Group 1 - Goldman Sachs raised the target price for CRRC Corporation Limited (H-shares) from HKD 6.2 to HKD 6.8, maintaining a "Buy" rating; the target price for A-shares increased from CNY 5.7 to CNY 6.2, maintaining a "Neutral" rating [1] - For Times Electric (H-shares), the target price was raised from HKD 35.3 to HKD 37, maintaining a "Buy" rating; the target price for A-shares increased from CNY 48.7 to CNY 51, maintaining a "Neutral" rating [1] - Both CRRC and Times Electric's performance in the first half of the year met expectations, with a stable but differentiated pattern in railway and emerging businesses [1] Group 2 - The bidding volume for multiple units (MU) and locomotives reached 278 standard trains and 455 units, exceeding previous expectations of 230 standard trains and 400 units, providing substantial support for the group's annual profitability [1] - Earnings per share (EPS) forecasts for CRRC for 2025 to 2030 were raised by 8% to 12%; for Times Electric, EPS forecasts for 2026 to 2030 were increased by 4% to 7%, although the 2025 forecast was slightly lowered by 1% due to lower-than-expected profit margins [1]

智通财经APP获悉，高盛发布研报称，将中国中车H股(01766)目标价由6.2港元升至6.8港元，维持"买 入"评级;A股(601766.SH)目标价由5.7元升至6.2元人民币，维持"中性"评级。至于时代电气H股(03898)目 标价由35.3港元升至37港元，维持"买入"评级;A股(688187.SH)目标价由48.7元升至51元人民币，维 持"中性"评级。 该行称，中国中车及时代电气上半年业绩均大致符合指引，铁路与新兴业务呈现分化但稳定的格局。截 至当前，动车组(MU)及机车的招标量已达278标准列及455台，超越该行先前预期的230标准列及400 台，为集团的全年盈利提供实质支持。因此，该行将中国中车2025至30年每股盈利预期上调8至12%;同 时将时代电气2026至30年每股盈利预期上调4至7%，但2025年预测微降1%，因利润率低于预期。 ...

证券之星消息，8月27日轨交设备板块较上一交易日下跌2.51%，长青科技领跌。当日上证指数报收于 3800.35，下跌1.76%。深证成指报收于12295.07，下跌1.43%。轨交设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300960 | 通业科技 | 31.98 | 5.65% | 8.34万 | | 2.57亿 | | 605298 | 必得科技 | 27.68 | 4.81% | 9.41万 | | 2.60亿 | | 603111 | 康尼机电 | 7.34 | -0.81% | 49.33万 | | 3.68亿 | | 301016 | 雷尔伟 | 19.08 | -0.99% | 10.39万 | | 2.00亿 | | 603680 | 今创集团 | 13.39 | -1.69% | 7.51万 | | 1.03亿 | | 688009 | 中国通号 | 5.49 | -2.14% | 56.44万 | | 3.14亿 | | 68 ...

Core Viewpoint - China CNR Corporation's stock price has experienced fluctuations, with a recent decline of 2.05% and a year-to-date drop of 6.49%, despite a slight recovery in the past few trading days [1] Group 1: Stock Performance - As of August 27, the stock price was reported at 7.64 CNY per share, with a total market capitalization of 219.26 billion CNY [1] - The stock has seen a net outflow of 85.51 million CNY in principal funds, with significant selling pressure [1] - Year-to-date, the stock has decreased by 6.49%, but has increased by 3.66% over the last five trading days [1] Group 2: Financial Performance - For the first half of 2025, the company reported a revenue of 119.76 billion CNY, representing a year-on-year growth of 33.01% [2] - The net profit attributable to shareholders for the same period was 7.25 billion CNY, showing a significant increase of 72.48% year-on-year [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders was 513,200, a decrease of 1.20% from the previous period [3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 81.08 million shares [3] - The company has distributed a total of 60.44 billion CNY in dividends since its A-share listing, with 17.51 billion CNY distributed in the last three years [3]

2025 年 8 月 27 日 营收、净利润双双大幅增长，盈利能力持续提升 中国中车 2025H1 实现营业收入 1197.6 亿元，同比增长 33.0%（调整后）； 归母净利润 72.5 亿元，同比增长 72.5%（调整后）；归母扣非净利润 66.6 亿元， 同比增长 98.3%（调整后）；每股收益 0.25 元。毛利率为 21.8%，同比上升 0.4 个百分点（调整后）；净利率为 7.4%，同比上升 1.3 个百分点（调整后）。公 司每股分红 0.11 元，分红率约为 43.6%。 公司研究 客运需求回升，动车组业务驱动铁路装备业务增长 业绩大幅增长，动车组、机车大规模招标打开市场空间 ——中国中车（601766.SH、1766.HK）2025 年中报点评 要点 风险提示：行业政策变化风险、产品降价风险、新业务拓展不顺风险。 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 234,262 | 246,457 | 263,715 | 280 ...

