Beijing-Shanghai High Speed Railway (SH:601816) Xinda Securities·2025-04-30 08:23Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a slight revenue increase in 2024, with a year-on-year growth of 3.62%, achieving a total revenue of 42.16 billion yuan and a net profit attributable to shareholders of 12.77 billion yuan, reflecting a year-on-year increase of 10.59% [2] - The passenger flow and revenue from the main line showed a slight decline, while the cross-line business experienced faster growth, with the cross-line network business generating 25.95 billion yuan in revenue, a year-on-year increase of 7.1% [2] - The company expects the subsidiary, Jingfu Anhui, to potentially turn profitable in 2025, as it recorded a reduced net loss in the first quarter of 2025 [2] - The company anticipates steady growth in cross-line business, driven by improvements in the network and increased operational mileage [2] - Profit forecasts for 2025-2027 indicate net profits of 13.51 billion, 14.43 billion, and 15.36 billion yuan, respectively, with corresponding earnings per share of 0.28, 0.29, and 0.31 yuan [2][3] Financial Summary - In 2024, the total revenue was 42.16 billion yuan, with a growth rate of 3.6% compared to 2023 [3] - The net profit attributable to shareholders for 2024 was 12.77 billion yuan, reflecting a year-on-year growth of 10.6% [3] - The gross profit margin is projected to increase from 47.4% in 2024 to 49.6% by 2027 [3] - The return on equity (ROE) is expected to rise from 6.3% in 2024 to 6.8% in 2027 [3] - The price-to-earnings (P/E) ratio is projected to decrease from 22.50 in 2024 to 18.71 by 2027 [3]