| 股票代码：601006 | 股票简称：大秦铁路 | 公告编号：2024-048 | | --- | --- | --- | | 债券代码：113044 | 债券简称：大秦转债 | | 重要内容提示： 证券停复牌情况：适用 因实施 2024 年半年度权益分派,本公司的相关证券停复牌情况如下： 大秦铁路股份有限公司 关于实施 2024 年半年度权益分派时"大秦转债" 停 止转股的提示性公告 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、准确性和完整性承担法律责任。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113044 | 大秦转债 | 可转债转股停牌 | 2024/10/16 | | | | 权益分派公告前一交易日（2024 年 10 月 16 日）至权益分派股权登记日间，本公 司可转债将停止转股。 一、2024 年半年度权益分派方案的基本情况 公司 2024 年半年度利润分配方案为：拟以实施权益分 ...

| 证券代码：601006 | 证券简称：大秦铁路 | 公告编号：【临 2024-046】 | | --- | --- | --- | | 转债代码：113044 | 转债简称：大秦转债 | | 大秦铁路股份有限公司 可转债转股结果暨股份变动公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： ●转股情况：截至2024年9月30日，累计共有人民币21,188,940,000元"大秦 转债"已转换为公司股票，转股数量为3,390,458,657股，占可转债开始转股前公 司已发行股份总额的22.81%。 ●未转股可转债情况：截至2024年9月30日，尚未转股的可转债金额为人民 币10,811,060,000元，占可转债发行总量的33.78%。 ●本季度转股情况：自2024年7月1日至2024年9月30日期间，"大秦转债"转 股的金额为3,925,895,000元，因转股形成的股份数量为638,243,166股，占可转 债转股前公司已发行股份总额的4.29%。 一、可转债发行上市及转股价格调整情况 经中国证券监 ...

| 股票代码:601006 | | --- | | 债券代码:113044 | 债券代码：113044 债券简称：大秦转债 以上主要运营数据来自本公司内部统计。运营数据可能在月度之间存在一定 差异，其影响因素包括但不限于市场环境、设备检修和接卸能力等。 大秦铁路股份有限公司 董事会 2024年10月9日 股票代码：601006 股票简称：大秦铁路 公告编号：【临2024-047】 大秦铁路股份有限公司 2024 年 9 月大秦线生产经营数据简报 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、准确性和完整性承担个别及连带责任。 2024年9月，公司核心经营资产大秦线货物运输量完成3201万吨，同比减少 10.74%。日均运量106.70万吨。大秦线日均开行重车66.7列，其中：日均开行2 万吨列车52.3列。2024年1-9月，大秦线累计完成货物运输量28644万吨，同比减 少9.14%。 ...

Investment Rating - The report assigns a "Buy" rating to Daqin Railway (601006) [2] Core Views - Daqin Railway is a leading player in China's west-to-east coal transportation, with stable operations and strong cash flow value [2] - The company's core asset, the Daqin Line, is a critical coal transportation route, accounting for 14.5% of national railway coal freight volume despite only 0.4% of total railway mileage [2][19] - The company has a robust dividend policy, with a cash dividend payout ratio of 58.1% in 2023 and a commitment to maintain a payout ratio of at least 55% from 2023 to 2025 [2][25] Business Overview - Daqin Railway primarily operates freight transportation, with coal transportation accounting for 70%-80% of revenue, while passenger transportation contributes 5%-15% [2][14] - The company's freight volume reached 7.26 billion tons in 2023, with coal shipments accounting for 85.5% of total freight volume [16] - Passenger revenue surged by 119% YoY in 2023, with passenger volume increasing by 111.5% YoY [17][18] Financial Performance - Daqin Railway's net profit reached 11.93 billion yuan in 2023, up 6.6% YoY, with a cash flow coverage ratio of 1.27x [2][23] - The company's operating revenue in 2023 was 81.02 billion yuan, a 6.9% YoY increase, with freight revenue contributing 612.38 billion yuan, up 0.8% YoY [6][16] - The company's dividend payout ratio has remained above 50% since 2019, with a cumulative cash dividend of 106.05 billion yuan from 2006 to 2023 [25] Core Assets and Expansion - The Daqin Line, spanning 658 km, is the company's core asset, with a designed annual capacity of 400 million tons and a peak capacity of 479 million tons [2][31] - The company operates 9 main lines and 8 branch lines, totaling 2,582 km in operating mileage, and holds a 41.16% stake in Shuohuang Railway, which contributed 2.47 billion yuan in investment income in 2023 [2][22] - The company also holds a 10% stake in Haoji Railway, which contributed 76 million yuan in investment income in 2023, a significant increase from -19 million yuan in 2022 [22] Freight Volume and Pricing - The Daqin Line's freight volume is expected to recover in the short term, supported by coal production stabilization in Shanxi, with a potential increase in the medium to long term due to coal source concentration and transportation structure reforms [33][36] - The company's freight pricing has been adjusted six times since 2011, with potential for further upward adjustments under the current pricing mechanism [44][46] Profit Forecast and Valuation - The report forecasts Daqin Railway's net profit for 2024-2026 to be 9.89 billion yuan, 11.28 billion yuan, and 12.03 billion yuan, respectively, with YoY growth rates of -17.08%, +13.98%, and +6.72% [47][51] - The company's dividend yield is expected to remain attractive, with a projected dividend per share of 0.30 yuan, 0.34 yuan, and 0.36 yuan for 2024-2026, corresponding to dividend yields of 4.98%, 5.68%, and 6.06% [57] - Using a DDM model, the report estimates the company's fair value at 6.87 yuan per share, supporting the "Buy" rating [58][59]

