Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - In 2023, the passenger flow and train traffic of the company returned to growth, with price elasticity beginning to show, leading to a recovery in profitability [5][6]. - The first quarter of 2024 continues to see a recovery in travel demand, with the company expected to turn profitable in the Jiangfu Anhui line [6]. - The company is in a profit recovery phase, supported by increased capacity utilization and a stable competitive landscape [6]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 40.683 billion yuan, a year-on-year increase of 110.4%, and a net profit attributable to shareholders of 11.546 billion yuan, returning to profitability [5]. - For Q1 2024, the company reported operating revenue of 10.106 billion yuan, a year-on-year increase of 13.1%, and a net profit of 2.963 billion yuan, up 33.1% year-on-year [5][6]. - The company plans to distribute a cash dividend of 5.479 billion yuan for 2023 and intends to use 1 billion yuan of its own funds to repurchase and cancel shares [5]. Passenger and Revenue Growth - The passenger volume for the main line increased by 209.1% year-on-year, recovering to 100.1% of 2019 levels [5]. - The cross-line train mileage for the main line grew by 66.2% year-on-year, recovering to 116.5% of 2019 levels [5]. - The company’s passenger transport revenue increased by 215.6% to 16.08 billion yuan, recovering to 102.6% of 2019 levels [5]. Cost and Profitability - The operating cost increased by 31.9% to 22.052 billion yuan, with depreciation costs remaining rigid [5]. - The company’s financial expenses decreased by 14.1% year-on-year to 3.179 billion yuan due to a significant increase in revenue outpacing cost growth [5]. - The company’s net profit for Q1 2024 was 2.963 billion yuan, with a profit total of 3.987 billion yuan for the main line, up 25.5% year-on-year [6]. Future Outlook - The company is expected to see continued growth in net profit, with projections of 13.3 billion yuan, 14.9 billion yuan, and 16.8 billion yuan for 2024 to 2026, respectively [6]. - The price elasticity of the main line and the significant growth in cross-line trains are anticipated to contribute positively to profitability [6].

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The high-speed rail passenger transport continues to show strong growth, with the company's performance improving significantly [2][3]. - In 2023, the company achieved a total revenue of 40.683 billion yuan, a year-on-year increase of 110.40%, and a net profit attributable to shareholders of 11.546 billion yuan, recovering from a loss of 0.576 billion yuan in the same period of 2022 [2][3]. - The company plans to repurchase shares worth 1 billion yuan, reflecting confidence in future growth [5]. Financial Performance - In Q1 2024, the company reported a revenue of 10.106 billion yuan, up 13.06% year-on-year, and a net profit of 2.963 billion yuan, an increase of 33.11% [5]. - The total passenger volume for the year 2023 reached 53.252 million, a 209.1% increase compared to the previous year [3]. - The company's main business cost for 2023 was 22.052 billion yuan, a year-on-year increase of 31.91%, with energy expenses rising significantly due to increased passenger volume and train operations [4]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 44.719 billion yuan, 48.804 billion yuan, and 53.269 billion yuan, respectively, with growth rates of 9.92%, 9.14%, and 9.15% [6]. - The forecasted net profits for the same years are 13.452 billion yuan, 15.449 billion yuan, and 17.463 billion yuan, with growth rates of 16.52%, 14.85%, and 13.03% [6]. - The earnings per share (EPS) are expected to be 0.27 yuan, 0.31 yuan, and 0.36 yuan for 2024, 2025, and 2026, respectively [6]. Valuation - The report assigns a target price of 6.21 yuan based on a 23x price-to-earnings (P/E) ratio for 2024 [6].

