机构研究报告-Canadian Pacific Railway-外文版培训课件

COMPANIES

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PRODUCTSCanadianPacificRailwayCHAPTER

01OverviewWorld'slargestrailwaycompaniesasofMay2024,basedonmarketvalue(inbillionU.S.dollars)World'slargestrailwaycompaniesbymarketvalue2024MarketvalueinbillionU.S.dollars40

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80020100120140160149.46UnionPacific(U.S.)CanadianNationalRailway(Canada)CanadianPacificRailway(U.S.)CSX(U.S.)80.9976.5665.53NorfolkSouthern(U.S.)52.29MTR(HongKong)23.2721.94CentralJapanRailway(Japan)EastJapanRailway(Japan)DaqinRailway(China)20.4717.26WestJapanRailway(Japan)9.913Description:UnionPacificisoneoftheleadingrailroadcompaniesintheworld,withanestimatedmarketvalueof149.46billionU.S.dollarsasofJune2024.ꢀNorthAmericaleadstheworld'slargestrailwaycompaniesWithover24billionU.S.dollarsinoperatingrevenue,UnionPacificfocusesonhaulingfreightlikecoal,industrial,chemicaloragriculturalproductsonthelargestrailwaynetworkintheworld.CanadianNationalRailwaycameinsecond,valuedatsome81billionU.S.dollars.Therailroad[...]ReadmoreNote(s):Worldwide;asofJune2024Source(s):ForbesLeadingNorthAmericanrailroadcompaniesin2023,basedonoperatingrevenue(inbillionU.S.dollars)NorthAmericanrailroadcompaniesbyrevenue2023RevenueinbillionU.S.dollars051015202530UnionPacificBNSF24.1223.87CanadianNationalRailwayCSX16.8314.66NorfolkSouthernCanadianPacificRailway12.29.494Description:UnionPacificRailroadwastheleadingU.S.classIfreightrailroadcompanyin2023,generatingjustunder23.87billionU.S.dollarsinoperatingrevenue.ꢀUnionPacificRailroadleadsthemarketUnionPacificfocusesonhaulingfreightlikecoal,industrial,chemicaloragriculturalproducts.In2022,thecompanygeneratedsome23.16billionU.S.dollarsinfreightrevenueandemployedmorethan30,700peopleinthatyear.Itsmaincompetitor,BNSF,wassecondonthelistintermsof[...]

ReadmoreNote(s):NorthAmerica;FY2023Source(s):Statista;Varioussources(Companyreports)Totalvalueofcross-borderfreightimportsandexportsfromtheUnitedStatestoCanadaasofNovember2024(inbillionU.S.dollars)Canada:totalvalueofcross-borderfreightimportsandexportsfromtheU.S.2024450390.44003503002502001501005097.2Rail92.548.23531.3Air0TruckPipelineVesselOther(includingunknown)5Description:AsofNovember2024,freightbetweentheCanadianandU.S.bordershadatotalvalueofapproximately698.8billionU.Sdollars.Thisconstitutedadecreaseof2percentfromthepreviousyear.Freightimportsdeliveredbytruckmademorethanhalfthetotalvalue,at390.4billionUSdollars.Thelowestimportandexportvaluecamefromairfreight,totalingonly31.3billionUSdollars.ReadmoreNote(s):Canada,UnitedStates;November2024Source(s):BureauofTransportationStatisticsFourmonthmovingaverageforgeneralfreightratesinCanadafromJuly2021toOctober2024(inCanadiandollars)FourmonthmovingaverageforgeneralfreightratesinCanadaJuly2021-October20241,6501,6001,5501,5001,4501,4001,3501,3001,2501,2001,5661,5571,5391,5191,4391,4251,4201,4121,4081,4031,3961,3251,2641,2516Description:BetweenJuly2021andAugust2022,generalfreightratecostsincreasedfromafour-monthmovingaverageof1,251to1,587Canadiandollars.Sincethen,generalfreightrateshavegenerallydecreased,withtheOctober2024averagebeingaround12percentlowerthaninAugust2022.ReadmoreNote(s):Canada;July2021toOctober2024Source(s):CanadianGeneralFreightIndexForecastcompoundannualgrowthrateofthefreightandlogisticsmarketinCanadafrom2023to2029,bylogisticsfunctionCanada:compoundannualgrowthrateofthefreightandlogisticsmarket2023-20297%5.85%5.8%6%5%4%3%2%1%0%5.02%4.8%4.24%Courier.ExpressandParcelFreightForwardingFreightTransportWarehousingandStorageOtherServices7Description:Between2023and2029,thecourier,express,andparcelmarketispredictedtoseethelargestcompoundannualgrowthrate(CAGR)increase,at5.8percent.ThelowestpredictedCAGRincreasewillbeinthefreighttransportmarket,withagainofonly4.24percent.ReadmoreNote(s):Canada;2023Source(s):MordorIntelligenceCHAPTER

