A 股简称：广深铁路 股票代码：601333 公告编号： 2024--017 广深铁路股份有限公司 第十届董事会第八次会议决议公告 广深铁路股份有限公司董事会 2024 年 6 月 18 日 广深铁路股份有限公司（以下简称"本公司"、"公司"） 第十届董事会第八次会议于 2024 年 6 月 18 日（星期二）以 现场会议的方式举行。会议通知已于 2024 年 6 月３日以书 面文件形式发出。本次会议应出席董事 9 人，实际出席董事 9 人。公司监事和高级管理人员列席了会议。会议的召开符 合《中华人民共和国公司法》和本公司《章程》的有关规定。 本次会议由董事长韦皓先生召集和主持，会议通知中所列的 各项议题经逐项审议获得一致通过，现将有关事项决议公告 如下： 一、委任董事陈少宏先生为董事会薪酬委员会委员，其 任期自本次会议通过之日起至董事会提出解职或其不再担 任公司第十届董事会董事时为止。 二、委任董事陈少宏先生为董事会提名委员会委员，其 任期自本次会议通过之日起至董事会提出解职或其不再担 任公司第十届董事会董事时为止。 特此公告。 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 ...

广深铁路股份有限公司 章程 （1996 年 3 月 14 日经公司股东大会特别决议通过） （1997 年 6 月 24 日经公司股东大会特别决议修订） （2001 年 2 月 8 日经公司临时股东大会特别决议修订） （2002 年 6 月 28 日经公司股东周年大会特别决议修订） (2004 年 6 月 10 日经公司股东周年大会特别决议修订) （2004 年 12 月 30 日经公司临时股东大会特别决议修订） （2005 年 5 月 12 日经公司股东周年大会特别决议修订） (2006 年 5 月 11 日经公司股东周年大会特别决议修订) （2007 年 6 月 28 日经公司股东周年大会特别决议修订） （2008 年 6 月 26 日经公司股东周年大会特别决议修订） （2009 年 6 月 25 日经公司股东周年大会特别决议修订） (2012 年 9 月 27 日经公司临时股东大会特别决议修订) (2015 年 5 月 28 日经公司股东周年大会特别决议修订) (2016 年 5 月 26 日经公司股东周年大会特别决议修订) （2017 年 6 月 15 日经公司股东周年大会特别决议修订） （2019 年 ...

证券代码：601333 证券简称：广深铁路 公告编号：2024-016 广深铁路股份有限公司 2023 年度股东周年大会决议公告 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法律责任。 重要内容提示： (二)股东大会召开的地点：广东省深圳市罗湖区和平路 1052 号公司三楼会议室 | (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | | --- | | 1、出席会议的股东和代理人人数 53 | | 51 其中：A 股股东人数 | | 境外上市外资股股东人数（H 股） 2 | | 2、出席会议的股东所持有表决权的股份总数（股） 2,972,214,862 | | 其中：A 股股东持有股份总数 2,659,635,466 | | 股） 境外上市外资股股东持有股份总数（H 312,579,396 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数 41.96% | | 的比例（%） | | 其中：A 股股东持股占股份总数的比例（%） 37.55% | | 境外上市外资股股东持股占股份总数的比例（%） ...

本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 好的那各位投资者大家晚上好我是长江交运韩一超团队的分析师赵超那今天的话呢是我们这个长江研究5月最受关注的重点研究的一个系列电话会议那么我们交运团队的话呢就是5月份外发了一篇广深铁路的深度报告然后 根据我们这个长江研究的这个月度的重点研究的一个汇报的一个就是安排的话今天的主要内容并不是说光讲这个广深铁路而是对于整个的铁路客运的话跟大家做一个就是观点的汇报后续的话对于广深铁路的这个深度报告各股的深度报告的话我们可能还会再组织其他的就是专题的电话会议跟大家做汇报 这个是在今天电话会议之前跟大家做一个大致的介绍那么下面就进入到正题部分那么对于整个的高铁客运那么高铁客运的话一共是有两家上市公司一家的话是京沪高铁他的话是交运几乎是交运世界最大的公司那么第二家公司的话是广深铁路那么 从我们目前跟踪到的高频数据来看啊铁路的这个啊客流量的增长跟航空就是这个国内市场的一个客流量的增长呢基本是完全一致 ...

