2024 年 4月 29 日，公司发布24 年一季报，24Q1 单季度实现收入 321.83 亿元（同比-0.6%）、归母净利润 10.08 亿元（同比+63.86%）、 扣非后归母净利润6.68 亿元（同比+228.08%），经营业绩高增。 一季度业绩高增，毛利率提升显著。根据公司公告，2024 年一季 度，得益于公司利润率相对较高的铁路装备业务收入同比提升 54.11%，公司1Q24 实现毛利率24.92%，同比 1Q23 提升 3.41pct, 环比 4Q23 提升 1.96pct。1Q24 公司实现归母净利润10.08 亿元， 同比增长63.86%，经营业绩高增。 动车组五级修进入爆发期，看好 2024年维保业务高增。动车组运 行 480 万公里或12 年左右需要五级修，根据国家铁路局，2011年 -2016 年动车组保有量五年增长200%，对应23 年左右五级修进入 爆发期。据国铁集团招标网，2024 年动车组高级修首次招标 361 组，其中五级修207 组，首次高级修招标规模已超2023 全年（2023 人民币(元) 成交金额(百万元) 年高级修290 组，其中五级修108 组）。2023 年12 ...

公司报告 | 首次覆盖报告 中国中车（601766） 证券研究报告 2024年04月 29日 投资评级 维修周期需求释放，机车更新量级可期 行业 机械设备/轨交设备Ⅱ 6个月评级 持有（首次评级） 中国中车：轨交设备全球龙头，未来产业多元布局 当前价格 7.09元 目标价格 元 坚持“一核两商一流”的战略定位和“一核三极多点”的业务结构，全面 打造轨道交通装备和清洁能源装备“双赛道双集群”产业发展新格局。 基本数据 轨交设备：周期将至，政策加持 A股总股本(百万股) 24,327.80 政策规划：多部门多频次发声，国家铁路局联合多部门印发《推动铁路行 流通A股股本(百万股) 24,327.80 A股总市值(百万元) 172,484.09 业低碳发展实施方案》提出2030年实现铁路电气化率达到78%以上，电力 机车占比力争达到70%以上的明确目标。 流通A股市值(百万元) 172,484.09 每股净资产(元) 5.61 资本开支：23 年全国铁路完成固定资产投资 7645 亿元，同比+7.5%；23 资产负债率(%) 58.35 年实现净利润121亿元，同比大幅扭亏，有望带动铁路投资恢复；根据《中 一年内最高 ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 32,182,793 thousand, a decrease of 0.60% compared to the same period last year[3]. - Net profit attributable to shareholders was RMB 1,008,287 thousand, an increase of 63.86% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 667,902 thousand, up 228.08% from the previous year[3]. - The company reported a net profit of CNY 1,519,245 for Q1 2024, compared to CNY 1,045,142 in Q1 2023, reflecting a growth of 45.4%[23]. - The total comprehensive income for Q1 2024 was RMB 1,530,878 thousand, compared to RMB 1,072,572 thousand in Q1 2023, marking an increase of about 42.7%[25]. - Basic earnings per share for Q1 2024 were RMB 0.04, doubling from RMB 0.02 in Q1 2023[25]. - Operating profit for Q1 2024 increased to CNY 1,908,571, up 55.5% from CNY 1,225,827 in Q1 2023[23]. Cash Flow and Assets - The cash flow from operating activities was RMB 14,487,790 thousand, indicating a significant improvement in cash inflow compared to the previous year[3]. - Cash and cash equivalents at the end of Q1 2024 totaled RMB 56,781,149 thousand, up from RMB 40,608,487 thousand at the end of Q1 2023, reflecting an increase of approximately 39.7%[28]. - The company generated a net cash flow from operating activities of 59,113 million RMB in Q1 2024, down from 417,303 million RMB in Q1 2023[32]. - Cash and cash equivalents as of March 31, 2024, were CNY 67,551,716, up 20.8% from CNY 55,929,833 on December 31, 2023[20]. - Total assets as of March 31, 2024, amounted to RMB 170,564,904 thousand, compared