CHINA RAILWAY(00390)

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中国中铁:Q3单季利润承压,关注四季度化债政策实效

申万宏源· 2024-11-02 12:43
Investment Rating - The investment rating for China Railway (601390) is "Buy" (maintained) [5] Core Views - The company's net profit growth for Q1-Q3 2024 is -14.3%, slightly below expectations, with total revenue of 820.3 billion yuan, down 7.26% year-on-year [5] - The report highlights a decline in revenue growth and pressure on gross margins, with a gross margin of 8.80% and a net profit margin of 2.51% for Q1-Q3 2024 [5] - The company is focusing on quality improvement and scaling down growth in response to ongoing local government debt reduction policies [5] Summary by Sections Market Data - Closing price: 6.41 yuan - One-year high/low: 7.38/4.95 yuan - Price-to-book ratio: 0.5 - Dividend yield: 3.28% - Circulating A-share market value: 130,889 million yuan [2] Financial Performance - Q1-Q3 2024 total revenue: 820.3 billion yuan, down 7.26% year-on-year - Q1-Q3 2024 net profit: 20.57 billion yuan, down 14.3% year-on-year - Q1-Q3 2024 gross margin: 8.80%, down 0.29 percentage points year-on-year [5][6] - Q1-Q3 2024 operating cash flow: net outflow of 71.3 billion yuan, an increase in receivables by 84.2 billion yuan [5] Segment Performance - Infrastructure construction revenue: 713.2 billion yuan, down 7.66% year-on-year, gross margin 7.56% - Design consulting revenue: 12.9 billion yuan, down 4.08%, gross margin 24.53% - Equipment manufacturing revenue: 19.8 billion yuan, down 1.08%, gross margin 22.73% - Real estate development revenue: 21.9 billion yuan, down 13.22%, gross margin 12.70% [5] Future Projections - Expected net profits for 2024-2026: 31.4 billion, 32.8 billion, and 34.0 billion yuan respectively, with corresponding PE ratios of 5X [5][6]
中国中铁:Q3收入业绩承压,新兴业务快速成长

Tianfeng Securities· 2024-10-31 10:19
Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [5]. Core Views - The company experienced revenue pressure in Q3, with a year-on-year decline of 6.22%, while emerging businesses are growing rapidly. The backlog of uncompleted contracts stands at 63,252.6 billion yuan, which is 5.01 times the revenue scale of the previous year, providing support for future revenue growth [1][2]. - The company has adjusted its net profit forecasts for 2024-2026 downwards due to underperformance, now predicting 31.1 billion, 31.9 billion, and 32.4 billion yuan respectively [1]. - The report highlights the potential for operational improvements and enhanced financial quality due to state-owned enterprise reforms, alongside the growth of the mineral resources sector as a second growth curve [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 818.48 billion yuan, a decrease of 7.3% year-on-year, and a net profit attributable to shareholders of 20.57 billion yuan, down 14.33% year-on-year [1]. - The gross margin for the first three quarters was 8.8%, a decline of 0.29 percentage points year-on-year, with Q3 alone showing a gross margin of 8.72%, down 0.85 percentage points [3]. - The company’s cash flow from operations showed a net outflow of 71.26 billion yuan for the first three quarters, which is an increase in outflow compared to the previous year, although the outflow narrowed in Q3 [3]. Business Segment Performance - Revenue from infrastructure construction, design consulting, equipment manufacturing, and real estate development for the first three quarters was 713.2 billion, 12.9 billion, 19.8 billion, and 21.9 billion yuan respectively, with year-on-year declines of 7.66%, 4.08%, 1.08%, and 13.22% [2]. - New contracts signed in the first three quarters totaled 15,278.6 billion yuan, a decrease of 15.2% year-on-year, with domestic and international contracts at 14,046.3 billion and 1,232.3 billion yuan, respectively [2]. - Emerging businesses saw new contracts worth 2,110.5 billion yuan, reflecting a growth of 23.4% year-on-year, particularly in sectors like water conservancy, clean energy, and urban operations [2].
中国中铁:Q3业绩持续承压,现金流有所改善

