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    576   CNE1000004S4

ZHEJIANG EXPRESSWAY CO., LTD.

(576)
  Report
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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Zhejiang Expressway : Interim Report

08/26/2021 EST

Vigorously Expanding the Scale of Toll Road Business and Constantly Strengthening t h e C o m p e t i t i v e n e s s o f Securities Business

In the first half of 2021, the Company leveraged the advantages of its resources to solidly pursue its key development projects. The Company remained focused on building a renowned brand for expressway operations and services in China, actively improved capabilities in technological innovation, accelerated the construction of intelligent expressways, and continuously elevated operational and service qualities. Furthermore, the Company steadily pursued investment and M&A projects and effectively expanded the scale of its core business, with an aim to further enhance its brand influence and core competencies.

Zheshang Securities, a subsidiary of the Company, proactively took advantage of market opportunities, enhanced the synergies between its business segments, and established its brand characteristics. Overall business development maintained a steady growth, progressively advancing towards its goal of becoming a top-tier securities company in China.

2021

INTERIM REPORT

  1. Definition of Terms
  1. 2021 Interim Results
  2. Business Review
  1. Financial Analysis
  1. Outlook
  2. Disclosure of Interests and Other Matters
  1. Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
  2. Condensed Consolidated Statement of Financial Position
  1. Condensed Consolidated Statement of Changes in Equity
  1. Condensed Consolidated Statement of Cash Flows
  2. Notes to Condensed Consolidated Financial Statements

Appendices

65 Corporate Information

  1. Corporate Structure of the Group
  2. Financial Highlights
  3. Location Map of Expressways in Zhejiang Province

02

Definition of Terms

Associate

has the meaning ascribed to it under the Listing Rules

Audit Committee

the audit committee of the Company

Board

the board of directors of the Company

China Merchants

China Merchants Expressway Network & Technology Holdings Co Ltd.

(招商局公路網絡科技控股股份有限公司), a joint stock limited company

established in the PRC on December 18, 1993, whose shares are listed on

the Shenzhen Stock Exchange

Company or Zhejiang Expressway

Zhejiang Expressway Co., Ltd., a joint stock limited company incorporated

in the PRC with limited liability on March 1, 1997

Communications Group

Zhejiang Communications Investment Group Co., Ltd. (浙江省交通投資集

團有限公司), a wholly state-owned enterprise established in the PRC, on

December 29, 2001 and the controlling shareholder of the Company

Controlling Shareholder

has the meaning ascribed to it under the Listing Rules

De'an Co

Deqing County De'an Highway Construction Co., Ltd. (德清縣德安公路

建設有限責任公司), a 80.1% owned subsidiary of the Company, which is

established with Zhejiang Hongtu Transportation Construction Company

(浙江交工宏途交通建設有限公司) for PPP Project in Deqing County

Directors

the directors of the Company

GDP

gross domestic product

Group

the Company and its subsidiaries

H Shares

the overseas listed foreign shares of Rmb1.00 each in the share capital of

the Company which are primarily listed on the Hong Kong Stock Exchange

and traded in Hong Kong dollars since May 15, 1997

Hanghui Co

Zhejiang Hanghui Expressway Co., Ltd. (浙江杭徽高速公路有限公司), a

51% owned subsidiary of the Company

HangNing Co

Zhejiang HangNing Expressway Co., Ltd. (浙江杭寧高速公路有限責任公司),

a 30% owned associate of the company, which is established in the PRC

with limited liability

Huihang Co

Huangshan Yangtze Huihang Expressway Co., Ltd (黃山長江徽杭高速公路

有限責任公司), a wholly-owned subsidiary of the Company

Hong Kong Stock Exchange

The Stock Exchange of Hong Kong Limited

Independent third party(ies)

