关于召开 2024 年度暨 2025 年第一季度业绩说明会的 证券代码：688009 证券简称：中国通号 公告编号：2025-014 中国铁路通信信号股份有限公司 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：2025 年 5 月 29 日(星期四)下午 15:00-17:00 ? 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：上证路演中心视频直播和网络互动 ? 投资者可于 2025 年 5 月 22 日 （星期四） 至 5 月 28 日 （星 期三）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 ir@crsc.cn 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 中国铁路通信信号股份有限公司（以下简称"公司"）已于 2025 年 3 月 29 日、4 月 30 日发布公司 2024 年度报告、2025 年第一季度 ...

Core Viewpoint - The low-altitude economy is a focal point for investors, with the company emphasizing the need for effective management to realize its potential [2][3] Group 1: Low-altitude Economy Development - The development of the low-altitude economy requires a long-term process, with the need for large-scale applications in low-altitude transportation and logistics to unlock its potential [3] - The company is addressing three core issues in low-altitude airspace management: effective control of numerous flying vehicles, communication for unmanned aerial vehicles, and establishing a countermeasure technology system [3] - The company is collaborating with three academic teams to advance technology in communication, control, and countermeasures within the low-altitude economy [3] Group 2: Technological Advancements - The company has developed an intelligent airspace management system that balances safety and efficiency, capable of addressing key issues such as tracking multiple aircraft, conflict detection, and non-cooperative drone identification [4] - The company is extending its smart control technology advantages into the low-altitude sector, aiming to cultivate a dual-track strategy in both rail transportation and the low-altitude economy [5] Group 3: Business Expansion and Collaboration - The company is actively promoting low-altitude inspection and logistics applications in various cities, aiming to create integrated development models that combine rail and low-altitude operations [6] - The company has initiated partnerships with major organizations to develop low-altitude operations, logistics, and government inspection services [6] Group 4: Value Management and Investor Relations - The company places high importance on market value management and has implemented specific measures to enhance it [7] - The company plans to distribute a cash dividend of 0.17 yuan per share, totaling 1.8 billion yuan, which represents 51.51% of the net profit attributable to shareholders for 2024 [7] - The company is optimistic about future growth and aims to maintain a high level of profit distribution through business structure optimization and market stability measures [7]

Market Overview - The recent US-China talks exceeded market expectations, leading to a significant surge in the Hang Seng Index by 2.98% with trading volume reaching 322.4 billion [1] - The ceasefire agreement between India and Pakistan has positively impacted both countries' stock markets, with Pakistan's KSE-30 index soaring by 9.2%, marking its largest increase since 2008 [1] US-China Trade Relations - The US announced a suspension of a 24% tariff set to take effect on April 2, 2025, while maintaining a 10% tariff, effectively reducing the overall tariff on Chinese goods from 145% to 30% [2] - This significant concession from the US is attributed to several factors, including the need to replenish dwindling inventories and the urgency to achieve results ahead of the upcoming elections [3] Sector Performance - The consumer electronics sector, particularly companies within Apple's supply chain, benefited the most from the tariff reductions, with stocks like Highway Electronics and AAC Technologies rising over 13% [4] - Automotive parts suppliers with significant North American business exposure, such as Minth Group and Quanfeng Holdings, saw stock increases of nearly 10% [4] Financial Sector Response - Major financial institutions, including Hongye Futures and CITIC Securities, experienced stock price increases of over 6%, reflecting positive market sentiment following the trade talks [5] Individual Company Highlights - Midea Group reported a record revenue of 128.4 billion yuan in Q1 2025, a 20.61% year-on-year increase, and plans to enhance its overseas presence through strategic partnerships [10] - The company is also making strides in the commercial air conditioning sector and aims to expand its robotics division with new product testing scheduled for May [11] International Relations and Infrastructure - Brazilian President Lula's visit to China aims to strengthen bilateral relations and discuss infrastructure projects, including a railway connecting Brazil to China, which could reshape international trade logistics [8]

Core Viewpoint - Tonghao Venture Capital Management (Beijing) Co., Ltd. has officially been established with a registered capital of 100 million RMB, fully funded by Tonghao Capital, and will focus on private equity investment management and venture capital services in four key areas: smart rail transit, smart low-altitude, smart cities, and intelligent operations [1] Group 1 - The registered capital of Tonghao Fund Company is 100 million RMB [1] - Tonghao Fund Company is a wholly-owned subsidiary of China Tonghao [1] - The company will focus on investment in four core areas: smart rail transit, smart low-altitude, smart cities, and intelligent operations [1]