to RMB 160,635,286 thousand at the end of 2023, indicating a growth of about 6.1%[29]. - The company reported cash inflows from investment activities of RMB 4,422,697 thousand in Q1 2024, down from RMB 7,970,562 thousand in Q1 2023[27]. Revenue Breakdown - The railway equipment business generated RMB 13,316,952 thousand in revenue, a 54.11% increase year-on-year, driven by higher sales of multiple train types[8]. - The urban rail and infrastructure business saw a revenue decline of 24.33%, totaling RMB 5,531,445 thousand, primarily due to reduced income from metro vehicles[8]. - New industry revenue decreased by 19.32% to RMB 12,182,861 thousand, mainly due to lower sales of wind power components and energy storage systems[9]. - The company signed new contracts worth approximately RMB 40.8 billion in Q1 2024, including about RMB 6.3 billion from international business[9]. Shareholder Information - China CNR Group holds 14,587,578,250 shares, representing 50.83% of total shares outstanding[11]. - HKSCC NOMINEES LIMITED holds 4,358,652,830 shares, accounting for 15.19% of total shares outstanding[11]. - The total number of shareholders for A-shares is 563,440, while H-shares have 2,152 registered shareholders[15]. - The top ten shareholders include several asset management plans, each holding 234,982,900 shares, which is 0.82% of total shares outstanding[14]. - The total shares held by the top ten unrestricted shareholders amount to 20,000,000,000 shares[14]. Management Changes - The company appointed Ma Yunshuang as the president on February 22, 2024, with a term until the end of the current board's tenure[17]. - The company also appointed Lin Cunzeng, Wang Fengxian, and Liu Ke'an as vice presidents on the same date[17]. - Ma Yunshuang was added to the board's strategic and nomination committees on March 19, 2024[18]. Expenses and Liabilities - Research and development expenses for Q1 2024 were CNY 2,440,065, an increase of 17.5% compared to CNY 2,077,306 in Q1 2023[23]. - Total liabilities decreased to CNY 273,531,027 from CNY 275,268,420 as of December 31, 2023[22]. - Total liabilities increased to 64,499 million RMB as of March 31, 2024, up from 54,578 million RMB at the end of 2023, reflecting a rise of approximately 18%[30]. - The total liabilities to equity ratio increased, indicating a higher leverage position as total liabilities rose faster than equity[30]. - The company reported a decrease in management expenses to 51,379 million RMB in Q1 2024 from 45,308 million RMB in Q1 2023, indicating improved cost management[31].

