致：香港交易及結算所有限公司 公司名稱: 中國中車股份有限公司 呈交日期: 2024年9月2日 I. 法定/註冊股本變動 | 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 assigns a "Buy-A" rating for the company, indicating a positive outlook for investment [1][3]. Core Views - The company is entering a new growth phase in its rail transit equipment business, driven by increased demand for new purchases and maintenance services [1][3]. - The company's revenue has rebounded, surpassing 2019 levels, with a reported revenue of 234.26 billion yuan in 2023, reflecting a year-on-year growth of 5.08% [1][25]. - The dual-track and dual-cluster strategy is showing initial success, with the rail transit business recovering significantly [1][3]. Summary by Sections 1. Global Rail Transit Leader, Steady Progress in New Industries - The company has established a dual-track strategy focusing on rail transit equipment and clean energy equipment, leading to a cluster development model [12][17]. - The company has a stable shareholding structure, with strong capabilities in its subsidiaries [17][20]. - New industries are growing steadily, effectively smoothing out the performance cycles of the rail transit business [23][30]. 2. Strong Demand for New Purchases and Maintenance in the EMU Business - The demand for new EMUs is strong, with significant growth in maintenance contracts as vehicles enter their major repair cycles [39][40]. - The company is benefiting from policies promoting the replacement of old diesel locomotives with new energy locomotives, leading to an increase in both volume and price [39][40]. - The rail freight and passenger transport metrics are reaching new highs, supporting capital expenditures [1][39]. 3. Overseas Market Potential and Belt and Road Initiative Contributions - The global rail transit equipment market is expected to see differentiated demand, with significant opportunities in regions like Southeast Asia and Africa [1][3]. - The company has successfully participated in key projects like the Jakarta-Bandung High-Speed Rail, showcasing its capabilities [1][3]. 4. Profit Forecast and Valuation Analysis - The company is projected to achieve net profits of 131.4 billion yuan, 146.6 billion yuan, and 158.4 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 12.2%, 11.5%, and 8.1% [3][4]. - The price-to-earnings ratio is expected to be 15.9, 14.2, and 13.2 for the same years, indicating a favorable valuation [3][4].

丨证券研究报告丨 公司研究丨点评报告丨中国中车（601766.SH） [Table_Title] 中国中车 2024H1 点评：铁路装备业务景气上 行，盈利能力进一步提升 报告要点 | --- | |----------------------------------------------------------------------------------------------------| | [Table_Summary] 轨交装备需求景气，看好公司盈利释放：短期，动车组新车招标和高级修需求释放，公司盈利 | | 能力提升；中期，动车组高级修进入上行周期，叠加老旧内燃机车替换带来铁路车辆有望持续 | | 维持景气；长期，伴随着高铁及城轨设备存量增长，更新替换或维修维保有望长期稳定。 | 分析师及联系人 [Table_Author] 赵智勇 倪蕤 屈奇 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490524070003 SFC：BRP550 中国中车（601766.SH） cjzqdt11111 [Table_Title 中国中车 202]24H1 点评 ...

2024 年 8 月 27 日 公司研究 铁路装备营收持续增长，受益于设备更新与维保需求提升 ——中国中车（601766.SH、1766.HK）2024 年中报点评 要点 24H1 归母净利同比增长 21.4%，公司业绩稳中有升 中国中车 2024H1 实现营业收入 900.4 亿元，同比上升 3.1%；归母净利润 42.0 亿元，同比增长 21.4%。24H1 综合毛利率为 21.4%，同比提升 0.3 个百分 点；净利率为 6.1%，同比上升 0.9 个百分点。 铁路装备业务营收高增，动车组、客车业务表现亮眼 2024H1 公司铁路装备业务实现营业收入 419.85 亿元，同比上升 47.0%； 其中机车/客车/动车组/货车收入分别为 81.42/26.34/265.27/46.82 亿元，同比 分别变化-14.1%/+108.6%/+93.2%/+14.6%。城轨与城市基础设施业务收入 163.75 亿元，同比下降 14.1%，主要是城轨工程收入减少所致；新产业业务收 入 300.42 亿元，同比下降 18.5%，主要是风电、储能设备收入减少所致；现代 服务业务收入 16.38 亿元，同比下降 42.3 ...

股票投资评级 增持|首次覆盖 个股表现 中国中车 机械设备 -23% -17% -11% -5% 1% 7% 13% 19% 25% 31% 2023-08 2023-11 2024-01 2024-03 2024-06 2024-08 资料来源：聚源，中邮证券研究所 公司基本情况 | --- | --- | |-------------------------|----------------------| | 最新收盘价（元） | 8.09 | | 总股本/流通股本（亿股） | 286.99 / 243.28 | | 总市值/流通市值（亿元） | 2,322 / 1,968 | | 52 周内最高/最低价 | 8.09 / 5.05 | | 资产负债率(%) | 58.3% | | 市盈率 | 19.73 | | 第一大股东 | 中国中车集团有限公司 | | | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 中国中 ...

