Investment Rating - The investment rating for China Railway (601390) is "Buy" (maintained) [1] Core Views - The report indicates that revenue and profit continue to be under pressure, but overseas new contracts remain strong [7] - The macroeconomic environment is facing downward pressure, but there are expectations for increased fiscal support and improved financing conditions, which may benefit infrastructure investment [7] - The company is expected to see a recovery in valuation due to its status as a leading state-owned enterprise in infrastructure [7] Financial Performance Summary - In Q1 2025, the company achieved total revenue of 249.283 billion yuan, a year-on-year decrease of 6.2%, and a net profit attributable to shareholders of 6.025 billion yuan, down 19.5% year-on-year [7] - The revenue breakdown by business for Q1 shows infrastructure construction at 216.8 billion yuan (-8.0% YoY), design consulting at 4.7 billion yuan (-2.2% YoY), equipment manufacturing at 6.2 billion yuan (-5.8% YoY), real estate development at 6.7 billion yuan (+59.5% YoY), and other businesses at 14.9 billion yuan (+3.2% YoY) [7] - The overall gross margin remained stable at 8.5%, with slight declines in traditional business margins offset by higher margins in design consulting and real estate [7] Order and Contract Summary - The company signed new contracts worth 560.1 billion yuan in Q1, a decrease of 9.9% year-on-year, with significant contributions from overseas contracts, which increased by 33.4% [7] - As of the end of Q1, the company had a backlog of orders amounting to 7,234.1 billion yuan, an increase of 16.0% year-on-year [7] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2026 is 28.0 billion yuan and 28.5 billion yuan, respectively, with a new estimate for 2027 at 29.1 billion yuan [7] - The report emphasizes that the company’s valuation remains at historical lows, suggesting potential for recovery [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to face pressure on revenue and profit, with a notable decline in domestic business, while overseas new contracts remain strong [7] - The report highlights that the company achieved a total revenue of 249.283 billion yuan in Q1 2025, a year-on-year decrease of 6.2%, and a net profit attributable to shareholders of 6.025 billion yuan, down 19.5% year-on-year [7] - The report anticipates that fiscal policy support and improvements in financing will gradually manifest in investment and physical volume, with expectations for increased infrastructure investment and policy support in key regions [7] Summary by Sections Financial Performance - For Q1 2025, the company reported a total revenue of 249.283 billion yuan, down 6.2% year-on-year, and a net profit of 6.025 billion yuan, down 19.5% year-on-year [7] - The gross margin remained stable at 8.5%, with a slight year-on-year decline of 0.1 percentage points [7] - The company’s financial expense ratio increased to 4.9%, primarily due to a rise in financial expenses [7] Business Segments - Revenue from various business segments in Q1 included: infrastructure construction (216.8 billion yuan, -8.0% YoY), design consulting (4.7 billion yuan, -2.2% YoY), equipment manufacturing (6.2 billion yuan, -5.8% YoY), real estate development (6.7 billion yuan, +59.5% YoY), and other businesses (14.9 billion yuan, +3.2% YoY) [7] - The report indicates that traditional infrastructure business is under pressure, but the share of higher-margin design consulting and real estate development has increased [7] Order Book and Future Outlook - The company signed new contracts worth 560.1 billion yuan in Q1, a decrease of 9.9% year-on-year, with significant contributions from overseas contracts [7] - The backlog of orders stood at 7,234.1 billion yuan at the end of Q1, reflecting a year-on-year increase of 16.0% [7] - The report projects net profits for 2025-2026 to be 28.0 billion yuan and 28.5 billion yuan respectively, with a new forecast for 2027 at 29.1 billion yuan [7]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Railway (601390.SH/0390.HK) with current prices at 5.52 CNY and 3.38 HKD respectively [1]. Core Views - The company is experiencing operational pressure, with a significant decline in revenue and net profit for 2024, but new emerging businesses are growing rapidly [1][5]. - The company aims to improve cash flow and plans to increase mid-term dividends in 2025 [7][8]. Financial Performance - For 2024, the company reported operating revenue of 115.74 billion CNY, a decrease of 8.2% year-on-year, and a net profit attributable to shareholders of 27.89 billion CNY, down 16.7% [4][5]. - In Q1 2025, the company achieved operating revenue of 24.86 billion CNY, a decline of 6.2% year-on-year, with net profit down 19.5% [4][5]. Business Segments - The main business segments, including infrastructure, design consulting, equipment manufacturing, real estate development, and resource utilization, saw revenue declines ranging from 2.5% to 13.1% in 2024 [5]. - The company’s overseas business revenue increased by 10.3% while domestic revenue decreased by 9.1% [5][6]. Emerging Business Growth - New contracts signed in 2024 totaled 2715.18 billion CNY, a decrease of 12.4% year-on-year, with domestic contracts down 14.0% and international contracts up 10.6% [6]. - Emerging business contracts grew by 11.3%, particularly in water conservancy and clean energy sectors, which saw increases of 50% and 22.6% respectively [6]. Cost Management and Dividends - The company effectively managed overall expenses in 2024, despite increased financial costs due to delayed payments from project owners [7]. - A proposed dividend of 1.78 CNY per 10 shares for 2024 reflects a payout ratio of 15.79%, an increase of 0.27 percentage points from the previous year [7]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been adjusted downwards, with net profit estimates of 28.22 billion CNY and 28.64 billion CNY respectively, reflecting a decrease of 10% and 13% [8]. - The report maintains a "Buy" rating based on the rapid growth of emerging industries and overseas orders [8].