GOLDEN SUN SECURITIES· 2024-10-31 08:16
Investment Rating - The report maintains a "Buy" rating for China Railway (601390.SH) [4][5]. Core Views - The company's Q3 performance continues to be under pressure, with a revenue decline of 7.3% year-on-year for the first three quarters of 2024, totaling 820.3 billion yuan, and a net profit attributable to shareholders of 20.6 billion yuan, down 14.3% [1][2]. - The decline in revenue is primarily attributed to a decrease in the gross margin of the infrastructure business, although the cash flow situation has shown some improvement [1][2]. - New contract signings have decreased by 15% year-on-year, but the company has a strong backlog of projects, with an uncompleted contract amount of 6.3253 trillion yuan, which is 5.0 times its 2023 revenue, providing strong support for future income [3]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved total revenue of 820.3 billion yuan, with quarterly revenues of 265.6 billion, 278.9 billion, and 275.8 billion yuan, reflecting declines of 3%, 12%, and 6% respectively [1]. - The gross margin for the first three quarters was 9.0%, a decrease of 0.26 percentage points year-on-year, with Q3 showing a 0.8 percentage point decline [2]. - Operating cash flow showed a net outflow of 71.3 billion yuan for the first three quarters, an increase in outflow of 37.5 billion yuan compared to the previous year, but Q3 saw a reduced outflow of 1.93 billion yuan, down 1.83 billion yuan year-on-year [2]. Order Book and Future Outlook - The company signed new contracts worth 1.5279 trillion yuan in the first three quarters, a decrease of 15% year-on-year, with Q3 also seeing a 15% decline [3]. - The backlog of uncompleted contracts at the end of Q3 2024 was 6.3253 trillion yuan, up 7.6% from the end of 2023, indicating a robust project reserve [3]. Earnings Forecast - The report adjusts the profit forecast for the company, expecting net profits attributable to shareholders to be 29.8 billion, 29.9 billion, and 30.1 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.20, 1.21, and 1.22 yuan per share [4].
中国中铁(00390) - 2024 Q3 - 季度业绩

