证券代码：601816 证券简称：京沪高铁 公告编号：2026-002 京沪高速铁路股份有限公司关于 与中国国家铁路集团有限公司续签 《综合服务框架协议》暨关联交易的公告 本公司董事会及全体董事保证公告不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实 性、准确性和完整性承担法律责任。 重要内容提示： ● 铁路运输具有全程全网、集中统一调度指挥的行业特性。日常运输工作中，京沪高速铁路股份有限公 司（以下简称公司）与中国国家铁路集团有限公司（以下简称国铁集团）及其下属企业之间相互提供经 营活动所必需的委托运输服务、铁路相关服务及其他服务。 ● 公司与国铁集团签订《综合服务框架协议》是双方在原有日常关联交易的基础上，通过书面协议方式 对双方的权利义务予以进一步明确，不涉及新增日常关联交易。本次签订《综合服务框架协议》后，该 等日常关联交易均按照《综合服务框架协议》约定的原则执行，有利于公司与国铁集团日常关联交易的 规范管理，且《综合服务框架协议》约定的定价原则公允合理，不会损害公司及股东，特别是中小股东 的合法权益，不会影响公司的独立性。 ● 续签《框架协议》属于关联交易事项。该事项已经公司独立董事专门 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 7.85 RMB, based on a projected PB of 1.1x for 2025 [3]. Core Views - The company is primarily a railway transportation company under the China National Railway Group, focusing on coal transportation, with its core asset being the Daqin Line, which is crucial for coal transportation from Shanxi province [1][10]. - The Daqin Line is expected to see a recovery in coal transport volume due to increased supply efforts from the Shanxi government, with a projected increase of over 31 million tons in coal production by 2025 [1][44]. - The company has faced a decline in net profit due to reduced coal production in Shanxi, with a 23% year-on-year drop in net profit for the first three quarters of 2024 [1][37]. Summary by Sections Investment Logic - The company operates 2465 kilometers of railway, with the Daqin Line being the main route for coal transportation, accounting for 14% of the national railway coal transport volume in 2024 [1][10]. - The company's revenue from railway freight constituted 73% of its total revenue in the first half of 2024, while investment income from stakes in other railways contributed 14.3 billion RMB, making up 18% of total profit [1][21]. - A correlation exists between the company's performance and the transport volume of the Daqin Line, which has historically reached a maximum of 450 million tons [1][19]. Short-term Price and Financial Outlook - Short-term freight rates are expected to remain stable, with no adjustments since 2018, but a decrease in financial costs is anticipated following the delisting of convertible bonds in February 2025 [2][3]. - The company has committed to a dividend payout ratio of no less than 55% from 2023 to 2025, with historical dividend yields above 5% [2][3]. Profit Forecast, Valuation, and Rating - The forecasted net profits for 2024, 2025, and 2026 are 9.48 billion RMB, 11.28 billion RMB, and 11.99 billion RMB, respectively, with year-on-year growth rates of -20.5%, 18.9%, and 6.3% [3][6]. - The company’s PB ratios for the same years are projected at 0.92, 0.95, and 0.92, indicating a strong recovery potential based on its asset quality and market position [3][6].