登录新浪财经APP 搜索【信披】查看更多考评等级 A股代码：601390 A 股简称：中国中铁 公告编号：临2025-022 H股代码：00390 H 股简称：中国中铁 中国中铁股份有限公司 关于董事长提议回购公司部分A股股份的提示性公告 本公司董事会及其董事保证本公告所载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。 中国中铁股份有限公司（以下简称"本公司"或"公司"）于2025年4月10日收到公司董事长陈文健先生 （以下简称"提议人"）《关于提议中国中铁股份有限公司回购公司部分A股股份的函》，具体内容如 下： 一、提议人的基本情况及提议时间 1.提议人：公司董事长陈文健先生 2.提议时间：2025年4月10日 二、提议回购股份的原因和目的 基于对公司未来发展的信心和对公司价值的认可，为切实维护公司股东利益，有效增强投资者信心，进 一步稳定及提升公司价值，公司董事长陈文健先生提议公司通过集中竞价交易方式回购公司部分A股股 份。本次回购的股份将用于减少注册资本，以更好地维护公司价值与股东权益。 三、提议内容 1.回购股份的种类：公司发行的人民币普通股（A股） ...

| 公司简称 | 回购或增持 | 公告内容 | | --- | --- | --- | | 中国中铁 | 回頃 | 董事长提议回购8亿元-16亿元公司A股股份 将用于该少注册资本 | | 歌尔股份 | 回收 | 拟回购5亿元至10亿元公司股份 | | 润泽科技 | 回收 | 董事长提议以5亿元-10亿元回购公司股份 | | 卫星化学 | 回收 | 拟2亿元-4亿元回购公司股份 | | 盈峰环境 | 回购 | 拟2亿元-3亿元回购公司股份 | | 天山铝业 | 回购 | 拟2亿元-3亿元回购公司股份 | | 上海电气 | 回购 | 拟1.5亿元-3亿元回购A股股份用于减少注册资本 | | 三环集团 | 回购 | 拟1.5亿至2亿元回购公司股份 | | 锡业股份 | 回购 | 股东提议1亿元-2亿元回购股份用于减少注册资本 | | 浪潮信息 | 回购+增持 | 董事长提议回购2亿元-3亿元公司股份 浪潮集团拟增持1亿元-2亿元公 司股份 | | 新凤鸣 | 壇持 | 控股股东拟2亿元-3亿元增持公司股份 | | 宝钛胶份 | 壇持 | 控股股东拟增持1.5亿元-3亿元 | | 安徽合力 | 壇持 | 控股股东拟增 ...

今日焦点沃尔核材：预计第一季度净利润同比增长30%—40% 沃尔核材公告称，预计2025年第一季度归属于上市公司股东的净利润盈利2.4亿元—2.58亿元，比上年同 期增长30%—40%。业绩增长主要得益于公司不断加大研发和市场开拓力度，持续开发新产品、新客 户，使得公司电子产品、电线产品以及新能源汽车业务相关产品的营业收入均实现不同程度增长。其 中，受益于数据通信等下游行业快速增长的需求，公司高速通信线产品收入增速较快。同时，公司通过 提升自动化水平、提高生产效率等方式提升盈利能力。 中国中铁：董事长提议回购8亿元—16亿元公司A股股份 中国中铁公告称，公司董事长陈文健提议通过集中竞价交易方式回购公司部分A股股份，回购资金总额 为8亿元-16亿元。回购股份将用于减少注册资本，以维护公司价值与股东权益。回购价格上限不高于董 事会审议通过回购股份方案决议前30个交易日公司A股股票交易均价的150%。回购期限为自股东大会 审议通过方案之日起12个月内。陈文健承诺将积极推动公司尽快召开董事会及股东大会审议回购股份事 项。 天山铝业：拟以不低于2亿元且不超过3亿元回购公司股份 天山铝业公告称，公司拟使用股票回购专项贷款 ...

