Investment Rating - The investment rating for the company is "Buy" and is maintained [5][8]. Core Views - The company reported a steady growth in its railway equipment business, with revenue increasing by 18.05% year-on-year. The total revenue for 2023 reached 234.26 billion yuan, a 5.08% increase compared to the previous year [6][7]. - The overseas market continues to expand, with a 13.75% year-on-year increase in revenue from international operations. New overseas orders also rose by 15% [6][7]. - The demand for rail transit equipment is expected to rise, driven by upcoming tenders for high-speed trains and ongoing needs for equipment upgrades and maintenance [7][8]. Summary by Sections Financial Performance - In 2023, the company achieved a net profit attributable to shareholders of 11.71 billion yuan, a slight increase of 0.50% year-on-year. The non-recurring net profit was 9.11 billion yuan, up by 14.24% [6][7]. - The fourth quarter of 2023 saw total revenue of 91.23 billion yuan, a 4.41% increase year-on-year, while the net profit for the quarter was 5.56 billion yuan, down by 1.18% [6][7]. Railway Equipment Business - The railway equipment segment generated revenue of 98.2 billion yuan in 2023, with significant contributions from the high-speed train and passenger car sectors [7]. - The breakdown of revenue includes 41.8 billion yuan from high-speed trains, 9.7 billion yuan from passenger cars, 28 billion yuan from locomotives, and 18.7 billion yuan from freight cars [7]. Overseas Market Expansion - The company recorded overseas revenue of 27.73 billion yuan, marking a 13.75% increase. New overseas orders totaled 58.4 billion yuan, representing a 15% growth [7]. - Notable achievements include the first export of passenger diesel multiple units to the UAE and a lifecycle project agreement with Singapore's Land Transport Authority [7]. New Industry Business - Revenue from new industry sectors reached 80.6 billion yuan, a 4.56% increase, primarily driven by sales of energy storage devices and general components [7]. - The company is focusing on emerging industries such as wind power equipment and new materials, with successful shipments of large offshore wind turbine generators [7]. Future Outlook - The demand for high-speed trains is expected to increase, with a projected rise in passenger traffic leading to more tenders for new trains in 2024 [7]. - Equipment upgrade and maintenance needs are anticipated to remain stable due to the large existing stock of high-speed and urban rail equipment [7].

[Table_StockInfo] 买入 2024年 03月 29日 （首次） 证券研究报告•2023年年报点评 当前价： 6.82元 中国中车（601766） 机械设备 目标价： 8.28元（6个月） 轨交龙头，业绩稳步增长 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma发ry布] 2023年年报，23年实现2342.6亿，同比+5.1%；归母净利润 [分Ta析bl师e_：Au邰th桂or龙] 117.1亿，同比+0.5%；扣非归母净利润91.1亿，同比+14.2%。单季度看，23Q4 执业证号：S1250521050002 实现营收644.6亿，同比+5.8%，环比+2.9%；实现归母净利润133.2亿，同比 电话：021-58351893 +163.3%，环比-87.5%。业绩小幅增长，毛利率提升。 邮箱：tgl@swsc.com.cn  铁路装备业务高增，新产业稳中有升，助力公司业绩稳步提升。分业务看，23 年公司铁路转装备业务、新产业实现较快增长，拉动公司营收增长，铁路装备 [相Tab对le指_Q数u表ot现eP ic] 营收 981.9亿，同比+18.1%，主要是动车组和 ...

