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深圳高速公布2004上半年纯利为2.087亿元人民币,比去年同期下降72.3%,每股盈利为0.096元。若扣除已出售两条国道所得的收益,公司实际核心盈利比03上半年升45.7%,反映公司已开始摆脱核心盈利倒退的负面影响。在现有高速公路收入上升及新项目开始提供盈利的情况下,估计公司03-06年核心盈利复合增长率可望达到 18.3%,比其它沿海高速公路公司盈利增长要高。投资评级维持“收集”。
Shenzhen Expressway announced the first half of 2004 net profit of 208.7 million yuan, down 72.3% over the same period last year, earnings per share of 0.096 yuan. Excluding the proceeds from the sale of two national highways, the actual core profit of the Company rose 45.7% over the first half of 03, reflecting the Company’s beginning to get rid of the negative impact of core profit retrogression. With revenue from existing highways rising and new projects beginning to provide profitability, it is estimated that the core compound annual growth rate of revenue of the Company in 2003-06 is expected to reach 18.3%, higher than that of other coastal expressway companies. Investment rating remains “collected.”