| A股代码：601390 | A 股简称：中国中铁 公告编号：临2025-021 | | --- | --- | | H股代码：00390 | H 股简称：中国中铁 | 中国中铁股份有限公司 重大工程中标公告 本公司董事会及其董事保证本公告所载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 性负个别及连带责任。 近期，本公司中标以下重大工程： | | | 单位：万元 | 币种：人民币 | | | | --- | --- | --- | --- | --- | --- | | 序号 中标单位 | | 中标项目 | 本公司中标 | 工期 | | | | | | 金额 | | | | 铁路工程 | | | | | | | 中铁一局、中铁 中铁五局、中铁 1 | 三局、中铁四局、 | 新建宜昌至涪陵高速铁路（湖北段）站前工程 YFHBZQ-2、YFHBZQ-3、YFHBZQ-6、YFHBZQ-8、 | 2,470,898 | 2191 | 日历天 | | 大桥局、中铁隧 | | YFHBZQ-10、YFHBZQ-11、YFHBZQ-13 标段 | | | | | 道局、中铁上海 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][16] Core Views - The company experienced revenue and profit pressure in 2024, with operating revenue of 1,157.4 billion yuan, down 8.2% year-on-year, and a net profit attributable to shareholders of 27.89 billion yuan, down 16.7% year-on-year. New contract signing amounted to 27,151.8 billion yuan, a decrease of 12.4% year-on-year, while the year-end backlog increased to 50,265 billion yuan, up 13.8% year-on-year [1][5][16] - Despite the challenges in the real estate market and tightening local government debt controls, the company maintained stable gross margins and effective cost control, with an overall gross margin of 9.8% in 2024, a decrease of 9.2 percentage points from the previous year [1][8][16] - The company has a strong cash flow position, with a net cash flow from operating activities of 28.05 billion yuan, although it decreased by 10.2% year-on-year. The estimated free cash flow was 47.6 billion yuan, down 27.1% year-on-year, but it has remained positive for three consecutive years [12][15][16] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 1,157.4 billion yuan, a decline of 8.2% from 2023, and a net profit of 27.89 billion yuan, down 16.7% year-on-year. The new contract signing decreased by 12.4% to 27,151.8 billion yuan, while the backlog increased by 13.8% to 50,265 billion yuan [1][5][16] - The gross margin for 2024 was 9.8%, showing stability despite a decrease of 9.2 percentage points from the previous year. The company effectively controlled management, research and development, sales, and financial expenses, with respective changes of -12.1%, -11.2%, +1.2%, and +28.1% [1][8][16] Cash Flow and Assets - The company’s accounts receivable and contract assets increased significantly, with accounts receivable at 248.06 billion yuan, up 56.3% year-on-year, and contract assets at 333.12 billion yuan, up 42.2% year-on-year. This was attributed to longer collection cycles due to tight cash flow from downstream clients [12][15][16] - The company maintained positive operating cash flow, with a net cash flow of 28.05 billion yuan, although it decreased by 10.2% year-on-year. The free cash flow was estimated at 47.6 billion yuan, down 27.1% year-on-year, but the ratio of free cash flow to net profit was 170.7%, remaining above 100% for three consecutive years [12][15][16] Investment Outlook - The investment recommendation is to lower profit forecasts while maintaining the "Outperform the Market" rating. The construction industry faces short-term pressures due to slowing demand and ongoing local government debt management. However, the company’s strong brand influence and financing cost advantages position it well for future improvements in asset quality and cash flow [16][18]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company achieved a total revenue of 1,157.439 billion yuan for the year, a decrease of 8.20% year-on-year. The net profit attributable to shareholders was 27.887 billion yuan, down 16.71% year-on-year. The net profit after deducting non-recurring gains and losses was 24.325 billion yuan, a decrease of 21.21% year-on-year [7][12]. Summary by Sections Financial Performance - The company's total revenue decreased to 1,157.439 billion yuan, primarily due to a decline in infrastructure construction, particularly in road and municipal sectors. Revenue from infrastructure construction was 992.853 billion yuan, down 8.71% year-on-year, with road business revenue at 171.999 billion yuan, down 13.12%, and municipal and other business revenue at 520.428 billion yuan, down 12.21% [12]. - The overall gross margin for the company was 9.80%, a decrease of 0.21 percentage points. The gross margin for infrastructure construction was 8.62%, down 0.24 percentage points, mainly due to a decline in investment business scale [12]. - The company experienced an increase in expense ratios, leading to a decline in net profit. The total expense ratio was 5.52%, up 0.04 percentage points year-on-year [12]. Cash Flow and Debt - The net cash inflow from operating activities was 28.051 billion yuan, a decrease of 10.312 billion yuan year-on-year. The cash collection ratio was 88.80%, down 10.36 percentage points [12]. - The company's asset-liability ratio increased by 2.53 percentage points to 77.39%, with accounts receivable turnover days increasing by 22.84 days to 62.68 days [12]. New Contracts and Resource Development - The company signed new contracts worth 2,715.18 billion yuan, a decrease of 12.4% year-on-year. Domestic new contracts were 2,494.28 billion yuan, down 14.0%, while overseas new contracts were 220.9 billion yuan, up 10.6% [12]. - The company has developed and is operating five modern mines, producing various metals including copper, cobalt, molybdenum, lead, zinc, and silver [12]. Future Profit Forecast - The forecasted net profits for the company for 2025, 2026, and 2027 are 28.045 billion yuan, 28.253 billion yuan, and 28.416 billion yuan respectively, corresponding to a price-to-earnings ratio of 5.13, 5.10, and 5.07 times based on the current closing price [12].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 6.66 CNY [4] Core Views - The company reported a total revenue of 1.16 trillion CNY for 2024, a year-on-year decrease of 8.20%, and a net profit attributable to shareholders of 27.887 billion CNY, down 16.71% year-on-year [2][3] - The fourth quarter showed significant improvement in cash flow, with a net operating cash flow of 99.308 billion CNY, a year-on-year increase of 37.76% [3] - The company’s overseas revenue reached 68.644 billion CNY, reflecting a robust year-on-year growth of 10.26% [2] Summary by Sections Financial Performance - For 2024, the company’s revenue decreased across all quarters, with quarterly growth rates of -2.56%, -12.34%, -6.13%, and -10.27% respectively [2] - The gross profit margin for 2024 was 9.98%, a decline of 0.17 percentage points year-on-year, with most business segments experiencing a decrease in gross margin [3] - The company’s net profit margin fell to 2.66%, down 0.33 percentage points year-on-year, primarily due to declining gross margins and increased expense ratios [3] Business Segments - The infrastructure segment generated 992.853 billion CNY in revenue, down 8.71% year-on-year, while the design consulting segment saw a smaller decline of 4.59% [2] - The emerging business segment, which is a focus for the company, achieved a new contract value of 425.74 billion CNY, up 11.3% year-on-year, with significant growth in water conservancy and clean energy contracts [10] Future Projections - Revenue projections for 2025-2027 are estimated at 1.24 trillion CNY, 1.32 trillion CNY, and 1.40 trillion CNY, with expected year-on-year growth rates of 7.0%, 6.5%, and 6.0% respectively [11] - The net profit for the same period is projected to be 30 billion CNY, 32.2 billion CNY, and 34.3 billion CNY, with corresponding growth rates of 7.71%, 7.20%, and 6.49% [11]

