一、主要会计数据和财务指标 前十大流通股东累计持有： 144726.89万股，累计占流通股比： 65.13%，较上期变化： -724.72万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 中国中铁（601390）股份有限公司 | 109136.16 | 49.13 | 不变 | | 中原股权投资管理有限公司 | 11907.76 | 5.36 | 不变 | | 农银汇理(上海)资产-农业银行-华宝信托-投资【6】号集合 资金信托计划 | 3785.49 | 1.70 | 不变 | | 山东聚赢产业基金合伙企业(有限合伙) | 3785.49 | 1.70 | 不变 | | 广东省铁路发展基金有限责任公司 | 3785.49 | 1.70 | 不变 | | 河南中原古泉私募基金管理有限公司 | 3220.10 | 1.45 | 不变 | | 易方达基金-中央汇金资产管理有限责任公司-易方达基金 汇金资管单一资产管理计划 | 2776.59 | 1.25 | 不变 | | 全国社保基金四一三组合 ...

证券代码：600528 证券简称：中铁工业 编号：临 2025-002 中铁高新工业股份有限公司 关于召开 2024 年度业绩暨现金分红说明会的公告 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： 投资者可于 2025 年 3 月 25 日至 3 月 31 日 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 ztgyir@crhic.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。 中铁高新工业股份有限公司（以下简称公司）将于 2025 年 3 月 29 日 发布公司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 2024 年经营成果、财务状况，公司计划于 2025 年 4 月 1 日下午 14:00- 15:00 举行 2024 年度业绩暨现金分红说明会，就投资者关心的问题进行 会议召开时间：2025 年 4 月 1 日(星期二)下午 14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址：https:// roadshow.sse ...

行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 [Table_Title] 建筑装饰行业周报 政策稳中求进，关注低位央企和转型AI 算力等业务企业机会 1）主线一：推荐建筑央企。推荐【中国铁建】、【中国中铁】、【中国 交建】、【中国建筑】、【中国能建】、【中国电建】、【中国中冶】，关注 【中国化学】、【中材国际】、【中钢国际】、【中工国际】、【北方国际】。 2）主线二：推荐高景气赛道产业链重点企业。隧道掘进设备行业： 推荐【铁建重工】、【中铁工业】，关注【五新隧装】；民爆行业：推荐 【易普力】，【高争民爆】，关注【雅化集团】、【保利联合】等；岩土 工程行业：推荐【中岩大地】。 3）主线三：关注顺周期及布局转型 AI/机器人等新质生产力方向的优 质标的机会。推荐【罗曼股份】，关注【海南华铁】、【宁波建工】、【深 城交】、【鸿路钢构】、【深圳瑞捷】、【金诚信】。 【风险提示】 2025 年 03 月 09 日 [Table_Summary] 【投资要点】 2）3 月进入业绩披露期，关注业务布局高景气赛道、业绩表现较优的 建筑企业。本周浦东建设、安徽建工等景气区域地方国企公告经营情 况。浦东建设 2 ...

证券代码：600528 证券简称：中铁工业 编号：临 2025-001 单位：万元 币种：人民币 | 地区分布 | 2024 年 | 2023 年 | 同比增减 | | --- | --- | --- | --- | | 境内 | 4,447,182 | 4,894,040 | -9.13% | | 境外 | 367,250 | 307,126 | 19.58% | | 合计 | 4,814,432 | 5,201,166 | -7.44% | 中铁高新工业股份有限公司 2024 年主要经营数据 暨第四季度重大合同签约公告 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。 一、2024 年新签合同额情况 （一）按业务类型统计 单位：万元 币种：人民币 序 号 业务类型 2024 年 2023 年 同比增减 1 专用工程机械装备及相关服务业务 1,373,902 1,722,271 -20.23% ① 隧道施工装备及相关服务业务 1,146,247 1,500,203 -23.59% ② 工程施工机械及相关服务业务 227,655 ...

