Investment Rating - The report maintains a "Buy-A" rating for China CRRC Corporation Limited (601766.SH) [2] Core Views - The company is positioned as a global leader in rail transit equipment and is actively developing new industries, establishing a "dual-track, dual-cluster" strategy [2] - The rail transit equipment business is entering a prosperous cycle driven by increased demand for purchases and maintenance, indicating a new growth phase for the company [2] - The company expects net profit attributable to shareholders to grow from 131.4 billion yuan in 2024 to 158.4 billion yuan in 2026, with year-on-year growth rates of 12.2%, 11.5%, and 8.1% respectively [2] Company Performance - In the first three quarters, the company achieved operating revenue of 152.58 billion yuan, a year-on-year increase of 6.67%, and a net profit of 7.25 billion yuan, up 17.77% year-on-year [2][3] - The railway equipment business, particularly the high-speed train segment, significantly contributed to revenue growth, with a revenue of 71.77 billion yuan, representing a year-on-year increase of 36.69% [3] - The new industry segment reported a revenue of 50.11 billion yuan in Q3, with a year-on-year growth rate of 5.19%, indicating a positive trend [4] Financial Data and Projections - The company forecasts operating revenue to grow from 234.26 billion yuan in 2023 to 275.77 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 6.2% [5] - The projected net profit for 2024 is 13.14 billion yuan, with a year-on-year growth of 12.2% [5] - The report provides a detailed financial outlook, including expected earnings per share (EPS) growth from 0.41 yuan in 2023 to 0.55 yuan in 2026 [6]

Investment Rating - The report maintains a "Buy" rating for China CRRC Corporation Limited (601766) [1][4] Core Views - The company's performance is in line with expectations, with a year-on-year revenue increase of 12.22% in Q3 2024. For the first three quarters of 2024, the company achieved a revenue of 152.58 billion yuan, up 6.67% year-on-year, and a net profit attributable to shareholders of 7.245 billion yuan, up 17.77% year-on-year [2] - The railway equipment business has shown significant growth, with a revenue increase of 36.69% year-on-year for the first three quarters of 2024 [2][4] - The report highlights a recovery in railway fixed asset investment, with a completion amount of 561.2 billion yuan in 2024, up 10.28% year-on-year, and a rebound in the bidding for high-speed trains [4] Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 62.544 billion yuan, a 12.22% increase year-on-year, and a net profit of 3.044 billion yuan, a 13.11% increase year-on-year [2] - The gross profit margin for the first three quarters of 2024 was 21.21%, a decrease of 0.61 percentage points year-on-year, while the net profit margin was 6.21%, an increase of 0.60 percentage points year-on-year [3] - The company’s operating expenses ratio decreased to 14.90%, with significant reductions in sales expenses [3] Business Segments - The railway equipment segment generated a revenue of 71.765 billion yuan in the first three quarters of 2024, while the urban rail segment saw a revenue decline of 5.63% [2] - New industries and modern services reported revenues of 50.106 billion yuan and 2.291 billion yuan, respectively, with declines of 10.40% and 49.03% year-on-year [2] Investment Outlook - The report forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 13.817 billion yuan, 15.321 billion yuan, and 16.233 billion yuan, respectively, with corresponding dynamic P/E ratios of 17, 16, and 15 [4]