02FinancialsCanadianPacificRailway'stotalrevenuefromFY2011toFY2023(inmillionCanadiandollars)TotalrevenuegeneratedbyCanadianPacificRailway2011-202314,00012,00010,00012,5558,8147,9957,7927,7108,0007,3166,7126,6206,5546,2326,1335,6956,0004,0002,00005,17720112012201320142015201620172018201920202021202220239/statistics/548403/total-revenue-of-canadian-pacific-railwayThetotalrevenuegeneratedbyCanadianPacificRailwayoverallincreasedfromthefiscalyearof2011throughthefiscalyearof2023.Inthefiscalyearof2023,theCanadianrailroadcompanygeneratedaround12.6billionCanadiandollarsinrevenue.ReadmoreNote(s):NorthAmerica;FY2011toFY2023;fiscalyearendsDecember31.Source(s):CanadianPacificRailwayCanadianPacificRailway'sfreightrevenuefromFY2013toFY2023(inmillionCanadiandollars)FreightrevenuegeneratedbyCanadianPacificRailway2013-202314,00012,00010,0008,00012,2818,6277,8167,6137,5417,1526,5526,4646,3756,0605,9826,0004,0002,00002013201420152016201720182019202020212022202310Description:ThefreightrevenuegeneratedbyCanadianPacificRailwayoverallincreasedfromthefiscalyearof2013throughthefiscalyearof2023.Inthefiscalyearof2023,CanadianPacificRailwaygeneratednearly12.3billionCanadiandollarsfromrailfreightoperations.ReadmoreNote(s):Canada;FY2013toFY2023;fiscalyearendsDecember31.Source(s):CanadianPacificRailwayCanadianPacific'soperatingexpensesfromFY2013toFY2023(inmillionCanadiandollars)CanadianPacificRailway'soperatingexpenses2013-20239,0008,0007,0006,0008,1675,4854,7894,7134,6685,0004,0003,0002,0001,00004,4854,3994,2814,0244,0353,8212013201420152016201720182019202020212022202311Description:TheoperatingexpensesofCanadianPacificRailwayfluctuatedmoderatelyfromthefiscalyearof2013throughthefiscalyearof2021.However,inthefiscalyearof2022,CanadianPacificreportedanincreaseofalmost1billionCADfromthepreviousyear.Thisincreasewasseenevenmoresignificantlyin2023,whereoperatingexpensesreachedanall-timehighofaround8.2billionCAD.ReadmoreNote(s):NorthAmerica;FY2013toFY2022;fiscalyearendsDecember31.Source(s):CanadianPacificRailwayCanadianPacificRailway'soperatingratiofromFY2011toFY2023CanadianPacificRailway'soperatingratio2011-202385%80%75%70%65%60%55%50%83.3%81.3%76.8%66.7%65%62.2%61.6%201761.3%201661.3%201861%59.9%201959.9%202157.1%2020201120122013201420152022202312Description:CanadianPacificRailway'soperatingratiodecreaseddramaticallybetweenthefiscalyearof2011andthefiscalyearof2020.From2020upuntil2023however,CanadianPacificRailwayreportedincreasingratios,withanoperatingratioof65percentasof2023,adecreaseof4.5percentcomparedtothepreviousyear.Theoperatingratioiscalculatedbydividingoperatingexpensesbyoperatingrevenues.

