Investment Rating - The report assigns an "Accumulate" rating to the company [2]. Core Viewpoints - The high-speed rail industry is experiencing significant growth, with the operating mileage of high-speed rail increasing at an annual rate of 32.0% from 2008 to 2023, leading to a substantial rise in passenger turnover [7][8]. - The company, benefiting from its strategic location between Beijing and Shanghai, has shown robust profit growth, with revenue reaching 40.68 billion yuan and net profit at 11.55 billion yuan in 2023, marking increases of 16.7% and 4.3% respectively compared to 2019 [2][15]. - The company operates under a "network operation separation" model, focusing on high-speed rail passenger transport and network service provision, with stable cost structures and a significant portion of revenue derived from network service fees [18][21]. Industry Overview - The railway sector has become a crucial mode of transportation in China, with the share of railway turnover rising to 51.5% in 2023, surpassing other modes of transport [7][8]. - The high-speed rail operating mileage reached 45,000 kilometers by the end of 2023, accounting for 28.3% of total railway mileage, a significant increase from just 0.8% in 2008 [8][10]. Company Overview - The company is a key player in the national railway system, connecting major economic regions and benefiting from high passenger demand [10][11]. - The company has a strong financial position, with a history of stable revenue growth and a significant cash flow, which supports its operations and reduces debt levels [15][21]. Financial Performance - In 2023, the company reported total revenue of 40.68 billion yuan, with a year-on-year growth rate of 110.4%, and a net profit of 11.55 billion yuan, reflecting a recovery from the pandemic [3][15]. - The gross profit margin improved to 45.8% in 2023, with net profit margin at 27.6%, indicating a strong recovery trajectory [15][16]. Future Outlook - The company anticipates continued growth in passenger transport revenue driven by market price reforms and increasing travel demand, alongside an expansion in network service revenue as cross-line train operations increase [2][18].

会议召开时间：2024年9月18日（星期三）下午14:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 9 月 17 日（星期二）16:00 前通过公 司邮箱 crjhgt@vip.163.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。 证券代码：601816 证券简称：京沪高铁 公告编号：2024-031 京沪高速铁路股份有限公司 关于参加 2024 年半年度沪市轨道交通 专场集体业绩说明会的公告 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： 京沪高速铁路股份有限公司（以下简称公司）已于 2024 年 8 月 31 日发布公司 2024 年半年度报告，为便于广大投资 者更全面深入地了解公司 2024 年上半年经营成果及财务状 况，公司参加由上交所主办的 2024 年半年度沪市轨道交通 1 专场集体业绩说明会，此次活动将采用网络文字互动的方式 举 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Views - The company achieved a revenue of 20.862 billion yuan in the first half of 2024, representing a year-on-year increase of 8.21%, and a net profit of 6.357 billion yuan, up 23.77% year-on-year [5] - The second quarter of 2024 saw a revenue of 10.756 billion yuan, a 4.02% increase year-on-year, and a net profit of 3.394 billion yuan, reflecting a 16.62% year-on-year growth [5] - The company is expected to benefit from a flexible pricing mechanism for tickets, which has been in place since December 2020, allowing for price adjustments based on market conditions [9][10] Summary by Sections Market Data - Closing price as of September 5, 2024, was 5.48 yuan, with a total share capital of 49,106 million shares and net assets of 196.106 billion yuan [3] Financial Performance - In the first half of 2024, the company reported a gross profit of 9.886 billion yuan, with a gross margin of 47.39%, an increase of 3.3 percentage points year-on-year [6] - The company’s financial expenses decreased by 27.54% year-on-year to 0.931 billion yuan due to cash repayment of existing loans [9] Future Outlook - The company projects net profits of 13.508 billion yuan, 14.846 billion yuan, and 15.791 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.28, 0.30, and 0.32 yuan [10] - The report highlights a commitment to a 50% dividend payout ratio and plans for share buybacks, indicating a strong return to shareholders [9][10]