Investment Rating - The report maintains a "Buy" rating for China CNR Corporation (601766) with a current price of 8.36 CNY [1]. Core Views - The company's performance in Q1-Q3 2024 met expectations, with revenue of 152.58 billion CNY, a year-on-year increase of 6.7%, and a net profit attributable to shareholders of 7.25 billion CNY, up 17.8% year-on-year. In Q3 2024 alone, revenue reached 62.54 billion CNY, reflecting a 12.2% year-on-year growth, and net profit was 3.04 billion CNY, up 13.1% year-on-year [1][2]. - The company's profitability is driven by lean management and the expansion of its railway operation and maintenance services, leading to an increase in net profit margin [1]. - The report highlights that all three major segments—railway equipment, urban rail, and new industries—achieved positive growth in Q3 2024, contributing to the overall performance improvement [2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the comprehensive gross margin was 21.2%, a slight decrease of 0.6 percentage points year-on-year, while the net profit margin increased by 0.6 percentage points to 6.2%. The period expense ratio was 14.9%, down 0.8 percentage points year-on-year [1]. - The railway equipment segment reported revenue of 29.78 billion CNY in Q3 2024, a significant increase of 24.4% year-on-year, with the high-speed train business seeing a remarkable growth of 77.3% [2]. Market Outlook - The report indicates that railway investment is expected to rise, benefiting from equipment replacement policies and the increased volume of high-level maintenance for high-speed trains. The company is positioned to benefit from the ongoing demand for new and upgraded railway equipment [3]. - The forecast for net profit attributable to shareholders for 2024-2026 is 13.2 billion CNY, 15.1 billion CNY, and 16.8 billion CNY, respectively, with a compound annual growth rate of 13% over the next three years [3][4]. Valuation Metrics - The current price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 18, 16, and 14, respectively, indicating a favorable valuation trend [4].

2024 年三季度业绩电话会会议纪要 中国中车股份有限公司于2024年10月30日下午16:15-17:15以电话会议方式 召开了公司2024年三季度业绩电话会。 中国中车股份有限公司 现将召开情况汇总如下： 一、电话会议召开情况 2024年10月30日，董事会秘书王健先生及相关部门负责人出席了本次业绩电 话会。首先，公司介绍了中国中车2024年三季度经营情况、公司未来发展展望； 在之后的互动交流环节，董事会秘书王健先生针对2024年三季度的经营成果及财 务状况等情况与投资者进行互动交流，在信息披露允许的范围内就投资者普遍关 注的问题进行回答。 二、投资者提出的主要问题及公司回复情况 1. 公司对2024全年的经营业绩预期如何？ 答：尊敬的投资者，感谢您对公司的关注。公司前三季度完成营业收入 1525.83亿元、归属于上市公司股东的净利润72.45亿元，实现收入利润双增长。 从前三季度经营情况看，各业务板块差异较大。铁路装备板块，受益于铁路客流 持续向好，动车组新造订单和交付有较好的增长，同时2023年至今动车组上线利 用率高再叠加前几年上线利用率低检修推迟滞后因素，动车组高级修业务也大幅 增长，但是铁路机车 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company reported a revenue of 152.58 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 6.67%, with a net profit of 7.25 billion RMB, up 17.77% year-on-year. The third quarter alone saw revenues of 62.54 billion RMB, a 12.2% increase year-on-year, and a net profit of 3.04 billion RMB, up 13.1% year-on-year [1][2]. - The railway equipment business continues to grow significantly, with a revenue of 71.76 billion RMB for the first nine months of 2024, a year-on-year increase of 36.69%, primarily driven by increased sales of high-speed trains and passenger cars [3]. - The company has signed new contracts for advanced repairs of high-speed trains worth 28.46 billion RMB since December 2023, indicating a positive trend in maintenance services, which are expected to become a significant growth driver [4]. Revenue and Profitability - The gross margin for the first three quarters of 2024 was 21.21%, a slight decrease of 0.61 percentage points year-on-year, while the net margin improved by 0.6 percentage points to 6.21% [2]. - The company’s operating expenses showed good control, with sales and management expense ratios decreasing by 1.56 percentage points and 0.16 percentage points, respectively, while R&D expenses increased by 0.78 percentage points [2]. Order Book and Future Outlook - The company secured approximately 212.2 billion RMB in new orders in the first nine months of 2024, slightly up from 211.5 billion RMB in the same period last year, with international contracts accounting for about 34.2 billion RMB [3]. - The report anticipates that the demand for new high-speed trains and advanced repairs will continue to rise, benefiting the company as a leading player in the rail transit equipment sector [1][5]. Valuation - The target price for the company's A/H shares is set at 10.07 RMB and 7.69 HKD, respectively, based on a projected PE ratio of 19/13.3 for 2024, reflecting the company's strong market position and growth potential [5][7].

