京沪高铁（601816）："京沪主动脉+京福新线网+票价浮动化"三维共振，高铁龙头再启航

Investment Rating - The report assigns an "Accumulate" rating to the company for the first time [1][4]. Core Views - In 2024, the company achieved operating revenue of RMB 42.157 billion, a year-on-year increase of 3.62%, and a net profit attributable to shareholders of RMB 12.768 billion, up 10.59%, demonstrating strong resilience during the post-pandemic recovery phase [1][4]. - The company is expected to benefit from accelerated revenue growth from the Jingfu Anhui line and the anticipated contribution of additional passenger trains from the Xiongshang high-speed railway, which is expected to open in 2026, indicating significant long-term growth potential [1][4]. Summary by Sections Company Overview - The company is a landmark project in China's high-speed rail network, with a total length of 1,318 kilometers, officially opened in 2011 and listed on the A-share market in 2020. It has transported over 1.6 billion passengers [17][20]. Business Model - The company operates under a commissioned transportation management model, where the organization of transportation is managed by the respective railway bureaus along the line. Its main revenue sources are passenger transportation and network service income, with the latter steadily increasing in proportion [29][30]. Financial Performance - The company reported a record high operating revenue of over RMB 42 billion in 2024, with a net profit exceeding RMB 12 billion, indicating a strong recovery from the pandemic. The revenue for Q1 2025 was RMB 10.223 billion, reflecting a year-on-year growth of 1.16% [42][44]. - The company's gross profit margin for 2024 was 45.4%, down from 51.1% in 2019, primarily due to changes in passenger flow structure post-pandemic [44]. Industry Context - The high-speed rail industry in China is experiencing significant growth, with passenger volume expected to exceed 3.2 billion in 2024, making it one of the most preferred modes of transportation for the public [57][61]. - The ongoing market-oriented reforms in high-speed rail ticket pricing are expected to enhance revenue generation, with the company implementing a differentiated pricing strategy that offers competitive advantages over air travel [64][65].