On March 27, Jiangsu Expressway Company Limited(600377) ( Jiangsu Expressway Company Limited(600377) ) published the annual report of 2021. In 2021 Jiangsu Expressway Company Limited(600377) achieved an operating revenue of 13.79 billion yuan, with a year-on-year increase of 71.7%; The net profit was 4.18 billion yuan, a year-on-year increase of 69.6%; Deduct non net profit of RMB 3.68 billion, with a year-on-year increase of 57.2%.
In 2020, affected by the impact of the epidemic and the free access policy, Jiangsu Expressway Company Limited(600377) revenue decreased significantly compared with 2019. In 2021, the company’s revenue recovered and exceeded 2019, reaching a record high.
performance record
Jiangsu Expressway Company Limited(600377) is mainly engaged in the investment, construction, operation and management of toll roads in Jiangsu Province. Its expressway projects are mainly located in the economically active and busy Yangtze River Delta. Its core asset, Shanghai Nanjing Expressway, is one of the busiest expressways in China.
In 2021, even affected by the epidemic in Nanjing, Yangzhou and other places in Jiangsu Province, Jiangsu Expressway Company Limited(600377) still achieved a revenue of 13.79 billion yuan, an increase of 71.7% over 8.03 billion yuan in 2020, and significantly higher than 10.08 billion yuan before the epidemic in 2019, a record high.
Jiangsu Expressway Company Limited(600377) said that in 2021, the toll revenue increased significantly due to the strong recovery of road and Bridge toll business. In addition, the delivery scale of real estate projects of subsidiaries was larger than that of the same period of last year, and the sales revenue carried forward increased accordingly.
By the end of 2021, Jiangsu Expressway Company Limited(600377) total assets are 67.66 billion yuan and net assets are about 35.36 billion yuan. There are 17 road and bridge projects directly operated and invested by the company, and the mileage of opened roads and bridges owned or shared by the company exceeds 910km.
In 2021, tolls will still be the main source of revenue for Jiangsu Expressway Company Limited(600377) . Its toll revenue was about 8.263 billion yuan, a year-on-year increase of 37.3%, and the toll accounted for nearly 60% of the company’s revenue.
As an important traffic channel in the Yangtze River Delta, the average daily traffic flow of Shanghai Nanjing Expressway in 2021 was about 101936, a year-on-year decrease of about 1.07%. Among them, the passenger traffic decreased by 3.64% year-on-year, accounting for about 78.71%; The average daily truck traffic increased by about 9.79% year-on-year, and trucks accounted for about 21.29%. The average daily toll income of Shanghai Nanjing Expressway was about 14.06 million yuan, a year-on-year increase of about 31.03%.
The annual report shows that, similar to Shanghai Nanjing Expressway, the passenger traffic volume of several road and bridge projects under Jiangsu Expressway Company Limited(600377) banner decreased in 2021, but the freight traffic volume increased. In terms of income, the average daily income of many road and bridge projects increased significantly in 2021, such as Zhenli Expressway increased by 46.6%, Xiyi Expressway increased by 56.7%, Jiangyin bridge increased by 61.7% and Sujiahang Expressway increased by 63.5%.
In addition to toll revenue, in 2021, Jiangsu Expressway Company Limited(600377) supporting business achieved a revenue of 1.437 billion yuan, an increase of 9.6% year-on-year. Among them, the rental income in the service area decreased by 1.7%, mainly due to helping small and medium-sized enterprises alleviate the impact of the epidemic during the epidemic period and further increasing the rent exemption of some merchants; Affected by the rising oil price, its oil sales revenue increased by 12.2% to 1.19 billion yuan.
performance of Expressway shares increased
During the epidemic in 2020, the free passage time of highways and bridges in China was long, and the traffic of vehicles decreased after the epidemic, and the income of listed highway companies generally decreased. In addition to Jiangsu Expressway Company Limited(600377) , many listed high-speed companies have published annual reports or performance letters. In 2021, the performance of listed high-speed stocks rose generally.
On March 16, the annual report released by Guangdong Provincial Expressway Development Co.Ltd(000429) showed that its revenue in 2021 was 5.288 billion yuan, a year-on-year increase of 39.5%, exceeding that in 2019. The net profit was 14.93 billion yuan, a year-on-year increase of 1.69 billion yuan.
The company said that as an important infrastructure industry for national economic development, most highway transportation demand is rigid demand, which is less affected by macroeconomic fluctuations and less cyclical. When the economy is prosperous, the rapid growth of traffic flow can drive the development of the industry to a certain extent; During the period of economic adjustment, the expressway industry can better resist the market impact brought by macroeconomic changes with its unique rigid demand.
Henan Zhongyuan Expressway Company Limited(600020) said that although affected by repeated epidemics, heavy rainfall and other natural disasters, the company’s revenue still increased significantly compared with 2020. It is estimated that the net profit attributable to the shareholders of the listed company will be RMB 726 million to RMB 774 million in 2021, an increase of 199.51% – 219.47% over the same period of the previous year, and the net profit excluding non net profit will increase by 382.7% – 402.7% year-on-year.
Hubei Chutian Smart Communication Co.Ltd(600035) estimated that the net profit attributable to shareholders of listed companies will reach 700 million yuan to 780 million yuan in 2021, with a year-on-year increase of 116% to 140.7%.
Fujian Expressway Development Co.Ltd(600033) said that although the epidemic in Xiamen, Putian and other places in the province had a certain negative impact on the company’s toll revenue, the company’s revenue still increased significantly in 2021. It is estimated that the company’s net profit attributable to shareholders of listed companies is 790 million yuan – 880 million yuan, with a year-on-year increase of 75% – 95%.
in Jilin Expressway Co.Ltd(601518) 2021, the operating revenue reached 1.272 billion yuan, with a year-on-year increase of about 50%; The net profit attributable to the shareholders of the listed company was 319 million yuan, a year-on-year increase of 221.4%.
Jiangxi Ganyue Expressway Co.Ltd(600269) it is estimated that the net profit attributable to shareholders of listed companies will be 815 million yuan to 915 million yuan in 2021, with a year-on-year increase of 288 million yuan to 388 million yuan, with a year-on-year increase of 54.7% to 73.7%.
Sichuan Expressway Company Limited(601107) said that after deducting non recurring gains and losses, the company is expected to realize a net profit of about 1 billion yuan attributable to shareholders of Listed Companies in 2021, with a year-on-year increase of about 69.4%.