2024-10-30 10:24
Financial Performance - For the third quarter ending September 30, 2024, the company's operating revenue was CNY 275,194,003, representing a decrease of 6.22% compared to the same period last year[4]. - The net profit attributable to shareholders was CNY 6,291,574, reflecting a decline of 19.05% year-over-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 5,915,572, down 19.70% from the previous year[4]. - The basic and diluted earnings per share were both CNY 0.252, a decrease of 18.18% compared to the same period last year[4]. - The total operating revenue for the first three quarters of 2024 was RMB 820.283 billion, a decline of 7.26% year-on-year, with a comprehensive gross margin of 8.95%, down 0.27 percentage points[19]. - Total revenue for the first three quarters of 2024 reached RMB 820,283,313 thousand, a decrease of 7.3% compared to RMB 884,520,479 thousand in the same period of 2023[27]. - Operating profit for the first three quarters of 2024 was RMB 27,016,771 thousand, down 15.5% from RMB 31,996,199 thousand in the first three quarters of 2023[27]. - The company reported a net profit of RMB 22,460,711 thousand for the first three quarters of 2024, down from RMB 26,319,856 thousand in the same period of 2023[27]. - Net profit for the first three quarters of 2024 is 22,460,711, a decrease of 14.5% compared to 26,319,856 in the same period of 2023[28]. - Net profit attributable to the parent company's shareholders is 20,569,710, down 14.9% from 24,011,700 in the previous year[28]. - Total comprehensive income for the first three quarters of 2024 is 23,069,028, a decline of 13.3% from 26,668,548 in 2023[29]. - Basic and diluted earnings per share for the first three quarters of 2024 are both 0.784, down from 0.913 in 2023[29]. Cash Flow and Liquidity - The net cash flow from operating activities was negative CNY 1,925,018, indicating a significant cash outflow[4]. - Cash flow from operating activities for the first three quarters of 2024 is -71,257,347, compared to -33,723,494 in the same period of 2023[31]. - Cash inflow from operating activities in the first three quarters of 2024 was 22,417,891 thousand RMB, down from 32,404,035 thousand RMB in 2023, reflecting a decrease of about 31%[38]. - Total cash outflow from operating activities in the first three quarters of 2024 was 27,380,273 thousand RMB, compared to 34,044,600 thousand RMB in 2023, indicating a reduction of approximately 19%[38]. - The company reported a net cash outflow from investment activities of -36,811,070 for the first three quarters of 2024, compared to -50,854,097 in 2023[31]. - Cash inflow from financing activities in the first three quarters of 2024 was 62,900,000 thousand RMB, down from 65,589,000 thousand RMB in 2023, reflecting a decrease of about 4%[39]. - The net cash flow from financing activities for the first three quarters of 2024 was -4,580,359 thousand RMB, compared to -10,670,858 thousand RMB in the same period of 2023, showing an improvement of approximately 57%[39]. - Cash and cash equivalents at the end of the first three quarters of 2024 amounted to 158,232,664, down from 165,115,591 in 2023[32]. - The company's cash and cash equivalents decreased to RMB 183.882 billion from RMB 234.513 billion year-on-year[23]. - The cash and cash equivalents at the end of the first three quarters of 2024 amounted to 31,629,597 thousand RMB, an increase from 24,615,187 thousand RMB at the end of the same period in 2023, representing a growth of about 28%[39]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,128,258,300, an increase of 16.33% from the end of the previous year[4]. - Non-current assets totaled RMB 929,728,077 thousand as of September 30, 2024, an increase of 12.8% from RMB 823,744,563 thousand at the end of 2023[26]. - The company's total liabilities reached RMB 1,638,695,405 thousand, representing a 19.6% increase from RMB 1,369,537,197 thousand at the end of 2023[26]. - The total liabilities decreased to RMB 239,081,339,000 as of September 30, 2024, from RMB 248,733,465,000 at the end of 2023, representing a reduction of approximately 3.4%[35]. - Long-term borrowings increased to RMB 319,854,315 thousand as of September 30, 2024, up 14.4% from RMB 279,718,807 thousand at the end of 2023[26]. - The company's short-term borrowings rose sharply to RMB 32,900,000,000 from RMB 19,500,000,000, an increase of approximately 68.7%[35]. - The company's total assets amounted to RMB 2,128,258,300 thousand as of September 30, 2024, up 16.3% from RMB 1,829,439,189 thousand at the end of 2023[26]. - The total equity attributable to shareholders reached RMB 351,904,271 thousand, an increase of 5.8% from RMB 332,533,508 thousand at the end of 2023[26]. - The total equity of the company increased to RMB 263,711,401,000 as of September 30, 2024, up from RMB 252,034,804,000 at the end of 2023, reflecting a growth of about 4.6%[35]. Contractual Performance - The company achieved new contract signings of CNY 1,527.86 billion, a year-on-year decrease of 15.2%[15]. - Domestic business new contract signings amounted to CNY 1,404.63 billion, down 16.1% year-on-year[15]. - Overseas business new contract signings reached CNY 123.23 billion, reflecting a year-on-year decline of 3.2%[15]. - The total uncompleted contract amount as of the reporting period was CNY 6,325.26 billion, an increase of 7.6% compared to the end of 2023[15]. - The total new contracts signed in the first three quarters of 2024 amounted to RMB 15,278.6 billion, a decrease of 15.2% compared to the same period in 2023[16]. - The engineering construction segment saw new contracts of RMB 10,857.3 billion, down 19.2% year-on-year, with significant declines in railway (5.2%), highway (33.7%), and urban rail (58.0%) sectors[16]. - The emerging business segment achieved new contracts of RMB 2,110.5 billion, reflecting a growth of 23.4%, driven by water conservancy (106.2%) and clean energy (52.4%) sectors[18]. Inventory and Reserves - The company’s inventory increased to RMB 270.743 billion as of September 30, 2024, compared to RMB 219.361 billion at the end of 2023[23]. - The company’s land reserve area at the end of the reporting period was 1,197.1 million square meters, with a new land reserve of 39.8 million square meters, up 31.4%[17].