Investment Rating - The report downgrades the investment rating to "Recommended" with a target price of 7.2 CNY [2] Core Views - In 2024, the company achieved total revenue of 1,160.3 billion CNY, a year-on-year decrease of 8% and a net profit attributable to shareholders of 27.9 billion CNY, down 17% year-on-year [2][7] - The infrastructure construction revenue was 992.85 billion CNY, also down 8.71% year-on-year, accounting for approximately 85.6% of total revenue [7] - Emerging businesses, including water conservancy and clean energy, showed strong performance with new contract amounts increasing by 50% and 22.6% respectively [7] - The average financing cost decreased to 3.57%, down 0.31 percentage points year-on-year, while accounts receivable increased by 56.96% to 246.2 billion CNY [7] Financial Summary - **2024 Financial Indicators**: - Total Revenue: 1,160,311 million CNY - Year-on-Year Growth: -8.2% - Net Profit: 27,887 million CNY - Year-on-Year Growth: -16.7% - Earnings Per Share: 1.13 CNY - Price-to-Earnings Ratio: 5 [2][8] - **Future Projections**: - 2025E Revenue: 1,121,390 million CNY, with a growth rate of -3.4% - 2026E Revenue: 1,159,448 million CNY, with a growth rate of 3.4% - 2027E Revenue: 1,248,194 million CNY, with a growth rate of 7.7% [2][8]

Investment Rating - The investment rating for China Railway (601390) is "Buy" (maintained) [2] Core Views - The company is facing pressure on revenue and profit, with a planned mid-term dividend in 2025 to enhance shareholder returns [1] - The 2024 forecast shows a decline in net profit by 16.7% compared to the previous year, slightly below prior expectations [7] - The company aims to achieve a total revenue of approximately 1.13 trillion yuan in 2025, with new contract amounts projected at 2.80 trillion yuan [7] Financial Summary - Total revenue for 2023 is projected at 1,263,475 million yuan, with a year-on-year growth rate of 9.5% [6] - For 2024, total revenue is expected to decline to 1,160,311 million yuan, a decrease of 8.2% [6] - The net profit attributable to the parent company for 2024 is forecasted at 27,887 million yuan, down 16.7% year-on-year [6] - The company plans to distribute a cash dividend of 0.178 yuan per share for 2024, with a payout ratio of 15.79% [7] - The operating cash flow for 2024 is expected to be 28.1 billion yuan, a decrease of 10.3 billion yuan from the previous year [7] Segment Performance - The infrastructure construction segment is projected to generate revenue of 992.9 billion yuan in 2024, down 8.71% year-on-year [7] - The design consulting segment is expected to achieve revenue of 17.4 billion yuan, a decrease of 4.59% [7] - The equipment manufacturing segment is forecasted to generate 24.8 billion yuan, down 9.36% [7] - The real estate development segment is projected to earn 48.3 billion yuan, a decline of 5.71% [7] Order Trends - New contracts signed in 2024 are expected to total 2.72 trillion yuan, a decrease of 12.4% year-on-year [7] - The railway business is expected to see a slight increase in new contracts, with 319.4 billion yuan, up 0.3% [7] - Domestic new contracts are projected at 2.49 trillion yuan, down 14.0%, while overseas contracts are expected to rise to 220.9 billion yuan, up 10.6% [7] Profit Forecast - The profit forecast for 2025-2027 has been adjusted downwards, with net profits expected to be 28.1 billion yuan, 28.9 billion yuan, and 29.5 billion yuan respectively [7] - The growth rates for these years are projected at 0.6%, 2.9%, and 2.2% respectively [7]