Investment Rating - The report maintains an "Outperform" rating for Beijing-Shanghai High Speed Railway [3][15]. Core Views - In 2023, the company recorded a revenue of Rmb40.683 billion, a significant increase of 110.40% year-on-year, and a net profit of Rmb11.546 billion, marking a turnaround from losses in 2022. In Q1 2024, revenue reached Rmb10.106 billion, up 13.06% year-on-year, with a net profit of Rmb2.963 billion, an increase of 33.11% [6][7][15]. - The company is expected to benefit from the marketization of ticket prices and the continuous improvement of the high-speed rail network, which will contribute to revenue growth. The forecasted EPS for 2024-2026 is Rmb0.27, Rmb0.29, and Rmb0.30 respectively, with a target price of Rmb5.87 based on a 22x PE ratio for 2024E [7][15]. Financial Performance Summary - In 2023, the company achieved a gross margin of 45.8%, which is expected to improve to 47.6% in 2024 and stabilize at 48.2% in the following years. The net profit margin for 2023 was 28.4% [6][14]. - The company plans to distribute 50% of its profits as dividends over the next three years, provided there are no significant investment plans or cash expenditures [7][14]. - The report highlights a significant increase in passenger volume, with the company transporting 53.25 million passengers in 2023, a growth of 209.1% year-on-year, outperforming the industry average [7][15]. Revenue and Profit Forecast - The projected revenue for 2024 is Rmb44.886 billion, with a growth rate of 10.33%, followed by Rmb48.665 billion in 2025 and Rmb50.984 billion in 2026 [10][14]. - The net profit forecast for 2024 is Rmb13.099 billion, with expected growth rates of 13% in 2024, 8% in 2025, and 4% in 2026 [10][14].

Summary of Key Points from the Conference Call Industry Overview - The discussion revolves around the high-speed rail (HSR) network in the country, focusing on the impact of public ticket pricing on the overall market dynamics [1]. Core Insights and Arguments - The current public ticket prices for major high-speed rail lines are expected to rise, leading to a uniform increase across the network [1]. - The initial implementation of pricing strategies in the Kyoto high-speed rail has set a precedent, influencing other lines to follow suit in adjusting their ticket prices [1]. - The anticipated increase in ticket prices may elevate the overall service level and profitability of the high-speed rail sector in the future [1]. Additional Important Content - The potential for a collective rise in ticket prices could enhance the perception of value among consumers, thereby possibly increasing ridership and revenue [1].

Summary of the Conference Call on Beijing-Shanghai High-Speed Railway Company and Industry - **Company**: Beijing-Shanghai High-Speed Railway Co., Ltd. - **Industry**: High-Speed Rail Transportation in China Key Points and Arguments Performance Recovery - In 2023, the passenger volume on the Beijing-Shanghai line recovered to 2019 levels, with a 0.1% increase in local traffic compared to 2019, while turnover volume decreased by 6.3% [9][10] - The first quarter of 2023 showed similar trends, with a 5.9% decrease in average distance traveled compared to the first quarter of 2019, but a 1.4% improvement compared to the first quarter of 2022 [10][11] Revenue Insights - Revenue from local trains in 2023 was approximately 2.8% higher than in 2019, although turnover volume was still 6.3% lower than in 2019 [11][12] - The revenue for local trains has not yet reached 2019 levels, lagging by about 1% to 2% [12][13] Pricing Strategy - The improvement in ticket prices in 2023 was attributed to two price adjustments that were not present in 2019, which helped offset a decline in average rates [12][14] - The company maintains a cautious approach to future price adjustments, indicating that the current economic environment is not favorable for price increases [17] Cross-Border Train Performance - Cross-border train operations showed a significant increase, with a 16% rise in turnover volume compared to 2019, and a 24.6% increase in the first quarter of 2023 compared to the same period in 2019 [18][19] - The performance of cross-border trains is seen as a stabilizing factor for the company's overall financial health [19] Holiday Performance - During the recent May Day holiday, both local and cross-border trains exceeded 2019 performance metrics, with local passenger volume increasing by 5.8% and revenue by 11% [20][21] Future Outlook - The company anticipates continued improvement in the second quarter of 2024 based on the positive trends observed during the holiday period [20][21] - The expansion of the high-speed rail network since 2019 has contributed to increased connectivity and demand for services [24] Technological Advancements - The introduction of the new CR450 train model is expected to enhance service offerings, although its deployment is projected to take two to three years [30][31] - The company is investing in smart maintenance technologies, such as drone inspections, to improve operational efficiency and safety [42][43] Financial Management - The capital expenditure for the company is expected to remain stable, with a budget of around 2 billion yuan, primarily for maintenance and upgrades [33][59] - The company is exploring options for shareholder returns, including potential increases in dividends, depending on future cash flow management [57] Market Challenges - The company faces challenges related to consumer behavior, with a noted decline in the proportion of high-end ticket sales (VIP and first-class) due to reduced business travel [34][35] - The overall market remains weak, impacting the performance of higher-tier services [35][36] Additional Important Content - The company is cautious about the impact of external market conditions on pricing and service adjustments, emphasizing a data-driven approach to operational decisions [17][23] - The management highlighted the importance of maintaining a balance between service quality and operational costs, particularly in light of rising labor and material costs [53][54]