Investment Rating - The report assigns an "Accumulate" rating to the company [2]. Core Views - The company, Daqin Railway, is a leading platform for coal transportation under the China National Railway Group, showcasing stable operations and significant cash value [2][11]. - The core asset, the Daqin Line, is the first heavy-load railway in China, covering 658 kilometers and accounting for 14.5% of the national coal freight volume in 2022 [11][19]. - The company has maintained a high dividend payout ratio, with a commitment to distribute at least 55% of its net profit as cash dividends annually from 2023 to 2025 [11][25]. Summary by Sections 1. Company Overview - Daqin Railway was established in 2004 and listed on the A-share market in 2006, with a high ownership concentration, as the controlling shareholder, Taiyuan Bureau Group, holds 52.9% of the shares as of the end of H1 2024 [2][12]. - The company's main business is freight transportation, which contributes approximately 70%-80% of its revenue, while passenger transport accounts for 5%-15% [2][14]. 2. Financial Performance - The company has achieved a net profit exceeding 10 billion yuan since 2017, with a net profit of 11.93 billion yuan in 2023, reflecting a year-on-year growth of 6.6% [2][23]. - The cash flow is robust, with a cash coverage ratio of 1.27 times in 2023, indicating strong financial health [23][24]. 3. Dividend Policy - In 2023, the company distributed cash dividends of 6.929 billion yuan, with a payout ratio of 58.1% [25]. - The company has a commitment to maintain a cash dividend ratio of no less than 55% of the annual net profit, with a history of maintaining a dividend payout ratio above 50% since 2019 [25][11]. 4. Operational Capacity - The Daqin Line has a designed annual capacity of 400 million tons, with the actual freight volume reaching 422 million tons in 2023, indicating sufficient capacity [27][31]. - The company is exploring further capacity enhancements through optimizing train intervals, increasing train lengths, and improving load weights [27][28][30]. 5. Market Outlook - The report anticipates a recovery in freight volume in the short term, supported by policies aimed at stabilizing coal production in Shanxi province [33]. - The company benefits from a "three-layer safety cushion" that supports long-term freight volume growth, including the concentration of coal sources, structural reforms in bulk commodity transportation, and the competitive advantages of its main transportation lines [11][33].

大秦铁路股份有限公司 | 股票代码：601006 | 股票简称：大秦铁路 | 公告编号：【临 | 2024-045】 | | --- | --- | --- | --- | | 债券代码：113044 | 债券简称：大秦转债 | | | 二、其他说明 （一）增持主体表示，本次增持公司股份是基于对公司长期投资价值的认同， 将严格遵守《证券法》《上市公司董事、监事、高级管理人员所持本公司股份及 其变动管理规则》等有关法律法规的规定，增持股份完成后6个月内不减持其所 持有的本公司股份，不进行内幕交易和短线交易，不在敏感期买卖公司股票。 （二）公司将根据中国证监会及上海证券交易所的有关规定，关注公司董事、 监事、高级管理人员持有公司股票情况，及时履行信息披露义务。 （三）公司监事此次增持属个人行为，增持资金为个人的自有资金。截至本 关于公司监事增持本公司股票的公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： 本次增持情况：2024年9月23日，公司监事温敬先生，以自有资金通过二级 市场买卖方式增持公司股份9, ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - In 2024, both supply and demand in the coal market are expected to weaken, with upstream production cuts in the "Three West" regions and declining coal prices at the northern ports, leading to a persistent price inversion between port and pit coal [6][7]. - The company reported a revenue of 36.607 billion yuan for the first half of 2024, a year-on-year decrease of 9.5%, and a net profit of 5.864 billion yuan, down 22.2% year-on-year [5][6]. - The company plans to distribute a mid-term cash dividend of 2.36 billion yuan, accounting for 40.24% of its net profit for the first half of 2024 [5]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 18.338 billion yuan, a decrease of 11.0% year-on-year, and a net profit of 2.817 billion yuan, down 27.4% year-on-year [5][6]. - The company's total revenue for the first half of 2024 was 36.607 billion yuan, with a net profit of 5.864 billion yuan [5][6]. - The company experienced a decline in freight volume, with Q2 2024 coal transport volume down 8.1% year-on-year to 9.5 million tons [6][10]. Market Conditions - The coal market is facing a dual weakening of supply and demand, with significant impacts from upstream production cuts and declining prices at key ports [6][7]. - The report highlights the potential for recovery in transport volume along the Daqin line as the price inversion between pit and port coal temporarily resolves [6][7]. Future Outlook - The company is expected to maintain high transport volumes due to the ongoing demand for coal, with projected net profits of 9.11 billion yuan, 11.3 billion yuan, and 11.71 billion yuan for 2024 to 2026, respectively [7][10]. - The report emphasizes the potential for upward momentum in profitability if market reforms lead to adjustments in freight pricing [7].