交通运输 证 券 研 究 报 告 2024 年 08 月 31 日 京沪高铁 (601816) ——高铁客运维持高景气，业绩符合预期 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 5.43 | | 一年内最高/最低（元） | 5.88/4.63 | | 市净率 | 1.3 | | 息率（分红/股价） | 2.06 | | 流通 A 股市值（百万元） | 266,648 | | 上证指数 / 深证成指 | 2,842.21/8,348.48 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |---------------------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 3.99 | | 资产负债率 % 总 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][10] Core Views - The company has shown steady growth in cross-line train business volume, with a significant increase in profitability. In the first half of 2024, the company achieved operating revenue of 20.86 billion yuan (+8.2%) and a net profit attributable to shareholders of 6.36 billion yuan (+23.8%) [1][6] - The domestic railway passenger transport has shown a clear recovery trend, with national railway passenger volume reaching 2.1 billion trips, a year-on-year increase of 18.4%. However, the passenger volume on the company's main line decreased by 1.1% to 24.709 million trips due to a high proportion of business travelers affected by macroeconomic conditions [1][8] - The company's profitability continues to improve, with a second-quarter gross margin of 48.5%, an increase of 3.0 percentage points year-on-year and 2.3 percentage points quarter-on-quarter. The financial cost ratio has also decreased by 1.8 percentage points due to a reduction in long-term loan scale [1][8] Financial Performance Summary - In the first half of 2024, the company reported operating revenue of 20.86 billion yuan, a year-on-year increase of 8.2%, and a net profit of 6.36 billion yuan, up 23.8% [1][6] - The second quarter alone saw revenue of 10.76 billion yuan (+4.0%) and a net profit of 3.39 billion yuan (+16.6%) [1][6] - The company expects net profits for 2024-2026 to be 13.38 billion, 14.90 billion, and 16.48 billion yuan, respectively, with year-on-year growth rates of 15.9%, 11.3%, and 10.6% [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth, with a year-on-year increase of 8.21% in H1 2024, achieving a revenue of 20.862 billion yuan. The net profit attributable to shareholders increased by 23.77% to 6.357 billion yuan [5][6] - The performance of cross-line operations has outperformed the main line, with passenger transport on the main line decreasing by 1.1% year-on-year, while cross-line train operation mileage increased by 7.9% [5][6] - The company is expected to benefit from sustained demand in the railway sector, supported by a robust summer transportation season [5][6] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 20.862 billion yuan, up 8.21% year-on-year, and a net profit of 6.357 billion yuan, up 23.77% year-on-year. In Q2 2024, revenue was 10.756 billion yuan, up 4.02% year-on-year, with a net profit of 3.394 billion yuan, up 16.62% year-on-year [5][6] - The gross profit margin for H1 2024 was 47.39%, an increase of 3.30 percentage points year-on-year, while the net profit margin was 30.47%, up 3.83 percentage points year-on-year [6][10] Growth Potential - The company is expected to see revenue growth of 9% in 2024, 6% in 2025, and 5% in 2026, with net profit growth projected at 17%, 13%, and 8% respectively [8][9] - The company’s core asset value and growth potential remain strong, with an expected EPS of 0.27 yuan in 2024, increasing to 0.33 yuan by 2026 [8][9] Operational Insights - The company’s subsidiary, Jingfu Anhui, has shown a trend of narrowing losses, with a net loss of 148 million yuan in H1 2024, down from 569 million yuan in H1 2023 [6][7] - The operational mileage for Jingfu Anhui increased by 10.5% year-on-year, indicating a recovery in capacity utilization [6][7]

