Financial Performance - Operating revenue for 2023 reached RMB 234.26 billion, an increase of 5.93% compared to RMB 222.94 billion in 2022[6] - Net profit for 2023 was RMB 14.57 billion, reflecting a growth of 1.52% from RMB 14.35 billion in 2022[6] - Operating profit for 2023 was RMB 16.03 billion, slightly up from RMB 15.98 billion in 2022[6] - Basic earnings per share remained stable at RMB 0.41, consistent with the previous year[6] - The net cash flow from operating activities was RMB 14.72 billion, a decrease from RMB 23.95 billion in 2022[6] - The company reported a total equity attributable to shareholders of RMB 160.97 billion, up from RMB 155.04 billion in 2022[6] - The company reported a significant increase in clean energy equipment and low-carbon transportation equipment business, contributing to rapid growth in these areas[29] - The company achieved a world record speed of 891 km/h for the CR450 train during a demonstration[30] - The company reported a total revenue of 1,014.77 million, with a year-on-year increase of 173.13 million, representing a growth of approximately 20.6%[142] Research and Development - Research and development expenses increased to RMB 14.36 billion, up 9.39% from RMB 13.13 billion in 2022[6] - The company has established 11 national-level R&D institutions and 22 nationally recognized enterprise technology centers, enhancing its innovation capabilities[30] - The company initiated 29 projects under the "Ten-Year Cultivation of Original Technology" program, focusing on advanced rail transit and clean energy products[50] - The total R&D investment for the period amounted to RMB 14,813,392 thousand, representing 6.32% of operating revenue[48] - The number of R&D personnel is 19,001, accounting for 12.31% of the total workforce[49] Business Strategy and Development - The company is focused on high-quality development, aiming to implement the "14th Five-Year Plan" goals in 2024, with a commitment to value creation and innovation[10] - The company is optimizing its business structure to transition towards a "manufacturing + service" model, enhancing its full lifecycle service system[14] - The company is actively expanding into emerging industries such as renewable energy and industrial digitization, contributing to steady business growth[19] - The company is committed to enhancing its governance structure and operational flexibility to drive further efficiency improvements[9] - The company is focused on the development of strategic emerging industries, including new energy vehicles and high-end equipment, to create new growth engines[78] Market and Competition - The railway equipment market is experiencing intensified competition with increased participation from state-owned, private, and foreign enterprises, leading to structural adjustments in market demand[95] - The company maintains its position as the largest player in the domestic railway equipment market while enhancing its global competitiveness and innovation capabilities[86] - The company is focusing on the development of smart urban rail systems and various new rail transport solutions to support urbanization efforts[87] - The company plans to leverage strategic opportunities from the "Belt and Road" initiative and national railway network construction to enhance innovation and optimize resource allocation[84] Environmental and Social Responsibility - The company has launched a carbon peak and carbon neutrality action plan, with 78 subsidiaries achieving real-time carbon data collection and monitoring[137] - The company is committed to green low-carbon development, integrating pollution reduction and carbon reduction strategies[136] - The company has publicly disclosed