Group 1 - The company has filed a lawsuit against China Railway Signal & Communication Corporation Tianjin Engineering Branch and China Railway Signal & Communication Corporation for a contract dispute regarding unpaid amounts totaling RMB 17,106,594 and interest of RMB 632,801.42 [3][6][7] - The lawsuit has been accepted by the Tianjin Hebei District People's Court, and the case is currently in the stage of being accepted but has not yet gone to trial [2][4] - The company has made provisions for bad debts related to the receivables from the defendants, which may positively or negatively impact the company's profits depending on the outcome of the lawsuit [10][2] Group 2 - The company has initiated a share repurchase plan with a total budget between RMB 10 million and RMB 20 million, with a maximum repurchase price of RMB 36.77 per share [13][14] - As of April 30, 2025, the company has repurchased 413,900 shares, representing 0.6271% of the total share capital, at an average price between RMB 22.16 and RMB 22.86 per share, totaling approximately RMB 9.39 million [14][12] - The repurchase is intended for future employee stock ownership plans or equity incentives, and the company will continue to disclose progress in accordance with regulations [15][16]

光格科技表示，公司已根据企业会计准则对中国通号天津分公司的应收账款计提坏账准备。若后续部分 或全部应收账款收回，将对应收账款收回的当期利润产生积极影响。若后续部分或全部应收账款未能收 回，公司将根据企业会计准则继续计提坏账准备，可能对公司损益产生不利影响。 鉴于案件尚未开庭审理，该诉讼事项对公司本期及期后利润的影响尚存在不确定性，最终实际影响以法 院判决为准。本次诉讼系公司依法主张自身合法权益，切实维护公司和股东利益的行为。 5月6日晚，光格科技（SH688450，股价24.38元，市值16.09亿元）披露，就公司与中国铁路通信信号股 份有限公司天津工程分公司（以下简称中国通号天津分公司）的买卖合同纠纷，公司向天津市河北区人 民法院提起诉讼，并于近日收到法院的《受理案件通知书》。 公告显示，2023年，光格科技与中国通号天津分公司签署《接融大街、康平路检测系统买卖合同》。合 同约定，中国通号天津分公司向光格科技购买监测系统用于四平市地下综合管廊自控工程项目，合同总 价（含税）为1710.66万元。 光格科技称，公司已按约履行合同义务，但中国通号天津分公司未按约支付合同价款。光格科技多次催 要无果。中国通号（S ...

