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研報掘金丨國信證券:維持京滬高鐵“優於大市”評級,京福安徽一季度扭虧為盈
格隆匯 05-13 15:04
國信證券研報指出,京滬高鐵(601816.SH)2024年歸母淨利潤127.7億元(+10.6%);2025年一季度歸母淨利潤29.6億元(+0.03%)。受國內外宏觀經濟環境影響,京滬線本線商務出行人羣佔比有所下降,全年本線列車運送旅客量同比下降2.3%至5201.6萬人次。而跨線列車業務量仍然呈穩健增長態勢,京滬跨線列車全年運營里程完成10250.7萬列公里、同比增長11.4%。2024年毛利率有所改善,京福安徽公司一季度扭虧為盈。中長期來看,京滬高鐵是我國鐵路集團的核心資產,盈利能力較強,經營穩健且風險低,而且高鐵定價逐步市場化為公司未來業績增長打開了空間,此外,子公司京福安徽公司未來盈利增長仍然具有潛力。維持“優於大市”評級。
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