ReadmoreNote(s):NorthAmerica;FY2011toFY2023;fiscalyearendsDecember31.Source(s):CanadianPacificRailwayCanadianPacificRailway'stotalassetsfromFY2011toFY2023(inmillionCanadiandollars)CanadianPacificRailway'stotalassets2011-202390,00080,00070,00060,00050,00040,00030,00079,90273,49568,17723,640202022,367201921,254201820,135201719,637201519,221201620,00010,000016,680201316,550201413,969201114,433201220212022202313Description:CanadianPacificRailway'stotalassetsincreaseddramaticallyfromthefiscalyearof2011throughthefiscalyearof2023.Inthefiscalyearof2023,theCanadianrailroadcompanyheldtotalassetstothevalueofover79.9billionCanadiandollars,anincreaseof8.72percentcomparedwiththepreviousyear.ReadmoreNote(s):FY2011toFY2023;fiscalyearendsDecember31.Source(s):CanadianPacificRailwayNumberofCanadianPacificRailway'semployeesfromFY2013toFY2023CanadianPacificRailway'semployees2013-202320,00018,23318,00016,00014,00012,00010,0008,0006,0004,0002,000015,01114,49813,73513,10312,75612,57012,33712,08212,08312,1682013201420152016201720182019202020212022202314Description:Inthe2023fiscalyear,CanadianPacificemployed18,233people,45.1percentmorepeoplethanthepreviousyear.Thecompanymakesꢀ38percentofitsfreightrevenuefrombulkfreight.

ReadmoreNote(s):NorthAmerica;FY2013toFY2023;fiscalyearendsDecember31Source(s):CanadianPacificRailwayCHAPTER

03SegmentsBreakdownofCanadianPacificRailway'smerchandiserevenueinFY2023,bycommoditygroupCanadianPacificRailway'smerchandiserevenuebycommodityFY2023Shareofmerchandiserevenue10%

15%

20%0%5%25%30%29%35%40%45%Energy,chemicalsandplasticsMetals,mineralsandconsumerproductsAutomotive42%17%Forestproducts12%16Description:CanadianPacificRailway'smerchandiserevenuewasdividedintofourcommoditygroupsinthefiscalyearof2023.Inthatyear,CanadianPacificRailwaygeneratedaround5.5billionCanadiandollarsinmerchandiserevenue,ofwhich29percentwasgeneratedfromthetransportationofmetals,mineralsandconsumerproducts.ReadmoreNote(s):NorthAmerica;FY2023;fiscalyearendsDecember31.Source(s):CanadianPacificRailwayBreakdownofCanadianPacificRailway'sbulkrevenueinFY2023,bycommoditygroupCanadianPacificRailway'sbulkrevenuebycommodityFY2023Shareofbulkrevenue30%0%10%20%40%50%60%70%GrainCoal58%20%Potash13%Fertilizerandsulfur9%17Description:CanadianPacificRailway'sbulkrevenueweredividedintofourcommoditygroupinthefiscalyearof2023,namelygrain,coal,potash,andfertilizerandsulfur.Inthatyear,theCanadiancompanygeneratedaround4.3Canadiandollarsinbulkrevenue,ofwhichabout58percentwasgeneratedfromthetransportationofgrain.ReadmoreNote(s):NorthAmerica;FY2023;fiscalyearendsDecember31.Source(s):CanadianPacificRailwayBreakdownofCanadianPacificRailway'sintermodalrevenueinFY2023,bysegmentCanadianPacificRailway:intermodalrevenuebysegmentFY2023Shareofintermodalrevenue20%

30%0%10%40%50%60%Domesticintermodal56%Internationalintermodal44%18Description:Inthefiscalyearof2023,thecompanygeneratedmorethan2.5billionCanadiandollarsinintermodalrevenue,ofwhich56percentwasgeneratedfromthedomestictransportationinCanada.Intermodaltrafficreferstothedomestictransportationbytrainandtruckofretailgoodsincontainersandtrailers,andtheoverseastransportationofretailgoodscontainersbytrain,shipandtruck.ReadmoreNote(s):NorthAmerica;FY2023;fiscalyearendsDecember31.Source(s):CanadianPacificRailwayCanadianPacificRailway'scarloadsfromFY2013andFY2023(in1,000units)CanadianPacificRailway'scarloads2013-20234,5004,0003,5003,0004,0462,7662,7822,7402,7352,6882,6842,7082,6282,6342,5252,5002,0001,5001,00050002013201420152016201720182019202020212022202319Description:ThecarloadsofCanadianPacificRailwaywasratherstablefromthefiscalyearof2013throughthefiscalyearof2023.Inthefiscalyearof2023,CanadianPacifichandledover4.05millioncarloads.

