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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 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 (如上市) | 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 | | 於香港聯交所上市 (註1) | | 否 | ...

Investment Rating - The report maintains a "Buy" rating for the company [6][5] Core Views - The demand for railway equipment is on the rise, and the company is expected to release profits as new train tenders and high-level maintenance needs are fulfilled [3][4] - In the first three quarters of 2024, the company achieved a revenue of 152.58 billion yuan, a year-on-year increase of 6.67%, and a net profit attributable to shareholders of 7.25 billion yuan, up 17.77% [3][4] - The railway equipment business saw significant revenue growth, with a 36.69% increase year-on-year, while urban rail and new industries experienced a slight decline [3][4][5] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 62.54 billion yuan, a 12.22% increase year-on-year, and a net profit of 3.04 billion yuan, up 13.11% [3][4] - The company signed new orders worth approximately 212.2 billion yuan in the first three quarters, including about 34.2 billion yuan in overseas orders [3][4] Business Segments - The railway equipment segment generated 71.8 billion yuan in revenue, a 36.69% increase, with specific revenues from various categories: 40.58 billion yuan from EMUs, 4.99 billion yuan from passenger cars, 15.25 billion yuan from locomotives, and 10.95 billion yuan from freight cars [3][4] - Urban rail and city infrastructure revenue decreased by 5.63% to 28.4 billion yuan, primarily due to a decline in city infrastructure income [3][4] - New industries reported a revenue of 50.1 billion yuan, down 10.40%, mainly due to reduced income from wind power and energy storage equipment [3][4] Market Demand - National railway passenger volume reached 3.33 billion trips in the first nine months, a 13.5% increase year-on-year, supporting the demand for EMUs [4] - The urban rail and new industries segments showed signs of recovery, with slight revenue growth in Q3 [4][5] Maintenance Services - The maintenance segment for railway equipment achieved approximately 30 billion yuan in revenue, showing significant growth, driven by the increasing number of EMUs requiring high-level maintenance [5]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance relative to the market index over the next 3 to 12 months [6][4]. Core Insights - The company reported a revenue of 1430.35 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 5.51%. The net profit attributable to shareholders was 61.52 billion yuan, up by 2.06% year-on-year. In Q3 alone, revenue reached 557.32 billion yuan, a 2.7% increase year-on-year, while net profit decreased by 7.09% to 26.91 billion yuan [1]. - The "14th Five-Year Plan" is expected to lead to a compensatory increase in railway investment, with an average annual investment of approximately 875 billion yuan from 2024 to 2025. This is driven by the need for maintenance and replacement of aging railway equipment, which is projected to boost the company's revenue from railway equipment significantly [2]. - The company has optimized its cost management, resulting in a decrease in the expense ratio to 14.91%, down by 0.82 percentage points year-on-year. This has led to an improvement in the net profit margin, which increased to 4.75%, up by 0.45 percentage points year-on-year [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1430.35 billion yuan, with a year-on-year growth of 5.51%. The net profit attributable to shareholders was 61.52 billion yuan, reflecting a 2.06% increase year-on-year. In Q3, the revenue was 557.32 billion yuan, a 2.7% increase, while net profit decreased by 7.09% to 26.91 billion yuan [1]. Market Outlook - The railway equipment sector is expected to experience rapid growth due to the compensatory investment from the "14th Five-Year Plan" and the need for maintenance and replacement of aging equipment. The company's railway business revenue for the first three quarters of 2024 reached 717.65 billion yuan, a significant year-on-year increase of 36.69% [2]. Cost Management - The company has successfully reduced its expense ratio to 14.91%, which is a decrease of 0.82 percentage points compared to the previous year. This improvement in cost management has positively impacted the net profit margin, which rose to 4.75%, an increase of 0.45 percentage points year-on-year [3]. Earnings Forecast - The company is projected to achieve net profits of 129.97 billion yuan, 140.45 billion yuan, and 151.60 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings (P/E) ratios are expected to be 19, 17, and 16 times [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The railway equipment sector continues to show high growth, with sufficient orders on hand [5]. - The company reported a revenue of 152.58 billion yuan for the first three quarters of 2024, a year-on-year increase of 6.67%, and a net profit attributable to shareholders of 7.25 billion yuan, up 17.77% year-on-year [4][5]. - The company’s new orders for the first three quarters reached 212.2 billion yuan, a slight increase of 0.33% year-on-year, indicating a robust order backlog [5]. Summary by Sections Market Data - Closing price: 8.32 yuan - One-year high/low: 8.99/5.03 yuan - Price-to-book ratio: 1.5 - Dividend yield: 2.40% - Market capitalization: 202.41 billion yuan [1]. Financial Performance - For Q3 2024, revenue was 625.44 billion yuan, a 12.22% increase year-on-year, with a net profit of 30.44 billion yuan, up 13.11% year-on-year [4][5]. - The gross margin for the first three quarters was 21.21%, with a net margin of 6.21%, reflecting an upward trend in profitability [5]. Revenue Breakdown - Revenue from railway equipment for the first three quarters was 717.65 billion yuan, a 36.69% increase year-on-year, with significant contributions from multiple segments [5]. - The company’s new industries and modern services segments showed declines, indicating areas for potential improvement [5]. Profitability Forecast - The report forecasts net profits for 2024-2026 to be 13.30 billion, 14.69 billion, and 16.29 billion yuan respectively, with corresponding price-to-earnings ratios of 18X, 16X, and 15X [5][6].