证券研究报告 公 2024年05月08日 司 报 告 广深铁路(601333) │ 行 业： 交通运输/铁路公路 公 投资评级： 增持（维持） 司 当前价格： 3.34元 季 一季度业绩超预期，盈利能力持续提升 目标价格： 4.00元 报 点 事件： 评 基本数据 2024 年一季度，公司实现营业收入 66.00 亿元，同比增长 7.39%；实现归 总股本/流通股本(百万股) 7,083.54/7,083.54 母净利润5.47亿元，同比增长34.99%；实现扣非归母净利润5.41亿元， 流通A股市值(百万元) 18,878.47 同比增长35.05%。 每股净资产(元) 3.81 ➢ 24Q1公司客/货运量同比增长49.4%/7.5% 资产负债率(%) 28.18 一年内最高/最低(元) 4.29/2.45 受益于客运出行需求持续释放，2024年1-3月公司累计客运发送量1803.63 万人，同比 2023 年增长 49.38%，其中城际列车/直通车/其他车分别发送 股价相对走势 旅客652.24/32.62/1118.78万人，同比增长45.30%/130.79%/50.30%，直 广深铁路 沪深300 ...

[Table_Page] 季报点评|铁路公路 证券研究报告 [广Table_T深itle] 铁路(601333.SH)/广深铁路股 公[Ta司ble评_Inv级est ] 增持-A/增持-H 当前价格 3.26元/2.13港元 份(00525.HK) 合理价值 3.89元/2.92港元 报告日期 2024-05-06 成长逻辑持续显现，期待路产价值重估 [相Tab对le_P市icQ场uote表] 现 [Table_Summary] 核心观点： 40% 28% ⚫ 广深铁路发布2024年一季度报告。2024 年一季度公司实现营业收入 15% 66.00 亿元/yoy+7%，同比为 2019 年的 129%；归母净利润 5.47 亿 3% 元，扣非归母净利润5.41亿元，同比分别增长1.42亿元、1.41亿元。 -10%05/23 07/23 09/23 10/23 12/23 02/24 04/24 ⚫ 业务恢复上台阶，一季度营收同比增长 4.54 亿元：1Q 铁路出行需求 -22% 广深铁路 沪深300 继续修复，根据公司经营数据公告，2024年第一季度公司旗下站点旅 客发送量1803.63万人次/yoy+4 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company is transitioning from a resource-based model to an operator model over a decade, facing challenges from the shift from conventional rail to high-speed rail, which has led to a decline in profitability [2][7]. - The company has begun to exit conventional rail operations, accelerating the depreciation of conventional rail vehicles and increasing the proportion of light asset operations, which is expected to lead to a recovery in profitability [6][21]. - The integration of the company's lines into the high-speed rail network presents new opportunities, with expectations for significant growth in high-speed rail operations by around 2027 [2][6]. Summary by Sections Historical Context and Transformation - The company, established in 1984, has evolved through various phases, becoming a key player in China's railway reform and transitioning from conventional rail to high-speed rail operations [20][21]. - The company has faced significant challenges due to the rapid growth of high-speed rail, which has absorbed demand and reduced the scale of conventional rail operations [41][47]. Financial Performance and Projections - The company’s projected profits for 2024, 2025, and 2026 are estimated at 1.4 billion, 1.6 billion, and 1.8 billion respectively, with corresponding price-to-earnings ratios of 17x, 15x, and 13x [7]. - The company’s asset scale is approximately 37 billion, with liabilities around 10 billion, indicating a stable asset base but increasing liabilities primarily due to project payables [21][22]. High-Speed Rail Operations - The company has been providing entrusted operation services for high-speed rail lines in Guangdong since 2011 and has expanded its operations to include cross-border high-speed rail services to Hong Kong, which are expected to be significant revenue and profit growth points [6][20]. - The pricing model for cross-border high-speed rail services is based on a segmented charging principle, with domestic segment passenger load factors significantly impacting profitability [6][16]. Market Dynamics - The shift towards high-speed rail has resulted in a decline in passenger volume for conventional rail stations, with the company’s conventional rail passenger volume stagnating while high-speed rail passenger volume continues to grow [6][47]. - The company is expected to benefit from the ongoing integration of its services into the broader high-speed rail network, enhancing operational efficiency and revenue potential [6][20].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6]. Core Views - The company has shown significant growth in passenger volume, particularly in cross-border traffic, which is expected to continue contributing to revenue growth [3][4]. - The company's revenue for Q1 2024 reached 6.6 billion yuan, a year-on-year increase of 7.4%, while net profit attributable to shareholders was 550 million yuan, up 35% year-on-year [2][3]. - The report forecasts revenue for 2024-2026 to be 28.32 billion yuan, 30.16 billion yuan, and 31.61 billion yuan respectively, with net profits of 1.305 billion yuan, 1.479 billion yuan, and 1.555 billion yuan [4][5]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a passenger volume of 18.036 million, a 49.4% increase year-on-year, with cross-border passenger volume growing by 130.8% [3][4]. - The total freight volume was 18.387 million tons, reflecting a 7.5% increase year-on-year [3]. Market Position - The company is positioned as a core railway asset in the Greater Bay Area, benefiting from the opening of new high-speed rail lines and upgrades to existing stations [4][5]. - The report highlights the ongoing enhancement of network connectivity in the Bay Area, which is expected to support traffic growth [4]. Earnings Forecast - The projected earnings per share (EPS) for 2024-2026 are 0.18 yuan, 0.21 yuan, and 0.22 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 18, 16, and 15 [5][6]. - The report anticipates a steady increase in revenue and net profit, with growth rates of 8%, 6%, and 5% for revenue, and 23%, 13%, and 5% for net profit over the same period [5][6].

