Financial Performance - The company's operating revenue for Q3 2024 was CNY 275,194,003, a decrease of 6.22% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was CNY 6,291,574, reflecting a decline of 19.05% year-on-year[2]. - The basic earnings per share for Q3 2024 was CNY 0.252, down 18.18% from the previous year[3]. - The company reported a decrease in net profit attributable to shareholders for the year-to-date period of 14.33%, totaling CNY 20,569,710[2]. - In the first three quarters of 2024, the total operating revenue was CNY 820.28 billion, a decrease of 7.26% year-on-year[15]. - The comprehensive gross profit margin for the same period was 8.95%, down by 0.27 percentage points compared to the previous year[15]. - The total operating profit for the first three quarters of 2024 was CNY 27,016,771, down 15.5% from CNY 31,996,199 in the first three quarters of 2023[21]. - The net profit for the first three quarters of 2024 was CNY 12,696,445, slightly down from CNY 12,822,501 in 2023, representing a decrease of 1.0%[29]. Assets and Liabilities - The total assets at the end of the reporting period increased by 16.33% year-on-year, reaching CNY 2,128,258,300[3]. - The company's total current assets as of September 30, 2024, amounted to CNY 1,198.53 billion, an increase from CNY 1,005.69 billion at the end of 2023[17]. - The total assets of the company reached CNY 2,128.26 billion, compared to CNY 1,829.44 billion at the end of 2023[18]. - The total liabilities increased to CNY 1,638.70 billion from CNY 1,369.54 billion at the end of 2023[18]. - The company's total liabilities increased to CNY 1,200,000,000 as of September 30, 2024, compared to CNY 1,150,000,000 at the end of 2023[26]. - The total liabilities decreased to CNY 239,081,339 in Q3 2024, down from CNY 248,733,465 in Q3 2023, indicating a reduction of 3.0%[28]. Cash Flow - The cash flow from operating activities for the period was negative at CNY -1,925,018, indicating cash flow challenges[2]. - The net cash flow from operating activities for the first three quarters of 2024 was -CNY 71,257,347, worsening from -CNY 33,723,494 in the same period of 2023[23]. - The cash flow from operating activities showed a net outflow of CNY -4,962,382 in the first three quarters of 2024, compared to a net outflow of CNY -1,640,565 in the same period of 2023[31]. - The company's investment activities generated a net cash outflow of -CNY 36,811,070 in the first three quarters of 2024, compared to -CNY 50,854,097 in the same period of 2023[25]. - The company's financing activities generated a net cash inflow of CNY 69,481,030 in the first three quarters of 2024, an increase from CNY 44,412,296 in the same period of 2023[25]. Contracts and Business Segments - The company achieved new contract value of RMB 15,278.6 billion in the reporting period, a year-on-year decrease of 15.2%[11]. - The domestic business contributed RMB 14,046.3 billion to the new contract value, down 16.1% year-on-year, while the overseas business generated RMB 1,232.3 billion, a decrease of 3.2%[11]. - The engineering construction segment reported new contract value of RMB 10,857.3 billion, reflecting a decline of 19.2% compared to RMB 13,440.8 billion in the same period last year[12]. - The real estate segment saw sales amounting to RMB 227.6 billion, down 51.6% year-on-year, with a sales area decrease of 56.3%[13]. - The emerging business segment recorded new contract value of RMB 2,110.5 billion, an increase of 23.4% year-on-year[13]. - The company’s new signed contracts in the railway sector amounted to RMB 1,695.9 billion, a decrease of 5.2% year-on-year[12]. - The company’s new signed contracts in the municipal sector totaled RMB 1,097.2 billion, down 27.9% year-on-year[12]. - The company’s new signed contracts in the water conservancy and hydropower sector increased by 106.2% to RMB 603.0 billion[13]. Shareholder and Ownership - The top shareholder, China Railway Engineering Group Co., Ltd., holds 46.96% of the shares, indicating strong state ownership[6]. Research and Development - The company reported a decrease in research and development expenses to CNY 16,086,998 in the first three quarters of 2024, down 9.7% from CNY 17,810,862 in the same period of 2023[21]. - Research and development expenses increased to CNY 28,815 in the first three quarters of 2024, up from CNY 13,977 in 2023, marking a significant increase of 106.4%[29].

