（於中華人民共和國註冊成立的股份有限公司） （股份代碼：1766） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國中車股份有限公司 CRRC CORPORATION LIMITED 海外監管公告 此海外監管公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條發出。 茲載列中國中車股份有限公司（「本公司」）在上海證券交易所網站刊登的《中國中車股 份有限公司關於召開2024年第三季度業績說明會的公告》，僅供參閱。 承董事會命 中國中車股份有限公司 董事長 孫永才 中國 • 北京 2024年11月19日 於本公告日期，本公司的執行董事為孫永才先生、馬雲雙先生及王銨先生；非執行 董事為姜仁鋒先生；獨立非執行董事為史堅忠先生、翁亦然先生及魏明德先生。 证券代码：601766（A 股） 证券简称：中国中车（A 股） 公告编号：临 2024-041 证券代码： 1766（H 股） 证券简称：中国中车（H 股） 中国中车股份有限公司 关于召开 2024 ...

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： 证券代码：601766（A 股） 证券简称：中国中车（A 股） 公告编号：临 2024-041 证券代码： 1766（H 股） 证券简称：中国中车（H 股） 中国中车股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 会议召开时间：2024 年 11 月 27 日（星期三）16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow. sseinfo.com/） 会议召开方式：网络文字互动 投资者可于 2024 年 11 月 26 日（星期二）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 crrc@crrcgc.cc 进行提问。公司将 在业绩说明会上对投资者普遍关注的问题进行回答。 中国中车股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日收市 后发布公司 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 年前三季度经营成果、财务状况， ...

Group 1 - A new company, Baise CRRC Times New Energy Co., Ltd., has been established with a registered capital of 910 million yuan [1] - The legal representative of the company is Fan Zenghui, and its business scope includes power generation, transmission, and distribution services, as well as wind power technology services and emerging energy technology research and development [1] - The company is jointly owned by CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd., a subsidiary of China CRRC, and China Resources Power New Energy Investment Co., Ltd. [1]

Group 1 - China CRRC and CITIC Bank signed a strategic cooperation agreement on November 6 [1] - The agreement aims to enhance collaboration in financial business model innovation, specialized industrial chain finance, financial technology, and financial digital transformation [1] - The partnership seeks to achieve new breakthroughs in the field of industry-finance cooperation [1]

Investment Rating - The report maintains a "Buy" rating for China CRRC (601766.SH) [1] Core Views - The demand for railway equipment is continuously recovering, with the recent tender for high-speed trains exceeding expectations. The tender includes 80 sets of CRRC's Fuxing smart trains, indicating a significant scale of bidding [1][2] - The growth in railway investment is accelerating, with a year-on-year increase of 7.5% in 2023 and 10.3% in the first nine months of 2024. Additionally, passenger volume has increased by 13.8% during the same period, supporting the long-term growth of CRRC's train revenue [2] - The maintenance business for high-speed trains is expected to see substantial growth, with a significant increase in tenders for the fifth-level maintenance of trains, indicating a peak period for maintenance services [3] Summary by Sections Company Overview - The report projects revenues for 2024, 2025, and 2026 to be RMB 258.8 billion, RMB 285.2 billion, and RMB 312.8 billion respectively, with net profits of RMB 13.7 billion, RMB 15.4 billion, and RMB 16.7 billion, corresponding to P/E ratios of 18X, 16X, and 15X [4][7] Business Analysis - The tender for high-speed trains and the increase in railway investment are expected to drive long-term revenue growth for CRRC's train segment. The total tendered amount for high-speed trains has reached 245 sets, significantly higher than the 164 sets tendered in 2023 [2] - The maintenance business is also projected to grow, with tenders for fifth-level maintenance increasing from 108 sets in 2023 to 509 sets in 2024 [3] - The introduction of policies encouraging the replacement of old diesel locomotives is expected to further enhance revenue from railway equipment, with CRRC launching new energy locomotives to meet market needs [3] Financial Projections - The report outlines a steady growth trajectory for CRRC, with expected revenue growth rates of 10.49% in 2024, 10.18% in 2025, and 9.69% in 2026. Net profit growth rates are projected at 17.08%, 12.12%, and 8.88% for the same years [7][4]

