Core Viewpoint - Yangjiang New Energy Technology Co., Ltd. has been established with a registered capital of 20 million yuan, focusing on solar energy services and related equipment sales [1] Company Summary - The legal representative of Yangjiang New Energy Technology Co., Ltd. is Zhong Lei [1] - The company is indirectly wholly owned by China Railway [1] Industry Summary - The business scope includes solar power generation technology services, sales of photovoltaic equipment and components, sales of mechanical and electrical equipment, leasing of photovoltaic power generation equipment, engineering management services, and power generation technology services [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure due to the downturn in the real estate industry and ongoing debt repayment pressures from local governments. In the first three quarters, the company reported a revenue of 818.48 billion yuan, a year-on-year decrease of 7.3%, and a net profit attributable to shareholders of 20.57 billion yuan, down 14.33% year-on-year. The return on equity (ROE) for the first three quarters was 7.11%, a decline of 1.31 percentage points year-on-year [1] - Despite the challenges in traditional business areas, the company is actively optimizing its business structure, with significant growth in new business orders. The new contracts signed in the first three quarters amounted to 1.53 trillion yuan, a year-on-year decrease of 15.2%. However, new business areas such as resource utilization saw contract amounts increase by 23.4% and 22% respectively [1] - The company has established five modern mines in the mineral resources sector, with leading reserves in copper, cobalt, and molybdenum among domestic peers. The upward trend in major metal prices is expected to contribute to new revenue streams [1] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 818.48 billion yuan, a decrease of 7.3% year-on-year, and a net profit of 20.57 billion yuan, down 14.33% year-on-year [1] - The forecast for the company's net profit for 2024-2026 has been revised down to 29.75 billion yuan, 29.66 billion yuan, and 31.46 billion yuan respectively, with corresponding earnings per share (EPS) of 1.20 yuan, 1.20 yuan, and 1.27 yuan [1][2] - The company's current valuation level is comparable to the average valuation of peer companies, maintaining a reasonable valuation with a price-to-earnings (P/E) ratio of 5.4 for 2024 [1][3]

Investment Rating - The report maintains a rating of "Buy" for China Railway Group [6][4]. Core Views - The report indicates that China Railway Group's net profit for the first three quarters of 2024 has decreased by 14.33% year-on-year, which is below expectations, primarily due to an increase in accounts receivable and a slowdown in the construction industry's physical workload [4][6]. - The forecast for EPS has been revised downwards for 2024-2026 to 1.16, 1.20, and 1.22 yuan, reflecting a year-on-year decline of 14% for 2024 [4][17]. - The target price has been adjusted to 9.50 yuan, corresponding to a PE ratio of 8.2 times for 2024 [4][6]. Financial Summary - For the first three quarters of 2024, revenue was 818.48 billion yuan, a decrease of 7.3% year-on-year, with net profit attributable to shareholders at 20.57 billion yuan, down 14.33% [4][5]. - The company’s expense ratio was 5.06%, with a net profit margin of 2.51% and a weighted ROE of 7.11% [4][5]. - The cash flow from operating activities was -71.3 billion yuan, compared to -33.7 billion yuan in the same period of 2023 [4][5]. Order Intake - New signed contracts for the first three quarters of 2024 totaled 1,527.9 billion yuan, a decrease of 15.2% year-on-year, with a notable decline in various segments including engineering construction and real estate [4][14]. - The domestic new signed contracts were 1,404.6 billion yuan, down 16.1% year-on-year, while overseas contracts decreased by 3.2% to 123.2 billion yuan [4][14]. Dividend and Valuation - The current dividend yield is 3.2%, and the price-to-book ratio is 0.55, indicating a historical low [4][6]. - The report highlights that the company is expected to benefit from fiscal policies aimed at increasing investment, which may enhance both profit and asset performance [4][6].

Investment Rating - The investment rating for China Railway (601390) is "Outperform the Market" and is maintained [1]. Core Views - The report highlights that in the first three quarters of 2024, the company achieved revenue of 818.48 billion yuan, a year-on-year decrease of 7.30%, and a net profit attributable to the parent company of 20.57 billion yuan, down 14.33% year-on-year [5]. - The report notes a narrowing decline in revenue for Q3, with a year-on-year decrease of 6.13%, while net profit showed a more significant decline of 19.05% [5]. - The company’s gross margin decreased by 0.29 percentage points to 8.80% in the first three quarters of 2024, impacting profitability [5]. - New orders in emerging businesses and resource utilization are growing rapidly, with total new orders signed in the first three quarters of 2024 amounting to 15,278.6 billion yuan, a decrease of 15.2% year-on-year [5]. - The report projects net profits for 2024-2025 to be 31.65 billion yuan and 32.08 billion yuan respectively, with a reasonable valuation range of 7.77 to 8.51 yuan per share [5]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 2,000.00 billion yuan, with a year-on-year decline of 6.13% and a net profit of 5.00 billion yuan, down 19.05% [5]. - The gross margin for the first three quarters of 2024 was 8.80%, down from the previous year, with various business segments showing different trends in profitability [5][6]. - The operating cash flow improved in Q3, with a net outflow of 19.25 billion yuan, a decrease of 48.75% compared to the previous quarter [5]. Order Book and Future Outlook - The company’s new signed orders in emerging businesses increased by 23.4%, driven by growth in water conservancy and clean energy sectors [5]. - As of Q3 2024, the company had an uncompleted contract amount of 63,252.6 billion yuan, which is 5.02 times its revenue for the year 2023, indicating a solid backlog for future performance [5]. Valuation and Earnings Forecast - The report estimates the company's net profit for 2024 and 2025 to be 31.65 billion yuan and 32.08 billion yuan respectively, with a projected PE ratio of 12-13 times for resource business and 5-5.5 times for traditional business [5][6]. - The reasonable value range for the stock is set between 7.77 and 8.51 yuan, maintaining an "Outperform the Market" rating [5].

