Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expected outperformance of 10%-20% relative to the benchmark index over the next six months [22]. Core Views - The company reported a 21.55% year-on-year increase in net profit attributable to shareholders for the first half of 2025, with total revenue reaching 13.969 billion yuan, a growth of 8.08% [2]. - The report highlights the impact of new high-speed rail lines on passenger traffic and revenue, with a mixed performance across different segments of the passenger business [3]. - The company is viewed as a potential asset with a price-to-book (PB) ratio below 1, suggesting room for growth, particularly with ongoing upgrades and new service offerings [8]. Financial Performance Summary - For the first half of 2025, the company achieved a gross profit margin of 10.41%, a slight decrease of 0.24 percentage points year-on-year, while the expense ratio increased by 0.17 percentage points to 0.95% [2]. - The passenger revenue for the first half of 2025 was 5.616 billion yuan, up 2.77% year-on-year, with significant growth in through train and long-distance train revenues [3]. - The freight revenue increased by 6.6% year-on-year to 842 million yuan, driven by a rise in total cargo volume [8]. Earnings Forecast - The earnings forecast for 2025-2027 has been adjusted, with expected net profits of 1.3 billion yuan in 2025, 1.386 billion yuan in 2026, and 1.48 billion yuan in 2027, corresponding to earnings per share (EPS) of 0.18, 0.20, and 0.21 yuan respectively [4][8]. - The report anticipates a price target of 4.33 yuan, representing a 30% upside from the current price of 3.33 yuan [4].

丨证券研究报告丨 公司研究丨点评报告丨广深铁路（601333.SH） [Table_Title] 高铁班列进入收获期，经营利润大幅增长 报告要点 [Table_Summary] 2025Q2，广深铁路的城际旅客同比-2.3%，直通旅客同比+5.1%，长途列车同比+2.4%，营业 收入同比+11.8%，营业成本同比+9.2%，归属净利润大幅增长 75.38%至 6.41 亿元。我们预计 公司增开高品质的高铁班列，收入增长超过旅客，已开高铁班列在经历了 3 个季度的培育之后， 逐步进入盈利收获期。 分析师及联系人 [Table_Author] 韩轶超 赵超 SAC：S0490512020001 SAC：S0490520020001 SFC：BQK468 请阅读最后评级说明和重要声明 %% %% %% %% 风险提示 research.95579.com 1 广深铁路（601333.SH） cjzqdt11111 [Table_Title2] 高铁班列进入收获期，经营利润大幅增长 [Table_Summary2] 事件描述 广深铁路发布 2025 年半年度报告，2025 年上半年公司实现营业收入 139.69 亿元 ...

Group 1 - The core viewpoint of the news is that Guangshen Railway's stock has seen a significant increase of 5.61%, reaching a price of 3.39 CNY per share, with a trading volume of 930 million CNY and a turnover rate of 5.08%, resulting in a total market capitalization of 24.013 billion CNY [1] - Guangshen Railway Co., Ltd. is primarily engaged in passenger and freight transportation services between Guangzhou and Shenzhen, and it collaborates with the Hong Kong Kowloon-Canton Railway Company for passenger transport services between Guangzhou and Hong Kong [1] - The revenue composition of Guangshen Railway includes passenger transport income at 40.59%, entrusted transportation service income at 29.62%, network clearing and other transportation services at 17.21%, other supplementary services at 6.59%, and freight income at 5.99% [1] Group 2 - From the perspective of the top ten circulating shareholders of Guangshen Railway, the Southern Fund has a fund that ranks among the top shareholders, specifically the Southern CSI 500 ETF (510500), which newly entered the top ten in the second quarter with 50.3359 million shares, accounting for 0.71% of the circulating shares [2] - The Southern CSI 500 ETF (510500) has a total scale of 113.438 billion CNY and has achieved a return of 24.61% this year, ranking 1795 out of 4223 in its category; over the past year, it has returned 56.51%, ranking 1509 out of 3780; since its inception, it has returned 136.43% [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 廣深鐵路股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00525 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,431,300,000 | RMB | | 1 | RMB | | 1,431,300,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,431,300,000 | RMB | | 1 | RMB | | 1,431,300,000 | | 2. ...

| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 129.25 Z | 139.69亿 | 8.08% | | 归母净利润(元) | 9.12 亿 | 11.09 Z | 21.55% | | 扣非净利润(元) | 9.01亿 | 10.58亿 | 17.44% | | 货币资金(元) | 25.64亿 | 29.3亿 | 14.26% | | 应收账款(元) | 67.78亿 | 65.67 乙 | -3.11% | | 有息负债 (元) | 19.52亿 | 2.67亿 | -86.32% | | 手利率 | 10.65% | 10.41% | -2.22% | | 净利率 | 7.05% | 7.94% | 12.54% | | 三费占营收比 | | -- | | | 每股净资产 (元) | 3.8 | 3.93 | 3.52% | | 每股收益(元) | 0.13 | 0.16 | 21.51% | | 每股经营性现金流(元) | 0.16 | 0.26 | 64.14% | 据证券之星公开数据整理，近期广 ...