Investment Rating - The investment rating for the company is "Add" [2][3] Core Views - The company's Q3 2024 report met expectations, with profit growth outpacing revenue growth. For the first three quarters of 2024, the company achieved revenue of 152.58 billion yuan, a year-on-year increase of 6.67%, and a net profit attributable to shareholders of 7.25 billion yuan, up 17.77% year-on-year [2][3] - The railway equipment business significantly contributed to revenue growth, with a 36.69% year-on-year increase in revenue from this segment [2][3] - The company is expected to maintain a positive outlook in the rail transit industry due to strong passenger demand and potential procurement of new trains by the national railway group [2][3] Summary by Sections Company Overview - Total shares: 286.99 million, circulating shares: 243.28 million - Total market value: 242.8 billion yuan, circulating market value: 205.8 billion yuan - 52-week high/low price: 8.60/5.05 yuan - Debt-to-asset ratio: 58.3% - Price-to-earnings ratio: 20.63 - Largest shareholder: China CNR Corporation Limited [1] Financial Performance - For Q3 2024, revenue was 62.54 billion yuan, a year-on-year increase of 12.22%, and net profit was 3.04 billion yuan, up 13.11% year-on-year [2][3] - The railway equipment segment saw a revenue increase of over 80% for both EMUs and passenger cars in the first three quarters [2][3] - The company maintained good cost control, with total expense ratios decreasing by 0.82 percentage points year-on-year [2][3] Earnings Forecast and Valuation - Projected revenues for 2024-2026 are 246.21 billion yuan, 273.85 billion yuan, and 307.27 billion yuan, with year-on-year growth rates of 5.1%, 11.23%, and 12.20% respectively [3] - Expected net profits for the same period are 13.73 billion yuan, 14.93 billion yuan, and 16.53 billion yuan, with growth rates of 17.22%, 8.72%, and 10.74% respectively [3] - Corresponding P/E ratios are projected to be 17.69, 16.27, and 14.69 [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01766 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,371,066,040 | RMB | | 1 | RMB | | 4,371,066,040 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,371,066,040 | RMB | | 1 | RMB | | 4,371,066,040 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | ...