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company reported a revenue of 20.86 billion yuan for the first half of 2024, representing an 8.2% year-on-year increase, with a net profit attributable to shareholders of 6.36 billion yuan, up 23.8% year-on-year [3] - The passenger volume for the main line decreased slightly, while cross-line services continued to grow, with cross-line train operating mileage increasing by 7.9% year-on-year [4] - The company's operating costs increased slightly by 1.83% year-on-year, while financial expenses significantly decreased by 27.5% due to reduced borrowing and lower macro interest rates [5] - The report anticipates continued growth in passenger traffic and expects the company to gradually turn profitable, projecting net profits of 13.55 billion yuan, 15.47 billion yuan, and 17.13 billion yuan for 2024-2026, representing year-on-year growth rates of 17.4%, 14.2%, and 10.7% respectively [7] Financial Summary - The company’s revenue is projected to reach 44.27 billion yuan in 2024, with a growth rate of 8.81% [8] - The net profit attributable to shareholders is expected to be 13.55 billion yuan in 2024, with a growth rate of 17.38% [9] - The earnings per share (EPS) is projected to be 0.28 yuan in 2024, with a price-to-earnings (P/E) ratio of 19.68 [8][9]

证券代码：601816 证券简称：京沪高铁 公告编号：2024-029 京沪高速铁路股份有限公司 第四届监事会第二十次会议决议公告 本公司监事会及全体监事保证公告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。 京沪高速铁路股份有限公司（以下简称公司）第四届监 事会第二十次会议于 2024 年 8 月 20 日以书面方式发出通 知，于 2024 年 8 月 30 日以通讯形式召开。本次会议应参加 表决监事 6 人，实际参加表决监事 6 人。会议召开符合《公 司法》等法律法规和《公司章程》的规定，合法有效。 一、审议通过了《关于公司 2024 年半年度报告及摘要的 议案》 表决情况：有权表决票数 6 票，同意 6 票，反对 0 票， 弃权 0 票。 特此公告。 京沪高速铁路股份有限公司监事会 2024 年 8 月 31 日 1 会议审议通过了以下议案。 ...

Financial Performance - Operating revenue for the reporting period was CNY 20.86 billion, an increase of 8.21% year-on-year [5]. - Net profit attributable to shareholders was CNY 6.36 billion, reflecting a growth of 23.77% compared to the same period last year [5]. - Net cash flow from operating activities reached CNY 10.32 billion, up 9.30% from the previous year [5]. - Basic and diluted earnings per share were both CNY 0.1295, representing a 23.80% increase year-on-year [5]. - The weighted average return on equity increased by 0.53 percentage points to 3.21% [5]. Assets and Shareholder Information - Total assets at the end of the reporting period were approximately CNY 283.86 billion, a decrease of 2.86% compared to the end of the previous year [4]. - The company's net assets attributable to shareholders increased by 0.58% to approximately CNY 196.11 billion [4]. - The top shareholder, China Railway Investment Group, holds 43.39% of the shares, totaling approximately 21.31 billion shares [6]. Operational Status - The company reported no significant changes in its operational situation during the reporting period [8]. - There were no plans for profit distribution or capital reserve transfer to share capital during this reporting period [1].

证券代码：601816 证券简称：京沪高铁 公告编号：2024-026 京沪高速铁路股份有限公司关于 持股 5%以上股东权益变动的提示性公告 本公司董事会、全体董事及相关股东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： 本次权益变动仅为股东持股方式变动，不属于股份增、 减持行为，不涉及股份的增加或减少。 本次权益变动不会导致公司控制权发生变更，亦不会 对公司经营产生不利影响。 近日，京沪高速铁路股份有限公司（以下简称公司）收 到股东平安资管－建设银行－京沪高铁股权投资计划（以下 简称京沪计划）受托人平安资产管理有限责任公司（以下简 称平安资管）的通知，京沪计划的受益人拟以权益变动的方 式将其通过京沪计划间接持有的公司股份转为直接持有。具 体情况如下。 一、本次权益变动的基本情况 京沪计划目前持有公司 6.42%股份。其中，平安人寿、 太保人寿作为京沪计划受益人，分别通过持有京沪计划相应 份额间接持有公司 3.93%、2.49%股份。 1 为维护受益人利益，平安资管作为京沪计划受托人，拟 以大宗交易方式将平安人寿、太保人寿通过京沪 ...