environmental impact assessments and pollutant discharge information as per regulatory requirements[136] - The company has implemented a strict environmental impact assessment system for construction projects, ensuring compliance before project initiation[135] Governance and Management - The company has strengthened its governance structure in accordance with relevant laws and regulations, achieving compliance with the corporate governance code[158] - The board consists of 7 members, including 3 independent non-executive directors, ensuring a balance of interests[161] - The company has established appropriate internal control procedures to ensure that related party transactions do not harm the interests of the company and minority shareholders[119] - The company has implemented policies to evaluate and improve the effectiveness of its risk management and internal control systems, ensuring risks are maintained within acceptable limits[199] Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.20 per share, totaling RMB 5.74 billion, which represents 49.01% of the net profit attributable to shareholders for the year 2023[100] - The cash dividend distribution reflects the company's commitment to actively return value to shareholders[100] - The expected payment date for the 2023 cash dividend is on or before August 14, 2024, pending shareholder approval[101] Future Outlook - The company anticipates continued economic recovery and growth in 2024, driven by high-quality development initiatives and macroeconomic adjustments[75] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[147] - The company aims to enhance the connectivity and convenience of modern urban agglomerations, integrating existing and new lines for intercity and suburban railways[81]

中国中车股份有限公司 2023年度业绩说明会会议纪要 中国中车股份有限公司于2024年4月4日发布了"关于召开2023年度业绩说明 会的公告"，公司于2024年4月16日（星期二）下午16:00-17:00在上海证券交易 所上证路演中心（网址：https://roadshow.sseinfo.com/）以视频+网络文字互 动方式召开了公司2023年度业绩说明会。 现将召开情况汇总如下： 一、业绩说明会召开情况 2024年4月16日，公司执行董事、总裁马云双先生，独立非执行董事翁亦然 先生，财务总监李铮女士，董事会秘书王健先生及其他相关工作人员出席了本次 业绩说明会。在会议初期的播放视频环节，王健先生介绍了中国中车2023年工作 业绩、公司面临的发展机遇和2024年经营工作思路；在之后的互动交流环节，公 司参会人员针对2023年度的经营成果及财务状况等情况与投资者进行互动交流， 在信息披露允许的范围内就投资者普遍关注的问题进行回答。 3. 公司2023年销售费用为什么增加那么多？ 答：尊敬的投资者，感谢您对公司的关注。2023年销售费用较上年同期上升 约18.91%，主要是预计产品质量保证准备增加所致。谢谢！ ...

Investment Rating - The report maintains a "Recommended" rating for China CRRC (601766) [1][2] Core Views - The company reported a significant increase in net profit for Q1 2024, with an expected range of CNY 9.23 billion to CNY 10.46 billion, representing a year-on-year growth of 50% to 70% [1] - The substantial growth in performance is attributed to changes in product delivery structure and a relatively low base in Q1 2023 [1] - The recovery in railway passenger traffic and maintenance demand is expected to drive new orders for high-speed trains and maintenance services [2] - The company is positioned to benefit from national policies promoting large-scale equipment updates and the transition from road to rail transport, which is anticipated to enhance freight demand [2] Summary by Sections Financial Performance - For Q1 2024, the expected net profit is CNY 9.23 billion to CNY 10.46 billion, an increase of CNY 3.08 billion to CNY 4.31 billion year-on-year [1] - The expected non-recurring net profit is CNY 5.83 billion to CNY 7.06 billion, with a year-on-year increase of CNY 3.79 billion to CNY 5.02 billion, reflecting a growth of 186% to 246% [1] Market Demand - During the 2024 Spring Festival, the national railway transported 484 million passengers, a 39% increase year-on-year, indicating a strong recovery in passenger traffic [2] - The demand for new high-speed trains is expected to rise due to the