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。 京沪高速铁路股份有限公司（以下简称公司）董事会近 日收到公司董事张秋萍女士提交的辞任申请。张秋萍女士因 达到法定退休年龄申请辞去公司董事、董事会战略发展委员 会委员、董事会提名委员会委员职务。辞职后，张秋萍女士 将不再担任公司及参控股公司的任何职务。 证券代码：601816 证券简称：京沪高铁 公告编号：2024-034 京沪高速铁路股份有限公司 关于董事辞职的公告 特此公告。 京沪高速铁路股份有限公司董事会 2024 年 10 月 15 日 根据《公司法》和《公司章程》的有关规定，张秋萍女 士的辞任申请自送达公司董事会之日起生效，张秋萍女士的 辞职不会导致公司董事会人数低于法定最低人数，不会对公 司的正常运作产生影响。截至公告披露日，张秋萍女士未持 有公司股份。 张秋萍女士担任公司董事期间恪尽职守，勤勉尽责，公 司董事会对张秋萍女士在任职期间为公司作出的贡献表示 衷心的感谢！ ...

证券代码：601816 证券简称：京沪高铁 公告编号：2024-033 京沪高速铁路股份有限公司 关于职工监事退休离职的公告 根据《公司法》和《公司章程》有关规定，盛大军先生 的离职申请自送达公司监事会之日起生效，盛大军先生的离 职不会对公司的正常运作产生影响。截至公告披露日，盛大 军先生未持有公司股份。 盛大军先生担任公司职工监事期间恪尽职守、勤勉尽责， 公司对盛大军先生在任职期间为公司作出的贡献表示衷心 的感谢！ 特此公告。 京沪高速铁路股份有限公司监事会 2024 年 10 月 12 日 本公司监事会及全体监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。 京沪高速铁路股份有限公司（以下简称公司）监事会近 日收到公司职工监事盛大军先生提交的退休离职申请。盛大 军先生因达到法定退休年龄申请辞去公司职工监事职务。离 职后，盛大军先生将不再担任公司及参控股公司的任何职务。 ...

证券代码：601816 证券简称：京沪高铁 公告编号：2024-032 京沪高速铁路股份有限公司 关于以集中竞价方式回购股份的进展公告 本公司董事会及全体董事保证本公告内容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： 截至 2024 年 9 月 30 日，京沪高速铁路股份有限公司（以 下简称公司）通过集中竞价方式已累计回购股份 7,176,300 股， 占公司总股本比例约为 0.0146%，回购成交的最高价为 5.72 元/股，最低价为 5.20 元/股，支付的资金总额为 38,088,348.39 元（不含交易费用）。 一、回购股份的基本情况 公司分别于 2024 年 4 月 29 日和 2024 年 5 月 30 日召开了 第四届董事会第二十三次会议和 2023 年年度股东大会，审议 通过了《关于回购公司股份的议案》，同意公司使用自有资金 10 亿元，以集中竞价交易方式回购公司股份，回购的股份将 全部注销并减少注册资本。回购价格不超过人民币 5.87 元/股 （含），具体回购股份的数量以回购期限届满时实际回购的股 份数量为准。回购期限为自 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [2]. Core Viewpoints - The high-speed rail industry is experiencing significant growth, with the operating mileage of high-speed rail increasing at an annual rate of 32.0% from 2008 to 2023, leading to a substantial rise in passenger turnover [7][8]. - The company, benefiting from its strategic location between Beijing and Shanghai, has shown robust profit growth, with revenue reaching 40.68 billion yuan and net profit at 11.55 billion yuan in 2023, marking increases of 16.7% and 4.3% respectively compared to 2019 [2][15]. - The company operates under a "network operation separation" model, focusing on high-speed rail passenger transport and network service provision, with stable cost structures and a significant portion of revenue derived from network service fees [18][21]. Industry Overview - The railway sector has become a crucial mode of transportation in China, with the share of railway turnover rising to 51.5% in 2023, surpassing other modes of transport [7][8]. - The high-speed rail operating mileage reached 45,000 kilometers by the end of 2023, accounting for 28.3% of total railway mileage, a significant increase from just 0.8% in 2008 [8][10]. Company Overview - The company is a key player in the national railway system, connecting major economic regions and benefiting from high passenger demand [10][11]. - The company has a strong financial position, with a history of stable revenue growth and a significant cash flow, which supports its operations and reduces debt levels [15][21]. Financial Performance - In 2023, the company reported total revenue of 40.68 billion yuan, with a year-on-year growth rate of 110.4%, and a net profit of 11.55 billion yuan, reflecting a recovery from the pandemic [3][15]. - The gross profit margin improved to 45.8% in 2023, with net profit margin at 27.6%, indicating a strong recovery trajectory [15][16]. Future Outlook - The company anticipates continued growth in passenger transport revenue driven by market price reforms and increasing travel demand, alongside an expansion in network service revenue as cross-line train operations increase [2][18].

