关于召开 2023 年度暨 2024 年第一季度 业绩说明会的公告 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法律责任。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 大秦铁路股份有限公司（以下简称"公司"）于 2024 年 4 月 27 日发布了公 司 2023 年年度报告及 2024 年第一季度报告，为便于广大投资者更全面深入地了 解公司 2023 年度及 2024 年第一季度经营成果、财务状况，公司计划于 2024 年 5 月 17 日上午 09:00-10:00 举行 2023 年年度暨 2024 年第一季度业绩说明会， 就投资者关心的问题进行交流。 一、 说明会类型 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2024-021】 大秦铁路股份有限公司 本次投资者说明会以网络互动形式召开，公司将针对 2023 年年度及 2024 年第一季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在 信息披露允许的范围内就投资者 ...

| 股票代码:601006 | | --- | | 债券代码:113044 | 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2024-020】 大秦铁路股份有限公司 2024 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。 2024年4月，公司核心经营资产大秦线集中修施工，货物运输量完成3032万 吨，同比减少0.95%。日均运量101.07万吨。大秦线日均开行重车66.5列，其中： 日均开行2万吨列车51.9列。2024年1-4月，大秦线累计完成货物运输量12855万 吨，同比减少4.87%。 大秦铁路股份有限公司 董事会 2024年5月9日 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。 ...

[Table_Stock] 大秦铁路（601006） 证 2024 年预计货量同比小幅下滑，一季度 券 业绩有所承压 研 究 ——大秦铁路业绩点评 报 告 [Table 买_R 入at （ing 维] 持） [◼Ta bl投e_资Su摘mm要a ry] 事件概述 [行Ta业bl:e _Indu交st通ry]运 输 4月26日，公司发布公告称，2023年公司实现营业收入810.20亿 日期: s 20h2z4q年da0t5e月m0a7r日k 元，同比增长6.95%；归母净利润119.30亿元，同比增长6.55%；扣非 归母净利润119.58亿元，同比增长7.43%。同时，公司公告了2023年 [T分ab析le师_A: utho王r]亚 琪 度利润分配预案，拟每股分配现金股利0.44元（含税），合计派发现金 Tel: 021- 53686472 股利69.29亿元。 E-mail: wangyaqi@shzq.com 此外，根据公告，2024年一季度公司实现营业收入182.68亿元，同 SAC编号: S0870523060007 比下滑7.92%；归母净利润30.46亿元，同比下滑16.65%；扣非归母 净利润3 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 铁路 ＃ investSuggestion＃ ＃ ＃d 大yCo 秦mpa 铁ny＃路 （ 6 01006.SH ） investSug 买入 ( 维gest持ion C） h 0 20 00 20 309 年 业 绩表现亮眼 ，＃ti 公tle＃ 司 发布 新股东回报计划 ange＃ ＃ createTime1＃ 2024 年 4月 30 日 投资要点 公 ＃市m场a数rk据etD ata＃ ＃ 事su 件m ：ma 大ry＃ 秦 铁路发布 2023年年度报告、2024年一季报：2023年公司实现营业收 司 日期 2024/04/29 入 810.20亿元，同比上涨 6.95%；实现归母净利润 119.30亿元，同比上涨 6.55%； 点 收盘价（元） 7.03 扣非后归母净利润 119.58 亿元，同比上涨 7.43%；基本每股收益 0.79元，同比 评 总股本（百万股） 17566.22 上涨5.33%。2023年公司每股派息 0.44元，分红率为58.08%，截至2024年4月 报 流通股本（百万股） 17566.22 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's 2023 revenue was RMB 810.2 billion, a 7.0% YoY increase, with net profit attributable to shareholders of RMB 119.3 billion, up 6.6% YoY [3] - In Q1 2024, revenue declined by 7.9% YoY to RMB 182.7 billion, and net profit attributable to shareholders dropped 16.7% YoY to RMB 30.5 billion [3] - The company's 2023 freight volume increased by 7.3% YoY to 726 million tons, while passenger volume surged 111.5% YoY to 42.84 million passengers [4] - Q1 2024 freight volume was impacted by stricter coal safety inspections in Shanxi, leading to a 6.0% YoY decline in core line volume [4] - Operating costs rose 6.0% YoY in 2023, driven by increased passenger-related costs and employee compensation [5] - The company revised its 2024-2025 profit forecasts downward by 18.4% and 17.2%, respectively, due to freight volume pressure and potential tariff reductions [6] Financial Performance - 2023 operating income: RMB 810.2 billion, up 7.0% YoY [3] - 2023 net profit attributable to shareholders: RMB 119.3 billion, up 6.6% YoY [3] - Q1 2024 operating income: RMB 182.7 billion, down 7.9% YoY [3] - Q1 2024 net profit attributable to shareholders: RMB 30.5 billion, down 16.7% YoY [3] - 2023 freight revenue: RMB 612.4 billion, up 0.8% YoY [4] - 2023 passenger revenue: RMB 89.2 billion, up 119.0% YoY [4] - 2023 operating costs: RMB 642.8 billion, up 6.0% YoY [5] - Q1 2024 operating costs: RMB 143.9 billion, down 3.0% YoY [5] Forecasts and Projections - 2024 revenue forecast: RMB 808.64 billion, down 0.19% YoY [8] - 2025 revenue forecast: RMB 826.88 billion, up 2.26% YoY [8] - 2026 revenue forecast: RMB 843.03 billion, up 1.95% YoY [8] - 2024 net profit attributable to shareholders forecast: RMB 111.73 billion, down 6.35% YoY [8] - 2025 net profit attributable to shareholders forecast: RMB 114.04 billion, up 2.06% YoY [8] - 2026 net profit attributable to shareholders forecast: RMB 115.49 billion, up 1.28% YoY [8] - 2024-2025 dividend payout ratio: at least 55%, lower than previous levels [6] Key Financial Ratios - 2023 P/E ratio: 10.19x [8] - 2024 P/E ratio: 10.88x [8] - 2025 P/E ratio: 10.66x [8] - 2026 P/E ratio: 10.53x [8] - 2023 P/B ratio: 0.88x [8] - 2024 P/B ratio: 0.74x [8] - 2025 P/B ratio: 0.72x [8] - 2026 P/B ratio: 0.69x [8] - 2023 ROE: 8.7% [15] - 2024 ROE: 6.8% [15] - 2025 ROE: 6.7% [15] - 2026 ROE: 6.6% [15]

