京沪高铁：跨线业务持续增长，财务费用节降促业绩不断提升

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]