会议召开时间：2024年9月18日（星期三）下午14:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 9 月 17 日（星期二）16:00 前通过公 司邮箱 crjhgt@vip.163.com 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 证券代码：601816 证券简称：京沪高铁 公告编号：2024-031 京沪高速铁路股份有限公司 关于参加 2024 年半年度沪市轨道交通 专场集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容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： 京沪高速铁路股份有限公司（以下简称公司）已于 2024 年 8 月 31 日发布公司 2024 年半年度报告，为便于广大投资 者更全面深入地了解公司 2024 年上半年经营成果及财务状 况，公司参加由上交所主办的 2024 年半年度沪市轨道交通 1 专场集体业绩说明会，此次活动将采用网络文字互动的方式 举 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Views - The company achieved a revenue of 20.862 billion yuan in the first half of 2024, representing a year-on-year increase of 8.21%, and a net profit of 6.357 billion yuan, up 23.77% year-on-year [5] - The second quarter of 2024 saw a revenue of 10.756 billion yuan, a 4.02% increase year-on-year, and a net profit of 3.394 billion yuan, reflecting a 16.62% year-on-year growth [5] - The company is expected to benefit from a flexible pricing mechanism for tickets, which has been in place since December 2020, allowing for price adjustments based on market conditions [9][10] Summary by Sections Market Data - Closing price as of September 5, 2024, was 5.48 yuan, with a total share capital of 49,106 million shares and net assets of 196.106 billion yuan [3] Financial Performance - In the first half of 2024, the company reported a gross profit of 9.886 billion yuan, with a gross margin of 47.39%, an increase of 3.3 percentage points year-on-year [6] - The company’s financial expenses decreased by 27.54% year-on-year to 0.931 billion yuan due to cash repayment of existing loans [9] Future Outlook - The company projects net profits of 13.508 billion yuan, 14.846 billion yuan, and 15.791 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.28, 0.30, and 0.32 yuan [10] - The report highlights a commitment to a 50% dividend payout ratio and plans for share buybacks, indicating a strong return to shareholders [9][10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - In the first half of 2024, the company reduced the number of trains on its main line while increasing cross-line trains, benefiting from the rise in ticket prices and settlement prices, leading to steady profit growth. With improved capacity utilization and a stable competitive landscape, the company is expected to continue its profit growth phase [4][5]. - The company reported a revenue of 20.862 billion yuan in the first half of 2024, an increase of 8.2% year-on-year, and a net profit attributable to shareholders of 6.357 billion yuan, up 23.8% year-on-year. In Q2 2024, revenue reached 10.756 billion yuan, a 4.0% increase year-on-year, with a net profit of 3.394 billion yuan, up 16.6% year-on-year [4][5]. Summary by Sections Revenue and Profitability - The company’s passenger volume on the main line decreased by 1.1% year-on-year, recovering to 98.7% of 2019 levels. The mileage of cross-line trains increased by 7.9% year-on-year, recovering to 118.0% of 2019 levels. The average ticket price for main line passengers increased by 6.6% year-on-year, recovering to 104.7% of 2019 levels [4][5]. - The company’s passenger transport revenue grew by 5.4% year-on-year to 7.807 billion yuan, recovering to 103.3% of the same period in 2019. Revenue from cross-line trains increased by 10.7% year-on-year to 12.905 billion yuan, recovering to 142.0% of the same period in 2019 [4][5]. Cost and Expenses - The company’s depreciation costs are relatively rigid, and infrastructure maintenance costs are steadily increasing. However, due to the reduction in the number of trains on the main line, the cost of using electric multiple units decreased by 4.0% year-on-year to 2.146 billion yuan, while entrusted transportation management fees increased by only 3.7% year-on-year to 2.999 billion yuan. Total operating costs increased by 1.8% year-on-year to 10.977 billion yuan [4][5]. Future Outlook - The company is expected to see continued growth in net profit attributable to shareholders, projected at 13.44 billion yuan, 14.97 billion yuan, and 16.85 billion yuan for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios for these years are expected to be 19.8x, 17.8x, and 15.8x [5].