Investment Rating - The report maintains a "Buy" rating for China CRRC (601766.SH) [1] Core Views - The company's revenue from railway equipment has seen significant growth, with a year-on-year increase of 6.67% to CNY 152.58 billion in Q3 2024, and a net profit increase of 17.77% to CNY 7.25 billion [1] - The growth in revenue is driven by increased income from high-speed trains and passenger cars, with a notable 36.69% year-on-year increase in railway equipment revenue for the first three quarters of 2024 [1] - The report highlights a substantial increase in the bidding for major repairs of high-speed trains, indicating a robust outlook for maintenance services [1] - Railway investment is accelerating, with a 10.3% year-on-year increase in fixed asset investment in the first nine months of 2024, contributing to a recovery in demand for high-speed trains [1] - The introduction of policies encouraging the replacement of old diesel locomotives is expected to further boost the company's revenue from railway equipment [1] Summary by Sections Revenue and Profitability - In Q3 2024, the company achieved revenue of CNY 625.44 billion, a 12.22% increase year-on-year, and a net profit of CNY 30.44 billion, up 13.11% year-on-year [1] - The gross margin for Q3 2024 reached 20.93%, an improvement of 1.48 percentage points from Q2 2024 [1] Business Growth Drivers - The railway equipment business is benefiting from a surge in demand for high-speed train maintenance, with a significant increase in the number of major repair bids [1] - National railway fixed asset investment is projected to grow, with a 7.5% increase in 2023 and a 10.3% increase in the first nine months of 2024, indicating a positive trend for the company's new train sales [1] Future Projections - Revenue forecasts for 2024-2026 are CNY 258.8 billion, CNY 285.2 billion, and CNY 312.8 billion, respectively, with net profits projected at CNY 13.7 billion, CNY 15.4 billion, and CNY 16.7 billion [1] - The report estimates a price-to-earnings ratio of 18X for 2024, 16X for 2025, and 14X for 2026, supporting the "Buy" rating [1]

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a revenue of 152.58 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 6.67%, and a net profit attributable to shareholders of 7.25 billion yuan, up 17.77% year-on-year [1] - The railway equipment segment continues to show strong growth, with revenue from this segment reaching 71.76 billion yuan, a year-on-year increase of 36.69% [1] - The company has signed new orders worth 212.2 billion yuan in the first three quarters, showing a slight year-on-year increase [1] - The gross margin for the first three quarters was 21.21%, an increase of 0.91 percentage points year-on-year, while the net profit margin was 6.21%, up 0.60 percentage points year-on-year [1] Financial Performance Summary - The company is expected to achieve net profits of 14.02 billion yuan, 15.19 billion yuan, and 15.28 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.49, 0.53, and 0.53 yuan [4] - The projected revenue for 2024 is 260.09 billion yuan, reflecting a growth rate of 11.03% [4] - The company’s PE ratio is expected to be 17 times in 2024, 16 times in 2025, and 16 times in 2026 [4]

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 （於中華人民共和國註冊成立的股份有限公司） （股份代碼：1766） 關連交易公告 收購外貿金租約2.59%股權 訂立股權轉讓合同 董事會宣佈，於2024年10月30日，本公司與中車集團訂立股權轉讓合同，據 此，中車集團同意出售且本公司同意收購外貿金租約2.59%股權，代價為人民幣 371,594,775.89元。本次交易完成後，本公司將持有外貿金租約25.89%股權，外 貿金租將不會成為本公司的附屬公司。 香港上市規則的涵義 於本公告日期，中車集團為持有本公司51.45%股份的控股股東，故為香港上市規 則項下本公司的關連人士。據此，本次股權轉讓構成香港上市規則第14A章項下 本公司的關連交易。 根據香港上市規則第14A.81條及第14A.82條，由於股權轉讓合同項下擬進行的交 易及先前合併乃與本公司關連人士中車集團訂立或完成，且均涉 ...

