京沪高铁：公司深度报告：坐拥黄金路产，铁路龙头未来成长可期

Investment Rating - The report assigns an "Accumulate" rating to the company [2]. Core Viewpoints - The high-speed rail industry is experiencing significant growth, with the operating mileage of high-speed rail increasing at an annual rate of 32.0% from 2008 to 2023, leading to a substantial rise in passenger turnover [7][8]. - The company, benefiting from its strategic location between Beijing and Shanghai, has shown robust profit growth, with revenue reaching 40.68 billion yuan and net profit at 11.55 billion yuan in 2023, marking increases of 16.7% and 4.3% respectively compared to 2019 [2][15]. - The company operates under a "network operation separation" model, focusing on high-speed rail passenger transport and network service provision, with stable cost structures and a significant portion of revenue derived from network service fees [18][21]. Industry Overview - The railway sector has become a crucial mode of transportation in China, with the share of railway turnover rising to 51.5% in 2023, surpassing other modes of transport [7][8]. - The high-speed rail operating mileage reached 45,000 kilometers by the end of 2023, accounting for 28.3% of total railway mileage, a significant increase from just 0.8% in 2008 [8][10]. Company Overview - The company is a key player in the national railway system, connecting major economic regions and benefiting from high passenger demand [10][11]. - The company has a strong financial position, with a history of stable revenue growth and a significant cash flow, which supports its operations and reduces debt levels [15][21]. Financial Performance - In 2023, the company reported total revenue of 40.68 billion yuan, with a year-on-year growth rate of 110.4%, and a net profit of 11.55 billion yuan, reflecting a recovery from the pandemic [3][15]. - The gross profit margin improved to 45.8% in 2023, with net profit margin at 27.6%, indicating a strong recovery trajectory [15][16]. Future Outlook - The company anticipates continued growth in passenger transport revenue driven by market price reforms and increasing travel demand, alongside an expansion in network service revenue as cross-line train operations increase [2][18].