Beijing-Shanghai High Speed Railway (601816) 信达证券·2024-10-31 00:47Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a net profit of 10.015 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12.3%. However, the net profit for the third quarter alone was 3.658 billion yuan, showing a decline of 3.17% year-on-year [2][3] - Revenue for the third quarter of 2024 was 11.49 billion yuan, a slight decrease of 0.94% year-on-year, while the total revenue for the first three quarters was 32.355 billion yuan, an increase of 4.8% year-on-year [2][3] - The company's overall gross margin decreased by 0.84 percentage points to 49.58% in the third quarter due to a decline in the turnover of mainline business [2][3] - The subsidiary, Jingfu Anhui, achieved profitability for the first time in a single quarter, contributing 15.01 million yuan to minority shareholders' profit [3] - The company is expected to achieve net profits of 12.774 billion yuan, 14.096 billion yuan, and 15.248 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 10.6%, 10.4%, and 8.2% [3] Financial Summary - Total revenue for 2023 is projected at 40.683 billion yuan, with a year-on-year growth rate of 110.4%. For 2024, revenue is expected to reach 44.146 billion yuan, reflecting a growth rate of 8.5% [4] - The company's net profit for 2023 is estimated at 11.546 billion yuan, with a significant year-on-year increase of 2103.6%. The projected net profit for 2024 is 12.774 billion yuan, indicating a growth rate of 10.6% [4] - The gross margin is expected to improve gradually, reaching 48.1% by 2026 [4] - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.26 yuan, 0.29 yuan, and 0.31 yuan, respectively [4]