中诚信国际：国铁集团具有较强偿债能力

Group 1 - The core viewpoint of the report indicates that the railway passenger flow has been continuously growing since 2024, with freight volume steadily increasing, suggesting that railway passenger transport may maintain high operational levels in the future [1] - The report highlights that the China National Railway Group (CNRG) maintains a strong monopoly in the railway transportation industry, with passenger volume reaching 4.085 billion trips in 2024, an increase of over 10%, and freight volume at 3.985 billion tons, marking eight consecutive years of growth [2] - The overall operating revenue for the railway sector is projected to increase by 3.02% year-on-year to 1,283.038 billion yuan in 2024, driven by the growth in passenger transport performance [2] Group 2 - CNRG is expected to enhance its profitability through diversified business strategies, leveraging resources such as land, equipment, and information to expand passenger services and develop logistics and other operational businesses [3] - The report states that CNRG's debt repayment capability is strong, supported by the growth in passenger transport performance and a decrease in total debt and financial leverage [4] - As of December 31, 2024, CNRG's total liabilities were 6.20 trillion yuan, a 1.14% increase from the previous year, while total assets rose to 9.76 trillion yuan, reflecting a 4.39% year-on-year increase [4] Group 3 - CNRG plans to deepen the asset securitization of its high-speed rail network and promote mixed-ownership reform, with expectations that total assets will exceed 10 trillion yuan by the end of 2025 and the debt ratio will fall below 63% by early 2026 [5]