上 市 公 司 机械设备 2024 年03月 31 日 中国中车 (601766) 公 司 研 究 ——铁路装备板块表现亮眼，公司盈利水平继续提升 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 事件： （维持）  公司发布23年年报， 全年实现营收2342.62亿，同比增长5.08%，归母净利润117.12 亿，同比增长0.50%，扣非后归母净利润91.06亿，同比增长14.24%。扣非后净利润略 证 市场数据： 2024年03月29日 超预期。 券 收盘价（元） 6.82 研 一年内最高/最低（元） 7.2/5.03 投资要点： 究 市净率 1.2  铁路装备表现突出，动车组增速亮眼。1）分板块收入：铁路装备981.91亿，yoy+18.05% 报 息率（分红/股价） - 告 流通A股市值（百万元） 165916 （其中，动车组 418.29 亿，yoy+43.38%，机车 279.85 亿，yoy+1.59%，客车 96.99 上证指数/深证成指 3041.17/9400.85 亿，yoy+55.68%，货车 186.78 亿，yoy-7.67%），铁路装备维修收入 333.71 亿元， 注 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a revenue of 234.26 billion yuan in 2023, a year-on-year increase of 5.08%, and a net profit attributable to shareholders of 11.71 billion yuan, up 0.50% year-on-year [2]. - The recovery in railway passenger traffic exceeded expectations, with a total of 3.68 billion passengers sent by national railways in 2023, marking a 128.8% increase year-on-year and a 2.97% increase compared to 2019 [2]. - The company signed new orders worth 298.6 billion yuan in 2023, a year-on-year increase of 6.99%, with overseas orders reaching 58.4 billion yuan, up 14.73% [2]. - The gross profit margin for the company improved to 22.27%, with the railway equipment segment achieving a gross margin of 25.27% [2]. Financial Summary - Revenue projections for 2024-2026 are 266.80 billion yuan, 294.87 billion yuan, and 320.57 billion yuan, respectively, with growth rates of 13.89%, 10.52%, and 8.72% [7]. - The net profit attributable to shareholders is expected to reach 14.16 billion yuan in 2024, 16.69 billion yuan in 2025, and 19.69 billion yuan in 2026, with corresponding EPS of 0.49, 0.58, and 0.69 yuan [7]. - The company’s gross margin is projected to improve to 22.40% in 2024 and 23.09% in 2026 [8].

Investment Rating - The report maintains a "Buy" rating for China CNR Corporation Limited (601766.SH) [1] Core Views - The railway equipment business has seen significant growth, with an improvement in gross profit margin year-on-year [1] - The company achieved a revenue of RMB 234.26 billion in 2023, a year-on-year increase of 5.08%, and a net profit attributable to shareholders of RMB 11.71 billion, up 0.50% year-on-year [1] - The report highlights a strong demand for maintenance services due to the upcoming fifth-level repairs for high-speed trains, with substantial orders already signed [1] Summary by Sections Performance Overview - In Q4 2023, the company reported revenue of RMB 91.23 billion, a 4.41% increase year-on-year, and a net profit of RMB 5.56 billion, down 1.18% year-on-year [1] - The railway equipment business generated revenue of RMB 98.19 billion, a year-on-year increase of 18.05%, benefiting from a higher proportion of high-speed train business [1] Business Analysis - The gross profit margin for the railway equipment business improved by 0.77 percentage points to 25.27% in 2023 [1] - The gross profit margins for urban rail and new industries also improved, reaching 21.29% and 19.14% respectively, contributing to an overall gross profit margin increase of 1.05 percentage points to 22.27% [1] - The report anticipates a surge in maintenance business due to the upcoming fifth-level repairs for high-speed trains, with significant orders already secured [1] Market Outlook - Railway fixed asset investment in 2023 was RMB 764.5 billion, a year-on-year increase of 7.5%, with a continued upward trend expected [1] - Passenger volume in 2023 reached 3.86 billion, a 130% increase year-on-year, indicating a recovery in demand for railway services [1] - The report expects a rebound in demand for new train manufacturing as passenger volumes recover and bidding for new trains increases [1] Profit Forecast and Valuation - The forecasted revenue for 2024-2026 is RMB 258.83 billion, RMB 285.18 billion, and RMB 313.45 billion respectively, with net profits projected at RMB 13.71 billion, RMB 15.38 billion, and RMB 16.74 billion [1] - The corresponding price-to-earnings ratios are expected to be 14X, 12X, and 11X for the same period [1]