Financial Performance - Operating revenue for 2023 reached RMB 234.26 billion, an increase of 5.93% compared to RMB 222.94 billion in 2022[6] - Net profit for 2023 was RMB 14.57 billion, reflecting a growth of 1.52% from RMB 14.35 billion in 2022[6] - Operating profit for 2023 was RMB 16.03 billion, slightly up from RMB 15.98 billion in 2022[6] - Basic earnings per share remained stable at RMB 0.41, consistent with the previous year[6] - The net cash flow from operating activities was RMB 14.72 billion, a decrease from RMB 23.95 billion in 2022[6] - The company reported a total equity attributable to shareholders of RMB 160.97 billion, up from RMB 155.04 billion in 2022[6] - The company reported a significant increase in clean energy equipment and low-carbon transportation equipment business, contributing to rapid growth in these areas[29] - The company achieved a world record speed of 891 km/h for the CR450 train during a demonstration[30] - The company reported a total revenue of 1,014.77 million, with a year-on-year increase of 173.13 million, representing a growth of approximately 20.6%[142] Research and Development - Research and development expenses increased to RMB 14.36 billion, up 9.39% from RMB 13.13 billion in 2022[6] - The company has established 11 national-level R&D institutions and 22 nationally recognized enterprise technology centers, enhancing its innovation capabilities[30] - The company initiated 29 projects under the "Ten-Year Cultivation of Original Technology" program, focusing on advanced rail transit and clean energy products[50] - The total R&D investment for the period amounted to RMB 14,813,392 thousand, representing 6.32% of operating revenue[48] - The number of R&D personnel is 19,001, accounting for 12.31% of the total workforce[49] Business Strategy and Development - The company is focused on high-quality development, aiming to implement the "14th Five-Year Plan" goals in 2024, with a commitment to value creation and innovation[10] - The company is optimizing its business structure to transition towards a "manufacturing + service" model, enhancing its full lifecycle service system[14] - The company is actively expanding into emerging industries such as renewable energy and industrial digitization, contributing to steady business growth[19] - The company is committed to enhancing its governance structure and operational flexibility to drive further efficiency improvements[9] - The company is focused on the development of strategic emerging industries, including new energy vehicles and high-end equipment, to create new growth engines[78] Market and Competition - The railway equipment market is experiencing intensified competition with increased participation from state-owned, private, and foreign enterprises, leading to structural adjustments in market demand[95] - The company maintains its position as the largest player in the domestic railway equipment market while enhancing its global competitiveness and innovation capabilities[86] - The company is focusing on the development of smart urban rail systems and various new rail transport solutions to support urbanization efforts[87] - The company plans to leverage strategic opportunities from the "Belt and Road" initiative and national railway network construction to enhance innovation and optimize resource allocation[84] Environmental and Social Responsibility - The company has launched a carbon peak and carbon neutrality action plan, with 78 subsidiaries achieving real-time carbon data collection and monitoring[137] - The company is committed to green low-carbon development, integrating pollution reduction and carbon reduction strategies[136] - The company has publicly disclosed environmental impact assessments and pollutant discharge information as per regulatory requirements[136] - The company has implemented a strict environmental impact assessment system for construction projects, ensuring compliance before project initiation[135] Governance and Management - The company has strengthened its governance structure in accordance with relevant laws and regulations, achieving compliance with the corporate governance code[158] - The board consists of 7 members, including 3 independent non-executive directors, ensuring a balance of interests[161] - The company has established appropriate internal control procedures to ensure that related party transactions do not harm the interests of the company and minority shareholders[119] - The company has implemented policies to evaluate and improve the effectiveness of its risk management and internal control systems, ensuring risks are maintained within acceptable limits[199] Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.20 per share, totaling RMB 5.74 billion, which represents 49.01% of the net profit attributable to shareholders for the year 2023[100] - The cash dividend distribution reflects the company's commitment to actively return value to shareholders[100] - The expected payment date for the 2023 cash dividend is on or before August 14, 2024, pending shareholder approval[101] Future Outlook - The company anticipates continued economic recovery and growth in 2024, driven by high-quality development initiatives and macroeconomic adjustments[75] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[147] - The company aims to enhance the connectivity and convenience of modern urban agglomerations, integrating existing and new lines for intercity and suburban railways[81]

