证券代码：601766（A 股） 证券简称：中国中车（A 股） 公告编号：临 2024-037 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 2024 年半年度业绩说明会的公告 会议召开方式：网络文字互动 投资者可于 2024 年 9 月 24 日（星期二）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 8 月 23 日收市后 发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 25 日（星期三）16:00-17:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络文字互动形式召开，公司将针对 2024 年半年度的经 营成果及财务状况等情况与投资者进行互动交流和沟通，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、说明会 ...

Investment Rating - The report assigns a "Buy" rating for China CRRC Corporation Limited (601766) for the first time [1]. Core Views - China CRRC is positioned as a global leader in rail transit equipment, benefiting from the recovery of railway fixed asset investment. The company has shown a turnaround in its performance with a revenue increase of 5.08% year-on-year in 2023, reaching 234.26 billion yuan, and a net profit of 11.71 billion yuan, reflecting a growth of 0.50% year-on-year [3][4]. Summary by Relevant Sections Revenue and Profit Forecast - The forecast for total revenue from 2022 to 2026 shows a steady increase, with expected revenues of 260.70 billion yuan in 2024, 278.04 billion yuan in 2025, and 290.84 billion yuan in 2026. The net profit is projected to grow to 13.82 billion yuan in 2024, 15.32 billion yuan in 2025, and 16.23 billion yuan in 2026 [2][7]. Railway Equipment Business - The railway equipment segment is expected to benefit from the recovery in demand for high-speed trains and maintenance services. The company anticipates that the demand for high-level repairs will peak between 2024 and 2026, with significant growth in the number of repair orders [4][12]. The demand for new trains is also expected to rise, with projections of 270 new train sets to be tendered in both 2024 and 2025 [4][12]. New Industries - The new industries segment, which includes wind power equipment, power semiconductors, and new materials, is expected to grow significantly. The synergy between various subsidiaries is anticipated to enhance overall growth, with a focus on electric drive systems for new energy vehicles [5][12]. Urban Rail and Infrastructure - The urban rail and infrastructure segment has faced short-term pressure but is expected to recover in the long term due to clear planning and increased passenger volumes. The gross profit margin for urban rail has improved from 19% in 2020 to 21% in 2023, indicating better operational quality [6][12]. Overall Business Performance - The overall business performance of China CRRC has shown stability and improvement, with a return to profit growth after a downturn during the pandemic. The company has effectively managed costs, leading to a recovery in profit margins [27][31]. The gross profit margin has stabilized around 21%, and the net profit margin has remained around 5% [31][32]. Market Data - As of the report date, the closing price of the stock is 6.74 yuan, with a market capitalization of approximately 193.43 billion yuan [9][10]. The price-to-earnings ratio is projected to decrease from 16.60 in 2022 to 11.92 by 2026, indicating potential for value appreciation [2][7].

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， ...