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨大秦铁路（ 601006.SH） [Table_Title] 货运运量下滑，分红比例提升 报告要点 [2T0a2b4leQ_1S，um煤m炭a市ry]场供需双弱，大秦线运量同比下滑 6.0%，大秦铁路营业收入同比下滑 7.9% 至182.68亿元，实现归属净利润30.46亿元，同比减少16.6%。公司董事会制定了《大秦铁 路股份有限公司三年（2023年--2025年）股东分红回报规划》，现金分红比例不低于当年归母 净利润总额的55%，超过2010~2019年的分红比例，高股息的特征依然凸显。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.56 yuan, based on a 12x PE for 2024 [6][4]. Core Insights - In 2023, the company achieved operating revenue of 81.02 billion yuan, a year-on-year increase of 6.95%, and a net profit attributable to shareholders of 11.93 billion yuan, up 6.55% [2]. - The company announced a three-year dividend plan, committing to a minimum payout ratio of 55% of net profit for 2023-2025, with a cash dividend of 0.44 yuan per share in 2023 [3]. - The first quarter of 2024 saw a decline in freight volume by 7.92% year-on-year, leading to a revenue drop of 16.65% [2][3]. Financial Performance Summary - The company reported a freight volume of 730 million tons in 2023, a 7.3% increase, with coal transportation accounting for 620 million tons, up 10.7% [2]. - The revenue from freight business in 2023 was 61.24 billion yuan, a slight increase of 0.8%, while passenger transport revenue surged by 119% to 8.92 billion yuan [2]. - The projected operating revenues for 2024-2026 are 81.84 billion yuan, 84.21 billion yuan, and 86.61 billion yuan, with corresponding growth rates of 1.02%, 2.89%, and 2.85% [4][5]. Earnings Forecast - The forecasted net profits for 2024-2026 are 11.07 billion yuan, 11.37 billion yuan, and 11.62 billion yuan, with expected growth rates of -7.25%, 2.78%, and 2.22% respectively [4][5]. - Earnings per share (EPS) are projected to be 0.63 yuan, 0.65 yuan, and 0.66 yuan for the same period [4][5]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is estimated at 11.8 for 2024, with a price-to-book (P/B) ratio of 0.9 [5]. - The enterprise value to EBITDA (EV/EBITDA) ratio is projected to be 5.5 for 2024, indicating a stable valuation outlook [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company achieved a revenue of 81 billion yuan in 2023, a year-on-year increase of 7.0%, and a net profit attributable to shareholders of 11.9 billion yuan, up 6.6% year-on-year [2] - In Q1 2024, the company reported a revenue of approximately 18.3 billion yuan, a decrease of 7.9% year-on-year, and a net profit of about 3.05 billion yuan, down 16.7% year-on-year [2] - The company plans to distribute a cash dividend of 0.44 yuan per share, a decrease of 0.04 yuan per share from the previous year, with a cash dividend rate of approximately 58% [2] - The freight business revenue has shown recovery, with a total cargo volume of 730 million tons in 2023, an increase of 7.3% year-on-year [2] - Passenger transport demand rebounded significantly, with a total of 42.84 million passengers sent in 2023, a growth of 112% year-on-year [2] - The company has set operational targets for 2024, expecting a passenger volume of 43 million and a cargo volume of 720 million tons [2] Summary by Sections Financial Performance - In 2023, the company reported operating revenue of 81 billion yuan, with a net profit of 11.9 billion yuan and a non-recurring net profit of 12 billion yuan [2] - The operating revenue for Q1 2024 was approximately 18.3 billion yuan, with a net profit of about 3.05 billion yuan [2] - The company’s revenue growth rate for 2023 was 7.0%, while the net profit growth rate was 6.6% [2] Business Segments - The freight business generated approximately 61.2 billion yuan in revenue in 2023, a year-on-year increase of 0.8% [2] - The passenger transport segment saw a revenue of about 8.92 billion yuan in 2023, a significant increase of 119% year-on-year [2] Cost and Profitability - The gross margin for the railway transportation business in 2023 was 20.5%, an increase of 0.61 percentage points from the previous year [2] - Operating costs increased by 6.4% year-on-year, with specific costs for passenger services rising significantly due to increased demand [2] Future Outlook - The company has set a revenue target of 79.5 billion yuan for 2024, reflecting a cautious outlook amid demand fluctuations [2] - The forecast for net profit in 2024 is adjusted to 12.3 billion yuan, a decrease of 11% from previous estimates [2]