中国中铁2024年第三季度新增担保的被担保人基本情况表 | | | | | | | | | 2023年12月31日财务报表数据 | | | | 2024年9月30日财务报表数据 | | | | 与担 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 被担保人名 | 注册 | 法定代 | 经营范围 | 信用 | | | | | | | | | | 持股 | 保人 | | | 称 | 地点 | 表人 | | 等级 | 资产总额 | 负债总额 | 净资产 | 营业收入 | 净利润 | 资产总额 | 负债总额 净资产 | 营业收入 | 净利润 | 比例 | 的关 系 | | | | | | 一般项目：工程技术服务（规划管理、勘察、设计 | | | | | | | | | | | | | | | | | | 、监理除外）；信息系统集成服务；信息系统运行 | | | | | | | | | | | | | | | | | | 维护服务；软件开发；技 ...

| A 股代码：601390 | A 股简称：中国中铁 | 公告编号：临 2024-049 | | --- | --- | --- | | H 股代码：00390 | 股简称：中国中铁 H | | 中国中铁股份有限公司 关于 2024 年第三季度对外担保实际发生情况的公告 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个 别及连带责任。 重要内容提示： －1－ 被担保人名称：本期被担保人涉及公司12家全资子公司、1家控股 子公司和1家参股公司。12家全资子公司为：中铁一局集团电务工 程有限公司、中铁电气化局集团(香港)有限公司、中铁电气化局 集团物资贸易有限公司、中铁电气化局集团西安电气化工程有限 公司、中铁国际集团商贸有限公司、中铁武汉大桥工程咨询监理 有限公司、中铁武汉勘察设计院有限公司、中铁文化旅游投资集 团有限公司、中铁四川生态城投资有限公司、中铁物贸集团武汉 有限公司、中铁物贸集团西安有限公司、中铁物贸集团北京有限 公司；1家控股子公司为：中铁十局集团泰国有限公司；1家参股 公司为：汕头市牛田洋快速通道投资发展有限公司。上述被 ...

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、董事会会议召开情况 中国中铁股份有限公司（以下简称"公司"或"本公司"）第六届董 事会第四次会议〔属 2024 年第 4 次定期会议（2024 年度总第 12 次）〕 通知和议案等书面材料于 2024 年 10 月 21 日以专人及发送电子邮件方式 送达各位董事，会议于 2024 年 10 月 30 日以现场会议方式召开。应出席 会议的董事 7 名，实际出席会议的董事 7 名（其中董事陈文健、王士奇因 其他公务安排委托董事长陈云出席会议并行使表决权，董事文利民因其他 公务安排委托董事修龙出席会议并行使表决权）。会议由董事长陈云主持， 公司部分监事、高级管理人员及有关人员列席了会议。会议的召开符合有 关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 | A | 股代码：601390 | A | 股简称：中国中铁 | 公告编号：临 | 2024-045 | | --- | --- | --- | --- | --- | --- | | H | 股代码：00390 | ...

| A 股代码：601390 | A 股简称：中国中铁 | 公告编号：临 | 2024-043 | | --- | --- | --- | --- | | H 股代码：00390 | H 股简称：中国中铁 | | | 中国中铁股份有限公司 2024 年第三季度主要经营数据公告 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、主要经营情况 公司目前无已签订尚未执行的重大项目。 上述经营指标和数据为初步统计数据，由于存在各种不确定性， 上述经营指标和数据与定期报告披露的数据可能存在差异，仅供参考。 1.按业务类型统计 业务类型 2024 年 7-9 月 本年累计 同比 增减 新签项目 数量（个） 新签 合同额 新签项目 数量（个） 新签 合同额 设计咨询 / 40.5 / 184.7 -15.7% 工程建造 1636 3055.1 4174 10857.3 -19.2% 装备制造 / 135.1 / 429.6 -11.5% 特色地产（注） / 95.1 / 227.6 -51.6% 资产经营 / 479.6 / 724.7 ...

中国中铁股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 | A | 股代码：601390 | A | 股简称：中国中铁 | 公告编号：临 | 2024-042 | | --- | --- | --- | --- | --- | --- | | H | 股代码：00390 | H | 股简称：中国中铁 | | | 投资者可于 2024 年 10 月 24 日(星期四) 至 10 月 30 日(星期 三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 ir@crecg.com 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 中国中铁股份有限公司（以下简称"公司"）将于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 10 月 31 日下午 3:00-4:00 举行 2024 年第三季度业绩说明会，就 ...

