以下文章来源于锦缎 ，作者尹江川 锦缎 . 上市公司研究平台，专注价值发现、创造与传播 本文来自微信公众号： 锦缎 ，作者：尹江川，题图来自：视觉中国 对比企业上市前后8年财务数据，现有路网状态下，业绩已现增长乏力。背后核心原因为，上市初 500亿元收购的京福安徽业绩与预期相差较大。从企业合并报表拆分出京福安徽报表，对京沪高铁和 京福安徽分别估值，当前估值偏高。 但在"十五五"长期视角下，京港 （台） 高铁、沪渝蓉高铁国家级干线陆续贯通，公司资产位于"八 纵八横"核心战略位置，路网服务仍有较大增长潜力。 一、初见时，营收见顶、盈利较 弱 京沪高铁于2020年1月在上海证券交易所上市，融资307亿元，同步负债200亿元，共计500亿元收购 京福安徽公司65%的股权。 京沪高铁核心资产为北京到上海1318公里黄金路网，连接"京津冀"和"长三角"两大经济区；京福安 徽核心资产为合蚌客专段 （连接合肥至京沪高铁） 、合福铁路安徽段 （连接合肥至福州、台湾） 、商合杭铁路安徽段 （连接商丘、合肥至杭州） 、郑阜铁路安徽段 （连接"陆桥通道"至合肥） ， 共1182公里路网。 上市之初，京沪高铁就遇上三年疫情"逆风局"。 ...

Core Viewpoint - The financial performance of Beijing-Shanghai High-Speed Railway (京沪高铁) shows a revenue of 42.157 billion yuan in 2024, a year-on-year increase of 3.62%, and a net profit of 12.768 billion yuan, reflecting a growth of 10.59% compared to the previous year. Despite a decrease in passenger flow, the profit growth outpaced revenue growth, indicating effective pricing strategies and operational efficiency [1][5][7]. Financial Performance - In 2024, the passenger volume was 52.016 million, a decrease of 2.31% year-on-year, while the revenue from passenger services was approximately 15.83 billion yuan, accounting for 37.5% of total revenue. Revenue from network services was about 25.95 billion yuan, making up 61.6% of total revenue [1][10][11]. - The company has adopted a flexible pricing mechanism with seven tiers of ticket prices during peak periods, which has contributed to the increase in profit despite the decline in passenger numbers [1][7]. Operational Model - The company operates under a "delegated management + asset operation" model, allowing it to maintain high efficiency with only 86 employees, resulting in a market capitalization of 290 billion yuan, which is double that of its closest competitor [2][9]. - The unique operational model enables the company to focus on asset ownership and quality supervision while outsourcing transportation management, significantly reducing operational costs [9][10]. Market Dynamics - The competitive landscape is changing, with increased competition from the aviation sector due to lower airfares and enhanced inter-airline cooperation, which is affecting the high-speed rail's business travel segment [5][14][15]. - The company is responding to these challenges by adjusting its operational strategies, including the introduction of new train services and enhancing its digital capabilities [17][18]. Future Outlook - Analysts remain optimistic about the company's future, citing potential for further revenue growth through market-driven pricing adjustments and operational improvements [18]. The company plans to enhance its smart operation capabilities and diversify its service offerings to attract a broader customer base [18].