中国中铁:中国中铁关于回购注销部分限制性股票减资暨通知债权人的公告

2024-10-30 09:02
| A | 股代码:601390 | A | 股简称:中国中铁 | 公告编号:临 | 2024-048 | | --- | --- | --- | --- | --- | --- | | H | 股代码:00390 | H | 股简称:中国中铁 | | | 中国中铁股份有限公司 关于回购注销部分限制性股票减资暨通知债权人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏,并对其内容的真实性、准确性和完整性承担法 律责任。 一、通知债权人的原因 中国中铁股份有限公司(以下简称"公司")于 2024 年 10 月 29 日 召开第五届监事会第二十九次会议及 2024 年 10 月 30 日召开第六届董事 会第四次会议,审议通过了《关于回购注销中国中铁 2021 年限制性股票 激励计划部分限制性股票的议案》。 公司 2021 年限制性股票激励计划首次授予对象中,1 名激励对象因 成为国务院国资委管理领导而不能持有公司限制性股票,2 名激励对象因 组织安排调离公司且不在公司任职,6 名激励对象达到法定退休年龄正常 退休,3 名激励对象因不能胜任工作岗位、业绩考核不合格、过失、违法 ...
中国中铁:中国中铁关于2021年限制性股票激励计划首次授予部分第二个解除限售期解除限售条件成就的公告

2024-10-30 09:02
(一)已履行的相关决策程序和信息披露情况 | A | 股代码:601390 | A | 股简称:中国中铁 | 公告编号:临 | 2024-046 | | --- | --- | --- | --- | --- | --- | | H | 股代码:00390 | H | 股简称:中国中铁 | | | 中国中铁股份有限公司 关于 2021 年限制性股票激励计划首次授予部分第二个解 除限售期解除限售条件成就的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏,并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示: 中国中铁股份有限公司(以下简称"公司")于 2024 年 10 月 29 日 召开第五届监事会第二十九次会议及 2024 年 10 月 30 日召开第六届董事 会第四次会议,审议通过了《关于中国中铁 2021 年限制性股票激励计划 首次授予部分第二批次解除限售的议案》,现将有关事项说明如下: 一、本激励计划首次授予部分第二个解除限售期解除限售已 履行的相关审批程序和信息披露情况 1 本次符合解除限售条件的激励对象人数:640 人。 本次可解除限售的限制性股票 ...
中国中铁:北京市嘉源律师事务所关于中国中铁股份有限公司2021年限制性股票激励计划首次授予部分第二个解锁期解锁相关事项之法律意见书

2024-10-30 09:02
中国中铁 · 股权激励 北京市嘉源律师事务所 关于中国中铁股份有限公司 2021 年限制性股票激励计划首次授予部分 第二个解锁期解锁相关事项 之法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 嘉源 · 法律意见书 释义 除非本法律意见书中另有所说明,下列词语在本法律意见书中的含义如下: | 中国中铁、公司 | 指 | 中国中铁股份有限公司 | | --- | --- | --- | | 本激励计划、股权激 | 指 | 中国中铁2021年限制性股票激励计划 | | 励计划 | | | | 本次解锁、本激励计 | | 本激励计划涉及的首次授予部分第二个解锁期 | | 划首次授予部分第二 | 指 | 解锁 | | 个解锁期解锁 | | | | 《激励计划(草案)》 | 블 | 《中国中铁股份有限公司2021年限制性股票激 | | | | 励计划(草案)》 | | 《公司章程》 | 指 | 中国中铁现行有效的《中国中铁股份有限公司 | | | | 章程》 | | 嘉源、本所 | 블 | 北京市嘉源律师事务所 | | | | 《北京市嘉源律师事务所关于中国中铁股份有 限公司 2021 年限制 ...
中国中铁:中国中铁关于回购注销2021年限制性股票激励计划部分限制性股票的公告