Investment Rating - The report assigns a "Buy" rating to China Railway Group (601390) [4][6] Core Views - China Railway Group is a leading player in railway infrastructure construction with a stable and growing market share The company has diversified its business into construction engineering equipment manufacturing mining resource development and real estate development [2] - The company is expected to benefit from fiscal policy easing and debt resolution measures which will improve infrastructure demand and reduce potential impairment risks [2] - The company's valuation is currently at a low level among the eight major construction central state-owned enterprises reflecting market concerns about cash flow and development prospects However with the improvement of local government fiscal conditions the company's cash flow is expected to improve and valuation factors are expected to gradually dissipate [2] - The company's subsidiary China Railway Resources has contributed over 5 billion yuan in profits in 2023 and is expected to further drive the company's value revaluation [2] Financial Performance and Forecast - The company's market capitalization is 16533421 million yuan with a circulating market capitalization of 13640193 million yuan [3] - The company's revenue is expected to be 1209689 billion yuan in 2024 1290957 billion yuan in 2025 and 1361041 billion yuan in 2026 with growth rates of -426% 672% and 543% respectively [7] - Net profit attributable to the parent company is expected to be 32662 billion yuan in 2024 33582 billion yuan in 2025 and 35910 billion yuan in 2026 with growth rates of -245% 281% and 693% respectively [7] - The company's PE ratio is expected to be 495x in 2024 481x in 2025 and 450x in 2026 [7] Business Segments - The company's infrastructure construction business accounted for 86% of total revenue and 76% of total gross profit in 2023 [15] - The company's equipment manufacturing and resource development businesses are expected to improve in profitability further enhancing the company's overall performance elasticity [2] - The company's subsidiary China Railway Resources has contributed over 5 billion yuan in profits in 2023 and is expected to further drive the company's value revaluation [2] Market Position and Competitive Advantage - The company's market share in railway infrastructure construction has increased from 52% in 2015 to 87% in 2023 demonstrating its comprehensive competitiveness [2] - The company is expected to benefit from fiscal policy easing and debt resolution measures which will improve infrastructure demand and reduce potential impairment risks [2] - The company's valuation is currently at a low level among the eight major construction central state-owned enterprises reflecting market concerns about cash flow and development prospects However with the improvement of local government fiscal conditions the company's cash flow is expected to improve and valuation factors are expected to gradually dissipate [2] Industry Outlook - Fiscal policy easing and debt resolution measures are expected to improve infrastructure demand and reduce potential impairment risks [2] - The company is expected to benefit from the recovery of infrastructure demand and the improvement of local government fiscal conditions [2] - The company's equipment manufacturing and resource development businesses are expected to improve in profitability further enhancing the company's overall performance elasticity [2]

首先我们觉得最近可能市场比较热的或者说比较关注的一个点肯定在于财政部的一个发力那么我们还可以看到上周六财政部的这个会议上其实重点的一些文件重点的一个方向都是集中在化债这个方向化解地方债那么我们从我们那个角度理解不管说是对于建筑央企还是地方性的一个建筑企业我们觉得整体化债都是一个比较明确的一个立法那么我们首先把时间交给杨总就想请杨总为我们对这个近期大家比较关心的化债对公司这方面的影响做一个简单的一个介绍谢谢 好的谢谢各位投资者的对中国中铁的关注我是中国中铁董事会办公室的副主任杨晓东刚才说到这个化债的这个情况其实呢从中国中铁来说我记得我们在这个半年度的业绩发布之后呢大家也在有问我们对下半年的行业是怎么样一个展望的 其实从这个当时呢我们就判断了从这个730的我们政治局会议的一个论调包括我们国家上半年整个的资金安排方面来看总体还是节奏比较慢的比如超长期国债啊地方政府专项债这些方面的整个上半年的节奏还是比较慢然后到三七六呢应该说是有的一个比较大的一个加速 然后呢这次的一个新闻发布会上呢我们看出了整个中央对的一个财政政策呢我们觉得体现出了还是一个非常积极的一个姿态至于具体的一个力度包括具体的数据这块呢我们暂时应该说大家也 ...

| A H | | | | --- | --- | --- | | 股代码：601390 股代码：00390 | | | | H | A | | | 股简称：中国中铁 | 股简称：中国中铁 | | | | | 公告编号：临 | | | | 2024-041 | 中国中铁股份有限公司 第六届董事会第三次会议决议公告 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、董事会会议召开情况 中国中铁股份有限公司（以下简称"公司"或"本公司"）第六届董 事会第三次会议〔属 2024 年第 8 次临时会议（2024 年度总第 11 次）〕 通知和议案等书面材料于 2024 年 9 月 26 日以专人及发送电子邮件方式送 达各位董事，会议于 2024 年 9 月 30 日以通讯表决方式召开。本次会议应 参加表决董事 7 名，实际参加表决董事 7 名。会议的召开符合有关法律、 行政法规、部门规章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 经过有效表决，会议审议通过了以下议案： （一）审议通过《关于解聘李新生中国中铁股份有限 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨中国中铁（601390.SH） [Table_Title] 国企改革持续深化，关注资金落地情况 报告要点 [Table_Summary] 公司上半年实现营业收入 5432.85 亿元，同比减少 7.84%；归属净利润 142.78 亿元，同比减 少 12.08%；扣非后归属净利润 130.95 亿元，同比减少 14.02%。 分析师及联系人 [Table_Author] 张弛 张智杰 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 请阅读最后评级说明和重要声明 中国中铁（601390.SH） cjzqdt11111 2024-09-13 相关研究 [Table_Title2] 国企改革持续深化，关注资金落地情况公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司上半年实现营业收入 5432.85 亿元，同比减少 7.84%；归属净利润 142.78 亿元，同比减 少 12.08%；扣非后归属净利润 130.95 亿元，同比减少 14.02%。公司实现 ...