Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's third-quarter performance for 2024 showed a slight decline in revenue and net profit, with revenue at 11.493 billion yuan, down 0.94% year-on-year, and net profit at 3.658 billion yuan, down 3.17% year-on-year. However, the first three quarters of 2024 saw revenue growth of 4.77% year-on-year, reaching 32.355 billion yuan, and net profit growth of 12.35%, totaling 10.015 billion yuan [4][5]. - The report highlights that while national railway passenger volume increased slightly, the average travel distance decreased, impacting short-term performance. The first three quarters of 2024 saw a 13.8% year-on-year increase in national railway passenger volume, totaling 3.338 billion people, but a 1.35% decline in passenger turnover [5]. - The report emphasizes ongoing railway market reforms, particularly in ticket pricing mechanisms, which are expected to improve profitability. The introduction of flexible pricing on certain high-speed rail lines is anticipated to enhance passenger load factors and financial performance [6][5]. - The report maintains profit forecasts for 2024-2026, projecting net profits of 13.873 billion yuan, 16.207 billion yuan, and 18.781 billion yuan, respectively, with corresponding price-to-earnings ratios of 20, 17, and 15 [6][7]. Summary by Sections Market Data - Closing price as of October 30, 2024, is 5.66 yuan, with a one-year high of 6.61 yuan and a low of 4.63 yuan. The market capitalization is approximately 277.943 billion yuan [2][3]. Financial Data - As of September 30, 2024, the company's net asset value per share is 4.07 yuan, with a debt-to-asset ratio of 21.38% [3]. Revenue and Profit Forecast - The total revenue for 2024 is projected at 46.519 billion yuan, with a year-on-year growth rate of 14.3%. The net profit for the same year is expected to be 13.873 billion yuan, reflecting a growth rate of 20.2% [7][9].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a net profit of 10.015 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12.3%. However, the net profit for the third quarter alone was 3.658 billion yuan, showing a decline of 3.17% year-on-year [2][3] - Revenue for the third quarter of 2024 was 11.49 billion yuan, a slight decrease of 0.94% year-on-year, while the total revenue for the first three quarters was 32.355 billion yuan, an increase of 4.8% year-on-year [2][3] - The company's overall gross margin decreased by 0.84 percentage points to 49.58% in the third quarter due to a decline in the turnover of mainline business [2][3] - The subsidiary, Jingfu Anhui, achieved profitability for the first time in a single quarter, contributing 15.01 million yuan to minority shareholders' profit [3] - The company is expected to achieve net profits of 12.774 billion yuan, 14.096 billion yuan, and 15.248 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 10.6%, 10.4%, and 8.2% [3] Financial Summary - Total revenue for 2023 is projected at 40.683 billion yuan, with a year-on-year growth rate of 110.4%. For 2024, revenue is expected to reach 44.146 billion yuan, reflecting a growth rate of 8.5% [4] - The company's net profit for 2023 is estimated at 11.546 billion yuan, with a significant year-on-year increase of 2103.6%. The projected net profit for 2024 is 12.774 billion yuan, indicating a growth rate of 10.6% [4] - The gross margin is expected to improve gradually, reaching 48.1% by 2026 [4] - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.26 yuan, 0.29 yuan, and 0.31 yuan, respectively [4]

