大秦铁路股份有限公司 2025 年 4 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。 2025年4月，公司核心经营资产大秦线完成货物运输量3062万吨，同比 增长0.99%。日均运量102.07万吨。大秦线日均开行重车67.8列，其中：日均 开行2万吨列车48.9列。2025年1-4月，大秦线累计完成货物运输量12334万吨， 同比减少4.05%。 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。 董 事 会 12025年5月8日 股票代码：601006 股票简称：大秦铁路 公告编号：【临2025-041】 大秦铁路股份有限公司 ...

Core Viewpoint - The announcement from Daqin Railway (601006) highlights the performance of its core operating asset, the Daqin Line, which achieved a cargo transportation volume of 30.62 million tons in April 2025, reflecting a year-on-year growth of 0.99% [1] Group 1: Transportation Performance - The Daqin Line's average daily transportation volume reached 1.0207 million tons during the same period [1] - The average daily operation of heavy trains was recorded at 67.8 trains, with 48.9 of those being 20,000-ton trains [1] - For the period from January to April 2025, the cumulative cargo transportation volume of the Daqin Line was 123 million tons, showing a year-on-year decrease of 4.05% [1]

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly with the recommendation of companies such as China Merchants Energy, COSCO Shipping Energy, and Xingtong Co. [3][20] Core Viewpoints - OPEC has agreed to increase oil production by 411,000 barrels per day, which is expected to enhance the certainty of improvement in the shipping market in Q2 [3][20] - The report highlights the resilience of major ports and anticipates improvements in Southeast Asia's shipping and oil tanker sectors [3][20] - The report suggests that the "off-season" for shipping may not be as weak as expected, with a higher probability of strong performance from May to August [3][20] Summary by Sections Shipping Industry - OPEC's production increase will lead to a cumulative increase of 960,000 barrels per day over April, May, and June, which is 44% of the total expected increase of 2.2 million barrels per day [3][20] - The report notes that April shipping rates have risen against seasonal trends, indicating a potential for stronger performance in the second half of the year [3][20] - VLCC rates have decreased by 9% to $46,903 per day, but the overall market remains relatively strong with expectations for a rebound post-holiday [3][20][21] Air Transportation - The report indicates that oil prices, influenced by tariffs and OPEC's production increase, are relieving cost pressures on airlines [40] - The domestic air travel market is expected to recover, with passenger volumes projected to reach 10.75 million during the May Day holiday, a year-on-year increase of 8% [41][40] - Recommended stocks in the aviation sector include China Eastern Airlines, Spring Airlines, and China Southern Airlines [42] Express Delivery - The express delivery sector is experiencing high growth, with March volumes reaching 16.66 billion packages, a year-on-year increase of 20.3% [44] - The report emphasizes the potential for market share concentration among leading companies due to favorable policy changes [44] - Recommended companies include SF Holding, JD Logistics, and YTO Express [46] Railway and Highway - The report highlights the resilience of railway freight and highway truck traffic, with railway cargo volume increasing by 3% and highway truck traffic by 2.25% [48] - The report suggests that traditional high-dividend investment themes and potential value management catalysts will be key investment lines for the highway sector throughout 2025 [48]

Investment Rating - The investment rating for the company is "Accumulate" [1][6]. Core Insights - The company's revenue for 2024 was 74.63 billion, a decrease of 7.89% year-on-year, with a net profit of 9.04 billion, down 24.23% year-on-year [2][3]. - In Q1 2025, the company reported revenue of 17.80 billion, a decline of 2.56% year-on-year, and a net profit of 2.57 billion, down 15.61% year-on-year [2]. - The coal transportation volume decreased by 5.1% in 2024, while passenger volume increased by 8.3% [3]. - The company expects a recovery in cargo volume in 2025, with a target of 400 million tons transported and a revenue forecast of 78 billion [4]. Financial Performance Summary - The total revenue for 2023 was 81.02 billion, with a growth rate of 6.95%. The projected revenue for 2025 is 78.04 billion, reflecting a growth rate of 4.57% [7]. - The net profit for 2023 was 11.93 billion, with a year-on-year growth of 6.55%. The expected net profit for 2025 is 10.28 billion, indicating a growth of 13.69% [7]. - The gross profit margin for 2024 is projected at 15.30%, with a return on equity (ROE) of 5.8% [7][9]. Dividend Policy - The company plans to distribute a cash dividend of 0.14 per share for 2024, totaling 2.82 billion, with a combined cash dividend for the year of 5.18 billion, resulting in a payout ratio of approximately 57.31% [5].

Investment Rating - The investment rating for the company is "Accumulate" [1][6]. Core Views - The company's short-term profits are impacted by reduced coal production in Shanxi, but there is optimism for a recovery in freight volume in 2025 [2][4]. - In 2024, the company reported a revenue of 746.27 billion yuan, a decrease of 7.89% year-on-year, and a net profit attributable to shareholders of 90.39 billion yuan, down 24.23% year-on-year [2][3]. - The company plans to achieve a freight volume of 400 million tons in 2025, with a revenue target of 780 billion yuan, indicating a positive outlook for recovery [4][6]. Financial Performance Summary - In 2024, the company's total revenue was 746.27 billion yuan, with a year-on-year decline of 7.89%, and a net profit of 90.39 billion yuan, down 24.23% [2][7]. - The company's gross profit margin for 2024 was 15.30%, with a projected increase to 16.24% in 2025 [7]. - The earnings per share (EPS) for 2024 is projected at 0.45 yuan, with an expected increase to 0.51 yuan in 2025 [9]. Dividend Policy - The company plans to distribute a cash dividend of 0.14 yuan per share for the year 2024, totaling 28.21 billion yuan, maintaining a stable dividend policy with a payout ratio of approximately 57.31% [5][6].