any person(s) or company(ies) and their respective ultimate beneficial

owner(s), to the best of the Directors' knowledge, information and belief

having made all reasonable enquiries, are third parties independent of the

Group and its connected persons in accordance with the Listing Rules

Jiaxing Co

Zhejiang Jiaxing Expressway Co., Ltd. (浙江嘉興高速公路有限責任公司), a

99.9995% owned subsidiary of the Company

Jinhua Co

Zhejiang Jinhua Yongjin Expressway Co., Ltd. (浙江金華甬金高速公路有限

公司), a wholly-owned subsidiary of the Company

2021INTERIM REPORT

03

Definition of Terms

Listing Rules

the Rules Governing the Listing of Securities on The Stock Exchange of

Hong Kong Limited

LongLiLiLong Co

Zhejiang LongLiLiLong Expressway Co., Ltd. (浙江龍麗麗龍高速公路有限公

), a wholly-owned subsidiary of the Company

Period

the period from January 1, 2021 to June 30, 2021

PRC

the People's Republic of China

Rmb

Renminbi, the lawful currency of the PRC

SFO

Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong)

Shangsan Co

Zhejiang Shangsan Expressway Co., Ltd. (浙江上三高速公路有限公司), a

joint stock limited company established in the PRC on January 1, 1998

which is owned as to 73.625% by the Company and 18.375% by China

Merchants, respectively

Shareholders

the shareholders of the Company

Shengxin Co

Shengxin Expressway Co., Ltd. (浙江紹興嵊新高速公路有限公司), a 50%

owned joint venture of the Company

Shenjiahuhang Co

Zhejiang Shenjiahuhang Expressway Co., Ltd.(浙江申嘉湖杭高速公路有限

公司), a wholly-owned subsidiary of the Company

SRCB

Shanghai Rural Commercial Bank Co., Ltd. (上海農村商業銀行股份有限公

) a 4.83% owned associate of the Company

Yangtze Financial

Yangtze United Financial Leasing Co., Ltd. (長江聯合金融租賃有限公司), a

Leasing

10.61% owned associate of the Company

Yuhang Co

Zhejiang Yuhang Expressway Co., Ltd. (浙江余杭高速公路有限責任公司), a

51% owned subsidiary of the Company

Zhajiasu Co

Jiaxing Zhajiasu Expressway Co., Ltd. (嘉興市乍嘉蘇高速公路有限責任公

), a 55% owned subsidiary of the Company

Zhejiang Communications Finance

Zhejiang Communications Investment Group Finance Co., Ltd. (浙江省交通

投資集團財務有限責任公司), a 20.08% owned associate of the Company

Zhejiang Grand Hotel

Zhejiang Grand Hotel Limited (浙江大酒店有限公司), a wholly-owned

subsidiary of the Company

Zhejiang Hongtu

Zhejiang Hongtu Transportation Construction Company (浙江交工宏途交

通建設有限公司), a limited liability company incorporated in the PRC and

non-wholly owned by Communications Group

Zhejiang International Hong Kong

Zhejiang Expressway International (Hong Kong) Co., Ltd. (浙江滬杭甬國

(香港)有限公司), a wholly-owned subsidiary of the Company

Zheshang Securities

Zheshang Securities Co., Ltd. (浙商證券股份有限公司), a 54.7894% owned

subsidiary of the Shangsan Co

Zhoushan Co

Zhejiang Zhoushan Bay Bridge Co., Ltd.(浙江舟山跨海大橋有限公司), a

51% owned subsidiary of Shenjiahuhang Co

Disclaimer

Zhejiang Expressway Co. Ltd. published this content on 26 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2021 09:31:06 UTC.


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Financials
Sales 2021 17 405 M 2 744 M 2 744 M
Net income 2021 4 826 M 761 M 761 M
Net Debt 2021 31 496 M 4 965 M 4 965 M
P/E ratio 2021 6,64x
Yield 2021 5,64%
Capitalization 30 315 M 3 888 M 4 779 M
EV / Sales 2021 3,55x
EV / Sales 2022 3,16x
Nbr of Employees 8 055
Free-Float 33,0%
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Technical analysis trends ZHEJIANG EXPRESSWAY CO., LTD.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 4
Last Close Price 6,98 CNY
Average target price 7,75 CNY
Spread / Average Target 11,1%
EPS Revisions
Managers and Directors
Ying Jie Yuan General Manager & Executive Director
Liya Ruan Chief Financial Officer
Zhi Hong Yu Non-Executive Chairman
Ker Wei Pei Independent Non-Executive Director
Wai Tsang Lee Independent Non-Executive Director
Sector and Competitors