Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company is continuously advancing its transformation into high-speed rail operations, with the introduction of cross-line high-speed trains leading to increased line and vehicle leasing costs, while also reducing the utilization rate of these resources. The new cross-port sleeper trains have similar cost implications, and their revenue levels are expected to take time to improve, potentially dragging down short-term profitability. In Q3 2024, the company achieved operating revenue of 7.105 billion yuan, a year-on-year increase of 4.5%, while the net profit attributable to shareholders was 297 million yuan, a year-on-year decrease of 13.0% [4][5][6]. Summary by Sections Financial Performance - In Q3 2024, the company reported operating revenue of 7.105 billion yuan, up 4.5% year-on-year, and a net profit of 297 million yuan, down 13.0% year-on-year. Cumulatively, for the first three quarters, the operating revenue reached 20.030 billion yuan, an increase of 4.4%, while the net profit was 1.209 billion yuan, up 18.7% [4][5]. Operational Changes - The company has opened new cross-line trains, which have resulted in a decrease in passenger flow for its intercity and long-distance trains compared to 2019, with declines of 35.7% and 2.8% respectively. However, operating revenue increased by 30.9% to 7.105 billion yuan, indicating a shift towards more cross-line passenger services [4][6]. Future Outlook - The company is transitioning from being a resource provider to an operator in the high-speed rail sector. The report anticipates that the company's net profits for 2024 to 2026 will be 1.31 billion, 1.51 billion, and 1.68 billion yuan respectively, with corresponding price-to-earnings ratios of 18.2, 15.9, and 14.2 [6][15].

Financial Performance - Operating revenue for Q3 2024 reached CNY 7,105,300,763, an increase of 4.52% compared to CNY 6,798,213,684 in the same period last year[4] - Net profit attributable to shareholders was CNY 296,938,476, a decrease of 13.04% from CNY 341,462,460 year-on-year[4] - Net profit excluding non-recurring gains and losses was CNY 292,734,945, down 13.12% from CNY 336,941,862 in the previous year[4] - Total operating revenue for the first three quarters of 2024 reached RMB 20,030,021,093, an increase of 4.46% compared to RMB 19,178,753,383 in the same period of 2023[18] - Net profit attributable to shareholders for the first three quarters of 2024 was RMB 1,209,219,720, up 18.63% from RMB 1,018,959,686 in the same period of 2023[19] - Operating profit for the first three quarters of 2024 was RMB 1,681,592,836, representing a growth of 18.54% compared to RMB 1,418,097,918 in the same period of 2023[18] - Total profit for the first three quarters of 2024 was RMB 1,682,836,229, compared to RMB 1,414,008,889 in the same period of 2023, marking an increase of 18.93%[19] - The company reported a basic earnings per share of RMB 0.171 for the first three quarters of 2024, compared to RMB 0.144 in the same period of 2023[19] Cash Flow - Cash flow from operating activities for the year-to-date reached CNY 2,163,769,507, a significant increase of 160.31% compared to CNY 831,218,939 last year[4][8] - Cash inflow from operating activities totaled RMB 13,867,933,576, compared to RMB 12,889,268,648 in the same period of 2023[20] - The company incurred a net cash outflow from investing activities of RMB 968,909,302 in the first three quarters of 2024, compared to RMB 829,228,667 in the same period of 2023[21] - Cash and cash equivalents increased to RMB 2,329,734,398 from RMB 1,482,463,336, representing a growth of 57.2%[15] - Cash and cash equivalents at the end of the first three quarters of 2024 totaled RMB 2,329,734,398, an increase from RMB 1,491,691,124 at the end of the same period in 2023[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 36,946,765,780, a decrease of 0.77% from CNY 37,234,946,966 at the end of the previous year[5] - As of September 30, 2024, the total current assets amounted to RMB 10,072,555,149, an increase of 14.5% from RMB 8,798,279,200 on December 31, 2023[15] - Total liabilities decreased to RMB 9,759,050,894 from RMB 10,882,951,167, a reduction of 10.3%[17] - The total assets as of September 30, 2024, were RMB 36,946,765,780, slightly down from RMB 37,234,946,966 at the end of 2023[17] - The total non-current assets decreased to RMB 26,874,210,631 from RMB 28,436,667,766, a decline of 5.5%[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 154,762, with the largest shareholder holding 37.12% of the shares[10] - Shareholders' equity attributable to the parent company increased by 3.17% to CNY 27,226,221,319 from CNY 26,389,885,558 year-on-year[5] - The company's equity attributable to shareholders increased to RMB 27,226,221,319 from RMB 26,389,885,558, reflecting a growth of 3.2%[17] Inventory and Receivables - The inventory level rose to RMB 319,506,204 from RMB 289,526,749, indicating an increase of 10.3%[16] - The company reported a significant increase in accounts receivable, which rose to RMB 6,848,222,114 from RMB 6,239,551,856, a growth of 9.8%[15] Financial Ratios - The weighted average return on equity for the year-to-date was 4.51%, an increase of 0.56 percentage points compared to 3.95% last year[4] - The company's basic earnings per share for the current period was CNY 0.042, a decrease of 12.50% from CNY 0.048 in the same period last year[4] - Financial expenses for the first three quarters of 2024 amounted to RMB 45,968,944, up from RMB 35,870,462 in the same period of 2023[18]