公司代码：601333(A 股)/00525(H 股) 公司简称：广深铁路 广深铁路股份有限公司 Guangshen Railway Company Limited （于中华人民共和国注册成立之股份有限公司） 广深铁路股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会（「董事会」）、监事会及董事、监事、高级管理人员保证本半年度报告内容的真 实性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席审议本半年度报告的董事会会议。 三、 本半年度报告中的财务报告按照中国企业会计准则编制，并且未经审计。 四、 公司董事长蒋辉、总经理陈少宏、总会计师罗新鹏及财务部长邓宇晖声明：保证本半年度报告 中财务报告的真实、准确、完整。 五、 公司董事会决定本报告期不进行现金分红，也不进行利润分配或公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告中如有涉及未来计划、发展战略等前瞻性描述，均不构成公司对投资者的实质承 诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差 异。 七、 是否存在被控股股东及 ...

| 公司代码：601333(A | 股)/00525(H 股) | 公司简称：广深铁路 | | | | --- | --- | --- | --- | --- | | 广深铁路股份有限公司 | | | | | | Guangshen | Railway Company Limited | | | | | （于中华人民共和国注册成立之股份有限公司） | | | | | | 广深铁路股份有限公司2025 | | 年半年度报告摘要 | | | | 第一节 | 重要提示 | | | | | 规划，投资者应当到上交所网站：http://www.sse.com.cn | | 或本公司网站：http://www.gsrc.com | | | | 仔细阅读半年度报告全文。 | | | | | | 真实性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法 | | | | | | 律责任。 | | | | | | 第二节 | 公司基本情况 | | | | | 股票种类 | 股票上市交易所 | 股票简称 | | 股票代码 | | A股 | 上交所 | 广深铁路 | 601333 | | | H股 | 联交 ...

（二）会议通知和材料于 2025 年 8 月 13 日以书面文件形式发出。 （三）会议于 2025 年 8 月 28 日 9:30 分在本公司以现场加通讯的方式召开。 （四）会议由董事长蒋辉先生主持，会议应出席的董事人数为 8 名，实际出 席会议的董事为 8 名，监事和高管列席了会议。 二、董事会会议审议情况 证券代码：601333 证券简称：广深铁路 公告编号：2025-012 广深铁路股份有限公司 第十届董事会第十五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性法律责任。 一、董事会会议召开情况 （一）会议的召开符合《中华人民共和国公司法》、本公司《章程》的规定。 （http://www.sse.com.cn）及香港联交所披露易（http://www.hkexnews.hk/）网站。 （三）通过《关于京广铁路大朗站至棠溪站南场部分资产处置的议案》，并 授权任何一名高级管理人员办理与本次资产处置相关的一切事宜，包括签署相关 协议。为配合广州市地方政府拟在广州铁路枢纽新建部分站场及相关配套工程， 本公司对所拥有的京广铁路大朗 ...

Core Viewpoint - Guangshen Railway (601333) reported a strong performance in its 2025 semi-annual results, with significant increases in revenue and net profit despite a decline in passenger volume [1] Financial Performance - The company achieved an operating revenue of 13.969 billion yuan, representing an increase of 8.08% year-on-year [1] - Net profit attributable to shareholders reached 1.109 billion yuan, marking a year-on-year increase of 21.55% [1] - Basic earnings per share were reported at 0.1565 yuan [1] Passenger Volume and Revenue Dynamics - The decline in passenger volume was attributed to the opening of new high-speed rail lines, which led to adjustments in the railway operation schedule and a decrease in the number of trains operated [1] - Despite the decrease in passenger volume, the company adapted to market demand by increasing services such as the direct train from Guangzhou East to Hong Kong West Kowloon, resulting in significant growth in revenue from direct and long-distance cross-line trains [1]

每经AI快讯，广深铁路股份(00525.HK)高开逾6%。 ...