Investment Rating - The investment rating for China Railway (601390) is "Buy" (maintained) [5] Core Views - The company's net profit growth for Q1-Q3 2024 is -14.3%, slightly below expectations, with total revenue of 820.3 billion yuan, down 7.26% year-on-year [5] - The report highlights a decline in revenue growth and pressure on gross margins, with a gross margin of 8.80% and a net profit margin of 2.51% for Q1-Q3 2024 [5] - The company is focusing on quality improvement and scaling down growth in response to ongoing local government debt reduction policies [5] Summary by Sections Market Data - Closing price: 6.41 yuan - One-year high/low: 7.38/4.95 yuan - Price-to-book ratio: 0.5 - Dividend yield: 3.28% - Circulating A-share market value: 130,889 million yuan [2] Financial Performance - Q1-Q3 2024 total revenue: 820.3 billion yuan, down 7.26% year-on-year - Q1-Q3 2024 net profit: 20.57 billion yuan, down 14.3% year-on-year - Q1-Q3 2024 gross margin: 8.80%, down 0.29 percentage points year-on-year [5][6] - Q1-Q3 2024 operating cash flow: net outflow of 71.3 billion yuan, an increase in receivables by 84.2 billion yuan [5] Segment Performance - Infrastructure construction revenue: 713.2 billion yuan, down 7.66% year-on-year, gross margin 7.56% - Design consulting revenue: 12.9 billion yuan, down 4.08%, gross margin 24.53% - Equipment manufacturing revenue: 19.8 billion yuan, down 1.08%, gross margin 22.73% - Real estate development revenue: 21.9 billion yuan, down 13.22%, gross margin 12.70% [5] Future Projections - Expected net profits for 2024-2026: 31.4 billion, 32.8 billion, and 34.0 billion yuan respectively, with corresponding PE ratios of 5X [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [5]. Core Views - The company experienced revenue pressure in Q3, with a year-on-year decline of 6.22%, while emerging businesses are growing rapidly. The backlog of uncompleted contracts stands at 63,252.6 billion yuan, which is 5.01 times the revenue scale of the previous year, providing support for future revenue growth [1][2]. - The company has adjusted its net profit forecasts for 2024-2026 downwards due to underperformance, now predicting 31.1 billion, 31.9 billion, and 32.4 billion yuan respectively [1]. - The report highlights the potential for operational improvements and enhanced financial quality due to state-owned enterprise reforms, alongside the growth of the mineral resources sector as a second growth curve [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 818.48 billion yuan, a decrease of 7.3% year-on-year, and a net profit attributable to shareholders of 20.57 billion yuan, down 14.33% year-on-year [1]. - The gross margin for the first three quarters was 8.8%, a decline of 0.29 percentage points year-on-year, with Q3 alone showing a gross margin of 8.72%, down 0.85 percentage points [3]. - The company’s cash flow from operations showed a net outflow of 71.26 billion yuan for the first three quarters, which is an increase in outflow compared to the previous year, although the outflow narrowed in Q3 [3]. Business Segment Performance - Revenue from infrastructure construction, design consulting, equipment manufacturing, and real estate development for the first three quarters was 713.2 billion, 12.9 billion, 19.8 billion, and 21.9 billion yuan respectively, with year-on-year declines of 7.66%, 4.08%, 1.08%, and 13.22% [2]. - New contracts signed in the first three quarters totaled 15,278.6 billion yuan, a decrease of 15.2% year-on-year, with domestic and international contracts at 14,046.3 billion and 1,232.3 billion yuan, respectively [2]. - Emerging businesses saw new contracts worth 2,110.5 billion yuan, reflecting a growth of 23.4% year-on-year, particularly in sectors like water conservancy, clean energy, and urban operations [2].