中国中车股份有限公司 2023年度业绩说明会会议纪要 中国中车股份有限公司于2024年4月4日发布了"关于召开2023年度业绩说明 会的公告"，公司于2024年4月16日（星期二）下午16:00-17:00在上海证券交易 所上证路演中心（网址：https://roadshow.sseinfo.com/）以视频+网络文字互 动方式召开了公司2023年度业绩说明会。 现将召开情况汇总如下： 一、业绩说明会召开情况 2024年4月16日，公司执行董事、总裁马云双先生，独立非执行董事翁亦然 先生，财务总监李铮女士，董事会秘书王健先生及其他相关工作人员出席了本次 业绩说明会。在会议初期的播放视频环节，王健先生介绍了中国中车2023年工作 业绩、公司面临的发展机遇和2024年经营工作思路；在之后的互动交流环节，公 司参会人员针对2023年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。 3. 公司2023年销售费用为什么增加那么多？ 答：尊敬的投资者，感谢您对公司的关注。2023年销售费用较上年同期上升 约18.91%，主要是预计产品质量保证准备增加所致。谢谢！ ...

Investment Rating - The report maintains a "Recommended" rating for China CRRC (601766) [1][2] Core Views - The company reported a significant increase in net profit for Q1 2024, with an expected range of CNY 9.23 billion to CNY 10.46 billion, representing a year-on-year growth of 50% to 70% [1] - The substantial growth in performance is attributed to changes in product delivery structure and a relatively low base in Q1 2023 [1] - The recovery in railway passenger traffic and maintenance demand is expected to drive new orders for high-speed trains and maintenance services [2] - The company is positioned to benefit from national policies promoting large-scale equipment updates and the transition from road to rail transport, which is anticipated to enhance freight demand [2] Summary by Sections Financial Performance - For Q1 2024, the expected net profit is CNY 9.23 billion to CNY 10.46 billion, an increase of CNY 3.08 billion to CNY 4.31 billion year-on-year [1] - The expected non-recurring net profit is CNY 5.83 billion to CNY 7.06 billion, with a year-on-year increase of CNY 3.79 billion to CNY 5.02 billion, reflecting a growth of 186% to 246% [1] Market Demand - During the 2024 Spring Festival, the national railway transported 484 million passengers, a 39% increase year-on-year, indicating a strong recovery in passenger traffic [2] - The demand for new high-speed trains is expected to rise due to the backlog of projects and the gradual release of procurement needs [2] - The company has signed contracts worth CNY 111.7 billion for high-speed train orders and CNY 147.8 billion for maintenance services, indicating a doubling compared to the previous year [2] Future Outlook - The company is projected to achieve net profits of CNY 141.57 billion, CNY 166.91 billion, and CNY 196.88 billion for the years 2024, 2025, and 2026 respectively, with corresponding EPS of CNY 0.49, CNY 0.58, and CNY 0.69 [2][7] - The report anticipates a stable growth trajectory for the company's revenue and profitability, supported by ongoing demand for railway equipment and maintenance services [2][7]

Investment Rating - The report maintains a "Buy" rating for China CNR Corporation Limited (601766.SH) [1][8] Core Views - The company is expected to achieve a net profit attributable to shareholders of 923 million to 1.046 billion RMB in Q1 2024, representing a year-on-year increase of 50% to 70% [1] - The demand for rail transit equipment is recovering, driven by increased railway investment and passenger volume [1] - The maintenance business for high-speed trains is anticipated to see significant growth due to the upcoming surge in major repairs [1] Summary by Relevant Sections Performance Overview - In Q1 2024, the company expects a net profit of 9.23 billion to 10.46 billion RMB, an increase of 3.08 billion to 4.31 billion RMB compared to the same period last year [1] - The expected growth rate is between 50% and 70% [1] Operational Analysis - The product delivery structure has improved, contributing to the high growth in performance [1] - Railway fixed asset investment in 2023 was 764.5 billion RMB, a year-on-year increase of 7.5% [1] - Passenger volume in 2023 reached 3.86 billion, a 130% increase year-on-year [1] - The demand for new high-speed trains is expected to rise, with a significant increase in tenders for new train sets [1] Maintenance Business Outlook - The fifth-level maintenance for high-speed trains is entering a peak period, with 361 high-level maintenance tenders in 2024, including 207 for fifth-level maintenance [1] - The company signed maintenance orders worth 14.78 billion RMB from December 2023 to March 2024, which is substantial compared to its 2022 revenue [1] Profit Forecast and Valuation - Revenue projections for 2024-2026 are 258.83 billion, 285.18 billion, and 313.45 billion RMB, respectively [4] - Net profit forecasts for the same period are 13.72 billion, 15.38 billion, and 16.74 billion RMB, with corresponding P/E ratios of 14X, 13X, and 12X [1][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。 董事長 孫永才 中國•北京 2024年4月11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。 董事會會議通知 中國中車股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事會將於2024年4 月29日（星期一）舉行董事會會議，藉以考慮及批准（其中包括）本公司及其子公司截至 2024年3月31日止三個月未經審計的季度業績。 承董事會命 中國中車股份有限公司 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） ...

证券代码：601766（A 股） 证券简称：中国中车（A 股） 公告编号：临 2024-018 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 2023 年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。 重要内容提示： 会议召开时间：2024 年 4 月 16 日（星期二）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：视频+网络文字互动 投资者可于 2024 年 4 月 15 日（星期一）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 3 月 28 日收市后 发布公司 2023 年度报告，为便于广大投资者更全面深入地了解公司 2023 年度经 营成果、财务状况，公司计划于 20 ...

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3月31日 狀態: 新提交 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4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 | 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 ...