公司事件点评 ia[Table_MainInfo] 业绩增长稳健，铁路装备业务增速较快 ——中国中车（601766）2024 半年报点评 分析师： 宁前羽 SAC NO： S1150522070001 2024 年 8 月 26 日 [Table_Analysis] 机械设备——交运设备 [Table_Summary] 事件： 证券分析师 宁前羽 022-23839174 ningqy@bhzq.com 2024 年 8 月 24 日，中国中车股份有限公司公告《中国中车 2024 年半年度 报告》。 点评： 经营业绩增长稳健，铁路装备业务增速较快。 证 券 研 [Table_Invest] 评级： 增持 上次评级： 增持 最新收盘价： 8.09 2024 年上半年公司经营业绩增长稳健，经营业绩符合预期。报告期公司实现 营收 900.39 亿元，同比增长 3.13%；实现归母净利润 42.01 亿元，同比增长 21.40%。分业务来看，受动车组和客车业务收入增长拉动，公司铁路装备业 务增速较快，报告期实现营业收入 419.85 亿元，同比增长 46.99%。盈利能 力方面，2024 年上半年公司毛利率为 21. ...

上 市 公 司 机械设备 2024 年 08 月 25 日 中国中车 (601766) ——业绩略超预期，利润水平明显提升 | --- | --- | |-------------------------|---------------------| | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（元） | 8.09 | | 一年内最高/最低（元） | 8.13/5.03 | | 市净率 | 1.4 | | 息率（分红/股价） | 2.47 | | 流通 A 股市值（百万元） | 196,812 | | 上证指数/深证成指 | 2,854.37/8,181.92 | | | | 投资要点： | --- | --- | |--------------------------|---------------| | 每股净资产（元） | 5.59 | | 资产负债率% | 58.31 | | 总股本/流通 A 股（百万） | 28,699/24,328 | | 流通 B 股/H 股（百万） | -/4,371 | 一年内股价与大盘对比走势： 08-2309-2310-2311-2312-230 ...

公司报告 | 半年报点评 铁路装备收入大增，维修周期放量可期 业绩情况： 1）2024 年 H1:实现营收 900.39 亿元，同比+3.13%；实现归母净利润 42.01 亿元，同比+21.4%；实现扣非归母净利润 33.6 亿元，同比+30.08%；24H1 实现毛利率约为 21.41%，同比+1.97pct；期间新签订单约 1401 亿元，其中 新签海外订单约 298 亿元。 2）2024Q2 单季度实现营收 578.57 亿元，同比+5.34%，环比+79.77%；实 现归母净利润 31.93 亿元，同比+12.21%，环比+216.63%；实现扣非归母净 利润 26.92 亿元，同比+13.14%，环比+303.06%。 业绩拆分： 铁路装备：营收 419.85 亿元，同比+46.99%，主要系动车组和客车收入增 加所致；毛利率 22.71%，同比+1.39pct；其中机车业务收入 81.42 亿元， 客车业务收入26.34 亿元，动车组业务收入265.27 亿元，货车业务收入46.82 亿元，城轨车辆收入 114.95 亿元，修理业务收入 199.97 亿元。 城轨业务：营收 163.75 亿元， ...