Investment Rating - The report maintains a "Buy-A" rating for China CRRC Corporation Limited (601766.SH) [2] Core Views - The company is positioned as a global leader in rail transit equipment and is actively developing new industries, establishing a "dual-track, dual-cluster" strategy [2] - The rail transit equipment business is entering a prosperous cycle driven by increased demand for purchases and maintenance, indicating a new growth phase for the company [2] - The company expects net profit attributable to shareholders to grow from 131.4 billion yuan in 2024 to 158.4 billion yuan in 2026, with year-on-year growth rates of 12.2%, 11.5%, and 8.1% respectively [2] Company Performance - In the first three quarters, the company achieved operating revenue of 152.58 billion yuan, a year-on-year increase of 6.67%, and a net profit of 7.25 billion yuan, up 17.77% year-on-year [2][3] - The railway equipment business, particularly the high-speed train segment, significantly contributed to revenue growth, with a revenue of 71.77 billion yuan, representing a year-on-year increase of 36.69% [3] - The new industry segment reported a revenue of 50.11 billion yuan in Q3, with a year-on-year growth rate of 5.19%, indicating a positive trend [4] Financial Data and Projections - The company forecasts operating revenue to grow from 234.26 billion yuan in 2023 to 275.77 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 6.2% [5] - The projected net profit for 2024 is 13.14 billion yuan, with a year-on-year growth of 12.2% [5] - The report provides a detailed financial outlook, including expected earnings per share (EPS) growth from 0.41 yuan in 2023 to 0.55 yuan in 2026 [6]

Investment Rating - The report maintains a "Buy" rating for China CRRC Corporation Limited (601766) [1][4] Core Views - The company's performance is in line with expectations, with a year-on-year revenue increase of 12.22% in Q3 2024. For the first three quarters of 2024, the company achieved a revenue of 152.58 billion yuan, up 6.67% year-on-year, and a net profit attributable to shareholders of 7.245 billion yuan, up 17.77% year-on-year [2] - The railway equipment business has shown significant growth, with a revenue increase of 36.69% year-on-year for the first three quarters of 2024 [2][4] - The report highlights a recovery in railway fixed asset investment, with a completion amount of 561.2 billion yuan in 2024, up 10.28% year-on-year, and a rebound in the bidding for high-speed trains [4] Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 62.544 billion yuan, a 12.22% increase year-on-year, and a net profit of 3.044 billion yuan, a 13.11% increase year-on-year [2] - The gross profit margin for the first three quarters of 2024 was 21.21%, a decrease of 0.61 percentage points year-on-year, while the net profit margin was 6.21%, an increase of 0.60 percentage points year-on-year [3] - The company’s operating expenses ratio decreased to 14.90%, with significant reductions in sales expenses [3] Business Segments - The railway equipment segment generated a revenue of 71.765 billion yuan in the first three quarters of 2024, while the urban rail segment saw a revenue decline of 5.63% [2] - New industries and modern services reported revenues of 50.106 billion yuan and 2.291 billion yuan, respectively, with declines of 10.40% and 49.03% year-on-year [2] Investment Outlook - The report forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 13.817 billion yuan, 15.321 billion yuan, and 16.233 billion yuan, respectively, with corresponding dynamic P/E ratios of 17, 16, and 15 [4]

Investment Rating - The report maintains a "Buy" rating for China CNR Corporation (601766) with a current price of 8.36 CNY [1]. Core Views - The company's performance in Q1-Q3 2024 met expectations, with revenue of 152.58 billion CNY, a year-on-year increase of 6.7%, and a net profit attributable to shareholders of 7.25 billion CNY, up 17.8% year-on-year. In Q3 2024 alone, revenue reached 62.54 billion CNY, reflecting a 12.2% year-on-year growth, and net profit was 3.04 billion CNY, up 13.1% year-on-year [1][2]. - The company's profitability is driven by lean management and the expansion of its railway operation and maintenance services, leading to an increase in net profit margin [1]. - The report highlights that all three major segments—railway equipment, urban rail, and new industries—achieved positive growth in Q3 2024, contributing to the overall performance improvement [2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the comprehensive gross margin was 21.2%, a slight decrease of 0.6 percentage points year-on-year, while the net profit margin increased by 0.6 percentage points to 6.2%. The period expense ratio was 14.9%, down 0.8 percentage points year-on-year [1]. - The railway equipment segment reported revenue of 29.78 billion CNY in Q3 2024, a significant increase of 24.4% year-on-year, with the high-speed train business seeing a remarkable growth of 77.3% [2]. Market Outlook - The report indicates that railway investment is expected to rise, benefiting from equipment replacement policies and the increased volume of high-level maintenance for high-speed trains. The company is positioned to benefit from the ongoing demand for new and upgraded railway equipment [3]. - The forecast for net profit attributable to shareholders for 2024-2026 is 13.2 billion CNY, 15.1 billion CNY, and 16.8 billion CNY, respectively, with a compound annual growth rate of 13% over the next three years [3][4]. Valuation Metrics - The current price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 18, 16, and 14, respectively, indicating a favorable valuation trend [4].

