets (CNY, million)
• Cash Paid for Investments (CNY, million)
• Cash Flow from Investments (CNY, million)
• Cash Received from Investors (CNY, million)
• Cash Received from Borrowings (CNY, million)
• Cash Flow from Financing (CNY, million)
• Net Increase of Cash and Cash Equivalents (CNY, million)
• Cash and Cash Equivalents, End of Period (CNY, million)
• Depreciation and Amortization (CNY, million)

Contents

COMPANIES IN THE REPORT:

1 Anhui Expressway Company Limited (600012.SH)
2 Henan Zhongyuan Expressway Company Limited (600020.SH)
3 Fujian Expressway Development Co., Ltd. (600033.SH)
4 Hubei Chutian Expressway Co., Ltd. (600035.SH)
5 Chongqing Road&Bridge Co., Ltd. (600106.SH)
6 Jiangxi Ganyue Expressway Co., Ltd. (600269.SH)
7 Shandong Hi-Speed Company Limited (600350.SH)
8 Guangxi Wuzhou Communications Co., Ltd. (600368.SH)
9 Jiangsu Expressway Company Limited (600377.SH)
10 Shenzhen Expressway Company Limited (600548.SH)
11 Sichuan Expressway Company Limited (601107.SH)
12 Heilongjiang Transport Development Co., Ltd. (601188.SH)
13 Jilin Expressway Co., Ltd. (601518.SH)
14 Delixi Xinjiang Transportation Co., Ltd. (603032.SH)
15 Guangdong Provincial Expressway Development Co., Ltd. (000429.SZ)
16 Hunan Investment Group Co., Ltd. (000548.SZ)
17 Dongguan Development (Holdings) Co., Ltd. (000828.SZ)
18 Xiandai Investment Co., Ltd. (000900.SZ)
19 Huabei Expressway Co., Ltd. (000916.SZ)