Investment Rating - The report maintains a "Buy" rating for the company [6][5] Core Views - The demand for railway equipment is on the rise, and the company is expected to release profits as new train tenders and high-level maintenance needs are fulfilled [3][4] - In the first three quarters of 2024, the company achieved a revenue of 152.58 billion yuan, a year-on-year increase of 6.67%, and a net profit attributable to shareholders of 7.25 billion yuan, up 17.77% [3][4] - The railway equipment business saw significant revenue growth, with a 36.69% increase year-on-year, while urban rail and new industries experienced a slight decline [3][4][5] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 62.54 billion yuan, a 12.22% increase year-on-year, and a net profit of 3.04 billion yuan, up 13.11% [3][4] - The company signed new orders worth approximately 212.2 billion yuan in the first three quarters, including about 34.2 billion yuan in overseas orders [3][4] Business Segments - The railway equipment segment generated 71.8 billion yuan in revenue, a 36.69% increase, with specific revenues from various categories: 40.58 billion yuan from EMUs, 4.99 billion yuan from passenger cars, 15.25 billion yuan from locomotives, and 10.95 billion yuan from freight cars [3][4] - Urban rail and city infrastructure revenue decreased by 5.63% to 28.4 billion yuan, primarily due to a decline in city infrastructure income [3][4] - New industries reported a revenue of 50.1 billion yuan, down 10.40%, mainly due to reduced income from wind power and energy storage equipment [3][4] Market Demand - National railway passenger volume reached 3.33 billion trips in the first nine months, a 13.5% increase year-on-year, supporting the demand for EMUs [4] - The urban rail and new industries segments showed signs of recovery, with slight revenue growth in Q3 [4][5] Maintenance Services - The maintenance segment for railway equipment achieved approximately 30 billion yuan in revenue, showing significant growth, driven by the increasing number of EMUs requiring high-level maintenance [5]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance relative to the market index over the next 3 to 12 months [6][4]. Core Insights - The company reported a revenue of 1430.35 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 5.51%. The net profit attributable to shareholders was 61.52 billion yuan, up by 2.06% year-on-year. In Q3 alone, revenue reached 557.32 billion yuan, a 2.7% increase year-on-year, while net profit decreased by 7.09% to 26.91 billion yuan [1]. - The "14th Five-Year Plan" is expected to lead to a compensatory increase in railway investment, with an average annual investment of approximately 875 billion yuan from 2024 to 2025. This is driven by the need for maintenance and replacement of aging railway equipment, which is projected to boost the company's revenue from railway equipment significantly [2]. - The company has optimized its cost management, resulting in a decrease in the expense ratio to 14.91%, down by 0.82 percentage points year-on-year. This has led to an improvement in the net profit margin, which increased to 4.75%, up by 0.45 percentage points year-on-year [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1430.35 billion yuan, with a year-on-year growth of 5.51%. The net profit attributable to shareholders was 61.52 billion yuan, reflecting a 2.06% increase year-on-year. In Q3, the revenue was 557.32 billion yuan, a 2.7% increase, while net profit decreased by 7.09% to 26.91 billion yuan [1]. Market Outlook - The railway equipment sector is expected to experience rapid growth due to the compensatory investment from the "14th Five-Year Plan" and the need for maintenance and replacement of aging equipment. The company's railway business revenue for the first three quarters of 2024 reached 717.65 billion yuan, a significant year-on-year increase of 36.69% [2]. Cost Management - The company has successfully reduced its expense ratio to 14.91%, which is a decrease of 0.82 percentage points compared to the previous year. This improvement in cost management has positively impacted the net profit margin, which rose to 4.75%, an increase of 0.45 percentage points year-on-year [3]. Earnings Forecast - The company is projected to achieve net profits of 129.97 billion yuan, 140.45 billion yuan, and 151.60 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings (P/E) ratios are expected to be 19, 17, and 16 times [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The railway equipment sector continues to show high growth, with sufficient orders on hand [5]. - The company reported a revenue of 152.58 billion yuan for the first three quarters of 2024, a year-on-year increase of 6.67%, and a net profit attributable to shareholders of 7.25 billion yuan, up 17.77% year-on-year [4][5]. - The company’s new orders for the first three quarters reached 212.2 billion yuan, a slight increase of 0.33% year-on-year, indicating a robust order backlog [5]. Summary by Sections Market Data - Closing price: 8.32 yuan - One-year high/low: 8.99/5.03 yuan - Price-to-book ratio: 1.5 - Dividend yield: 2.40% - Market capitalization: 202.41 billion yuan [1]. Financial Performance - For Q3 2024, revenue was 625.44 billion yuan, a 12.22% increase year-on-year, with a net profit of 30.44 billion yuan, up 13.11% year-on-year [4][5]. - The gross margin for the first three quarters was 21.21%, with a net margin of 6.21%, reflecting an upward trend in profitability [5]. Revenue Breakdown - Revenue from railway equipment for the first three quarters was 717.65 billion yuan, a 36.69% increase year-on-year, with significant contributions from multiple segments [5]. - The company’s new industries and modern services segments showed declines, indicating areas for potential improvement [5]. Profitability Forecast - The report forecasts net profits for 2024-2026 to be 13.30 billion, 14.69 billion, and 16.29 billion yuan respectively, with corresponding price-to-earnings ratios of 18X, 16X, and 15X [5][6].