Financial Performance - The company's operating revenue for Q3 2024 was CNY 7,105,300,763, representing a 4.52% increase compared to CNY 6,798,213,684 in the same period last year[1] - Net profit attributable to shareholders for Q3 2024 was CNY 296,938,476, a decrease of 13.04% from CNY 341,462,460 in the previous year[1] - The net profit after deducting non-recurring gains and losses was CNY 292,734,945, down 13.12% from CNY 336,941,862 year-on-year[1] - Basic earnings per share for Q3 2024 were CNY 0.042, a decrease of 12.50% from CNY 0.048 in the same period last year[1] - Operating profit for the first three quarters of 2024 was RMB 1,681,592,836, compared to RMB 1,418,097,918 in 2023, marking an increase of 18.52%[10] - The company reported a net profit of RMB 1,681,592,836 for the first three quarters, compared to RMB 1,418,097,918 in the previous year, indicating a year-over-year increase of 18.52%[10] - Net profit attributable to shareholders of the parent company was ¥1,209,219,720, up from ¥1,018,959,686, reflecting a year-over-year increase of about 18.6%[11] - Basic and diluted earnings per share increased to ¥0.171 from ¥0.144, marking a rise of approximately 18.8%[11] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period (January to September 2024) was CNY 2,163,769,507, an increase of 160.31% compared to CNY 831,218,939 in the same period last year[4] - Cash flow from operating activities generated a net amount of ¥2,163,769,507, significantly higher than ¥831,218,939 in the previous year, indicating a growth of about 160%[12] - Total cash inflow from operating activities was ¥13,867,933,576, compared to ¥12,889,268,648 in the same period last year, showing an increase of approximately 7.6%[12] - Cash and cash equivalents stood at RMB 2,329,734,398, up from RMB 1,482,463,336, indicating a significant increase of 57.16%[8] - Cash and cash equivalents at the end of the period amounted to ¥2,329,734,398, up from ¥1,491,691,124, representing a substantial increase of about 56%[13] - The company experienced a net increase in cash and cash equivalents of ¥847,271,062, contrasting with a decrease of ¥29,852,314 in the previous year[13] - The company received ¥426,881,006 in cash related to other operating activities, which is a significant increase from ¥176,834,519 in the same period last year, reflecting a growth of approximately 141%[12] Assets and Liabilities - Total assets at the end of the reporting period were CNY 36,946,765,780, a decrease of 0.77% from CNY 37,234,946,966 at the end of the previous year[1] - The company's total assets as of September 30, 2024, amounted to RMB 36,946,765,780, a slight decrease from RMB 37,234,946,966 at the end of 2023[9] - Current assets totaled RMB 10,072,555,149, an increase from RMB 8,798,279,200 at the end of 2023, representing a growth of 14.49%[8] - Total liabilities decreased to RMB 9,759,050,894 from RMB 10,882,951,167, reflecting a reduction of 10.31%[9] - The equity attributable to shareholders increased to RMB 27,226,221,319 from RMB 26,389,885,558, showing a growth of 3.18%[9] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 154,762[5] - The largest shareholder, China Railway Guangzhou Group Co., Ltd., held 2,629,451,300 shares, accounting for 37.12% of the total shares[5] Non-Operating Income and Expenses - The company reported non-operating income and expenses, with a net amount of CNY (2,533,947) for the current period[3] Overall Profitability - The total profit for the first three quarters of 2024 reached ¥1,682,836,229, an increase from ¥1,414,008,889 in the same period of 2023, representing a growth of approximately 18.9%[11]