ReadmoreNote(s):NorthAmerica;FY2013toFY2023;fiscalyearendsDecember31.Source(s):CanadianPacificRailwayCanadianPacificRailway'srevenueton-milesfromFY2013toFY2023(inbillions)CanadianPacificRailway'srevenueton-miles2013-2023200180188.96154.21154.3816014012010080151.89149.85149.69148.23144.25145.26142.54135.9560402002013201420152016201720182019202020212022202320/statistics/548507/revenue-ton-miles-of-canadian-pacific-railwayTherevenueton-milesofCanadianPacificRailwaywasratherstablefromthefiscalyearof2013tothefiscalyearof2023,despiteaslightdropin2016and2017.Inthefiscalyearof2023,CanadianPacificreportedjustunder189billionrevenueton-miles.ReadmoreNote(s):NorthAmerica;FY2013toFY2023;fiscalyearendsDecember31.Source(s):CanadianPacificRailwayCanadianPacificRailway'sfreightgrosston-milesfromFY2013toFY2023(inbillions)CanadianPacificRailway'sfreightgrosston-miles2013-2023400350300348.45280.72275.36272.86272.36271.92267.63269.13263.33252.2242.692502001501005002013201420152016201720182019202020212022202321Description:Thegrosston-milesofCanadianPacificRailwayoverallincreasedfromthefiscalyearof2013tothefiscalyearof2023.Inthefiscalyearof2023,theCanadianrailroadcompanytransportedfreightonover348billionton-miles,asignificantincreaseof29.5percentcomparedwiththepreviousyear.ReadmoreNote(s):NorthAmerica;FY2013toFY2023;fiscalyearendsDecember31.Source(s):CanadianPacificRailwayCanadianPacificRailway'saverageterminaldwelltimefromFY2013toFY2022(inhours)*CanadianPacificRailway'saverageterminaldwelltime2013-2022108.798765432107.27.27.16.86.76.66.56.46201320142015201620172018201920202021202222Description:CanadianPacificRailway'sterminaldwelltimeremainedmostlythesamefromthefiscalyearof2013tothefiscalyearof2022,despite2014inwhichtheaveragehoursspentwasmorethaneighthours.Inthefiscalyearof2022,CanadianPacific'srailcarsspentanaverageof6hoursinterminals.ReadmoreNote(s):NorthAmerica;FY2013toFY2022;fiscalyearendsDecember31.;*Theaverageterminaldwelltimeisdefinedastheaveragetimearailcarspendsatterminals.Figurespriorto2019weretakenfrompreviousreports.

ReadmoreSource(s):CanadianPacificRailwayCanadianPacificRailway'saveragefleetageinFY2023,byequipmenttypeCanadianPacificRailway'saveragefleetagebytypeFY2023Averageageinyears05101520253035404550CompanyservicecarRoadswitcherOpentophoppersBoxcars47433131Flatcars30Tankcars28Gondolas25Intermodal21Multi-levelautorackCoveredhoppersChassis171612Containers623Description:Inthefiscalyear2023,theaverageageofequipmentinCanadianPacificCorporation'sfleetvariedbetween6and47years.AsofDecember31,2023,CanadianPacific'sopentophoppershadanaverageageof31years.

ReadmoreNote(s):NorthAmerica;FY2023;fiscalyearendsDecember31.Source(s):CanadianPacificRailwayCanadianPacific'saveragetrainspeedfromFY2013toFY2022(inmilesperhour)CanadianPacificRailway'saveragetrainspeed2013-20222523.522.622.222.22221.621.421.52018.418151050201320142015201620172018201920202021202224/statistics/548553/average-train-speed-canadian-pacific-railwayIn2022,CanadianPacific'strainsreachedanaveragespeedof22.2milesperhour.Thisrepresentsasmallincreasecomparedwiththepreviousyear.Theaveragespeedisinfluencedbyvelocity,volumetransportedandenviromentalconditions.

