Beijing-Shanghai High Speed Railway (SH:601816) Guoxin Securities·2024-09-01 07:41Investment 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]