Financial Performance - The company's operating revenue for 2023 was CNY 234.26 billion, an increase of 5.08% compared to CNY 222.94 billion in 2022[19]. - The net profit attributable to shareholders for 2023 was CNY 11.71 billion, reflecting a slight increase of 0.50% from CNY 11.65 billion in 2022[19]. - The net profit after deducting non-recurring gains and losses was CNY 9.11 billion, which represents a growth of 14.24% compared to CNY 7.97 billion in 2022[19]. - The total assets at the end of 2023 reached CNY 471.79 billion, a 6.71% increase from CNY 442.14 billion at the end of 2022[19]. - The weighted average return on equity for 2023 was 7.41%, up by 0.06 percentage points from 7.35% in 2022[20]. - The company reported a basic earnings per share of CNY 0.41, unchanged from the previous year[20]. - The company achieved a net profit of CNY 5.56 billion in Q4 2023, indicating strong performance in the last quarter[22]. - The total non-recurring gains and losses for 2023 amounted to CNY 2.61 billion, down from CNY 3.68 billion in 2022[23]. - The company reported a net cash inflow from operating activities of 14.722 billion CNY, a decrease of 9.232 billion CNY compared to the previous year[63]. - The gross profit margin for rail transportation equipment increased by 1.05 percentage points to 22.27%[51]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 5.74 billion (including tax), calculated at RMB 2 per 10 shares, based on a total share capital of 28,698,864,088 shares as of December 31, 2023[3]. - For 2023, the proposed cash dividend is also RMB 5.74 billion, maintaining a distribution ratio of 49.01% of the net profit attributable to shareholders[135]. Audit and Compliance - The company has received a standard unqualified audit report from KPMG Huazhen[2]. - The company’s financial report has been confirmed as true, accurate, and complete by its responsible persons[2]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[4]. - The company has no violations of decision-making procedures regarding external guarantees[5]. - The company has not faced any major litigation or arbitration matters during the reporting period[174]. - The company has not encountered any situations that would lead to delisting risk warnings[174]. - The company has not reported any significant changes in its financial performance or forecasts during the reporting period[172]. Risk Factors - The company faces several risk factors including strategic risk, market risk, product quality risk, exchange rate risk, overseas operation risk, and industrial structure adjustment risk[6]. - The company is enhancing its quality assurance measures to mitigate product quality risks, ensuring compliance with higher safety and reliability standards[96]. - The company is implementing measures to manage exchange rate risks associated with its growing international operations and foreign investments[97]. Strategic Initiatives - The company is focused on achieving "seven new breakthroughs" in business layout, market expansion, technological innovation, reform, management enhancement, integration of production and finance, and party building[29]. - The company aims to enhance its governance structure and operational flexibility through deepened market-oriented reforms[29]. - The company is committed to high-quality development, emphasizing value creation, innovation leadership, and reform empowerment as key themes for 2024[29]. - The company is actively pursuing opportunities in urban rail and infrastructure, leveraging its advantages in technology and capital to expand its market share[36]. - The company is accelerating its international business expansion, adhering to a "light asset, heavy benefit, sustainable" approach, and has made five key shifts in its marketing strategy[40]. - The company is committed to promoting high-quality development and expanding domestic demand, with a focus on strengthening transportation infrastructure[80]. Research and Development - The company’s R&D expenses rose by 9.40% to CNY 14.36 billion, emphasizing its commitment to innovation[49]. - The company is committed to a two-level R&D management model, focusing on technology platform-based product development and collaborative innovation[43]. - The company is enhancing its service capabilities by building an integrated after-sales service system and expanding maintenance services[88]. Environmental and Social Responsibility - The company invested approximately ¥46,913.51 million in environmental protection during the reporting period[147]. - The company has achieved a significant reduction in hazardous waste, managing 1,146.42 tons in compliance with regulations[160]. - The company has invested CNY 19.76 million in social responsibility projects, benefiting 25,800 individuals[164]. - The company has implemented various forms of assistance, including industrial support, education, ecological initiatives, and ensuring basic living needs[166]. Corporate Governance - The governance structure has been improved in accordance with relevant laws and regulations, enhancing operational management levels[99]. - The company has not disclosed any significant differences in governance compared to regulatory requirements[100]. - The company continues to strengthen communication with stakeholders to ensure the normal execution of existing orders[98]. - The company emphasizes a merit-based approach in board appointments, considering diversity factors such as gender, age, and professional experience[121]. Market Position and Product Development - The company maintains a leading market position in the global rail transportation equipment sector, with a focus on innovation and technology-driven capabilities[44]. - The company has a diverse product structure, including high-speed trains, locomotives, passenger cars, freight cars, and urban rail vehicles, all of which possess independent intellectual property rights[41]. - The company is focused on innovation in transportation technology, including the development of CR450 high-speed trains and new types of urban rail transit systems[86]. Future Outlook - The company anticipates continued economic recovery and growth in 2024, driven by high-quality development and structural reforms in the domestic market[78]. - The company aims to achieve a passenger volume of 3.855 billion and a freight volume of 3.931 billion tons in 2024, with a target of completing new line construction of over 1,000 kilometers and achieving total transportation revenue of CNY 1 trillion, an increase of CNY 35.9 billion or 3.7% year-on-year[85]. - The company plans to leverage digital technologies to optimize production processes and enhance efficiency[105].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company, China CNR Corporation, has shown steady growth in its performance, driven by the recovery in railway equipment demand and expansion in overseas markets [3][4]. - In 2023, the company achieved a revenue of 234.26 billion yuan, reflecting a year-on-year increase of 5.08%, and a net profit attributable to shareholders of 11.71 billion yuan, with a slight increase of 0.5% [3][7]. - The report highlights the significant growth in the railway equipment sector, with a projected increase in domestic and international orders, indicating a robust market outlook [4][6]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 234.26 billion yuan, with a net profit of 11.71 billion yuan, and a non-recurring net profit of 9.11 billion yuan, showing a year-on-year growth of 14.24% [3][7]. - The forecast for 2024-2026 indicates revenues of 258.81 billion yuan, 283.27 billion yuan, and 310.29 billion yuan, respectively, with corresponding EPS of 0.46 yuan, 0.53 yuan, and 0.58 yuan [7][11]. Market Dynamics - The railway equipment sector is experiencing a recovery, with China's railway fixed asset investment reaching 764.5 billion yuan in 2023, a year-on-year increase of 7.5% [4]. - The demand for new railway lines and the replacement of aging locomotives are expected to contribute positively to the company's performance [5]. Business Segments - The company reported a 4.01% growth in domestic revenue and a 13.75% increase in overseas revenue, with significant contributions from railway equipment and urban infrastructure sectors [6]. - The total new orders signed in 2023 amounted to approximately 298.6 billion yuan, with international orders accounting for about 58.4 billion yuan [6]. Profitability Metrics - The report projects a net profit growth rate of 13.2% for 2024, with a net profit of 13.26 billion yuan, and a return on equity (ROE) expected to rise from 6.0% in 2023 to 7.2% by 2026 [11].

