Western Venture(SZ:000557) Dong Jian Yan Bao·2025-05-15 14:16Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - The company focuses on the railway transportation main business, plans to improve the railway network, and build a first - class modern logistics enterprise and high - quality listed company [23]. - The company is actively involved in the construction of projects such as the Ningdong Energy and Chemical Industry Base Shanggouwan Logistics Park and the Ningdong Railway electrification transformation, aiming to enhance its competitiveness and expand its business scale [23][24]. - The company will adjust its business strategies according to market conditions, such as the supply - chain trading business being suspended in 2024 Q1 and may resume operations in the future [26]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Western Entrepreneurship, belonging to the logistics industry, and the reception time was May 15, 2025. The reception staff included the board secretary, enterprise management department, finance department, legal and securities affairs department, and the general dispatcher and production technology department head of Xichuang Ningdong Railway [17]. 3.2. Detailed Research Institutions - The research institutions included Guotai Fund (represented by Lin Zhi), Dongwu Securities (represented by Meng Xiangwen), and Shenwan Hongyuan (represented by Guo Yan) [18]. 3.3. Research Institution Proportion No information provided in the report. 3.4. Main Content Data - Strategic Planning: The company will continue to focus on the railway transportation main business, improve the railway network, and build logistics parks to extend and supplement the industrial chain [23]. - Market Position: In 2024, the company's railway transportation business volume accounted for more than half of the regional railway freight volume, and the volume is growing steadily. The company is building the Shanggouwan Logistics Park in the Ningdong Energy and Chemical Industry Base, with an investment of 84.0815 million yuan [23][24]. - Railway Business: The Ningdong Railway electrification transformation project has an investment of 1.4865 billion yuan, with a cumulative investment of 639 million yuan by the end of 2024 and a project progress of 52%. The company will plan the construction of external and internal branch lines [24]. - Charging Standards: The railway freight price is 0.19 yuan/ton - kilometer (excluding tax), the minimum mileage is 40 kilometers, and the container freight rates are 4.45 yuan/box - kilometer (excluding tax) for 20 - foot containers and 6.05 yuan/box - kilometer (excluding tax) for 40 - foot containers. The railway transportation杂费 is adjusted twice a year according to market conditions [25]. - Railway Transport Volume: In 2024, the railway transport volume was 72.22 million tons, a year - on - year increase of 9.09%. The company will increase the transport volume through various measures [25]. - "Xinjiang Coal Out - bound" Impact: The company's railway transport volume is stable and less affected by the external environment. It actively participates in the "Xinjiang Coal into Ningxia" strategy [26]. - Supply - Chain Trading Business: Affected by the market and policies, the business was suspended after Q1 2024 and may resume in the future according to the situation [26]. - Shareholder Return: The company plans to distribute a cash dividend of 0.5 yuan per 10 shares (including tax) based on the total share capital of 1.4583747 billion shares as of December 31, 2024, with an expected dividend of 72.9187 million yuan, subject to the approval of the 2024 annual shareholders' meeting [26].