京沪高铁（601816）：2025年半年报点评：京福安徽首次半年度盈利，中期分红提升股东回报

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company reported a slight increase in revenue for H1 2025, with total revenue of 21.01 billion yuan, up 0.7% year-on-year, and a net profit attributable to shareholders of 6.32 billion yuan, down 0.6% year-on-year [1]. - The passenger transport business showed positive growth in H1 2025, with 25 million passengers transported on the main line, an increase of 1.2% year-on-year [1]. - The company declared its first interim dividend, amounting to 1.88 billion yuan, with a payout ratio of 29.8% [3]. - The report highlights the potential profitability from the newly opened Xiongshang section of the Beijing-Hong Kong high-speed railway, which is expected to enhance passenger flow [2][3]. Financial Performance Summary - For H1 2025, the company’s revenue was 21.01 billion yuan, with a net profit of 6.32 billion yuan, reflecting a slight decline in profitability [1]. - The company’s interest expenses decreased by 24% year-on-year to 804 million yuan, contributing to improved cash flow and debt repayment capacity [2]. - The forecast for net profit attributable to shareholders for 2025-2027 is projected at 13.25 billion yuan, 13.66 billion yuan, and 15.04 billion yuan, respectively, with corresponding PE ratios of 19, 19, and 17 [4][3].