Daqin Railway(SH:601006) Xin Lang Cai Jing·2025-10-30 13:35Core Viewpoint - Daqin Railway, a leading enterprise in coal transportation in China, has shown strong revenue performance but faces challenges in net profit growth and profitability metrics [2][3]. Group 1: Company Overview - Daqin Railway was established on October 28, 2004, and listed on the Shanghai Stock Exchange on August 1, 2006. It is headquartered in Shanxi Province and operates the Daqin Line, a crucial coal transportation route in China [1]. - The company is classified under the transportation sector, specifically in railway transport, and is involved in both passenger and freight services [1]. Group 2: Financial Performance - For Q3 2025, Daqin Railway reported a revenue of 57.058 billion yuan, ranking first in the industry, significantly above the industry average of 18.613 billion yuan and the median of 8.582 billion yuan. The second-ranked company, Beijing-Shanghai High-Speed Railway, reported a revenue of 32.805 billion yuan [2]. - The revenue composition includes freight income of 26.086 billion yuan (69.96%), other income of 5.662 billion yuan (15.18%), and passenger income of 5.037 billion yuan (13.51%) [2]. - The net profit for the same period was 6.945 billion yuan, ranking second in the industry, with the top company reporting a net profit of 10.365 billion yuan [2]. Group 3: Financial Ratios - As of Q3 2025, Daqin Railway's debt-to-asset ratio was 14.02%, down from 18.65% year-on-year and below the industry average of 21.36% [3]. - The gross profit margin for the same period was 13.42%, lower than the previous year's 19.75% and below the industry average of 16.06% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 24.29% to 210,300, while the average number of shares held per shareholder decreased by 19.54% to 95,800 [5]. - Major shareholders include Hong Kong Central Clearing Limited and Huatai-PB CSI 300 ETF, with notable changes in their holdings [5]. Group 5: Business Highlights and Forecast - Daqin Railway's transportation volume for Q3 2025 increased by 3.87% year-on-year, contributing to a revenue growth of 6.26% [5][6]. - The company has a stable dividend policy with a payout ratio of 39.17% for the mid-year [5]. - Forecasts for net profit from 2025 to 2027 are 7.205 billion yuan, 8.471 billion yuan, and 9.419 billion yuan, reflecting a decline in 2025 followed by growth in subsequent years [5].