Group 1: Railway Investment Overview - In 2024, China's railway fixed asset investment reached 850.6 billion yuan, a year-on-year increase of 11.26%, with 131.2 billion yuan completed in the first quarter of 2025, up 5.13% year-on-year [1] - The period from 2024 to 2027 is expected to be a peak for railway investment, with an average annual investment exceeding 800 billion yuan [1] - The current railway equipment is in a replacement cycle, with plans to eliminate old diesel locomotives by 2027, leading to accelerated procurement of related equipment [1] Group 2: Industry Players and Performance - China CNR Corporation (China CRRC) has seen significant growth in its high-level maintenance orders for train sets, with new orders amounting to 45.36 billion yuan in 2024, reflecting a high increase [2] - In Q1 2025, China CNR Corporation reported revenue of 48.671 billion yuan, a year-on-year increase of 51.23%, and a net profit of 3.053 billion yuan, up 202.79% [2] - Times Electric (时代电气) is expected to benefit from the peak period of high-level maintenance from 2024 to 2027, as old diesel locomotives are phased out [2] Group 3: Market Opportunities - China Communications Technology Corporation (中国通号) is positioned to benefit from the ongoing replacement cycle of railway equipment, with significant market shares in high-speed rail and urban rail signal systems [3] - The company holds over 60% market share in high-speed rail weak current integration and over 37% in urban rail signal system integration, indicating strong competitive positioning [3] - The demand for upgrading and renovating railway lines is expected to accelerate, providing new growth opportunities for the company [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company reported Q1 2025 revenue of 6.734 billion RMB, a year-over-year increase of 2.84%, but a quarter-over-quarter decrease of 42.47%. The net profit attributable to shareholders was 562 million RMB, down 7.08% year-over-year and down 50.56% quarter-over-quarter [1][2]. - The company is expected to benefit from stable demand for rail transit equipment and increasing needs for upgrades and renovations, with overseas business and low-altitude economy potentially opening new growth avenues [1][4]. Revenue and Profitability - In Q1 2025, the company's gross margin was 27.23%, a decrease of 0.18 percentage points year-over-year, while the net margin was 9.74%, down 1.21 percentage points year-over-year. The operating expense ratio was 15.10%, a decrease of 0.39 percentage points year-over-year [2][3]. - The company's railway business revenue was 3.41 billion RMB, down 4.05% year-over-year, while urban rail business revenue grew by 21.66% to 1.96 billion RMB. Overseas business revenue increased by 66.91% to 299 million RMB [3]. Contract and Order Growth - The total new external contracts signed in Q1 2025 amounted to 7.213 billion RMB, a decrease of 36.51% year-over-year, primarily due to the company gradually abandoning low-margin engineering projects [3]. - New contracts in the railway sector totaled 4.234 billion RMB, up 6.25% year-over-year, while urban rail contracts reached 2.242 billion RMB, up 47.17% year-over-year [3]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 3.957 billion RMB, 4.307 billion RMB, and 4.677 billion RMB, respectively, with corresponding EPS of 0.37 RMB, 0.41 RMB, and 0.44 RMB [4][6]. - The report assigns a target price of 6.66 RMB for A-shares and 3.85 HKD for H-shares, based on a PE ratio of 18x for A-shares and 9.5x for H-shares [4][7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8][11]. Core Views - The company focuses on the dual tracks of rail transit and low-altitude economy, consolidating and expanding its advantages in the full industry chain of rail transit communication signal engineering design, train control system equipment, and engineering technical services [2][11]. - The rail transit business is experiencing upward momentum, while the low-altitude sector is expected to become a second growth curve [2][11]. Financial Performance - In Q1 2025, the company achieved total operating revenue of 6.734 billion yuan, a year-on-year increase of 2.84%. However, the net profit attributable to the parent company was 562 million yuan, a year-on-year decrease of 7.08% [6][11]. - The sales gross margin for Q1 2025 was 27.23%, and the net profit margin was 8.38%, maintaining a high level [11]. - The company’s inventory and contract liabilities reached 4.256 billion yuan and 9.378 billion yuan, respectively, representing year-on-year increases of 13.4% and 1.1% [11]. Business Segmentation - In Q1 2025, revenue from the railway segment was 3.414 billion yuan, a year-on-year decrease of 4%. The urban rail segment saw revenue of 1.965 billion yuan, a year-on-year increase of 22%. Overseas revenue was 299 million yuan, a year-on-year increase of 67% [11]. - The company is strategically exiting municipal construction projects while optimizing its business structure to focus on rail transit and low-altitude economy sectors [11]. Future Outlook - The company is expected to achieve net profits attributable to the parent company of 3.91 billion yuan and 4.46 billion yuan in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 13.8 and 12.1 times [11].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In Q1 2025, the company achieved a revenue of 6.734 billion yuan, a year-on-year increase of 2.84%, while the net profit attributable to shareholders was 562 million yuan, a year-on-year decrease of 7.08% [2] - The company has seen significant growth in new contracts, particularly in the railway and urban rail sectors, with new contracts totaling 7.213 billion yuan, a year-on-year decrease of 36.51% [3] - The company is accelerating its exit from low-margin engineering contracting business, focusing on its core operations, which is expected to enhance operational efficiency [5] Revenue and Profitability - The company's revenue for Q1 2025 was driven by growth in urban rail and overseas business, with urban rail revenue increasing by 21.66% year-on-year [2] - The gross margin for Q1 2025 was 27.23%, a slight decrease of 0.18 percentage points year-on-year, while the net profit margin was 9.74%, down 1.21 percentage points year-on-year [4] Business Segments - The railway business generated revenue of 3.414 billion yuan, a year-on-year decrease of 4.05%, while the urban rail business generated 1.965 billion yuan, reflecting strong growth [2] - The overseas business saw a revenue increase of 66.91% year-on-year, indicating successful international expansion [2] Future Outlook - The company is focusing on the low-altitude economy as a new growth curve, with developments in low-altitude airspace management systems and participation in industry standards [5] - The profit forecasts for 2025-2027 are set at 3.905 billion yuan, 4.305 billion yuan, and 4.717 billion yuan respectively, with corresponding P/E ratios decreasing from 15 to 12 [10]