Company and Industry Summary Company Overview - The company operates in four main business segments: tunnel construction equipment (TBM), double-sided steel structure weaving and installation, engineering construction machinery, and other related services. These segments are recognized as industry leaders by the Ministry of Industry and Information Technology [1][2]. Revenue Breakdown - Revenue contribution from each segment: - TBM: approximately 27% - Double-sided steel structure: 15% - Engineering construction machinery: 5% - Steel structure: 50% [1][2]. - Profit contribution: - TBM: around 43% - Double-sided steel structure: about 25% - Engineering construction machinery: approximately 25% [1]. Market Dynamics - The primary application areas for the company's products include infrastructure design, electronic railways, highways, urban rail, municipal projects, water conservancy, mining, and energy [1]. - The company is optimistic about new orders in Q4, expecting improvements compared to previous quarters, driven by national policies and infrastructure recovery [3][4]. International Business - The overseas business is performing well, contributing about 70-80% of international revenue from TBM and double-sided steel structure segments. Key markets include Western Europe, particularly Italy, and emerging markets like Chile [4][5]. - The total market capacity for overseas TBM is stable, estimated between 100 to 150 units annually, significantly smaller than the domestic market [5]. Mining Sector Insights - The mining sector is viewed as a new growth area, with increasing demand driven by political direction and favorable mineral resource prices. However, the penetration rate remains low due to the sector's unique characteristics [6][17]. - The company is exploring opportunities in overseas mining markets, with a focus on understanding the application of Chinese machinery in these regions [6]. Financial Management and Market Position - The company is currently in a "broken mirror" valuation state, with ongoing discussions about market value management strategies in response to regulatory guidance from the China Securities Regulatory Commission and the State-owned Assets Supervision and Administration Commission [7][8]. - The company is actively working on improving cash flow and managing receivables, with a current accounts receivable estimated at around 19 billion [23][24]. Future Outlook - The company anticipates growth in the water conservancy and railway sectors, with several large projects already underway. The water conservancy sector is expected to perform particularly well due to ongoing government initiatives [13][14]. - The company is also focusing on enhancing its market share in international markets, particularly in Singapore and Italy, where it has established a strong presence [20][22]. Key Challenges - The company faces challenges in commercializing underground construction projects, such as underground parking lots and utility tunnels, due to regulatory and ownership issues [19]. - The overall industry is experiencing tight cash flow conditions, impacting operational efficiency and financial stability [10][25]. Conclusion - The company is well-positioned in the tunnel construction equipment market, with a strong focus on international expansion and sector diversification. However, it must navigate regulatory challenges and improve cash flow management to sustain growth and enhance shareholder value.