ReadmoreNote(s):NorthAmerica;FY2013toFY2022;fiscalyearendsDecember31.Source(s):CanadianPacificRailwayCHAPTER

04CompetitorsLeadingNorthAmericanrailroadcompaniesin2023,basedonrevenueton-miles(inbillions)NorthAmericanrailroadcompanies'revenueton-miles(RTM)2023RTMinbillions3000100200400500600700BNSFUnionPacific584.5417CanadianNationalRailwayCSX232.61196.4CanadianPacificRailwayNorfolkSouthern188.96176.326Description:In2023,BNSFwastheleadingNorthAmericanrailroadcompany,withcloseto584.5billionrevenueton-miles.UnionPacificwasrankedsecond,reachingalmost417billionton-milesoffreighttransported.ReadmoreNote(s):NorthAmerica;FY2023Source(s):Statista;SurfaceTransportationBoard;Varioussources(Companyreports)LeadingNorthAmericanrailroadcompaniesin2023,basedoncarloads(in1,000units)NorthAmericanrailroadcompaniesbycarloads2023Carloadsinthousandunits3,000

4,000

5,00001,0002,0006,0007,0006,7348,0009,0009,00310,000BNSFUnionPacific8,112NorfolkSouthernCanadianNationalRailwayCanadianPacificRailwayCSX*5,4364,0453,38727Description:In2023,BNSFRailwaywasrankedfirstamongNorthAmericanrailroadcompanies,withoverninemillioncarloadsoffreighttransported.ꢀFocusonNorfolkSouthernRailwayNorfolkSouthernRailwayisoneofthesevenU.S.ClassIfreightrailroadsoperatingonapproximately20,000milesoftracksintheSoutheast,East,andMidwestoftheUnitedStates.Itbeganoperationsin1982undertheparentcompany,NorfolkSouthernCorporation,andhasbeenheadquarteredinAtlanta,Georgia[...]

ReadmoreNote(s):NorthAmerica;FY2023Source(s):Statista;Varioussources(Companyreports)CanadianNationalRailway'srailfreightrevenuefromFY2013toFY2023(inmillionCanadiandollars)RailfreightrevenuegeneratedbyCanadianNationalRailway2013-202318,00016,00016,56916,23614,19813,88813,54814,00013,21812,29311,90511,45512,00010,0008,0006,0004,0002,000011,3269,9512013201420152016201720182019202020212022202328Description:Inthefiscalyearof2023,CanadianNationalRailwaygeneratedaround16.2billionCanadiandollarsfromrailfreightoperations.Thisconstitutesthesecondhighestvalueoffreightrevenuesafter2022wheretherailfirmreportedatotalofaround16.6billionCanadiandollars.ReadmoreNote(s):Canada,UnitedStates;FY2013toFY2023Source(s):CanadianNationalRailwayCanadianNationalRailway'scarloadsfromFY2013andFY2023(in1,000units)CanadianNationalRailway'scarloads2013-20237,0006,0005,9765,9125,7375,7015,6975,6255,5955,4855,4365,1905,2055,0004,0003,0002,0001,00002013201420152016201720182019202020212022202329/statistics/548077/carloads-of-canadian-national-railwayInthefiscalyearof2023,CanadianNationalRailwaytransportedover5.44millioncarloads.Thisvaluerepresentsa4.58percentdecreasecomparedtothe2022volumes,whichhaddeclineddueinparttothecontinuingeffectsoftheCOVID-19pandemic.ReadmoreNote(s):NorthAmerica;FY2013toFY2023Source(s):CanadianNationalRailwayUnionPacificRailroad'sfreightrevenuefromFY2011toFY2023(inmillionU.S.dollars)*FreightrevenuegeneratedbyUnionPacificCorporation2011-202325,00023,15922,56022,57121,38420,68420,39720,24320,24419,83719,68620,00015,00010,0005,000018,50818,60118,251201120122013201420152016201720182019202020212022202330Description:Inthefiscalyearof2023,theUnionPacificCorporationgeneratedover23.6billionU.S.dollarsinfreightrevenue–aslightdecreasecomparedwiththepreviousfiscalyear.Thiswasduetodecliningdemandinseveralmarkets.

ReadmoreNote(s):UnitedStates;FY2011toFY2023;fiscalyearendsDecember31.;*Includesfuelsurchargerevenue.Figurespriorto2021weretakenfrompreviousannualreports.

ReadmoreSource(s):UnionPacificUnionPacificRailroad'srevenuecarloadsfromFY2011toFY2023(in1,000units)UnionPacificCorporation'srevenuecarloads2011-202312,0009,6251