backlog of projects and the gradual release of procurement needs [2] - The company has signed contracts worth CNY 111.7 billion for high-speed train orders and CNY 147.8 billion for maintenance services, indicating a doubling compared to the previous year [2] Future Outlook - The company is projected to achieve net profits of CNY 141.57 billion, CNY 166.91 billion, and CNY 196.88 billion for the years 2024, 2025, and 2026 respectively, with corresponding EPS of CNY 0.49, CNY 0.58, and CNY 0.69 [2][7] - The report anticipates a stable growth trajectory for the company's revenue and profitability, supported by ongoing demand for railway equipment and maintenance services [2][7]

Investment Rating - The report maintains a "Buy" rating for China CNR Corporation Limited (601766.SH) [1][8] Core Views - The company is expected to achieve a net profit attributable to shareholders of 923 million to 1.046 billion RMB in Q1 2024, representing a year-on-year increase of 50% to 70% [1] - The demand for rail transit equipment is recovering, driven by increased railway investment and passenger volume [1] - The maintenance business for high-speed trains is anticipated to see significant growth due to the upcoming surge in major repairs [1] Summary by Relevant Sections Performance Overview - In Q1 2024, the company expects a net profit of 9.23 billion to 10.46 billion RMB, an increase of 3.08 billion to 4.31 billion RMB compared to the same period last year [1] - The expected growth rate is between 50% and 70% [1] Operational Analysis - The product delivery structure has improved, contributing to the high growth in performance [1] - Railway fixed asset investment in 2023 was 764.5 billion RMB, a year-on-year increase of 7.5% [1] - Passenger volume in 2023 reached 3.86 billion, a 130% increase year-on-year [1] - The demand for new high-speed trains is expected to rise, with a significant increase in tenders for new train sets [1] Maintenance Business Outlook - The fifth-level maintenance for high-speed trains is entering a peak period, with 361 high-level maintenance tenders in 2024, including 207 for fifth-level maintenance [1] - The company signed maintenance orders worth 14.78 billion RMB from December 2023 to March 2024, which is substantial compared to its 2022 revenue [1] Profit Forecast and Valuation - Revenue projections for 2024-2026 are 258.83 billion, 285.18 billion, and 313.45 billion RMB, respectively [4] - Net profit forecasts for the same period are 13.72 billion, 15.38 billion, and 16.74 billion RMB, with corresponding P/E ratios of 14X, 13X, and 12X [1][4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 董事長 孫永才 中國•北京 2024年4月11日 於本公告日期，本公司的執行董事為孫永才先生、馬雲雙先生及王銨先生；非執行 董事為姜仁鋒先生；獨立非執行董事為史堅忠先生、翁亦然先生及魏明德先生。 董事會會議通知 中國中車股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事會將於2024年4 月29日（星期一）舉行董事會會議，藉以考慮及批准（其中包括）本公司及其子公司截至 2024年3月31日止三個月未經審計的季度業績。 承董事會命 中國中車股份有限公司 中國中車股份有限公司 CRRC CORPORATION LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代碼：1766） ...

证券代码：601766（A 股） 证券简称：中国中车（A 股） 公告编号：临 2024-018 证券代码： 1766（H 股） 证券简称：中国中车（H 股） 中国中车股份有限公司 关于召开 2023 年度业绩说明会的公告 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： 会议召开时间：2024 年 4 月 16 日（星期二）16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow. sseinfo.com/） 会议召开方式：视频+网络文字互动 投资者可于 2024 年 4 月 15 日（星期一）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 crrc@crrcgc.cc 进行提问。公司将 在业绩说明会上对投资者普遍关注的问题进行回答。 