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]

文/飞云 截至2025年4月30日，A股5411家上市公司中，共有5071家公司在2024年年度报告中披露了具体的研发费 用，其中研发费用过亿的有2012家。研发费用前五名分别为：比亚迪、中国建筑、中国移动、中国中铁、 中国交建。科创板、创业板公司研发费用最多的分别是百济神州、宁德时代。本文根据同花顺提供的最新 数据，整理统计了A股研发费用前100名、科创板和创业板研发费用的前30名，具体如下： 一、A股2024年研发费用前100名 研发费用最高的100家公司研发费用合计76995146.25万元，中位数为365510.85万元，平均数为769951.46万 元。比亚迪以5319474.50万元的研发费用位列2024年A股上市公司研发投入榜首。 | 序号 | 股票代码 | 股票简称 | 研发费用(万元) | | --- | --- | --- | --- | | | | | 2024/12/31 | | 1 | 002594.SZ | 比亚迪 | 5319474.50 | | 2 | 601668.SH | 中国建筑 | 4545933.90 | | 3 | 600941.SH | 中国移动 | 281630 ...

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].

Core Viewpoint - UBS has lowered the target price for China Railway Group (00390.HK) to HKD 4.2, while maintaining the company's full-year guidance unchanged [1] Financial Performance - In the first quarter of this year, China Railway Group's revenue and net profit decreased by 6% and 23% year-on-year, respectively [1] - Overall new contracts fell by 10% year-on-year, primarily due to limited growth potential in traditional sectors and the real estate industry still being at a low point [1] Strategic Shift - The company is proactively changing its strategy to focus on quality over scale expansion [1] - A highlight for the company is the 33% year-on-year increase in overseas new contracts, benefiting from significant growth in the real estate and railway projects in Asia and Africa [1] Management Guidance - The management has not altered the full-year guidance, projecting a 3.1% year-on-year increase in new contracts and a 2.4% year-on-year decline in revenue [1] - Management believes that revenue recognition and order intake accelerated in April [1] Earnings Forecast - UBS has reduced its earnings per share forecast for the company by 12% to 15% for the years 2023 to 2027 [1] - The target price has been cut by 12% from HKD 4.8 to HKD 4.2, while maintaining a buy rating [1]

Group 1 - The "Linghao" shield machine, the world's largest diameter high-speed rail shield machine, has set a world record by achieving a monthly excavation of 718 meters [1] - The National Key Laboratory for Tunnel Boring Machines and Intelligent Operation and Maintenance, established by China Railway Tunnel Bureau, China Railway Engineering Equipment Group, and Zhengzhou University, is the only national public research platform in the field of tunnel boring machines [1] - The laboratory focuses on research in three main areas: efficient rock breaking and field change control, extreme working condition equipment design and manufacturing, and intelligent excavation and operation and maintenance [1] Group 2 - China is the world's largest country in terms of the number of tunnels, construction scale, and development speed [2] - The team has developed the industry's first shield TBM engineering big data platform, laying the foundation for the transformation of intelligent construction in shield TBM tunnels [2] - The intelligent construction system integrates nine major technologies, significantly enhancing engineering efficiency and quality, representing cutting-edge technology in China's high-speed rail tunnel construction [2] Group 3 - The research team consists of 47 members, with 33 under the age of 35, emphasizing the role of young talents in technological innovation [3] - The laboratory has established youth strike teams focused on intelligent excavation and geological disaster perception and prevention in TBM tunnels [3] - The team aims to contribute to high-quality development in tunnel intelligent construction through technological innovation, aligning with national goals for technological self-reliance [3]

Group 1 - China Railway's stock opened at 5.54 CNY and closed at 5.52 CNY, down 0.36% from the previous trading day's close of 5.54 CNY, with a total market capitalization of 136.575 billion CNY [1] - The company's Q1 financial report showed operating revenue of 248.564 billion CNY, net profit of 6.559 billion CNY, earnings per share of 0.78 CNY, and a gross profit of 14.419 billion CNY, with a price-to-earnings ratio of 4.9 [1] - A total of 113 brokerages rated the stock as a buy, while 40 brokerages recommended holding [1] Group 2 - China Railway and its subsidiaries won a bid for the Baiyun District Dalangke project in Guangzhou for a total price of 1.81 billion CNY, with a premium rate of 0% [1] - The project includes three land parcels with a total area of 160,256 square meters and a total construction area of approximately 340,000 square meters [2] - The project requires the construction of 212,000 square meters of shared ownership housing, with the government holding 45% [2] Group 3 - China Railway issued 3 billion CNY in technology innovation bonds, with a coupon rate of 2.95% and a maturity of 3 years [3] - In Q1, the company signed new contracts worth 621.64 billion CNY, a decrease of 6.9% year-on-year [3] - The engineering construction segment, as the main revenue source, accounted for 470.12 billion CNY of the new contracts, down 7.1% year-on-year [3]

Core Viewpoint - China Railway Group Limited reported a decline in both revenue and net profit for Q1 2025, attributed to a challenging domestic construction industry and a sluggish real estate market [1][2]. Financial Performance - In Q1 2025, the company achieved operating revenue of 248.564 billion yuan, a year-on-year decrease of 6.21% [1]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 5.553 billion yuan, down 22.54% year-on-year [1]. - The decline in revenue and profit was more pronounced compared to the previous year's decreases of 2.56% and 3.30%, respectively [1]. Contract Performance - The new contract value signed in Q1 2025 was 560.1 billion yuan, a decrease of 9.9% year-on-year [1]. - Domestic business accounted for 494.43 billion yuan of new contracts, down 13.6%, while overseas contracts increased by 33.4% to 65.67 billion yuan [1]. - Among the eight business segments, only three—specialty real estate, asset management, and resource utilization—saw positive growth in new contracts, while the engineering construction segment, which has the largest share, experienced a 10.4% decline [1]. Market Conditions - The decline in engineering construction orders was influenced by the downturn in the real estate market, deep adjustments in the domestic construction industry, and a reduction in market bidding scale [2]. - The company plans to achieve total operating revenue of approximately 1,132 billion yuan in 2025, representing a 2.20% decrease from 2024, while targeting a 3.12% increase in new contract value to about 2,800 billion yuan [2]. Strategic Focus - The company aims to enhance efficiency and value creation, focusing on increasing cash flow, reducing debt, and controlling risks [2]. - The strategic goals include reform, innovation, optimizing structure, and maintaining stability to strengthen core functions and competitiveness [2].

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].

Core Viewpoint - The construction of the Chang-Jiu High-Speed Railway's Yangzi Island Ganjiang Bridge is a significant project that showcases the efforts of workers in urban development, with the bridge facilitating multi-dimensional traffic flow for high-speed rail, urban expressways, and main roads [2]. Group 1 - The bridge spans a total length of 19 kilometers and crosses three tributaries of the Ganjiang River [2]. - It is a key control project for the Chang-Jiu High-Speed Railway, highlighting the importance of infrastructure in enhancing connectivity [2]. - Workers from China Railway Bridge Bureau Group are actively engaged in various construction tasks, including the installation of large decorative components [2][8]. Group 2 - The construction site features workers performing tasks such as lifting, painting, and polishing, demonstrating the diverse skill sets required for the project [6][7][11]. - Aerial photography captures the ongoing construction of the bridge, emphasizing its scale and the complexity of the engineering involved [16][14].