大秦铁路股份有限公司 自 2023 年 1 月 1 日 至 2023 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor. KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 +86 (10) 8518 5111 Fax Internet kpmg.com/cn 近沿航空卡会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86(10)8508 5000 传真 +86(10)8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2408037 号 大秦铁路股份有限公司全体股东: 一、审计意见 我们审计了后附的大秦铁路股份有限公司 (以下简称 "大秦铁路公司") 财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表、2023 年度的合并及母公司利润表、 合并及 母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 ...

对大秦铁路股份有限公司 募集资金 2023 年度存放与 实际使用情况专项报告的鉴证报告 对大奏铁路股份有限公司 募集资金 2023 年度存放与实际使用情况专项报告的鉴证报告 毕马威华振专字第 2401311 号 大秦铁路股份有限公司董事会: 我们接受委托，对后附的大秦铁路股份有限公司（以下简称"贵公司"）募集资金 2023 年 度存放与实际使用情况的专项报告（以下简称"专项报告"）执行了合理保证的鉴证业务，就专 项报告是否在所有重大方面按照中国证券监督管理委员会（以下简称"证监会"）发布的《上市 公司监管指引第 2 号 ——上市公司募集资金管理和使用的监管要求（2022 年修订）》（证监 会公告[2022]15 号）和上海证券交易所发布的《上海证券交易所上市公司自律监管指引第 1 号——规范运作》及相关格式指引的要求编制，以及是否在所有重大方面如实反映了贵公司 2023 年度募集资金的存放和实际使用情况发表鉴证意见。 一、企业对专项报告的责任 按照证监会发布的《上市公司监管指引第 2 号 --- 上市公司募集资金管理和使用的监管 要求 (2022 年修订) 》 (证监会公告[2022]15 号) 和上海证券交 ...