中国中车股份有限公司（以下简称"公司"）已于 2024 年 3 月 28 日收市后 发布公司 2023 年度报告，为便于广大投资者更全面深入地了解公司 2023 年度经 营成果、财务状况，公司计划于 20 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國中車股份有限公司 呈交日期: 2024年4月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 01766 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,371,066,040 | RMB | | 1 RMB | | 4,371,066,040 | | 增加 / 減少 (-) | | | | 0 | | RMB | | 0 | | 本月底結存 | | | 4,371,066,040 | RMB | | 1 RMB | | 4,371,066,040 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5][8]. Core Views - The company reported a steady growth in its railway equipment business, with revenue increasing by 18.05% year-on-year. The total revenue for 2023 reached 234.26 billion yuan, a 5.08% increase compared to the previous year [6][7]. - The overseas market continues to expand, with a 13.75% year-on-year increase in revenue from international operations. New overseas orders also rose by 15% [6][7]. - The demand for rail transit equipment is expected to rise, driven by upcoming tenders for high-speed trains and ongoing needs for equipment upgrades and maintenance [7][8]. Summary by Sections Financial Performance - In 2023, the company achieved a net profit attributable to shareholders of 11.71 billion yuan, a slight increase of 0.50% year-on-year. The non-recurring net profit was 9.11 billion yuan, up by 14.24% [6][7]. - The fourth quarter of 2023 saw total revenue of 91.23 billion yuan, a 4.41% increase year-on-year, while the net profit for the quarter was 5.56 billion yuan, down by 1.18% [6][7]. Railway Equipment Business - The railway equipment segment generated revenue of 98.2 billion yuan in 2023, with significant contributions from the high-speed train and passenger car sectors [7]. - The breakdown of revenue includes 41.8 billion yuan from high-speed trains, 9.7 billion yuan from passenger cars, 28 billion yuan from locomotives, and 18.7 billion yuan from freight cars [7]. Overseas Market Expansion - The company recorded overseas revenue of 27.73 billion yuan, marking a 13.75% increase. New overseas orders totaled 58.4 billion yuan, representing a 15% growth [7]. - Notable achievements include the first export of passenger diesel multiple units to the UAE and a lifecycle project agreement with Singapore's Land Transport Authority [7]. New Industry Business - Revenue from new industry sectors reached 80.6 billion yuan, a 4.56% increase, primarily driven by sales of energy storage devices and general components [7]. - The company is focusing on emerging industries such as wind power equipment and new materials, with successful shipments of large offshore wind turbine generators [7]. Future Outlook - The demand for high-speed trains is expected to increase, with a projected rise in passenger traffic leading to more tenders for new trains in 2024 [7]. - Equipment upgrade and maintenance needs are anticipated to remain stable due to the large existing stock of high-speed and urban rail equipment [7].

[Table_StockInfo] 买入 2024年 03月 29日 （首次） 证券研究报告•2023年年报点评 当前价： 6.82元 中国中车（601766） 机械设备 目标价： 8.28元（6个月） 轨交龙头，业绩稳步增长 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma发ry布] 2023年年报，23年实现2342.6亿，同比+5.1%；归母净利润 [分Ta析bl师e_：Au邰th桂or龙] 117.1亿，同比+0.5%；扣非归母净利润91.1亿，同比+14.2%。单季度看，23Q4 执业证号：S1250521050002 实现营收644.6亿，同比+5.8%，环比+2.9%；实现归母净利润133.2亿，同比 电话：021-58351893 +163.3%，环比-87.5%。业绩小幅增长，毛利率提升。 邮箱：tgl@swsc.com.cn  铁路装备业务高增，新产业稳中有升，助力公司业绩稳步提升。分业务看，23 年公司铁路转装备业务、新产业实现较快增长，拉动公司营收增长，铁路装备 [相Tab对le指_Q数u表ot现eP ic] 营收 981.9亿，同比+18.1%，主要是动车组和 ...

上 市 公 司 机械设备 2024 年03月 31 日 中国中车 (601766) 公 司 研 究 ——铁路装备板块表现亮眼，公司盈利水平继续提升 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 事件： （维持）  公司发布23年年报， 全年实现营收2342.62亿，同比增长5.08%，归母净利润117.12 亿，同比增长0.50%，扣非后归母净利润91.06亿，同比增长14.24%。扣非后净利润略 证 市场数据： 2024年03月29日 超预期。 券 收盘价（元） 6.82 研 一年内最高/最低（元） 7.2/5.03 投资要点： 究 市净率 1.2  铁路装备表现突出，动车组增速亮眼。1）分板块收入：铁路装备981.91亿，yoy+18.05% 报 息率（分红/股价） - 告 流通A股市值（百万元） 165916 （其中，动车组 418.29 亿，yoy+43.38%，机车 279.85 亿，yoy+1.59%，客车 96.99 上证指数/深证成指 3041.17/9400.85 亿，yoy+55.68%，货车 186.78 亿，yoy-7.67%），铁路装备维修收入 333.71 亿元， 注 ...