大秦铁路股份有限公司 2024 年年度报告 公司代码：601006 公司简称：大秦铁路 大秦铁路股份有限公司 2024 年年度报告 1/220 大秦铁路股份有限公司 2024 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证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、 未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 独立董事 | 朱玉杰 | 工作原因 | 许光建 | 三、 毕马威华振会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人陆勇、总经理韩洪臣、主管会计工作负责人裴丽群及会计机构负责人（会计主管 人员）孔韶鹏声明：保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经毕马威华振会计师事务所（特殊普通合伙）审计，母公司 2024 年度实现净利润 9,009,962,087 元。按照公司 2024 年末总股本计 ...

Group 1 - The core viewpoint of the news is that Daqin Railway has shown strong financial performance in 2024, with a revenue of 74.627 billion yuan and a net profit of 9.039 billion yuan, alongside a proposed cash dividend of 1.4 yuan per 10 shares [1] - Daqin Railway's cargo volume reached 706 million tons in 2024, with a notable increase of 11.97 million tons in non-coal goods, driven by specialized trains for steel, photovoltaic products, and fertilizers [1][3] - The passenger transport business has become a significant growth driver, with 46.41 million passengers transported in 2024, marking an 8.3% year-on-year increase, the highest in five years [1] Group 2 - In March 2025, Daqin Railway's core asset, the Daqin Line, achieved a cargo volume of 35.27 million tons, with a reduced year-on-year decline of 2.1%, indicating improved operational performance [2] - The company has maintained a high dividend payout ratio, with an average of over 50% since its listing, and has proposed a cash dividend of 1.4 yuan per 10 shares for 2024, continuing its trend of high dividends for 19 consecutive years [2] - The railway freight industry is undergoing significant changes, with Daqin Railway leveraging its heavy-load technology and network synergy to strengthen its market position, while also reducing transportation costs by 3.2% year-on-year [3] Group 3 - The company is focusing on enhancing its operational management quality and aims to build a first-class state-owned railway listed company, emphasizing safety and market share in freight transport while improving passenger services [3] - The short-term outlook for Daqin Railway is positive due to the implementation of coal supply policies in Shanxi, which are expected to boost cargo volumes [3] - The long-term prospects are promising, with expectations for significant valuation increases if market reforms in freight pricing are achieved, alongside asset integration opportunities [3]

证券研究报告 大秦铁路 (601006 CH) 煤炭需求偏弱，成本刚性上涨 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 铁路运输 | 大秦铁路发布 24 年报与 25 年一季报，24 年实现营收 746 亿元（yoy-7.9%）， 归母净利 90.4 亿元（yoy-24%），后者低于我们预期（100.4 亿元）约 10%， 主因 4Q 人工与折旧成本超预期；25 年 1Q 实现营收 178 亿元（yoy-2.6%）、 归母净利 25.7 亿元（yoy-15.6%），后者基本符合我们预期（26.06 亿元）。 公司执行高分红政策，24 年度分红比例达到 57.3%。公司拟派发 24 年末期 股息0.14元（含税），连同中期股息0.12924元（含税），折合股息率为3.98%。 公司股息率在低利率环境下仍有吸引力，维持"增持"评级。 24 年回顾：煤炭安监、降雨偏多与进口煤增长拖累货运 24 年大秦线 1Q/2Q/3Q/4Q 运量同比下降 6/8/13/1%。运量下滑，主因：1） 24 年山西煤炭产量因"三超 ...

Core Viewpoint - Daqin Railway reported a decline in revenue and net profit for Q1 2025 and the full year 2024, indicating a challenging operating environment due to reduced coal transport volumes and increased costs [1][2][5]. Financial Performance - In Q1 2025, Daqin Railway achieved operating revenue of 17.801 billion yuan, a year-on-year decrease of 2.56%, and a net profit of 2.563 billion yuan, down 15.76% [1]. - For the full year 2024, the company reported operating revenue of 74.627 billion yuan, a decline of 7.89%, and a net profit of 9.036 billion yuan, down 24.44% [1]. Coal Transport Dynamics - Coal transport remains the primary revenue source, accounting for 72.88% of the company's main business income in 2024 [2]. - The total coal transport volume in 2024 was 58.907 million tons, a decrease of 5.1% year-on-year, influenced by upstream supply constraints and environmental regulations [2][5]. - The overall coal supply-demand situation is loose, with domestic coal prices declining significantly, impacting the company's revenue from coal transport [3][4]. Market Conditions - The domestic coal market is experiencing a downward trend in prices, with the CCTD reference price for 5500 kcal thermal coal at 658 yuan per ton, down 20.91% year-on-year [3]. - The company faces challenges from high coal inventories, low prices, and increased competition from imported coal, which is affecting its operational performance [5][6]. Future Outlook - Daqin Railway aims for a slight increase in revenue and transport volumes in 2025, projecting operating revenue of 78 billion yuan and a cargo transport volume of 710 million tons [6]. - The company anticipates challenges in maintaining coal transport volumes due to external factors such as stricter regulations and shifts towards green energy [5][6].