大秦铁路（601006）：业绩阶段性承压，开辟非煤业务带动成本上升

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [7] Core Views - The company reported a revenue of 37.29 billion yuan for H1 2025, a year-on-year increase of 1.9%, while the net profit attributable to shareholders was 4.11 billion yuan, a decrease of 29.8% year-on-year [4][13] - In Q2 2025, the company achieved a revenue of 19.48 billion yuan, a year-on-year increase of 6.3%, but the net profit attributable to shareholders fell by 45.2% year-on-year to 1.54 billion yuan [4][13] - The company is actively expanding its non-coal business, which has led to a significant increase in freight service costs, with non-coal cargo volume rising by 19.21 million tons in H1 2025 [14] Summary by Sections Financial Performance - In H1 2025, the company's coal dispatch volume was 260 million tons, a decrease of 10.29% year-on-year, and the core operating asset, the Daqin Line, completed a cargo transport volume of 190 million tons, down 2.17% year-on-year [13] - The company's revenue from freight and passenger transport in H1 2025 was 26.086 billion yuan and 5.037 billion yuan, respectively, showing a year-on-year decline of 1.71% and an increase of 2.55% [13] Cost and Profitability - The company's operating costs for H1 2025 were 32.071 billion yuan, an increase of 10.79% year-on-year, resulting in a gross profit margin of 14.0%, down 6.9 percentage points year-on-year [14] - The company declared a mid-term dividend of 0.08 yuan per share, totaling 1.612 billion yuan, with a dividend payout ratio of 39.17% [15] Future Outlook - The company forecasts revenues of 76.495 billion yuan, 78.404 billion yuan, and 80.659 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 2.50%, 2.49%, and 2.88% [15] - The net profit attributable to shareholders is expected to be 6.504 billion yuan, 7.406 billion yuan, and 8.506 billion yuan for the same years, with year-on-year growth rates of -28.05%, 13.86%, and 14.85% [15]