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 ...

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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 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].

2024 年 4 月 12 日，广深铁路股份有限公司（以下简称 "本公司"或"公司"）董事会和监事会收到董事兼总经理胡酃 酃先生的辞任函和监事陈少宏先生的辞任函。胡酃酃先生因 退休申请辞去本公司董事、总经理、董事会薪酬委员会委员 和董事会提名委员会委员的职务，陈少宏先生因工作需要申 请辞去本公司监事的职务。 根据《中华人民共和国公司法》等有关法律法规及《公司 章程》的规定，胡酃酃先生和陈少宏先生的辞任不会导致公 司董事会和监事会成员低于法定人数，不会影响董事会、董 事会专门委员会和监事会的正常运作及本公司的正常经营。 胡酃酃先生和陈少宏先生的辞任均自送达本公司董事会和 监事会时生效。 胡酃酃先生和陈少宏先生均已确认与本公司并无不同意 见，亦无任何其他事项须提请本公司董事会、监事会注意。 胡酃酃先生和陈少宏先生在担任本公司相关职务期间恪尽 职守、勤勉尽责，本公司、本公司董事会和监事会谨此对胡 酃酃先生和陈少宏先生的辛勤工作及作出的贡献表示衷心 感谢！ A 股简称：广深铁路 股票代码：601333 公告编号：2024-011 广深铁路股份有限公司 关于董事兼总经理、监事辞任的公告 本公司董事会及全体董事保证本公告 ...

证券研究报告 公 2024年03月31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： 2.96元 客运需求回暖，23 年公司扭亏为盈 年 目标价格： 3.40元 报 点 事件： 评 基本数据 2023 年，公司全年实现营收 261.9亿元，同比增长31.4%，实现归母净利 总股本/流通股本(百万股) 7,083.54/7,083.54 润 10.6亿元，同比转亏为盈（2022年亏损19.9亿元）。其中，2023年四 流通A股市值(百万元) 16,730.62 季度公司实现营收 70.2 亿元，同比增长 49.2%，实现归母净利润 0.39 亿 元，2022年同期亏损10.0亿元。2023年公司每股派发现金股利0.07元， 每股净资产(元) 3.73 分红率约为47%。 资产负债率(%) 29.23 ➢ 铁路客运需求回暖带动公司客运及路网清算服务收入同步回升 一年内最高/最低(元) 4.29/2.38 2023年伴随前期外部影响因素消除，深港口岸以及过港直通车恢复通行， 公司管内车站旅客发送量回暖，2023 年合计发送旅客 5931.5 ...

2024年3月29日 公司研究 生产经营恢复，主营业务毛利率转正 ——广深铁路（601333.SH）2023 年报点评 要点 A 股：增持（维持） ◆事件：公司发布2023年报。公司23年年实现营业收入262亿元，同比增长 当 前价：2.99元 31.4%；实现归母净利润10.6亿元，较上年同期（亏损20亿）扭亏为盈；实现 H 股：增持（维持） 扣非归母净利润9.3亿元，较上年同期（亏损20亿）扭亏为盈。2023年第四季 度，公司实现收入70.2亿元，同比增长49.2%，环比增长3.2%；实现归母净 当前：1.77港元 利润0.39亿元，较上年同期（亏损10亿）扭亏为盈，环比下降89%；实现扣 作者 非归母净亏损0.65亿元，较上年同期（亏损10亿）大幅收窄，环比由盈转亏。 分析师：程新星 ◆旅客发送量恢复相对较慢，新开线路推动公司客运收入增长。公司23年旅客 执业证书编号：S0930518120002 发送量约5,932万人次，同比上涨124%，恢复至19年同期的70%，其中城际 021-52523841 chengxx@ebscn.com 列车、其他车旅客发送量分别约2,340万、3,512万人次，分别同 ...