（一）审议通过《关于<公司"提质增效重回报"专项行动方案>的议 案》。具体内容详见公司于同日在上海证券交易所网站披露的《中铁高新 工业股份有限公司关于"提质增效重回报"专项行动方案的公告》（编号： 临 2024-047）。 表决情况：7 票同意、0 票反对、0 票弃权。 证券代码：600528 证券简称：中铁工业 编号：临 2024-046 中铁高新工业股份有限公司 第九届董事会第八次会议决议公告 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。 一、董事会会议召开情况 本公司第九届董事会第八次会议通知和议案等材料已于 2024 年 12 月 25 日以电子邮件方式送达至各位董事，会议于 2024 年 12 月 30 日以 通讯表决方式召开。会议应参与表决董事 7 名，实际参与表决董事 7 名。 会议召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》 的规定。 二、董事会会议审议情况 本次会议以记名投票的方式，审议通过以下议案： （五）审议通过《关于修订<公司机构管理办法>的议案》。 表决情况：7 票同意、0 票反对 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2]. Core Viewpoints - The company is a leader in the tunnel boring machine (TBM) industry, with over 1,700 orders and more than 1,600 units delivered, achieving a tunneling mileage of over 5,000 kilometers. It holds a market share of over 60% in the domestic hydropower construction sector and approximately 85% in pumped storage power stations [1][4][127]. - The demand for tunnel boring machines is expected to grow, particularly in hydropower and mining sectors, driven by national strategies and infrastructure investments. The company is positioned to benefit from this growth due to its improved product structure and increased production of high-value TBM machines [1][4][10]. - The company is expected to return to a growth trajectory, benefiting from the high demand in hydropower and mining, as well as improvements in its overseas business and debt reduction policies [1][4][11]. Summary by Sections Company Overview - The company is a subsidiary of China Railway and specializes in high-end equipment manufacturing for tunnel engineering, with a strong market presence in TBM, railway switches, and steel structures [1][4][56]. Performance Analysis - The company's revenue grew from 17.9 billion yuan in 2018 to 30.07 billion yuan in 2023, with a CAGR of 10.9%. However, a decline of 5.6% was observed in the first three quarters of 2024 due to reduced domestic construction demand [1][4][59]. Market Demand - The market for TBMs is expanding, with a total market size of 24.3 billion yuan in 2022. The demand is shifting from traditional transportation projects to hydropower and mining applications, supported by government policies and infrastructure investments [1][4][74]. Product Structure Improvement - The company has improved its product structure, increasing the proportion of high-value TBM machines from 4.6% in 2015 to 7.3% in 2022. In 2023, the production of large-diameter TBMs increased by 69.7% [1][4][130]. Financial Forecast - The company is projected to generate revenues of 29.498 billion yuan, 32.539 billion yuan, and 34.281 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 1.583 billion yuan, 2.044 billion yuan, and 2.263 billion yuan [4][155]. Valuation Analysis - As of November 22, 2024, the company's PE and PB ratios are 11.53x and 0.77x, respectively, indicating a relatively low valuation compared to historical levels [4][158]. Investment Recommendation - The report suggests that the company's value is currently underestimated, maintaining an "Accumulate" rating based on expected growth in demand for TBMs and specialized machinery in hydropower and mining sectors [4][160].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [6]. Core Insights - The company reported a revenue of 20.539 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.56%, with a net profit attributable to shareholders of 1.32 billion yuan, down 11.25% year-on-year [2][3]. - New contract signings remained stable, with a total of 37.328 billion yuan in new contracts for the first three quarters, a decline of 2.82% year-on-year, but the decline rate narrowed compared to the first half of 2024 [2][3]. - The company's shield tunneling business has seen an increase in its revenue contribution, rising to 28% of total revenue in H1 2024, compared to 23% in 2023 [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 6.56 billion yuan, down 4.21% year-on-year, and a net profit of 384 million yuan, down 20.88% year-on-year [2]. - The gross margin for the first three quarters was 18.84%, a decrease of 0.43 percentage points year-on-year, attributed to reduced demand in traditional sectors affecting product pricing [3]. - The company’s cash flow from operations showed a net outflow of 1.547 billion yuan, an increase in outflow of 386 million yuan year-on-year [3]. Market Position and Outlook - The company is expected to benefit from increased demand in water conservancy and hydropower projects, with a strong market position in tunnel boring machines, holding approximately 60% and 85% market share in relevant sectors [3]. - The report anticipates that as demand increases, product pricing may improve, which could enhance profit margins and overall performance [3]. Earnings Forecast - The forecast for net profit attributable to shareholders is projected at 1.583 billion yuan for 2024, reflecting a year-on-year decrease of 9.20%, followed by a recovery in 2025 with an expected increase of 29.11% [6][7]. - The company’s earnings per share (EPS) is expected to be 0.71 yuan in 2024, with a price-to-earnings (P/E) ratio of 11.94 [7].