Investment Rating - The report assigns an "Accumulate" rating to the company, with a target price of 7.00 CNY per share based on a PE ratio of 25X for 2024 [3][24]. Core Views - The company reported a revenue of 40.683 billion CNY in 2023, a year-on-year increase of 110%, with a net profit attributable to shareholders of 11.546 billion CNY. In Q1 2024, revenue reached 10.106 billion CNY, up 13.06% year-on-year, with a net profit of 2.963 billion CNY, reflecting a 33% increase [1][2]. - The recovery in travel demand has been rapid, with 2023 performance comparable to 2019 levels. The company’s revenue growth and profit margins have significantly improved, although they remain slightly below 2019 levels [1][9]. - The upcoming Spring Festival in 2024 is expected to catalyze continued growth, with national railway travel volume projected to increase by 39% year-on-year [1][24]. - As a key asset in China's high-speed rail network, the company is positioned to benefit from ongoing demand growth and network synergies, with expectations for continued profitability improvements [1][15]. Summary by Sections 1. Rapid Recovery in Passenger Flow and Q1 2024 Performance - The company’s passenger transport volume in 2023 reached 53.252 million, matching 2019 levels, with significant growth in operational mileage [9][14]. - Q1 2024 performance showed a 13% increase in revenue compared to the previous year, with profit margins exceeding those of 2019 [14][24]. 2. Core Asset of China's High-Speed Rail with Profitability Potential - The company operates in economically vibrant regions, with its rail line covering seven provinces that account for 33.08% of national GDP [15][19]. - The network effect is expected to enhance profitability as new rail lines are completed, increasing passenger flow [22][24]. 3. Profit Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders is 13.726 billion CNY for 2024, 14.956 billion CNY for 2025, and 15.978 billion CNY for 2026, reflecting a steady growth trajectory [2][25]. - The company is expected to maintain a strong market position due to its unique asset characteristics and growth potential compared to peers [24][26].

Financial Data and Key Indicators Changes - The company reported a revenue growth of 13% year-on-year for the first quarter of 2024, with a significant scale growth of 33%, primarily due to the substantial reduction in losses from the financial services department [5][13] - Financial expenses decreased by 18.58% year-on-year, attributed to lower interest rates and a reduced loan base [12][18] Business Line Data and Key Indicators Changes - The financial services department showed a marked improvement, with expectations of turning profitable this year, although uncertainties remain [5][14] - The overall passenger load factor for business class has increased from 59% in 2019 to 62% currently, while first-class and second-class seats have seen a downward trend [4][12] Market Data and Key Indicators Changes - The recovery of passenger numbers is uneven, particularly in high-end segments, with a slower recovery in intercity flows between first-tier cities [2][3] - The average ticket price for 2023 is projected to be 299 yuan, with an average travel distance of 2,594 kilometers [12] Company Strategy and Development Direction - The company aims to enhance service quality and passenger experience while optimizing operational strategies to improve load factors to over 90% [4][5] - There is a focus on diversifying operations, particularly through land development along railway lines and commercial operations within stations, although growth has been limited [11][12] Management Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future pricing adjustments, indicating that any increases would be modest due to market conditions and consumer sentiment [7][16] - The company is actively preparing for negotiations on maintenance costs, aiming to control or reduce these expenses in light of rising operational costs [7][18] Other Important Information - The company is facing challenges related to the uneven recovery of passenger traffic and the need for strategic adjustments in response to market demands [2][3] - The introduction of a more competitive pricing mechanism by China Railway aims to narrow the price gap between high-speed rail lines [6][15] Q&A Session Summary Question: What is the basic operating situation of the company in 2022 and the outlook for the domestic passenger market? - The company is still in the recovery phase from the pandemic, with average travel distances not yet back to 2019 levels, showing a gap of about 5% to 6% [12] Question: How does the company perform in the national high-speed rail market? - The company has outperformed the national average in 2023, benefiting from its unique geographical advantages, although high-end passenger consumption has declined [12][13] Question: What is the current situation regarding ticket price adjustments? - The company is cautious about ticket price adjustments, with expectations of minimal changes due to market conditions and public sentiment [7][16] Question: What are the plans for capital expenditures? - The company plans to keep capital expenditures within 2 billion yuan over the next three years, focusing on maintenance and upgrades [18] Question: How has the financial services department's performance impacted overall profits? - The significant reduction in losses from the financial services department has greatly influenced the overall profit margins [14]

