Guangshen Railway(601333) 天风证券·2024-11-07 00:30Investment Rating - The report maintains a "Hold" rating for the company [6] Core Views - The company is a leading player in the South China railway passenger transport sector, showing steady revenue growth. In 2023, passenger transport and network clearing services contributed 40.95% and 46.17% to total revenue, respectively [1][3] - In Q1-Q3 2024, the company achieved revenue of 20.03 billion yuan, a year-on-year increase of 4.4%, and a net profit attributable to shareholders of 1.209 billion yuan, up 18.7% year-on-year. However, operating costs increased by 5.5%, slightly outpacing revenue growth [2] - The company is enhancing its long-distance passenger services, with the operation of the Gan-Shen high-speed railway optimizing the railway network in central and eastern China. This is expected to boost ticket prices and revenue [3] Financial Summary - Revenue (in million yuan): - 2022: 19,943.43 - 2023: 26,194.90 - 2024E: 27,449.31 (growth rate of 4.79%) - 2025E: 28,962.49 (growth rate of 5.51%) - 2026E: 30,368.27 (growth rate of 4.85%) [5] - Net profit attributable to shareholders (in million yuan): - 2022: (1,994.67) - 2023: 1,058.29 - 2024E: 1,386.45 (growth rate of 31.01%) - 2025E: 1,530.86 (growth rate of 10.42%) - 2026E: 1,639.25 (growth rate of 7.08%) [5] - Earnings per share (in yuan): - 2022: (0.28) - 2023: 0.15 - 2024E: 0.20 - 2025E: 0.22 - 2026E: 0.23 [5] Market Position - The company is positioned to benefit from the market-oriented reform of high-speed train ticket pricing, with an expanding network that includes key routes through Guangzhou [3] - The company’s total market capitalization is approximately 19.5 billion yuan, with a current share price of 3.45 yuan [6]