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 ...

%% %% 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].

华福证券 当前价格： 3.47 元 目标价格： 4.22 元 基本数据 总股本/流通股本(百万股) 7,083.54/5,652.24 流通 A 股市值(百万元) 19,613.26 每股净资产(元) 3.80 资产负债率(%) 28.36 一年内最高/最低价(元) 3.80/2.45 广深铁路（601333.SH） 业绩兑现亮眼，直通车具备弹性 投资要点： 事件： 广深铁路发布 2024 半年报。2024H1 公司实现营收 129.2 亿元，同 比+4.4%；归母净利润 9.1 亿元，同比+34.7%。其中，24Q2 实现营收 63.2 亿元，同比+1.4%；归母净利润 3.7 亿元，同比+34.1%。 24H1 归母净利润提升显著，高基数下 24H2 业绩预计环比走弱 24H1 公司总营收 129.2 亿元，同比+4.4%，其中：1）客运业务收 入 54.6 亿元，同比+2.7%，占总营收比 42%。2）路网清算业务收入 60.3 亿元，同比+9.7%，占总营收比 47%。3）货运业务收入 7.9 亿元，同 比-15.1%，占总营收比 6%。 成本费用管控良好下（营业成本同比+1.5%，管理费用率/财务费 ...

Financial Performance - The company's operating revenue for the first half of 2024 was RMB 12.92 billion, an increase of 4.40% compared to RMB 12.38 billion in the same period last year [19]. - The net profit attributable to shareholders for the first half of 2024 was RMB 912.28 million, representing a growth of 34.65% from RMB 677.50 million in the previous year [19]. - The net cash flow from operating activities reached RMB 1.11 billion, up 36.87% from RMB 811.23 million year-on-year [20]. - The basic earnings per share for the first half of 2024 was RMB 0.1288, a 34.73% increase compared to RMB 0.0956 in the same period last year [15]. - The total assets at the end of the reporting period were RMB 37.51 billion, a slight increase of 0.75% from RMB 37.23 billion at the end of the previous year [14]. - The company experienced a 1.52% increase in operating costs, totaling RMB 11.55 billion compared to RMB 11.38 billion in the previous year [20]. - The company reported a significant increase in tax expenses, rising by 273.94% to RMB 42,035,202 due to increased operating income [26]. Operational Highlights - The total passenger volume for the national railway in the first half of 2024 was 2.096 billion, an increase of 18.4% year-on-year [17]. - The company reported a decrease in long-distance train revenue due to a reduction in the number of cross-line trains operated [21]. - Other business revenue, including train maintenance and catering, was RMB 637 million, a slight increase of 0.71% from RMB 633 million in the previous year [21]. - Passenger revenue for the current period reached RMB 5,464,855,914, a year-on-year increase of 2.72% compared to RMB 5,320,155,709 [22]. - The number of passengers sent increased by 31.34% to 34,686,083 from 26,409,651 in the same period last year [22]. - Freight revenue decreased by 15.12% to RMB 789,766,152 from RMB 930,400,696, with freight volume down by 18.87% to 6,529,176 tons [23]. - Revenue from network clearing and other transportation services increased by 9.74% to RMB 6,032,860,284 compared to RMB 5,497,209,654 [24]. Governance and Compliance - The company aims to enhance governance and improve information disclosure quality to ensure compliance with legal and regulatory requirements [33]. - The company has adhered to the corporate governance code and has not encountered any significant deviations or violations [44]. - The board consists of nine members, including three independent non-executive directors, ensuring diverse expertise and experience [45]. - The audit committee, composed of three independent non-executive directors, has reviewed the company's financial performance and internal controls [46]. - The remuneration committee is responsible for reviewing and recommending the remuneration of directors and supervisors based on market conditions and company performance [47]. - The nomination committee discusses and proposes candidates for directors and senior management positions [48]. Shareholder Information - The total number of ordinary shareholders reached 161,843 by the end of the reporting period [73]. - China Railway Guangzhou Group Co., Ltd. holds 2,629,451,300 shares, accounting for 37.12% of the total shares [74]. - HKSCC NOMINEES LIMITED holds 1,417,572,999 shares, representing 20.01% of the total shares [74]. - The company has no significant changes in share capital structure during the reporting period [73]. - The public shareholding ratio complies with the regulations for maintaining sufficient public float [82]. Risk Management - The company has detailed potential risks in the "Board Report (including Management Discussion and Analysis)" section of the report [4]. - The company faces macroeconomic risks that could adversely affect its operational performance and financial condition [34]. - The company has not utilized any financial instruments to hedge foreign exchange risks, primarily monitoring foreign currency transactions [38]. Accounting and Financial Reporting - The financial report for the first half of 2024 was prepared in accordance with Chinese accounting standards and remains unaudited [2]. - There were no changes in accounting policies or significant accounting errors during the reporting period [39]. - The company’s accounting policies comply with the requirements of the accounting standards, reflecting the financial position as of June 30, 2024, and the results for the period from January 1 to June 30, 2024 [109]. - The company’s accounting year aligns with the calendar year, running from January 1 to December 31 [110]. Employee Information - As of the end of the reporting period, the total number of employees is 36,437, a decrease of 1,469 from the previous year due to natural attrition from retirements [60]. - The total salary and benefits paid to employees during the reporting period amounted to approximately RMB 4.087 billion [61]. - The company completed 50% of its annual training plan, with 436,952 person-times participating in various vocational training programs, and training expenses were approximately RMB 18.468 million [63]. Related Party Transactions - The total amount of related party transactions with China Railway Group and its subsidiaries for services provided was approximately RMB 2.04 billion [68]. - The company received approximately RMB 5.42 billion in passenger income and RMB 789.77 million in freight income from China Railway Group and its subsidiaries [69]. - The company paid RMB 32.64 million in rent for land use rights to China Railway Group during the reporting period [70]. - The company has no significant impact on its operating results and financial status from related party debts and credits [71]. Future Outlook - The company plans to leverage the recovering passenger flow to boost its passenger transport business and optimize transport organization [33]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth [90].

广深铁路股份有限公司 内幕信息及知情人管理制度 第三条 公司监事会应当对内幕信息及知情人管理制度实施情况进行监 督。 第四条 为尽可能减少和避免发生内幕交易的风险，公司应依照相关法 律法规规定及时披露相关信息。 第二章 内幕信息及内幕信息知情人 （2009年10月28日第五届董事会第十三次会议通过） （2012年3月27日第六届董事会第六次会议修订） （2013年8月22日第六届董事会第十五次会议修订） （2024年8月28日第十届董事会第九次会议修订） 第一章 总则 第一条 为进一步完善广深铁路股份有限公司（以下简称"公司"）的内 幕信息管理制度，做好内幕信息保密工作，防范内幕信息知情人员滥用知情权、 泄露内幕信息、进行内幕交易，根据《中华人民共和国证券法》、（"《证券法》"）、 中国证券监督管理委员会（"中国证监会"）《上市公司信息披露管理办法》和 《上市公司监管指引第5号——上市公司内幕信息知情人登记管理制度》、香港联 合交易所有限公司（"香港联交所"）《证券上市规则》、香港证券及期货事务监 察委员会（"香港证监会"）《证券及期货条例》（香港法例第571章）和《内幕消 息披露指引》等法律法规、规范性文件 ...