Jiangxi and Guangdong Expressway: Highway rate increase still exist uncertainty

Gan Yue High Speed (600269) Annual report shows that 2010, the company realized operating income of 3.98 billion yuan, up 22.31% year-on-year, net profit of 1.26 billion yuan, an increase of 2.22%, the basic earnings per share 0.54 yuan.　　At the same time, Gan Yue high-speed to all shareholders to distribute 10 shares of cash dividend 1 yuan (including tax). CICC's previous report found that the highway toll rate in Jiangxi province is lower than the surrounding provinces by more than 10%, charging standards may be raised, the next year, inflation pressure will begin to fall back to a better time window. According to CICC, 1% of the rate increase will lead to 1.9% earnings growth.　　If the rate increases by 10%, the price increase is expected to increase the company's profit level 34%.　　Jiangxi and Guangdong high-speed Dong Xingchang said that there is no information on the department's price increase, but the Jiangxi Expressway rate is lower than Anhui, but the rate is similar to Hunan and Hubei, so the future price increase is still uncertain. The annual report shows that the service fee of Gan-Yue Expressway in 2010 amounted to 2.907 billion yuan, which grew 15.83% from last year. 2011 Company to ensure that the target completed 3.042 billion yuan.　　During the reporting period, benefited from the macroeconomic improvement, the company main road traffic flow quickly resumed; nine-scene technological renovation has brought positive growth effect, the company actively carry out special rectification, plugging the income increase activities, excavation of the potential fees. This year, the company will focus on the construction of three key projects. First, to ensure that Cheong-bong high-speed by the end of this year to open to traffic; second, the high speed of copper to achieve the roadbed project completed 100%, the bridge project completed 100%, the tunnel project completed 100%, and Pavement engineering base, grassroots, below the completion of 100%; third, Cheong-Zhang high-speed reconstruction and expansion project to ensure the construction of August, To achieve the opening and expansion of two not mistaken.　　In addition, it will accelerate the extension of Chang Nine expressway and the Peng of high speed. Jiangxi-Guangdong high-speed investment in the Chang-bong high-speed, copper high-speed new projects and Chang-Zhang high-speed reconstruction projects such as the total investment amounted to more than 17 billion yuan. The latest announcement shows that the company's total financing for this year is not more than 8 billion yuan, will be mainly through bank loans, debt financing, insurance funds and other means of financing.