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研報掘金丨國聯民生:京滬高鐵路線資產具備顯著區位優勢,維持“買入”評級

國聯民生證券研報指出,京滬高鐵(601816.SH)2024年實現歸母淨利潤127.68億元,同比增長10.59%;2025Q1實現歸母淨利潤29.64億元,同比增長0.03%。2024年運輸業務收入同增3.7%,跨線車表現優於本線車,成本同比微增,2024年主營業務毛利率同增1.6pct。2025Q1 歸母淨利同比持平,業績略低於預期2025Q1,公司實現營業收入102.23億元,同比增長1.16%,營業成本爲55.84億元,同比增長2.70%;Q1毛利率爲45.38%,同比下降0.82pct。Q1公司實現歸母淨利潤29.64億元,同比基本持平。鑑於公司路線資產具備顯著區位優勢,客流基礎良好,維持“買入”評級。

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