金十数据5月6日讯，瑞银的研究报告指，中国中铁(00390.HK)今年首季的收入及纯利按年跌6%及 23%，整体新合约按年跌10%，主要因为传统板块的增长潜力有限，加上房地产行业仍然触底。同时公 司亦主动转变策略，专注质量多于规模扩张。而海外新合约按年增33%属亮点，受惠于亚洲及非洲楼市 及铁路项目的增长可观。该行指，中国中铁管理层没有更改全年指引(新合约按年增3.1%及收入按年跌 2.4%)，同时管理层认为收入入账及订单在4月加快。该行下调对公司今年至2027年的每股盈利预测12% 至15%，目标价由4.8港元减12%至4.2港元，维持买入评级。 瑞银降中国中铁目标价至4.2港元 公司全年指引不变 ...

"我国是世界上隧道数量最多、建设规模最大、发展速度最快的隧道大国。团队瞄准隧道智能建造开展 前瞻性研究，建成行业首个盾构TBM工程大数据平台，奠定了盾构TBM隧道智能建造转型基础。"团队 负责人刘永胜介绍，目前该平台已服务于川藏铁路等国内外各类盾构TBM施工线路700余条。 在崇太长江隧道施工现场，由我国自主研制的世界最大直径高铁盾构机——"领航号"盾构机，正搭载着 由中国中铁隧道局隧道掘进机及智能运维全国重点实验室研发团队自主研发的"智能掘进脑"系统， 以"有人值守、无人操作"的安全平稳姿态自主掘进，创造了超大直径盾构机月掘进718米的世界纪录。 4月30日，2025年度中国青年五四奖章集体评选揭晓，该团队成功入选。 由中铁隧道局、中铁工程装备集团及郑州大学共建的隧道掘进机及智能运维全国重点实验室，是隧道掘 进机领域唯一的国家公共研究平台。围绕解决高原、高寒、深地、深水、超长等极限工况下隧道掘进机 科学与技术问题，该实验室开展高效破岩与场变控制、极端工况装备设计与制造、智能掘进与运维三大 方向研究，创造了多个国家和行业纪录，自主研制的首台国产盾构机获国家科学技术进步奖一等奖，同 时获省部级及以上科技进步奖6 ...

机构评级方面，113家券商给予买入建议，40家券商给予增持建议。 7月16日，中国中铁股份有限公司发布公告，披露了其2023年面向专业投资者公开发行科技创新可续期 公司债券(第二期）的2024年付息安排及相关重要信息。 根据公告，中国中铁30亿2023年面向专业投资者公开发行科技创新可续期公司债券(第二期）分为两个 品种。品种一"铁工 YK03"。 债券代码115688.SH 。发行总额10亿元人民币。发行基础期限为3年，以 每3个计息年度为1个周期，在每个周期末，发行人有权选择将本品种债券期限延长1个周期（即延长3 年），或选择在该周期末到期全额兑付本品种债券。本期债券票面利率（计息年利率） 为 2.95%，每 手本期债券面值为1000元，派发利息为29.5元（含税）。详细 >> 中国中铁一季度新签合同额6216.4亿元 中国中铁相关资讯： 国铁集团&中国中铁拿下白云地块 8月23日上午11时，广州市白云区大朗客整所地块上盖项目（包括AB1905131、AB1905132、 AB1905133三个地块）进行限时竞价，最终由国铁集团旗下的广州铁路地产置业有限公司和中国中铁旗 下的北京中铁诺德房地产开发有限公司 ...