Financial Performance - The company's operating revenue for Q3 2024 was ¥11,492,657,242.72, a decrease of 0.94% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥3,658,333,729.00, down 3.17% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥3,658,316,783.04, a decrease of 3.21% compared to the previous year[2]. - The basic and diluted earnings per share for Q3 2024 were both ¥0.0745, reflecting a decrease of 3.12% compared to the same period last year[3]. - The weighted average return on equity for Q3 2024 was 1.85%, down 8.07% year-on-year[3]. - Total operating revenue for the first three quarters of 2024 reached ¥32,355,133,669.92, an increase of 4.8% compared to ¥30,881,500,016.17 in the same period of 2023[15]. - Operating profit for the first three quarters of 2024 was 13,437,731,630.81, up from 11,789,016,868.58 in 2023, representing a growth of approximately 14%[16]. - Net profit for the first three quarters of 2024 reached 9,978,496,200.67, compared to 8,673,074,418.28 in 2023, marking an increase of about 15%[16]. - Total comprehensive income for the first three quarters of 2024 was 9,978,496,200.67, compared to 8,673,074,418.28 in 2023, showing a growth of approximately 15%[17]. - Basic and diluted earnings per share for the first three quarters of 2024 were both 0.20390, up from 0.1815 in 2023, indicating improved profitability per share[17]. Cash Flow - The net cash flow from operating activities for Q3 2024 was ¥5,419,431,412.68, a decline of 19.73% year-on-year[2]. - Cash inflow from operating activities for the first three quarters of 2024 was 29,090,971,555.01, compared to 26,792,255,802.31 in 2023, reflecting a growth of about 8%[18]. - Net cash flow from operating activities for the first three quarters of 2024 was 15,742,295,057.47, compared to 16,195,724,138.62 in 2023, showing a decrease[19]. - The ending balance of cash and cash equivalents as of the third quarter of 2024 was ¥7,496,679,395.60, down from ¥10,568,858,286.34 in the same period of 2023, a decrease of about 29.5%[20]. - The net increase in cash and cash equivalents for the first three quarters of 2024 was -¥5,406,479,016.89, contrasting with an increase of ¥5,229,486,326.38 in 2023[20]. Assets and Liabilities - Total assets at the end of Q3 2024 were ¥283,297,766,950.43, a decrease of 3.05% from the end of the previous year[3]. - The company's total assets as of September 30, 2024, amounted to ¥283,297,766,950.43, down from ¥292,219,725,586.82 at the end of 2023, indicating a decrease of 3.1%[14]. - The total liabilities decreased to ¥60,558,529,576.62 from ¥74,308,171,658.82, representing a significant reduction of 18.6%[13]. - The company's equity attributable to shareholders increased to ¥222,739,237,373.81 from ¥217,911,553,928.00, showing a growth of 2.5%[14]. - The equity attributable to shareholders at the end of Q3 2024 was ¥199,825,816,641.83, an increase of 2.49% compared to the end of the previous year[3]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 190,863[6]. - The largest shareholder, China Railway Investment Group Co., Ltd., holds 21,306,477,996 shares, accounting for 43.39% of the total shares[6]. - The second-largest shareholder, National Social Security Fund Council, holds 3,062,225,309 shares, representing 6.24%[6]. - The top ten shareholders collectively hold 6.42% of the total shares, with no changes in the number of shares held during the reporting period[8]. - The company has not disclosed any significant related party transactions among its top shareholders[7]. Operational Insights - The company has not reported any significant changes in its operational status during the reporting period[11]. - The company is in the process of transferring shares held by Ping An Asset Management to Ping An Life and Taikang Life, which will not affect the total number of shares held[8]. - There are no outstanding shares that have been lent out under the margin trading and securities lending business as of the end of the reporting period[9]. Expenses and Investments - Total operating costs decreased to ¥18,917,549,532.16 from ¥19,092,686,309.73, reflecting a reduction of 0.9%[15]. - R&D expenses for the first three quarters of 2024 amounted to 6,166,251.45, compared to 3,465,390.20 in the same period of 2023, reflecting a significant increase[16]. - Financial expenses decreased to 1,364,845,296.52 in 2024 from 1,847,767,297.90 in 2023, indicating improved financial management[16]. - Cash flow from investing activities showed a net outflow of -540,565,814.25 in 2023, compared to -1,013,511,135.40 in 2022, indicating a reduction in investment losses[19]. Accounting Changes - The company has adopted new accounting standards starting in 2024, which may affect the financial statements[20].

