On June 6th, Guolong News reported that swhy research pointed out that Daqin railway is one of the most important energy channels in China, undertaking the important task of "transporting western coal to the east". According to Daqin railway's (601006.SH) 2023 annual report, the company completed a coal transportation volume of 620 million tons, accounting for 22.5% of the national railway coal transportation volume. Combining the carbon neutrality experience of developed countries and the characteristics of China's energy endowment, it is believed that coal will still be the cornerstone of China's energy structure in the future. At the same time, with the improvement of the concentration of new coal production capacity in Shanxi, Shaanxi, and Inner Mongolia, under the background of "logistics cost reduction" and" transportation energy saving and emission reduction", the central value of the core energy main line coal transportation volume is expected to remain stable in the future. It is believed that the sustainability of coal consumption and the duration of coal transportation mainline assets should be reflected in the valuation system of Daqin railway. According to FCFF valuation, the company's fair market cap is approximately 204.723 billion yuan, and the calculated target price of the company is 11.9 yuan, which corresponds to a 67.6% upside potential from the closing price on June 5, 2024, and is given a "buy" rating for the first coverage.