Investment Rating - The report maintains a "Buy" rating for China Railway (601390.SH) [4][5]. Core Views - The company's Q3 performance continues to be under pressure, with a revenue decline of 7.3% year-on-year for the first three quarters of 2024, totaling 820.3 billion yuan, and a net profit attributable to shareholders of 20.6 billion yuan, down 14.3% [1][2]. - The decline in revenue is primarily attributed to a decrease in the gross margin of the infrastructure business, although the cash flow situation has shown some improvement [1][2]. - New contract signings have decreased by 15% year-on-year, but the company has a strong backlog of projects, with an uncompleted contract amount of 6.3253 trillion yuan, which is 5.0 times its 2023 revenue, providing strong support for future income [3]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved total revenue of 820.3 billion yuan, with quarterly revenues of 265.6 billion, 278.9 billion, and 275.8 billion yuan, reflecting declines of 3%, 12%, and 6% respectively [1]. - The gross margin for the first three quarters was 9.0%, a decrease of 0.26 percentage points year-on-year, with Q3 showing a 0.8 percentage point decline [2]. - Operating cash flow showed a net outflow of 71.3 billion yuan for the first three quarters, an increase in outflow of 37.5 billion yuan compared to the previous year, but Q3 saw a reduced outflow of 1.93 billion yuan, down 1.83 billion yuan year-on-year [2]. Order Book and Future Outlook - The company signed new contracts worth 1.5279 trillion yuan in the first three quarters, a decrease of 15% year-on-year, with Q3 also seeing a 15% decline [3]. - The backlog of uncompleted contracts at the end of Q3 2024 was 6.3253 trillion yuan, up 7.6% from the end of 2023, indicating a robust project reserve [3]. Earnings Forecast - The report adjusts the profit forecast for the company, expecting net profits attributable to shareholders to be 29.8 billion, 29.9 billion, and 30.1 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.20, 1.21, and 1.22 yuan per share [4].

| A | 股代码：601390 | A | 股简称：中国中铁 | 公告编号：临 | 2024-048 | | --- | --- | --- | --- | --- | --- | | H | 股代码：00390 | H | 股简称：中国中铁 | | | 中国中铁股份有限公司 关于回购注销部分限制性股票减资暨通知债权人的公告 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。 一、通知债权人的原因 中国中铁股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日 召开第五届监事会第二十九次会议及 2024 年 10 月 30 日召开第六届董事 会第四次会议，审议通过了《关于回购注销中国中铁 2021 年限制性股票 激励计划部分限制性股票的议案》。 公司 2021 年限制性股票激励计划首次授予对象中，1 名激励对象因 成为国务院国资委管理领导而不能持有公司限制性股票，2 名激励对象因 组织安排调离公司且不在公司任职，6 名激励对象达到法定退休年龄正常 退休，3 名激励对象因不能胜任工作岗位、业绩考核不合格、过失、违法 ...

| A | 股代码：601390 | A | 股简称：中国中铁 | 公告编号：临 | 2024-047 | | --- | --- | --- | --- | --- | --- | | H | 股代码：00390 | H | 股简称：中国中铁 | | | 中国中铁股份有限公司 关于回购注销 2021 年限制性股票激励计划 部分限制性股票的公告 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： 中国中铁股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日 召开第五届监事会第二十九次会议及 2024 年 10 月 30 日召开第六届董事 会第四次会议，审议通过了《关于回购注销中国中铁 2021 年限制性股票 激励计划部分限制性股票的议案》，现将有关事项说明如下： 一、已履行的相关审批程序和信息披露情况 1．2021 年 11 月 22 日，公司第五届董事会第十一次会议审议通过《关 于<中国中铁股份有限公司 2021 年限制性股票激励计划（草案）及其摘要> 的议案》《关于提请股东大会授权董事会办理公 ...

中国中铁 · 股权激励 北京市嘉源律师事务所 关于中国中铁股份有限公司 2021 年限制性股票激励计划首次授予部分 第二个解锁期解锁相关事项 之法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 嘉源 · 法律意见书 释义 除非本法律意见书中另有所说明,下列词语在本法律意见书中的含义如下: | 中国中铁、公司 | 指 | 中国中铁股份有限公司 | | --- | --- | --- | | 本激励计划、股权激 | 指 | 中国中铁2021年限制性股票激励计划 | | 励计划 | | | | 本次解锁、本激励计 | | 本激励计划涉及的首次授予部分第二个解锁期 | | 划首次授予部分第二 | 指 | 解锁 | | 个解锁期解锁 | | | | 《激励计划(草案)》 | 블 | 《中国中铁股份有限公司2021年限制性股票激 | | | | 励计划(草案)》 | | 《公司章程》 | 指 | 中国中铁现行有效的《中国中铁股份有限公司 | | | | 章程》 | | 嘉源、本所 | 블 | 北京市嘉源律师事务所 | | | | 《北京市嘉源律师事务所关于中国中铁股份有 限公司 2021 年限制 ...