2024 年三季度业绩电话会会议纪要 中国中车股份有限公司于2024年10月30日下午16:15-17:15以电话会议方式 召开了公司2024年三季度业绩电话会。 中国中车股份有限公司 现将召开情况汇总如下： 一、电话会议召开情况 2024年10月30日，董事会秘书王健先生及相关部门负责人出席了本次业绩电 话会。首先，公司介绍了中国中车2024年三季度经营情况、公司未来发展展望； 在之后的互动交流环节，董事会秘书王健先生针对2024年三季度的经营成果及财 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。 二、投资者提出的主要问题及公司回复情况 1. 公司对2024全年的经营业绩预期如何？ 答：尊敬的投资者，感谢您对公司的关注。公司前三季度完成营业收入 1525.83亿元、归属于上市公司股东的净利润72.45亿元，实现收入利润双增长。 从前三季度经营情况看，各业务板块差异较大。铁路装备板块，受益于铁路客流 持续向好，动车组新造订单和交付有较好的增长，同时2023年至今动车组上线利 用率高再叠加前几年上线利用率低检修推迟滞后因素，动车组高级修业务也大幅 增长，但是铁路机车 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company reported a revenue of 152.58 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 6.67%, with a net profit of 7.25 billion RMB, up 17.77% year-on-year. The third quarter alone saw revenues of 62.54 billion RMB, a 12.2% increase year-on-year, and a net profit of 3.04 billion RMB, up 13.1% year-on-year [1][2]. - The railway equipment business continues to grow significantly, with a revenue of 71.76 billion RMB for the first nine months of 2024, a year-on-year increase of 36.69%, primarily driven by increased sales of high-speed trains and passenger cars [3]. - The company has signed new contracts for advanced repairs of high-speed trains worth 28.46 billion RMB since December 2023, indicating a positive trend in maintenance services, which are expected to become a significant growth driver [4]. Revenue and Profitability - The gross margin for the first three quarters of 2024 was 21.21%, a slight decrease of 0.61 percentage points year-on-year, while the net margin improved by 0.6 percentage points to 6.21% [2]. - The company’s operating expenses showed good control, with sales and management expense ratios decreasing by 1.56 percentage points and 0.16 percentage points, respectively, while R&D expenses increased by 0.78 percentage points [2]. Order Book and Future Outlook - The company secured approximately 212.2 billion RMB in new orders in the first nine months of 2024, slightly up from 211.5 billion RMB in the same period last year, with international contracts accounting for about 34.2 billion RMB [3]. - The report anticipates that the demand for new high-speed trains and advanced repairs will continue to rise, benefiting the company as a leading player in the rail transit equipment sector [1][5]. Valuation - The target price for the company's A/H shares is set at 10.07 RMB and 7.69 HKD, respectively, based on a projected PE ratio of 19/13.3 for 2024, reflecting the company's strong market position and growth potential [5][7].

Investment Rating - The report maintains a "Buy" rating for China CRRC (601766.SH) [1] Core Views - The company's revenue from railway equipment has seen significant growth, with a year-on-year increase of 6.67% to CNY 152.58 billion in Q3 2024, and a net profit increase of 17.77% to CNY 7.25 billion [1] - The growth in revenue is driven by increased income from high-speed trains and passenger cars, with a notable 36.69% year-on-year increase in railway equipment revenue for the first three quarters of 2024 [1] - The report highlights a substantial increase in the bidding for major repairs of high-speed trains, indicating a robust outlook for maintenance services [1] - Railway investment is accelerating, with a 10.3% year-on-year increase in fixed asset investment in the first nine months of 2024, contributing to a recovery in demand for high-speed trains [1] - The introduction of policies encouraging the replacement of old diesel locomotives is expected to further boost the company's revenue from railway equipment [1] Summary by Sections Revenue and Profitability - In Q3 2024, the company achieved revenue of CNY 625.44 billion, a 12.22% increase year-on-year, and a net profit of CNY 30.44 billion, up 13.11% year-on-year [1] - The gross margin for Q3 2024 reached 20.93%, an improvement of 1.48 percentage points from Q2 2024 [1] Business Growth Drivers - The railway equipment business is benefiting from a surge in demand for high-speed train maintenance, with a significant increase in the number of major repair bids [1] - National railway fixed asset investment is projected to grow, with a 7.5% increase in 2023 and a 10.3% increase in the first nine months of 2024, indicating a positive trend for the company's new train sales [1] Future Projections - Revenue forecasts for 2024-2026 are CNY 258.8 billion, CNY 285.2 billion, and CNY 312.8 billion, respectively, with net profits projected at CNY 13.7 billion, CNY 15.4 billion, and CNY 16.7 billion [1] - The report estimates a price-to-earnings ratio of 18X for 2024, 16X for 2025, and 14X for 2026, supporting the "Buy" rating [1]