Daqin Railway(SH:601006) Xinda Securities·2025-04-30 14:23Investment Rating - The investment rating for the company is "Accumulate" [1][6]. Core Views - The company's short-term profits are impacted by reduced coal production in Shanxi, but there is optimism for a recovery in freight volume in 2025 [2][4]. - In 2024, the company reported a revenue of 746.27 billion yuan, a decrease of 7.89% year-on-year, and a net profit attributable to shareholders of 90.39 billion yuan, down 24.23% year-on-year [2][3]. - The company plans to achieve a freight volume of 400 million tons in 2025, with a revenue target of 780 billion yuan, indicating a positive outlook for recovery [4][6]. Financial Performance Summary - In 2024, the company's total revenue was 746.27 billion yuan, with a year-on-year decline of 7.89%, and a net profit of 90.39 billion yuan, down 24.23% [2][7]. - The company's gross profit margin for 2024 was 15.30%, with a projected increase to 16.24% in 2025 [7]. - The earnings per share (EPS) for 2024 is projected at 0.45 yuan, with an expected increase to 0.51 yuan in 2025 [9]. Dividend Policy - The company plans to distribute a cash dividend of 0.14 yuan per share for the year 2024, totaling 28.21 billion yuan, maintaining a stable dividend policy with a payout ratio of approximately 57.31% [5][6].