Financial Performance - The company's operating revenue for 2023 reached CNY 26,194,897,332, representing a 31.35% increase compared to CNY 19,943,429,883 in 2022[14]. - The net profit attributable to shareholders for 2023 was CNY 1,058,289,071, a significant recovery from a loss of CNY 1,994,665,063 in 2022[14]. - The net cash flow from operating activities for 2023 was CNY 1,116,364,342, compared to a negative cash flow of CNY 193,449,258 in 2022[14]. - The basic earnings per share for 2023 was CNY 0.15, recovering from a loss of CNY 0.28 in 2022[15]. - The weighted average return on equity increased to 4.09% in 2023, up 11.69 percentage points from -7.60% in 2022[15]. - The total assets at the end of 2023 were CNY 37,234,946,966, a slight increase of 0.52% from CNY 37,041,375,827 at the end of 2022[14]. - The company's operating cost for 2023 was RMB 24.553 billion, an increase of 9.98% compared to RMB 22.326 billion in the previous year[25]. - The company reported an operating profit of RMB 1.468 billion in 2023, recovering from an operating loss of RMB 2.544 billion in the previous year[24]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.07 per share, totaling RMB 495,847,590 based on a total share capital of 7,083,537,000 shares as of December 31, 2023[3]. - The company has not distributed cash dividends from 2020 to 2022 due to external pressures, despite a history of 24 consecutive years of cash dividends prior to that[20]. - The company has cumulatively distributed approximately RMB 12.3 billion in dividends since its listing, maintaining a stable and predictable dividend policy[49]. Audit and Compliance - The company has received a standard unqualified audit report from PwC, ensuring the accuracy and completeness of the financial report[2]. - The board of directors has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[4]. - The company has not violated decision-making procedures in providing guarantees[4]. - The company has confirmed that all directors can guarantee the authenticity and completeness of the annual report[4]. - The company has engaged PwC as its domestic auditor and RSM as its overseas auditor, ensuring compliance with auditing standards[12]. Operational Highlights - The company operates a total railway mileage of 481.2 kilometers, connecting major regions in Guangdong Province[13]. - The company has expanded its railway operation services to multiple lines, enhancing its growth potential in the Guangdong-Hong Kong-Macao Greater Bay Area[13]. - In 2023, the company achieved a passenger volume of 59.315 million, a year-on-year increase of 123.69%, and a cargo volume of 16.0325 million tons, a decrease of 3.27%[20]. - The company aims to enhance its governance and operational efficiency through various board meetings and strategic decisions made throughout the year[20]. Risk Management - The company has outlined potential risks in its annual report, which should be reviewed in the "Board Report" section[5]. - The company is exposed to foreign exchange risks primarily related to USD and HKD, but does not currently use financial instruments to hedge these risks[55]. - The company is committed to enhancing its governance capabilities and improving management systems to mitigate operational risks[45]. Future Outlook - The company plans to continue focusing on high-quality development and enhancing service capabilities in 2024, aligning with national strategies and economic policies[21]. - The company plans to achieve a passenger volume of 64.5 million and a cargo volume of 15.95 million tons in 2024[45]. - The company provided a positive outlook for 2024, projecting a revenue growth of 12% and aiming to reach 11.2 billion yuan[75]. Employee and Governance - The total number of employees at the company and its main subsidiaries is 37,906[100]. - The board consists of 9 members, including 3 independent non-executive directors, meeting the requirement of at least one-third independence[118]. - The company has established a clear division of responsibilities between the chairman and the general manager, ensuring balanced power distribution[125]. - The company has implemented a performance-based compensation policy closely linked to economic and labor efficiency[101]. Environmental and Social Responsibility - The company invested RMB 23.13 million in environmental protection during the reporting period[139]. - The company reduced carbon emissions by 42,000 tons during the reporting period through various measures, including prioritizing electric locomotives and promoting energy-saving practices[143]. - The company’s environmental protection unit, Guangzhou Locomotive Depot, is listed as a key pollutant discharge unit and is committed to fulfilling its environmental responsibilities[140].

广深铁路股份有限公司 对会计师事务所 2023 年度履职情况评估报告 根据中华人民共和国财政部、国务院国有资产监督管理委员会及中国证券监督 管理委员会颁布的《国有企业、上市公司选聘会计师事务所管理办法》，广深铁路 股份有限公司（以下简称"公司"或"本公司"）对会计师事务所 2023 年度履职情况 进行评估，具体情况如下： 一、会计师事务所基本情况 1.普华永道中天会计师事务所（特殊普通合伙）（以下简称：普华永道中天） 普华永道中天为本公司 2023 年度境内财务报告与内部控制提供审计服务。 普华永道中天会计师事务所（特殊普通合伙）（以下简称：普华永道中天）前 身为 1993 年 3 月 28 日成立的普华大华会计师事务所，经批准于 2000 年 6 月更名 为普华永道中天会计师事务所有限公司；经 2012 年 12 月 24 日财政部财会函 [2012]52 号批准，于 2013 年 1 月 18 日转制为普华永道中天会计师事务所（特殊普 通合伙）。注册地址为中国（上海）自由贸易试验区陆家嘴环路 1318 号星展银行 大厦 507 单元 01 室。 普华永道中天拥有会计师事务所执业证书，具备从事 H 股企业审 ...