京沪高铁：跨线保持高增，京福大幅扭亏

Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Views - The company achieved a revenue of 20.862 billion yuan in the first half of 2024, representing a year-on-year increase of 8.21%, and a net profit of 6.357 billion yuan, up 23.77% year-on-year [5] - The second quarter of 2024 saw a revenue of 10.756 billion yuan, a 4.02% increase year-on-year, and a net profit of 3.394 billion yuan, reflecting a 16.62% year-on-year growth [5] - The company is expected to benefit from a flexible pricing mechanism for tickets, which has been in place since December 2020, allowing for price adjustments based on market conditions [9][10] Summary by Sections Market Data - Closing price as of September 5, 2024, was 5.48 yuan, with a total share capital of 49,106 million shares and net assets of 196.106 billion yuan [3] Financial Performance - In the first half of 2024, the company reported a gross profit of 9.886 billion yuan, with a gross margin of 47.39%, an increase of 3.3 percentage points year-on-year [6] - The company’s financial expenses decreased by 27.54% year-on-year to 0.931 billion yuan due to cash repayment of existing loans [9] Future Outlook - The company projects net profits of 13.508 billion yuan, 14.846 billion yuan, and 15.791 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.28, 0.30, and 0.32 yuan [10] - The report highlights a commitment to a 50% dividend payout ratio and plans for share buybacks, indicating a strong return to shareholders [9][10]