Financial Performance - The company's operating revenue for the first quarter reached RMB 6,600,382,306, representing a year-on-year increase of 7.39% compared to RMB 6,146,150,946 in the same period last year[2] - Net profit attributable to shareholders of the listed company was RMB 546,940,436, marking a significant increase of 34.99% from RMB 405,158,992 in the previous year[2] - The company reported a significant increase in net profit due to higher operating revenue, which outpaced the growth in operating costs[4] - Operating profit for Q1 2024 was RMB 763,830,307, representing a significant increase of 35.93% from RMB 561,687,501 in Q1 2023[13] - The company reported a profit before tax of RMB 547,495,690 for Q1 2024, compared to RMB 405,483,117 in Q1 2023, an increase of 35.00%[13] - The net profit for Q1 2024 was RMB 547,495,690, an increase of 35% compared to RMB 405,483,117 in Q1 2023[14] - The company reported a total comprehensive income of RMB 547,495,690 for Q1 2024, consistent with the net profit figure[14] Cash Flow - The net cash flow from operating activities surged to RMB 900,003,348, reflecting a remarkable increase of 785.23% compared to RMB 101,669,192 in the same period last year[2] - The total cash inflow from operating activities was RMB 4,951,185,059, up 31% from RMB 3,778,594,513 in the same period last year[15] - The cash and cash equivalents at the end of Q1 2024 reached RMB 2,617,982,772, compared to RMB 1,809,923,877 at the end of Q1 2023, reflecting a 45% increase[16] - Cash received from sales of goods and services was RMB 4,606,461,054, an increase of 28% from RMB 3,599,606,299 in Q1 2023[15] - The net cash flow from financing activities was RMB 390,035,694, compared to RMB 488,555,278 in the same quarter last year[16] Earnings and Shareholder Returns - Basic and diluted earnings per share both increased to RMB 0.077, up 35.09% from RMB 0.057 in the previous year[2] - Basic earnings per share for Q1 2024 were RMB 0.077, up from RMB 0.057 in Q1 2023, representing a 35% increase[14] - The weighted average return on equity rose to 2.05%, an increase of 0.46 percentage points compared to 1.59% in the same period last year[2] Assets and Liabilities - Total assets at the end of the reporting period were RMB 37,541,511,049, showing a slight increase of 0.82% from RMB 37,234,946,966 at the end of the previous year[2] - Current assets totaled RMB 9,693,349,624 as of March 31, 2024, compared to RMB 8,798,279,200 at the end of 2023, indicating a growth of 10.12%[9] - Cash and cash equivalents increased to RMB 2,557,982,772 from RMB 1,482,463,336, marking a growth of 72.56%[9] - Total liabilities decreased to RMB 10,580,100,535 from RMB 10,882,951,167, a reduction of 2.77%[11] - The company's retained earnings increased to RMB 4,818,376,126 from RMB 4,271,435,690, showing a growth of 12.85%[12] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 165,604, with the largest shareholder holding 37.12% of the shares[5] Non-Operating Income - Non-operating income for the period totaled RMB 6,281,838 after accounting for various non-recurring items[3] Operating Costs - Total operating costs for Q1 2024 were RMB 5,860,611,391, up from RMB 5,602,986,957 in Q1 2023, reflecting a growth of 4.59%[13]