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - The company reported a significant increase in revenue and profitability for 2023, with total revenue reaching 40.683 billion yuan, a year-on-year increase of 110.40%, and a net profit of 11.546 billion yuan, marking a return to profitability [5][6]. - The first quarter of 2024 continued this positive trend, with revenue of 10.106 billion yuan, a 13.06% increase year-on-year, and a net profit of 2.963 billion yuan, up 33.11% [5][6]. - The company is benefiting from the recovery of the domestic passenger market post-pandemic, leading to increased passenger traffic and revenue from both mainline and cross-line operations [6][9]. Financial Summary - For 2023, the company achieved total revenue of 40.683 billion yuan, with a net profit of 11.546 billion yuan, resulting in an EPS of 0.24 yuan [5][7]. - The company plans to distribute a cash dividend of 1.12 yuan per 10 shares, translating to a dividend yield of 2.09% based on the closing price as of May 6, 2024 [5][8]. - The financial projections for 2024-2026 estimate net profits of 13.001 billion yuan, 14.205 billion yuan, and 14.850 billion yuan, respectively, with corresponding EPS of 0.26, 0.29, and 0.30 yuan [7][9]. Operational Highlights - The mainline business saw a passenger volume of 53.252 million, a 209.1% increase year-on-year, contributing 39.53% to total revenue [6][9]. - Cross-line operations recorded a significant increase in operational mileage and revenue, with cross-line revenue accounting for 59.54% of total revenue [6][9]. - The company has committed to a 50% dividend payout ratio, indicating a strong commitment to returning value to shareholders [8][9].

京沪高速铁路股份有限公司 证券代码：601816 证券简称：京沪高铁 公告编号：2024-015 关于召开 2023 年年度股东大会的通知 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： 一、 召开会议的基本情况 （一）股东大会类型和届次 2023 年年度股东大会 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投 票和网络投票相结合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2024 年 5 月 30 日 14 点 30 分 召开地点：北京市海淀区北蜂窝路 5 号院 1 号写字楼三层 315 会议室 （五）网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2024年5月30日 本次股东大会采用的网络投票系统：上海证券交易所股 东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 30 日 至 2024 年 5 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台 的投票时间为股东大 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price compared to the benchmark index [20][23]. Core Views - The company has shown a strong recovery in passenger flow, with a significant increase in revenue and net profit in 2023 and Q1 2024, indicating a robust operational performance [4][9]. - The company is expected to continue its growth trajectory, with projected revenues and net profits increasing steadily over the next few years [20][8]. Summary by Sections Financial Performance - In 2023, the company reported operating revenue of 40.68 billion yuan, a year-on-year increase of 110.4%, and a net profit of 11.55 billion yuan, marking a turnaround from losses [4][9]. - For Q1 2024, the operating revenue was 10.11 billion yuan, up 13.1% year-on-year, with a net profit of 2.96 billion yuan, reflecting a 33.1% increase [4][9]. Passenger Flow and Operations - The company experienced a recovery in passenger flow, with 53.25 million passengers on its mainline, a 209.1% increase year-on-year, returning to pre-pandemic levels [5][13]. - The operational mileage for cross-line services also grew, with the Beijing-Shanghai line achieving 92.04 million train kilometers, a 66.2% increase [5][13]. Cost Management - The company's operating costs for 2023 were 22.05 billion yuan, a 31.9% increase year-on-year, while Q1 2024 costs were 5.44 billion yuan, up 5.6% [6][15]. - The company has effectively managed its expenses, with a significant reduction in financial costs and a decrease in expense ratios, indicating improved operational efficiency [6][15]. Future Projections - Revenue forecasts for 2024-2026 are 44.27 billion yuan, 47.38 billion yuan, and 50.47 billion yuan, representing year-on-year growth rates of 8.8%, 7.0%, and 6.5% respectively [20][8]. - Net profit projections for the same period are 13.55 billion yuan, 15.47 billion yuan, and 17.13 billion yuan, with growth rates of 17.4%, 14.2%, and 10.7% respectively [20][8].