Group 1: Financial Performance - In the first three quarters of 2024, China Railway Industry achieved a new contract amount of 37.328 billion CNY, a year-on-year decrease of 2.82%, with domestic contracts at 35.112 billion CNY, down 9.65% compared to the first half of 2024 [2] - The company reported operating revenue of 20.539 billion CNY and a net profit attributable to shareholders of 1.319 billion CNY, with a net profit excluding non-recurring gains and losses of 1.274 billion CNY [2] - The comprehensive gross profit margin improved to 18.84%, showing growth compared to the first half of 2024 [2] Group 2: Cost Management - The company implemented a significant cost reduction plan, resulting in a 3.91% year-on-year increase in sales expenses, which is a decrease of 4.46 percentage points compared to the first half of 2024 [3] - Management expenses decreased by 1.06% year-on-year, further expanding the decline from the first half of 2024 [3] - Financial expenses remained negative, indicating effective cost control [3] Group 3: Market Position and Product Performance - China Railway Industry has over 1,700 TBM orders, with more than 1,600 units delivered and a tunneling mileage exceeding 5,000 kilometers, maintaining the top position in domestic and global markets for twelve and seven consecutive years, respectively [3] - The market share in domestic water conservancy projects exceeds 60%, with approximately 85% in pumped storage power stations and over 40% in mining construction [3] - The company has an annual production capacity of 300 TBMs and 380 tunnel-specific equipment [3] Group 4: Research and Development - In the first three quarters of 2024, the company invested 1.194 billion CNY in R&D, a year-on-year increase of 6.07% [3] - Focus areas include high-end, intelligent, green, and service-oriented development directions to enhance technological innovation and competitive advantage [4] Group 5: International Expansion - The overseas new contract amount reached 2.204 billion CNY, a year-on-year increase of 4.72%, with high-margin businesses like tunnel construction equipment and switches accounting for 76% of this figure [4] - The company aims to expand its market share in regions such as Australia and the Americas while strengthening partnerships with international construction contractors [4]

Summary of the Conference Call for China Railway Industry's Q3 Performance Company Overview - The conference call was held to discuss the Q3 performance of China Railway Industry, with a focus on financial results and order status [1] Key Financial Metrics - **New Contracts**: In the first nine months, the company secured new contracts worth 37.3 billion yuan, with domestic contracts at 35.1 billion yuan (down 3% YoY) and international contracts at 2.2 billion yuan (up 4.72% YoY) [2] - **Q3 Orders**: In Q3 alone, the company achieved 10.664 billion yuan in new orders, representing a 30% increase compared to the same period last year [2] - **Revenue**: Total revenue for the first nine months was 20.5 billion yuan, a decrease of 5.56% YoY, but an improvement compared to the first half of the year [3] - **Profitability**: Gross margin was 18.84%, slightly down YoY but improved from the first half of the year. Net profit was 1.319 billion yuan, down 11.25% YoY [5] Order Breakdown by Segment - **Construction Equipment and Services**: Orders for this segment were 8.1 billion yuan, down approximately 20% YoY due to a slowdown in domestic infrastructure demand [3] - **Railway Construction**: Orders reached 5.555 billion yuan, down 8% YoY, with expectations for growth in Q4 due to pending large contracts [3] - **Steel Structures**: Revenue was approximately 10 billion yuan, down 7% YoY, attributed to delays in project billing [5] Cash Flow and Expenses - **Operating Cash Flow**: The company reported negative cash flow of 1.5 billion yuan, an improvement from negative 2.2 billion yuan in the first half [6] - **Expenses**: Sales expenses increased by 3.95% YoY, while management expenses decreased by 1.07% YoY, reflecting cost control efforts [6] Future Outlook - **Debt Relief Measures**: The company anticipates positive impacts from government measures to increase special bonds and debt relief, which could enhance cash flow and order intake in the coming months [8][9] - **Market Conditions**: The company expects continued demand in key sectors such as railways and water conservancy, despite a decline in urban rail investments [28][30] - **International Expansion**: The company is focusing on expanding its international market presence, particularly in regions like Europe, Southeast Asia, and the Middle East [17][18] R&D Investments - **R&D Spending**: The company invested 1.194 billion yuan in R&D, a 6.04% increase YoY, focusing on high-margin products like tunnel boring machines and railway switches [7][22] - **Product Development**: Ongoing projects include advancements in core components for tunnel boring machines and the development of new specialized equipment [22][23] Risks and Challenges - **Accounts Receivable**: Accounts receivable increased to 19 billion yuan, with efforts underway to improve collection rates, particularly from internal and external clients [12][13] - **Market Competition**: The company faces competition in the international market, particularly from established players like Herrenknecht, with a current market share gap of approximately 20% [32][34] Conclusion - The company is navigating a challenging environment with mixed financial results but remains focused on achieving its annual targets through strategic efforts in cost control, market expansion, and product innovation [11][10]