Financial Performance - The company's operating revenue for 2023 was RMB 234.26 billion, an increase of 5.08% compared to RMB 222.94 billion in 2022[4] - Net profit for 2023 reached RMB 14.57 billion, reflecting a growth of 1.52% from RMB 14.35 billion in the previous year[4] - The net profit attributable to shareholders of the parent company was RMB 11.71 billion, a slight increase of 0.50% from RMB 11.65 billion in 2022[4] - Total assets amounted to RMB 471.79 billion, representing a 6.71% increase from RMB 442.14 billion in 2022[4] - Total liabilities increased by 9.60% to RMB 275.27 billion, up from RMB 251.15 billion in the previous year[4] - The total equity reached RMB 196.52 billion, a growth of 2.90% compared to RMB 190.99 billion in 2022[4] - Basic earnings per share remained stable at RMB 0.41, unchanged from the previous year[4] - The company's earnings per share increased to RMB 5.61, up 3.89% from RMB 5.40 in the previous year[4] - The net cash flow from operating activities was RMB 14.72 billion in 2023, a decrease from RMB 23.95 billion in 2022[5] - Operating revenue for 2023 reached RMB 234.26 billion, an increase from RMB 222.94 billion in 2022, representing a growth of 5.94%[5] - Net profit for 2023 was RMB 14.57 billion, compared to RMB 14.35 billion in 2022, reflecting a growth of 1.49%[5] Research and Development - Research and development expenses increased to RMB 14.36 billion in 2023, up from RMB 13.13 billion in 2022, marking a rise of 9.38%[5] - The company has 11 national-level R&D institutions and 18 overseas R&D centers, enhancing its innovation capabilities[22] - The company has developed a technology innovation system that promotes collaborative development and global layout, enhancing its R&D capabilities[18] - Total R&D investment amounted to 14,813,392 thousand RMB, representing 6.32% of operating revenue, with capitalized R&D accounting for 3.04%[37] - The company has 19,001 R&D personnel, making up 12.31% of the total workforce, with 385 holding doctoral degrees[38] Strategic Initiatives - The company aims to achieve "seven new breakthroughs" in 2024, focusing on business layout, market expansion, and technological innovation[6] - The company plans to accelerate the construction of a modern industrial system, emphasizing high-quality development and innovation[7] - The company aims to become a world-class rail transportation equipment system solution provider, focusing on technological, product, service, and business model innovations[10] - The company is actively pursuing international market expansion, implementing a "localization" strategy to enhance brand influence and operational efficiency abroad[14] - The company is committed to promoting the development of clean energy infrastructure and significantly increasing the utilization of clean energy sources[65] Market Trends and Opportunities - The global economy is showing overall positive trends, with stable growth in market demand for rail transportation equipment, driven by the dual carbon strategy and green energy transition[8] - New industries, including clean energy equipment and emerging sectors like wind power and photovoltaics, are becoming significant growth drivers for the company[12] - The urban rail and infrastructure business is expanding, with a focus on modular, standardized, and green product platforms to enhance competitiveness in domestic and international markets[11] - The company is leveraging its strengths in technology and resource allocation to build a clean energy equipment industry cluster, contributing to its overall business growth[12] Corporate Governance - The company has a strong governance structure with independent non-executive directors, including Shi Jianzhong and Wei Mingde, who bring diverse expertise from various industries[133] - The company emphasizes the importance of governance and compliance, as evidenced by the roles of independent directors and the audit committee[133][134] - The company has a structured compensation system for its executives, with specific roles and responsibilities outlined for each[130] - The company has maintained a stable leadership team with no significant changes in executive positions during the reporting period[129] - The company’s board of directors includes individuals with extensive experience in the industry, contributing to strategic decision-making[131] Environmental Responsibility - The company emphasizes the promotion and application of advanced environmental protection technologies, continuously increasing investment in environmental protection measures[123] - The wastewater and air pollution prevention facilities operated by the company's subsidiaries are stable and effective, meeting national or local discharge standards[123] - The company has established emergency response plans for significant environmental