Financial Performance - The company's operating revenue for Q1 2024 was CNY 6,600,382,306, representing a 7.39% increase compared to CNY 6,146,150,946 in the same period last year[3]. - Net profit attributable to shareholders for Q1 2024 was CNY 546,940,436, a 34.99% increase from CNY 405,158,992 in the previous year[3]. - Basic earnings per share for Q1 2024 increased by 35.09% to CNY 0.077 from CNY 0.057 in the previous year[3]. - Net profit for Q1 2024 was CNY 547,495,690, representing a 35% increase from CNY 405,483,117 in Q1 2023[14]. - The company reported a basic earnings per share of CNY 0.077 for Q1 2024, up from CNY 0.057 in Q1 2023[14]. Cash Flow and Liquidity - The net cash flow from operating activities surged to CNY 900,003,348, marking a significant increase of 785.23% compared to CNY 101,669,192 in the same period last year[3]. - Cash flow from operating activities generated CNY 900,003,348 in Q1 2024, a significant increase from CNY 101,669,192 in Q1 2023[15]. - Net increase in cash and cash equivalents for Q1 2024 was 1,065,573,183 CNY, compared to 288,380,438 CNY in the same period last year[16]. - Cash and cash equivalents at the beginning of the period were 1,552,409,589 CNY, up from 1,521,543,439 CNY year-over-year[16]. - Cash and cash equivalents at the end of the period reached 2,617,982,772 CNY, compared to 1,809,923,877 CNY at the end of the previous year[16]. Assets and Liabilities - Total assets at the end of Q1 2024 were CNY 37,541,511,049, reflecting a 0.82% increase from CNY 37,234,946,966 at the end of the previous year[3]. - Current assets increased to CNY 9,693,349,624 from CNY 8,798,279,200, reflecting a growth of approximately 10.1%[11]. - Short-term borrowings rose to CNY 1,100,734,556, compared to CNY 700,385,000 at the end of 2023, indicating a 57.2% increase[12]. - Total liabilities decreased to CNY 10,580,100,535 from CNY 10,882,951,167, showing a reduction of about 2.77%[12]. - The total non-current assets decreased slightly to CNY 27,848,161,425 from CNY 28,436,667,766, a decline of approximately 2.06%[11]. Shareholder Equity and Returns - Shareholders' equity attributable to the parent company increased by 2.31% to CNY 26,999,235,021 from CNY 26,389,885,558 at the end of the previous year[3]. - The weighted average return on equity rose to 2.05%, an increase of 0.46 percentage points from 1.59% in the same period last year[3]. Non-Recurring Items and Operational Metrics - Non-recurring gains and losses for the period totaled CNY 6,281,838, primarily due to government subsidies and asset disposals[4]. - The company reported a significant increase in user data and operational metrics, contributing to the overall revenue growth[5]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and service offerings[5].