交通运输 证 券 研 究 报 告 2024 年 08 月 31 日 京沪高铁 (601816) ——高铁客运维持高景气，业绩符合预期 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 5.43 | | 一年内最高/最低（元） | 5.88/4.63 | | 市净率 | 1.3 | | 息率（分红/股价） | 2.06 | | 流通 A 股市值（百万元） | 266,648 | | 上证指数 / 深证成指 | 2,842.21/8,348.48 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |---------------------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 3.99 | | 资产负债率 % 总 ...

京沪高铁（601816.SH） 优于大市 跨线列车业务量增长稳健，盈利能力持续提升 京沪高铁披露 2024 年半年报。2024 年上半年实现营业收入 208.6 亿元 （+8.2%），归母净利润 63.6 亿元（+23.8%），扣非净利润 63.5 亿元 （23.7%）；其中，二季度单季营收 107.6 亿元（+4.0%），单季归母净 利润 33.9 亿元（+16.6%），单季扣非净利润 33.9 亿元（+16.5%）。 本线客运量增长承压，跨线列车业务量同比增长稳健。2024 年上半年，国内 铁路客运复苏趋势明显，全国铁路客运量达到 21.0 亿人次，同比增长 18.4%。 在全国铁路客运需求稳步修复的背景下，京沪线本线的商务出行人群占比较 高，受宏观经济影响较大，导致上半年本线列车运送旅客量同比下降 1.1% 至 2470.9 万人次。而跨线列车业务量仍然呈稳健增长态势，上半年，京沪 跨线列车运营里程完成 4850.2 万列公里、较去年同期增长 7.9%；京福安徽 公司管辖线路列车运营里程完成 1898.4 万列公里、较去年同期增长 10.5%。 二季度毛利率继续改善，京福安徽公司亏损持续收窄。受益于规模 ...

2024 年 08 月 31 日 公司研究 评级：增持(维持) [Table_Title] 业绩稳健增长，京福安徽同环比亏损收窄 研究所： 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn 联系人 ： 张晋铭 S0350124040003 zhangjm02@ghzq.com.cn ——京沪高铁（601816）2024 年半年报点评 最近一年走势 | --- | --- | --- | --- | --- | |---------------------|-----------|-------|-------|--------------------| | 相对沪深 300 \n表现 | 表现 \n1M | | 3M | 2024/08/30 \n 12M | | 京沪高铁 | -5.9% | | 9.2% | 2.9% | | 沪深 300 | -1.4% | | -7.6% | -12.3% | | 市场数据 | | | | 2024/08/30 | | 当前价格（元） | | | | 5.43 | | 52 周价格区间（元） | | | | 4.63-5.88 ...