| 股票代码: 601006 | | --- | | 债券代码:113044 | 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、准确性和完整性承担个别及连带责任。 2024年8月，公司核心经营资产大秦线货物运输量完成3135万吨，同比减少 10.15%。日均运量101.13万吨。大秦线日均开行重车63.3列，其中：日均开行2 万吨列车49.0列。2024年1-8月，大秦线累计完成货物运输量25443万吨，同比减 少8.93%。 以上主要运营数据来自本公司内部统计。运营数据可能在月度之间存在一定 差异，其影响因素包括但不限于市场环境、设备检修和接卸能力等。 大秦铁路股份有限公司 董事会 2024年9月7日 债券代码：113044 债券简称：大秦转债 股票代码：601006 股票简称：大秦铁路 公告编号：【临2024-044】 大秦铁路股份有限公司 2024 年 8 月大秦线生产经营数据简报 ...

Group 1: Profit Distribution Policy - The company aims to continuously optimize long-term development and shareholder returns, with a high cash dividend ratio exceeding 50% since 2006, accumulating a total dividend amount of 106 billion yuan [1] - The cash dividend policy is set to distribute no less than 55% of the annual net profit attributable to shareholders from 2023 to 2025 [1] - In 2024, the company plans to implement a mid-term profit distribution, proposing a cash dividend of 2.36 billion yuan, accounting for 40.24% of the net profit [1] Group 2: Decline in Daqin Line Volume - The decline in the Daqin line's volume in the first half of 2024 is attributed to several factors, including strict regulations and low coal prices leading to a decrease in domestic raw coal production, particularly in Shanxi province [2] - Increased clean energy output and weak overall electricity demand have also contributed to the decline in coal consumption, affecting railway coal transportation demand [2] Group 3: Freight Situation in H2 2024 - The freight situation is expected to improve in the second half of 2024 due to a stabilizing national economy and a decrease in port coal inventory [2] - The end of the main flood season and the upcoming conclusion of summer transportation will further alleviate transportation constraints [2] Group 4: Passenger Transport Growth - In the first half of 2024, the company achieved a passenger volume of 23.49 million, a year-on-year increase of 22.54%, with passenger revenue reaching 4.911 billion yuan, accounting for 13.61% of main business revenue [2] - Key measures to enhance passenger transport include optimizing product structure, adjusting capacity dynamically, and improving service quality [2] Group 5: Innovation and New Productive Forces - The company encourages innovation and has invested in advanced technologies across various fields, forming a comprehensive technical system for heavy-haul railways [3] - Efforts include converting technological achievements into productivity and upgrading maintenance systems with digital and robotic technologies [3]

北京市众鑫律师事务所 关于大秦铁路股份有限公司 二〇二四年第一次临时股东大会的律师见证法律意见书 致:大秦铁路股份有限公司 北京市众鑫律师事务所(以下简称"本所")接受大秦铁路股份 有限公司(以下简称"贵公司")的委托,指派张燮峰、张金巨律师 出席贵公司二〇二四年第一次临时股东大会(以下简称"本次股东大 会")进行律师见证,对本次股东大会的程序合法性进行监督。根据 《公司法》、《证券法》、公司章程及其他规范性文件的规定,出具本 法律意见书。 本所律师根据《公司法》、《证券法》及其他规范性文件的要求, 按照律师行业公认的业务标准、道德规范和勤勉尽责精神,对贵公司 提供的文件和有关事实进行了核查和验证,现出具法律意见如下: 一、 本次股东大会的召集、召开程序 经本所律师核查,2024年8月10日,贵公司董事会在《中国证 券报》、《上海证券报》上发布了召开本次股东大会的会议通知,贵公 司通告公司股东于 2024年8月28日召开本次股东大会。会议通知规 定本次股东大会采用现场投票与网络投票相结合的方式召开。 二、 出席本次股东大会人员的资格、召集人资格 根据贵公司提供的股东名册、本次股东大会签名册,经本所律师 核查, ...