本报记者 孙丽朝 北京报道 马永红表示，公司将锚定"效益提升、价值创造"主线，聚焦"增现金、降负债、控风险"目标任务，抓改 革、谋创新、优结构、保稳定，不断增强企业核心功能、提高核心竞争力。 中国中铁股份有限公司（601390.SH、00390.HK，以下简称"中国中铁"）4月29日晚发布2025年一季报 显示，2025年1—3月，中国中铁实现营业收入2485.64亿元，同比下降6.21%；归属于上市公司股东的扣 除非经常性损益的净利润55.53亿元，同比下降22.54%。营收和利润降幅较去年同期的2.56%和3.30%均 进一步扩大。 中国中铁是集勘察设计、施工安装、工业制造、房地产开发、资源利用、金融投资和其他新兴业务于一 体的特大型企业集团，曾长期归属原铁道部，2000年与原铁道部"脱钩"，2003年归属国务院国资委管 理。 对于公司业绩下滑的原因，中国中铁总会计师孙璀在上证路演中心4月30日召开的中国中铁一季度业绩 说明会上对《中国经营报》记者回应称，当前国内建筑行业总体承压，房地产市场持续低迷，对公司业 绩产生一定影响。 （编辑：吴婧 审核：杜丽娟 校对：颜京宁） 财报数据显示，2025年一季度，中 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 6.0 CNY, compared to the current stock price of 5.54 CNY [4]. Core Views - The company's revenue and performance are under pressure, with a year-on-year revenue decline of 6.21% to 248.56 billion CNY in Q1 2025, and a net profit decrease of 19.46% to 6.03 billion CNY [1][2]. - Despite the overall revenue decline, the real estate development segment saw significant growth, with a year-on-year increase of 59.48% [1]. - The company has a robust backlog of contracts, with a total of 7.23 trillion CNY in uncompleted contracts as of March 2025, which is a 5.1% increase from the previous year [3]. Revenue and Performance Summary - In Q1 2025, the revenue breakdown by segment is as follows: Infrastructure 216.80 billion CNY (down 7.99%), Design Consulting 4.67 billion CNY (down 2.21%), Equipment Manufacturing 6.25 billion CNY (down 5.77%), Real Estate Development 6.67 billion CNY (up 59.48%), and Other Businesses 14.90 billion CNY (up 3.15%) [1]. - The company's gross profit margin decreased to 8.46%, with specific margins for segments: Infrastructure 7.13%, Design Consulting 22.48%, Equipment Manufacturing 19.27%, and Real Estate Development 13.10% [2]. - The operating cash flow showed a net outflow of 77.40 billion CNY, which is an increase in outflow by 9.33 billion CNY year-on-year [2]. Contract and Order Summary - The new contract signing in Q1 2025 totaled 560.10 billion CNY, a decrease of 9.9% year-on-year, with domestic contracts at 494.43 billion CNY (down 13.6%) and international contracts at 65.67 billion CNY (up 33.4%) [3]. - The breakdown of new contracts by business area includes Engineering Construction 421.43 billion CNY (down 10.4%), Equipment Manufacturing 11.77 billion CNY (down 18.7%), Specialty Real Estate 6.92 billion CNY (up 2.8%), Asset Management 26.96 billion CNY (up 123.7%), Resource Utilization 6.45 billion CNY (down 16.7%), and Emerging Businesses 72.14 billion CNY [3].

证券研究报告 建筑装饰 | 基础建设 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 30 日 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com | 基本数据 | | | | 2025 | 年 | 04 | 月 | 29 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 5.54 | | | 一 年 内 最 低 | 最 | 高 | / | | | | 7.23/4.95 | | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | ...

中国中铁股份有限公司独立董事管理规定 （2025 年 4 月修订，尚待提交 2024 年年度股东会审议） 第一章 总则 第一条 为了进一步完善中国中铁股份有限公司（以下简称 公司）的治理结构，促进公司规范运作，保证独立董事履行职责， 根据《中华人民共和国公司法》（以下简称《公司法》）、中国证 券监督管理委员会（以下简称中国证监会）《上市公司治理准则》 《上市公司独立董事管理办法》（以下简称《独立董事管理办法》）、 《香港联合证券交易所有限公司证券上市规则》（以下简称《联 交所上市规则》）、《上海证券交易所股票上市规则》《上海证券交 易所上市公司自律监管指引第 1 号——规范运作》（以下简称《规 范运作指引》）及《中国中铁股份有限公司章程》（以下简称《公 司章程》）的有关规定，特制定本规定。 第二条 独立董事是指不在公司担任除董事、董事会专门委 员会委员外的其他职务，并与公司及公司主要股东、实际控制人 不存在直接或者间接利害关系，或者其他可能影响其进行独立客 观判断关系的董事。独立董事应当独立履行职责，不受公司及其 主要股东、实际控制人等单位或者个人的影响。 本规定所指独立董事应当同时符合《联交所上市规则》关于 ...