risks and conducts regular emergency drills to enhance awareness and response capabilities[124] - The company actively engages in ecological environment risk self-inspection and rectification work, particularly in key areas along the Yangtze and Yellow River basins[123] - The company has implemented photovoltaic construction to increase the use of green electricity, with Harbin Company becoming the first zero-carbon heating demonstration[125] Dividend Policy - The company plans to distribute a cash dividend of RMB 0.20 per share, totaling RMB 5.74 billion, subject to shareholder approval[2] - The company’s cash dividend distribution plan for 2022 was approved, with a total of RMB 57.4 billion to be distributed, maintaining a similar plan for 2023[89] - The company’s cash dividend policy is in compliance with its articles of association and has been clearly communicated to shareholders[90] - The company plans to distribute a cash dividend of RMB 5,739,773, which accounts for 49.01% of the net profit attributable to ordinary shareholders in the consolidated financial statements[91] Risk Management - The company has established a comprehensive risk management system, issuing 2 basic risk control regulations and 68 guidelines for risk management and internal control[186] - The company employs a "three lines of defense" model for risk management and internal control, conducting annual assessments and reporting to the audit and risk management committee[188] - The company has implemented strict policies and monitoring procedures to prevent unauthorized use or disposal of assets, maintaining reliable financial and accounting records[187] - The internal audit function is in place to oversee the effectiveness of the risk management and internal control systems, with regular reports to the audit and risk management committee[188] - The company has maintained a stable dividend policy, distributing no less than 45% of the available profits over the last three years[191] Mergers and Acquisitions - The merger agreement with China Foreign Trade Financial Leasing Co., Ltd. is valued at approximately RMB 330,134.82 million, with the new company inheriting all assets, liabilities, and rights of the leasing company[95] - The merger is expected to enhance the company's core competitiveness and optimize its management structure[96] - The company approved the establishment of CRRC Intelligent Rail Transit Technology Co., Ltd. with several subsidiaries, registered as "CRRC (Chongqing) Intelligent Rail Transit Technology Co., Ltd."[56] - The company completed a capital increase to its subsidiary, CRRC Sifang Co., Ltd., by transferring 100% equity of Qingdao CRRC Sifang Rail Vehicle Co., Ltd.[56] Employee and Management Structure - The company has a total of 154,292 employees, with 179 in the parent company and 154,113 in major subsidiaries[142] - The professional composition includes 80,481 production personnel, 37,657 technical personnel, and 31,443 management personnel[143] - The company has implemented a salary management system to enhance the competitiveness of core technology talent, with differentiated incentive standards for different subsidiaries[145] - The company organized 68 key training programs, training over 12,100 participants at the company level, and 337,000 participants at the subsidiary and workshop levels[146] Financial Reporting and Audit - The total remuneration for the auditing firm KPMG for the fiscal year 2023 amounted to RMB 29.6 million, including RMB 27.6 million for financial report auditing and RMB 2 million for internal control auditing[185] - The company received an unqualified audit report from KPMG regarding the effectiveness of its financial reporting and internal controls[190] - The company confirmed its responsibility for preparing financial statements for the fiscal year ending December 31, 2023, ensuring they present a true and fair view of its financial position and operating results[183]

中国中车股份有限公司 内部控制审计报告 2023 年 12 月 31 日 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86(10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2404713 号 中国中车股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了中 国中车股份有限公司（以下简称"中国中车"）2023 年 12 月 31 日的财务报告内部控制的有效 性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 ...

| 证券代码：601766（A | 股） | 股票简称：中国中车（A | 股） | 编号：临 | 2024-017 | | --- | --- | --- | --- | --- | --- | | 证券代码： 1766（H | 股） | 股票简称：中国中车（H | 股） | | | 中国中车股份有限公司 关于 2023 年度计提资产减值准备的公告 本公司董事会及全体董事保证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、完整性承担法律责任。 中国中车股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日召开第 三届董事会第二十三次会议，审议通过了《关于中国中车股份有限公司 2023 年 度计提资产减值准备的议案》。现将相关情况公告如下： 一、计提资产减值准备情况 为客观、公允地反映公司 2023 年度经营成果和财务状况，根据《企业会计 准则》及公司会计核算办法有关要求，基于谨慎性原则，并根据减值测试结果 对其中存在减值迹象的资产计提了减值准备。2023 年，公司共计提减值准备人 民币合计 18.69 亿元，具体计提减值准备情况如下： （一）应收账款等金融资产减值 ...