一、审议通过了《关于公司 2024 年第三季度报告的议 案》 证券代码：601816 证券简称：京沪高铁 公告编号：2024-035 京沪高速铁路股份有限公司 第四届董事会第二十五次会议决议公告 本公司董事会及全体董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）第四届董 事会第二十五次会议于 2024 年 10 月 18 日以书面方式发出 通知，于 2024 年 10 月 30 日以现场与视频会议相结合的形 式召开。本次会议应出席董事 9 名，实际出席董事 7 名，谭 光明董事、曾辉祥董事因公务未能出席，分别书面委托刘洪 润董事、张星臣董事代为表决。会议由董事长刘洪润先生主 持，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。 会议审议通过了以下议案。 京沪高速铁路股份有限公司 2024 年 10 月 31 日 本议案已经公司审计委员会审议通过。 表决情况：有权表决票数 9 票，同意 9 票，反对 0 票， 弃权 0 票。 特此公告。 ...

一、审议通过了《关于公司 2024 年第三季度报告的议 案》 表决情况：有权表决票数 5 票，同意 5 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 证券代码：601816 证券简称：京沪高铁 公告编号：2024-036 京沪高速铁路股份有限公司 第四届监事会第二十一次会议决议公告 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 事会第二十一次会议于 2024 年 10 月 18 日以书面方式发出 通知，于 2024 年 10 月 30 日以通讯形式召开。本次会议应 参加表决监事 5 人，实际参加表决监事 5 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。 会议审议通过了以下议案。 2024 年 10 月 31 日 1 ...

本公司董事会及全体董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）董事会近 日收到公司董事张秋萍女士提交的辞任申请。张秋萍女士因 达到法定退休年龄申请辞去公司董事、董事会战略发展委员 会委员、董事会提名委员会委员职务。辞职后，张秋萍女士 将不再担任公司及参控股公司的任何职务。 证券代码：601816 证券简称：京沪高铁 公告编号：2024-034 京沪高速铁路股份有限公司 关于董事辞职的公告 特此公告。 京沪高速铁路股份有限公司董事会 2024 年 10 月 15 日 根据《公司法》和《公司章程》的有关规定，张秋萍女 士的辞任申请自送达公司董事会之日起生效，张秋萍女士的 辞职不会导致公司董事会人数低于法定最低人数，不会对公 司的正常运作产生影响。截至公告披露日，张秋萍女士未持 有公司股份。 张秋萍女士担任公司董事期间恪尽职守，勤勉尽责，公 司董事会对张秋萍女士在任职期间为公司作出的贡献表示 衷心的感谢！ ...

证券代码：601816 证券简称：京沪高铁 公告编号：2024-033 京沪高速铁路股份有限公司 关于职工监事退休离职的公告 根据《公司法》和《公司章程》有关规定，盛大军先生 的离职申请自送达公司监事会之日起生效，盛大军先生的离 职不会对公司的正常运作产生影响。截至公告披露日，盛大 军先生未持有公司股份。 盛大军先生担任公司职工监事期间恪尽职守、勤勉尽责， 公司对盛大军先生在任职期间为公司作出的贡献表示衷心 的感谢！ 特此公告。 京沪高速铁路股份有限公司监事会 2024 年 10 月 12 日 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）监事会近 日收到公司职工监事盛大军先生提交的退休离职申请。盛大 军先生因达到法定退休年龄申请辞去公司职工监事职务。离 职后，盛大军先生将不再担任公司及参控股公司的任何职务。 ...

证券代码：601816 证券简称：京沪高铁 公告编号：2024-032 京沪高速铁路股份有限公司 关于以集中竞价方式回购股份的进展公告 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： 截至 2024 年 9 月 30 日，京沪高速铁路股份有限公司（以 下简称公司）通过集中竞价方式已累计回购股份 7,176,300 股， 占公司总股本比例约为 0.0146%，回购成交的最高价为 5.72 元/股，最低价为 5.20 元/股，支付的资金总额为 38,088,348.39 元（不含交易费用）。 一、回购股份的基本情况 公司分别于 2024 年 4 月 29 日和 2024 年 5 月 30 日召开了 第四届董事会第二十三次会议和 2023 年年度股东大会，审议 通过了《关于回购公司股份的议案》，同意公司使用自有资金 10 亿元，以集中竞价交易方式回购公司股份，回购的股份将 全部注销并减少注册资本。回购价格不超过人民币 5.87 元/股 （含），具体回购股份的数量以回购期限届满时实际回购的股 份数量为准。回购期限为自 ...

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 ...