2024-10-30 09:02
| A | 股代码:601390 | A | 股简称:中国中铁 | 公告编号:临 | 2024-047 | | --- | --- | --- | --- | --- | --- | | H | 股代码:00390 | H | 股简称:中国中铁 | | | 中国中铁股份有限公司 关于回购注销 2021 年限制性股票激励计划 部分限制性股票的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏,并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示: 中国中铁股份有限公司(以下简称"公司")于 2024 年 10 月 29 日 召开第五届监事会第二十九次会议及 2024 年 10 月 30 日召开第六届董事 会第四次会议,审议通过了《关于回购注销中国中铁 2021 年限制性股票 激励计划部分限制性股票的议案》,现将有关事项说明如下: 一、已履行的相关审批程序和信息披露情况 1.2021 年 11 月 22 日,公司第五届董事会第十一次会议审议通过《关 于<中国中铁股份有限公司 2021 年限制性股票激励计划(草案)及其摘要> 的议案》《关于提请股东大会授权董事会办理公 ...
中国中铁:北京市嘉源律师事务所关于中国中铁股份有限公司回购注销2021年限制性股票激励计划部分限制性股票及调整回购价格之法律意见书

2024-10-30 09:02
释义 北京市嘉源律师事务所 关于中国中铁股份有限公司 回购注销 2021 年限制性股票激励计划 部分限制性股票及调整回购价格 之法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 嘉源 · 法律意见书 中国中铁 · 股权激励 除非本法律意见书中另有所说明,下列词语在本法律意见书中的含义如下; | 中国中铁、公司 | 指 | 中国中铁股份有限公司 | | --- | --- | --- | | 本激励计划、股权激 | 指 | 中国中铁2021 年限制性股票激励计划 | | 励计划 | | | | 本次回购注销 | 指 | 本激励计划涉及的回购注销部分已获授但尚未 | | | | 解锁的限制性股票及调整回购价格 | | 《激励计划(草案)》 | 指 | 《中国中铁股份有限公司2021年限制性股票激 | | | | 励计划(草案)》 | | 第二批次、第二批次解 | 글 | 本激励计划涉及的首次授予部分第二个解锁期 | | 除候害 | | 解锁 | | 第三批次、第三批次解 | 블 | 本激励计划涉及的首次授予部分第三个解锁期 | | 除限售 | | 解锁 | | 《公司章程》 | 블 | ...
中国中铁:中国中铁第五届监事会第二十九次会议决议公告

2024-10-30 09:02
H 股代码:00390 H 股简称:中国中铁 A 股代码:601390 A 股简称:中国中铁 公告编号:临 2024-044 中国中铁股份有限公司 第五届监事会第二十九次会议决议公告 大遗漏,未发现季报编制人员有违反保密规定的行为。 表决结果:4 票同意、0 票反对、0 票弃权。 (二)审议通过《关于回购注销中国中铁股份有限公司 2021 年 限制性股票激励计划部分限制性股票的议案》。会议认为:根据《上 市公司股权激励管理办法》及《激励计划(草案)》等相关规定,公 司 2021 年限制性股票激励计划首次授予对象中,1 名激励对象因成 为国务院国资委管理领导而不能持有公司限制性股票,2 名激励对象 因组织安排调离公司且不在公司任职,6 名激励对象达到法定退休年 龄正常退休,3 名激励对象因不能胜任工作岗位、业绩考核不合格、 过失、违法违规等原因不再属于激励计划规定的激励范围,2 名激励 对象 2023 年度个人层面绩效考核结果为称职,监事会同意回购注销 其已获授但尚未解除限售的限制性股票 138.0123 万股。公司关于本 次回购注销 2021 年限制性股票激励计划部分限制性股票及调整回购 价格符合相关法律法规 ...