中国中车股份有限公司 2024 年半年度业绩电话会会议纪要 二、投资者提出的主要问题及公司回复情况 1.公司上半年经营业绩实现了较好的增长,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。公司上半年实现收入900.39亿元, 同比增长3.13%，实现归母净利润42.01亿元，同比增长21.4%，总体看，经营业 绩实现了同比的稳定增长；从各业务板块情况看，铁路装备受益于国内铁路客流 量持续向好，订单交付同比有较大增长，城轨业务新造车辆交付、城轨工程同比 都有所下降，新产业业务受风电、储能交付减少同比也有所下降。下半年，公司 将继续把高质量发展作为经营主线，认真分析各业务板块面临的形势，抓住机遇、 克服困难，围绕市场需求，积极抓好订单获取和执行，持续开展提质增效工作， 努力达成经营业绩的稳中有进。谢谢！ 中国中车股份有限公司于2024年8月23日下午16:15-17:15以电话会议方式 召开了公司2024年半年度业绩电话会。 现将召开情况汇总如下： 一、电话会议召开情况 2024年8月23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年半 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached RMB 90,039,351, an increase of 3.13% compared to RMB 87,303,227 in the same period last year[8]. - Net profit attributable to shareholders for the first half of 2024 was RMB 4,200,827, representing a 21.40% increase from RMB 3,460,359 in the previous year[8]. - The net profit from non-recurring gains and losses was RMB 3,359,942, up 30.08% from RMB 2,583,072 in the same period last year[8]. - Basic earnings per share for the first half of 2024 were RMB 0.15, reflecting a 25.00% increase from RMB 0.12 in the same period last year[9]. - The total comprehensive income attributable to the parent company was RMB 5,542,433 thousand, compared to RMB 4,803,057 thousand in the first half of 2023, reflecting a year-on-year increase of 15.4%[98]. - The company reported a total profit of RMB 6,618,641 thousand, which is a 23.9% increase compared to RMB 5,337,073 thousand in the first half of 2023[97]. Cash Flow and Financial Health - The net cash flow from operating activities was RMB 1,845,139, a significant recovery from a negative cash flow of RMB -14,780,023 in the previous year[8]. - The cash received from sales of goods and services for the first half of 2024 was CNY 108,492,044 thousand, an increase from CNY 82,462,250 thousand in the same period of 2023, representing a growth of approximately 31.6%[100]. - The total cash outflow from operating activities in the first half of 2024 was CNY 110,834,398 thousand, while the cash inflow was CNY 112,679,537 thousand, resulting in a positive cash flow from operations[100]. - The company’s total cash flow for the first half of 2024 showed a net increase of CNY 4,620,043 thousand, compared to a decrease of CNY 9,979,550 thousand in the first half of 2023[100]. - The company’s total liabilities decreased from CNY 47,607,566 thousand in the first half of 2023 to CNY 46,067,025 thousand in the first half of 2024, reflecting improved financial health[100]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 479,499,893, a 1.63% increase from RMB 471,791,735 at the end of the previous year[8]. - The asset-liability ratio decreased slightly from 58.35% at the beginning of the year to 58.31% as of June 30, 2024[41]. - The company had cash and cash equivalents of approximately RMB 32,485 million as of June 30, 2024, with RMB 26,414 million in RMB, RMB 2,000 million in USD, and RMB 1,925 million in EUR[48]. - The company reported a total of RMB 13,828 million in loans and notes due within one year as of June 30, 2024, down from RMB 19,016 million as of December 31, 2023, indicating a decrease of approximately 27.2%[47]. Business Segments and Market Strategy - The railway equipment segment generated revenue of CNY 41.99 billion, up 46.99% year-on-year, with a gross margin increase of 1.39 percentage points to 22.71%[29]. - The company is actively pursuing international market expansion, implementing a "localization" strategy to enhance brand influence and operational efficiency abroad[15]. - The company is committed to transforming into a "manufacturing + service" provider, optimizing its business structure to deliver more valuable products and services[10]. - The company is focusing on digitalization and intelligent solutions to enhance its lifecycle system solution capabilities in urban rail projects[12]. - The company launched 7 new energy locomotives globally, achieving low-carbon, zero-emission, and high-efficiency operations[23]. Research and Development - Research and development investment totaled approximately RMB 6.036 billion, accounting for 6.70% of total revenue during the reporting period[35]. - The company has established 11 national-level R&D institutions and 22 nationally recognized enterprise technology centers, enhancing its innovation capabilities[23]. - The company’s technology innovation model focuses on a two-level R&D management system, transitioning from single product development to technology platform-based product development[20]. Corporate Governance and Management - The company strictly adhered to corporate governance regulations and improved its governance structure during the reporting period[67]. - Several senior management personnel changes were announced, including the appointment of Ma Yunduo as President and other vice presidents[63]. - The company confirmed compliance with securities trading regulations by all directors and supervisors during the reporting period[68]. Risks and Challenges - The company faces strategic risks due to increasing user demands for higher efficiency and comprehensive solutions in the railway transport sector, necessitating timely policy research and new product development[56]. - Market competition in the rail transport equipment sector is intensifying, with increased participation from state-owned, private, and foreign enterprises, leading to structural adjustments in domestic railway freight and passenger transport[57]. - Currency exchange rate fluctuations pose risks to the company's international operations, necessitating effective risk management and hedging strategies to mitigate potential losses[59]. Shareholder Information - The total number of ordinary shareholders reached 575,311 by the end of the reporting period, with 573,176 A-share holders and 2,135 H-share holders[84]. - CRRC Group holds a total of 14,765,441,250 shares, accounting for approximately 51.45% of the company's total issued shares[87]. - The company has not conducted any buybacks or repurchases of its own securities during the reporting period[83]. Future Outlook - The company aims to enhance its market expansion strategies and invest in new technologies to drive future growth[100]. - The company plans to continue its focus on research and development of new products to maintain competitive advantage in the market[100]. - New technology initiatives are expected to contribute an additional 5% to overall revenue growth in 2024[110].