Financial Performance - Operating revenue for the third quarter was RMB 62.54 billion, representing a year-on-year increase of 12.22%[4] - Net profit attributable to shareholders for the third quarter was RMB 3.04 billion, up 13.11% year-on-year[4] - The basic earnings per share for the third quarter was RMB 0.11, reflecting a 22.22% increase compared to the same period last year[4] - Total operating revenue for the first nine months of 2024 was RMB 152,582,851, compared to RMB 143,035,486 in the same period last year, resulting in an increase of RMB 9,547,365[9] - Net profit attributable to shareholders for the first three quarters of 2024 was RMB 7.24 billion, up 17.8% from RMB 6.15 billion in the same period of 2023[28] - Total profit for the first three quarters of 2024 was RMB 11.03 billion, an increase of 18.8% from RMB 9.29 billion in the same period of 2023[27] - The company reported a basic earnings per share of RMB 0.25 for the first three quarters of 2024, up from RMB 0.21 in the same period of 2023[29] Cash Flow and Liquidity - Cash flow from operating activities for the year-to-date was RMB 76.22 billion, a significant improvement from a cash outflow of RMB 39.92 billion in the same period last year[8] - The net cash flow from operating activities for the first three quarters of 2024 was RMB 7.62 billion, compared to a negative cash flow of RMB 3.99 billion in the same period of 2023[30] - Cash and cash equivalents at the end of the third quarter of 2024 amounted to RMB 35.55 billion, down from RMB 38.20 billion at the end of the third quarter of 2023[32] - The company's cash and cash equivalents decreased to RMB 48,760,864 thousand as of September 30, 2024, from RMB 55,929,833 thousand at the end of 2023, a decline of approximately 12.8%[23] - The net increase in cash and cash equivalents was -10,517,055 in 2024, compared to -6,857,810 in 2023, indicating a worsening cash position[39] Assets and Liabilities - Total assets at the end of the reporting period reached RMB 501.50 billion, an increase of 6.30% compared to the end of the previous year[4] - Total assets as of September 30, 2024, were RMB 145,761,048 million, down 9.3% from RMB 160,635,286 million at the end of 2023[34] - Total liabilities as of September 30, 2024, were RMB 44,846,036 million, a decrease of 17.8% from RMB 54,578,100 million at the end of 2023[35] - Current assets totaled RMB 19,911,693 million as of September 30, 2024, a decrease of 43.9% from RMB 35,537,305 million at the end of 2023[34] Revenue Breakdown - Railway equipment business revenue reached RMB 71,765,238, an increase of 36.69% compared to the previous year[9] - Urban rail and urban infrastructure business revenue decreased by 5.63% to RMB 28,421,291, mainly due to reduced income from urban infrastructure[10] - New industry business revenue fell by 10.40% to RMB 50,105,800, primarily due to decreased income from wind power and energy storage equipment[10] - Modern service business revenue decreased significantly by 49.03% to RMB 2,290,522, mainly due to a reduction in logistics and financing leasing business[11] Shareholder Information - The company’s major shareholder, China CNR Corporation Limited, holds 50.83% of the shares[11] - The total number of ordinary shareholders at the end of the reporting period was 539,942[13] - As of April 29, 2024, CRRC Group holds a total of 14,765,441,250 shares, accounting for approximately 51.45% of the company's total issued share capital[19] Research and Development - Research and development expenses increased to RMB 9.70 billion, representing a 21.6% rise from RMB 7.98 billion in the previous year[27] - The company reported a significant increase in R&D expenses, totaling RMB 322,670 million for the first three quarters of 2024, compared to RMB 127,962 million in the same period of 2023[37] Other Financial Metrics - Investment income increased by 40.50% year-on-year, driven by higher returns from joint ventures[8] - Non-operating income for the third quarter included government subsidies amounting to RMB 400.92 million, contributing to overall profitability[5] - The weighted average return on equity for the reporting period was 1.88%, an increase of 0.14 percentage points compared to the previous year[4] - The company experienced a 43.83% increase in credit impairment losses, mainly due to higher provisions for accounts receivable[8] Management Changes - The company appointed Ma Yunshuang as the president on February 22, 2024, and several vice presidents were also appointed on the same day[21] Future Outlook - The company will implement new accounting standards starting in 2024, which may affect the financial statements[40]

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 中國 • 北京 2024年10月30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。 （於中華人民共和國註冊成立的股份有限公司） （股份代碼：1766） 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 份有限公司第三屆監事會第十四次會議決議公告》，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 | 证券代码：601766（A | 股） | 股票简称：中国中车（A | 股） | 编号：临 | 2024-039 | | --- | --- | --- | --- | --- | --- | | 证券代码 ...