（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。 （二）会议通知和材料于 2024 年 9 月 26 日以书面文件形式发出。 A 股简称：广深铁路 股票代码：601333 公告编号：2024-026 广深铁路股份有限公司 第十届董事会第十次会议决议公告 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、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 （四）会议应出席董事人数为 9 名，实际出席会议的董事为 9 名。 （五）会议由董事长韦皓先生主持，全体董事出席会议，全体监事和高管列 席会议。 二、董事会会议审议情况 （三）会议于 2024 年 10 月 30 日在本公司三楼会议室以现场加通讯的方式 召开。 广深铁路股份有限公司董事会 2024 年 10 月 30 日 本次会议通知中所列事项经逐项审议均获得全票通过。其中有关议案详情如 下： 1、通过《关于 2024 年第三季度报告的议案》，并授权董事长签署本季报全 文。详情可查阅与本公告同日在上海证券交易所网站（http://www.sse.com.cn）和 香港联交所披露易网 ...

证券代码：601333 证券简称：广深铁路 公告编号：2024-025 广深铁路股份有限公司 关于召开 2024 年第三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： 投资者可于 2024 年 10 月 24 日(星期四)至 10 月 30 日(星期三)16:00 前登录上证路演中 心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@gstlgs.com 进行提问。公司将在说 明会上对投资者普遍关注的问题进行回答。 广深铁路股份有限公司（以下简称"公司"）将于 2024 年 10 月 31 日发布公司 2024 年 第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营结果、财务 状况，公司计划于 2024 年 10 月 31 日下午 16:00-17:00 举行 2024 年第三季度业绩说明会， 就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经营结果及财 务指标的具体情况与投资者进行互动交流和沟 ...

证券代码：601333 证券简称：广深铁路 公告编号：2024-024 广深铁路股份有限公司 关于签订合作开发框架协议的公告 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： 本项目所涉及的办理土地分割、变更规划用途、取得更新计划批复、办理 符合项目规划用途的新不动产登记证等事项尚需向政府有关主管部门办理审批手 续，与项目地块经营户协商拆迁、签订拆迁协议等事项能否顺利完成亦存在不确 定性，因此项目能否实施存在一定不确定性。 本框架协议为双方基于合作意愿而达成的初步约定，具体合作事宜尚待本 项目所涉及的本公司土地熟化变性、本公司对外投资成立项目公司等事项具体明 确，并经本公司履行内部决策程序审议通过后由项目公司与合作方另行签订具体 交易协议进行约定，后续具体交易协议的签订存在一定不确定性。 本项目投入规模较大、合作期限较长，在后续履约过程中，如遇国家或地 方政策、行业政策、市场环境、双方履约能力等不可预测或不可抗力因素发生变 化，项目可能存在变更、延期、中止或终止的风险。 本框架协议不涉及具体金额，预计不会对本公司 ...

罗建成先生在担任本公司副总经理期间，一直勤勉履行 高级管理人员的职责。本公司董事会对罗先生多年来对本公 司经营发展作出的贡献表示衷心感谢！ 广深铁路股份有限公司（以下简称"本公司"）董事会于 2024 年 9 月 25 日收到副总经理罗建成先生的辞任函，由于 工作变动，罗先生申请辞去本公司副总经理的职务。 根据《公司法》《公司章程》等规定，罗建成先生的辞任 函自送达本公司董事会时生效。罗先生辞去副总经理职务不 会对本公司相关工作及生产经营带来影响。 罗建成先生已确认与董事会和公司并无不同意见，亦无 任何其他事项须提请本公司股东注意。 A 股简称：广深铁路 股票代码：601333 公告编号：2024-023 广深铁路股份有限公司 关于高级管理人员辞任的公告 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。 特此公告。 广深铁路股份有限公司董事会 2024 年 9 月 26 日 ...

