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RBC对加拿大铁路第一季度货运量和业绩指标的分析

-- 加拿大皇家银行资本市场(RBC Capital Markets)在其第一季度回顾报告中指出，加拿大铁路第一季度的收入吨英里(RTM)有所增长，其中加拿大国家铁路(CNR.TO)增长3%，加拿大太平洋堪萨斯城铁路(CP.TO)增长2%。 分析师沃尔特·斯普拉克林(Walter Spracklin)和詹姆斯·麦加拉格尔(James McGarragle)写道，由于加拿大粮食产量创历史新高，粮食运输量增加，两家铁路公司的货运量均从中受益。分析师指出，根据加拿大统计局(StatsCan)的数据，由于单产提高，预计2026年加拿大粮食产量将同比增长10%。 第一季度业绩指标也有所改善，主要得益于冬季状况的改善。一级列车速度提高了4%，终端停留时间减少了6%。 加拿大皇家银行资本市场(RBC Capital Markets)预测，下半年铁路运输将温和复苏，与近期采购经理人指数(PMI)数据一致，但关税和地缘政治冲突仍是影响前景的主要风险。斯普拉克林和麦加拉格尔还指出，公路运输转换率的上升潜力巨大，这得益于更高的卡车运费、柴油价格飙升以及工业货运量的增长，而这些因素与当前的宏观经济指标相符。 “我们仍然认为，CPKC在整合KCS方面拥有最佳的协同效应，尤其是在其多式联运业务方面。”

Price: $152.67, Change: $+0.57, Percent Change: +0.37%

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