Financial Performance - The company reported a total revenue of 28,698,864,088 RMB for the first half of 2024, reflecting a stable growth trend in the rail transportation equipment market[8]. - In the first half of 2024, the company achieved operating revenue of 90.04 billion RMB, an increase of 3.13% year-on-year, and a net profit attributable to shareholders of 4.20 billion RMB, up 21.40%[28]. - The operating cost increased by 0.62% year-on-year to 70.76 billion RMB, primarily due to the growth in railway equipment revenue[30]. - The railway equipment business revenue grew by 46.99% year-on-year, contributing significantly to the overall revenue increase[33]. - The company reported a stable operational performance with over 2 million kilometers of safe operation for the China-Laos railway, transporting over 5.5 million passengers, demonstrating positive social and economic benefits[26]. - The company signed new orders totaling approximately 140.1 billion RMB during the reporting period, with overseas orders accounting for about 29.8 billion RMB[33]. - The company’s cash flow from operating activities showed a significant improvement, with a net cash inflow of 1.85 billion RMB compared to a net outflow in the previous year[29]. Market and Business Strategy - The company is actively deepening strategic cooperation with key clients such as the China National Railway Group, enhancing its integrated advantages in manufacturing, repair, and service[11]. - The global economic outlook is improving, with a stable growth trend in market demand for rail transportation equipment driven by the dual carbon strategy and green energy transition[9]. - The company is transitioning towards a "manufacturing + service" model, optimizing its business structure to provide more valuable products and services[9]. - The urban rail and infrastructure business focuses on urban rail vehicles, transportation planning, and electromechanical system integration, aiming to enhance competitiveness and expand both domestic and international markets[13]. - The international business strategy includes expanding into international markets for rail transportation and new industries, emphasizing local manufacturing and procurement[16]. - The company is focusing on the development of new energy vehicles and related components as part of its emerging industry strategy[19]. Innovation and Technology - The company emphasizes the importance of technological innovation, product innovation, service innovation, and business model innovation to meet advanced and intelligent green development needs in the railway sector[11]. - The company is advancing digitalization, intelligence, and sustainability in its product and system development, enhancing lifecycle solution capabilities[13]. - The company achieved significant technological advancements, with the "Fuxing" high-speed train project winning the National Science and Technology Progress Award, and seven new energy locomotives launched globally, achieving low-carbon and high-efficiency operations[25]. - The company has launched a new flexible green hydrogen production system, marking a significant advancement in hydrogen energy applications in rail transit[25]. - The company continues to enhance its research and development capabilities, with 11 national-level R&D institutions and 22 nationally recognized enterprise technology centers[25]. Risks and Challenges - The report includes a risk statement highlighting strategic, market, product quality, exchange rate, overseas operation, and industry structure adjustment risks[2]. - The company faces strategic risks due to increasing user demands for higher efficiency and comprehensive solutions in the railway transport sector[57]. - Market competition has intensified with the entry of social capital into the rail transport equipment sector, leading to structural adjustments in market demand[58]. - The company is exposed to exchange rate risks due to increased international operations, which may lead to foreign exchange losses[60]. - Structural overcapacity issues persist in the rail transit sector, despite ongoing business restructuring and industrial adjustments, leading to challenges in integration and synergy[62]. Corporate Governance and Compliance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[2]. - The company has committed to avoiding competition with Times Electric, ensuring that it will grant purchase options and priority purchase rights to Times Electric for any competitive services it engages in[71]. - The commitment to maintain independence from CRRC has been reaffirmed, ensuring that the company will not interfere with CRRC's operations or decision-making processes[73]. - The company has pledged to regulate related party transactions, minimizing or avoiding transactions with CRRC and ensuring fair pricing based on independent third-party standards[73]. - The company strictly adhered to corporate governance regulations, enhancing operational management levels during the reporting period[68]. Shareholder Information - The total number of ordinary shareholders reached 575,311, with 573,176 A-share holders and 2,135 H-share holders as of the reporting period[85]. - The top five customers accounted for 54.33% of total sales, with the largest customer, China National Railway Group, contributing 47.54% of total sales[35]. - The top ten shareholders hold a total of 14,587,578,250 shares, representing 50.83% of the total shares[86]. - CRRC Group holds a total of 14,765,441,250 shares, accounting for approximately 51.45% of the company's total issued shares[88]. Financial Position and Assets - The total assets as of June 30, 2024, are RMB 479,499,893,000, an increase from RMB 471,791,735,000 as of December 31, 2023[95]. - The total liabilities as of June 30, 2024, amounted to RMB 279,593,282 thousand, compared to RMB 275,268,420 thousand at the end of 2023, reflecting a slight increase[96]. - The company’s cash and cash equivalents decreased to RMB 4,307,176 thousand as of June 30, 2024, down from RMB 16,888,480 thousand at the end of 2023[97]. - The company has established a comprehensive procurement model, ensuring timely supply of production materials and reducing procurement costs through centralized purchasing on the "CRRC Purchase" e-commerce platform[22]. Research and Development - Research and development expenses amounted to approximately 6.04 billion RMB, representing 6.70% of the operating revenue for the period[37]. - The company has committed to enhancing product quality and safety standards to mitigate risks associated with product quality and safety concerns[59]. - The company is actively integrating resources and promoting the development of "product+" and "system+" business models[14]. Mergers and Acquisitions - The company aims to enhance its market position through strategic mergers and acquisitions, leveraging its combined assets and capabilities[106]. - The company has undergone a merger with China North Locomotive and Rolling Stock Industry Group, enhancing its market position[107].

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].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [5]. Core Views - The company has shown steady growth in performance, with a significant increase in net profit and revenue driven by the railway equipment sector [2][5]. - The demand for maintenance and equipment upgrades is expected to rise, particularly for high-level repairs of train sets, benefiting the company as a leading player in the rail transit equipment market [3][5]. - The company has secured new contracts and continues to innovate with new product developments, enhancing its market position [4][5]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 90.04 billion yuan, a year-on-year increase of 3.1%, and a net profit of 4.20 billion yuan, up 21.4% year-on-year [2]. - The overall gross margin was 21.4%, an increase of 0.3 percentage points year-on-year, while the net profit margin rose by 0.9 percentage points to 6.1% [2]. Railway Equipment Business - The railway equipment segment saw a revenue increase of 47.0% in H1 2024, with specific revenue contributions from various categories: locomotives (8.14 billion yuan), passenger cars (2.63 billion yuan), EMUs (26.53 billion yuan), and freight cars (4.68 billion yuan) [2]. - The urban rail and infrastructure business experienced a decline of 14.1% in revenue, primarily due to reduced urban rail engineering income [2]. Maintenance and Upgrades - The company is expected to benefit from the growing demand for maintenance services, particularly as the number of high-level repair contracts for train sets has significantly increased [3]. - The National Railway Administration's push for the promotion of new energy railway equipment is anticipated to lead to a large-scale replacement of old diesel locomotives, further benefiting the company's locomotive business [3]. Orders and Innovations - The company signed new orders totaling 140.1 billion yuan in H1 2024, reflecting a year-on-year growth of 3.24% [4]. - Notable projects include the Indonesian commuter train project and the first train for the Hungary-Serbia high-speed railway [4]. - The company has launched several innovative products, including the world's first commercially operated carbon fiber metro train and a new generation of smart intercity EMUs [4].

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].