INTERIM REPORT 2024 半年度報告 [股份代號：00525] (111 N n/0000 n 重要提示 一 、 本公司董事會（「董事會」）、監事會及董事 、監事 、高級管理人員保證本半年度報告內容的真實性 、準確 性、完整性，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二 、 公司全體董事出席審議本半年度報告的董事會會議。 三 、 本半年度報告中的財務報告按照中國企業會計準則編製，並且未經審計。 四 、 公司董事長韋皓、總經理陳少宏、總會計師羅新鵬及財務部長劉啟義聲明：保證本半年度報告中財務報 告的真實、準確、完整。 五 、 公司董事會決定本報告期不進行利潤分配或公積金轉增股本。 六 、 前瞻性陳述的風險聲明 ✓適用 □不適用 本半年度報告中如有涉及未來計劃、發展戰略等前瞻性描述，均不構成公司對投資者的實質承諾，投資 者及相關人士均應當對此保持足夠的風險認識，並且應當理解計劃、預測與承諾之間的差異。 七 、 是否存在被控股股東及其他關聯方非經營性佔用資金情況 否 八 、 是否存在違反規定決策程序對外提供擔保的情況 否 九 、 是否存在半數以上董事無法保證公司所披露半年度 ...

%% %% 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] 货运有所拖累，高铁转型连续兑现业绩弹性 | --- | --- | |------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 在高铁替代普铁的浪潮中，广深铁路的普铁线路和普铁班列受到高铁分流，盈利持续下滑。伴 | | | 随着主干线路接入高铁网络，公司开行跨港高铁班列，从普铁转型高铁之路已经铺开。伴随着 | | | 广州白云站投入使用，广深铁路减少低收益普线列车的规模，广深城际线路增开高铁和动车。 | | | 2024Q2 ，西九龙高铁站日均客流量同比增加 15.8% ，车流量同比增加 14.6% ，单班载客量同 | | | | | | 比上升 1.6% ，预期跨港高铁中国段的客座率同样改善。 | | 分析师及联系人 [Table_Author] 韩轶超 赵超 SAC：S0490 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][17]. Core Views - The company reported a revenue of 12.925 billion and a net profit of 910 million for the first half of 2024, showing a year-on-year increase of 4.4% and 34.7% respectively. In Q2 alone, revenue was 6.324 billion with a net profit of 365 million, reflecting a year-on-year increase of 1.4% and 34.2% [2]. - The growth in passenger transport revenue is driven by increased operations of intercity trains and direct trains, while freight revenue has declined due to a significant drop in the volume of bulk commodities transported [2]. - The report suggests that the company's ongoing upgrades to direct trains and the future renovation projects at key stations will provide new growth opportunities [2]. Financial Summary - For the first half of 2024, the company achieved a total revenue of 12.925 billion, with a net profit of 910 million, marking a 34.7% increase year-on-year [2]. - Passenger transport revenue reached 5.465 billion, up 2.7% year-on-year, while freight revenue fell to 790 million, down 15.1% [2]. - The company's gross margin improved to 10.6%, an increase of 2.5 percentage points year-on-year, with operating costs growing at a slower pace than revenue [2]. - The earnings per share (EPS) for 2024-2026 are projected to be 0.20, 0.22, and 0.23 respectively, with corresponding price-to-earnings (PE) ratios of 16, 15, and 14 [2][3]. Valuation and Target Price - The target price for the company's stock is set at 4.63, representing a potential upside of 40% from the current price of 3.30 [5]. - The report suggests a price-to-book (PB) ratio of 1.2 times the expected net asset value for 2024, indicating the company is a potential undervalued asset [2].