Core Viewpoint - Goldman Sachs reports that the performance of China CRRC (601766) and Times Electric (03898) in the first half of the year is generally in line with guidance, showing a mixed but stable status in railway and emerging businesses [1] Group 1: Company Performance - Goldman Sachs raised the target price for CRRC's H-shares from HKD 6.2 to HKD 6.8 and for Times Electric's H-shares from HKD 35.3 to HKD 37, maintaining a "Buy" rating for both [1] - The Ministry of Railways has cumulatively tendered for 278 high-speed trains and 455 EMUs this year, exceeding Goldman Sachs' forecasts of 230 and 400 respectively, which is expected to provide solid support for the companies' annual profits [1] Group 2: Earnings Forecasts - The earnings per share (EPS) forecast for CRRC from this year to 2030 has been raised by 8% to 12% [1] - The EPS forecast for Times Electric from 2026 to 2030 has been increased by 4% to 7%, although the EPS forecast for this year has been reduced by 1% due to lower-than-expected profit margins [1]

报告指，国家铁路部今年累计招标高铁列车及动车分别达278组及455组，高于该行预测的230组及400 组，相信为公司全年盈利提供稳固支撑。该行上调对中车今年至2030年每股盈利预测8%至12%，以及 上调对时代电气2026年至2030年每股盈利预测4%至7%，但下调后者今年每股盈利预测1%，反映利润率 逊预期。 智通财经APP获悉，高盛发布研报称，中国中车(01766)及时代电气(03898)上半年业绩大致符合指引， 并展示好坏参半但稳定的铁路与新兴业务状况。该行上调中车H股目标价，由6.2港元升至6.8港元，另 上调时代电气H股目标价，由35.3港元升至37港元，并维持两者H股"买入"评级。 ...

Investment Rating - The report maintains a "Strong Buy" rating for China CNR Corporation (601766) [1] Core Views - The company reported a revenue of 119.76 billion, a year-on-year increase of 32.99%, and a net profit attributable to shareholders of 7.25 billion, a year-on-year increase of 72.48% for the first half of 2025 [1] - The second quarter revenue was 71.09 billion, a year-on-year increase of 22.85%, with a net profit of 4.19 billion, a year-on-year increase of 31.32% [1] - The report highlights rapid growth in railway equipment and emerging businesses, with significant increases in various segments [7] Financial Performance Summary - Total revenue for 2024A is projected at 246.46 billion, with a year-on-year growth rate of 5.2%. For 2025E, revenue is expected to reach 279.22 billion, reflecting a growth rate of 13.3% [3] - Net profit attributable to shareholders is forecasted to be 12.39 billion for 2024A, with a growth rate of 5.8%, and 14.14 billion for 2025E, with a growth rate of 14.2% [3] - The report indicates an increase in gross margin and net margin, with gross margin at 21.81% and net margin at 7.45% for the first half of 2025 [7] Business Segment Performance - Railway equipment business revenue reached 59.71 billion, a year-on-year increase of 42.21%, with specific increases in various types of trains [7] - Urban rail and infrastructure business generated 17.40 billion, a year-on-year increase of 6.27%, while new industry business revenue was 40.73 billion, a year-on-year increase of 35.59% [7] - The report notes a positive trend in railway passenger flow and fixed asset investment in railways, with a 6.7% increase in passenger volume and a 5.6% increase in fixed asset investment year-on-year [7] Investment Recommendations - Given the strong performance in the first half of 2025, the report raises the company's earnings expectations, projecting revenues of 279.22 billion, 313.78 billion, and 351.98 billion for 2025-2027, respectively [7] - The target price is adjusted to 10.60 yuan, based on a 20x PE ratio for 2026, maintaining the "Strong Buy" rating [7]

Group 1 - The core viewpoint of the report indicates that China CNR's revenue increased by nearly 33% year-on-year in the first half of the year, with net profit growing by 72.5% [1] - The railway equipment business experienced significant growth, and the introduction of new high-speed trains and advanced repairs is expected to support the steady growth of the rail transit equipment industry [1] - As a leading player in the rail transit equipment sector, China CNR is anticipated to benefit from the ongoing positive trends in the industry [1] Group 2 - The forecast for China CNR's high-speed train revenue has been revised upward, with earnings per share projections for 2025 to 2027 adjusted from 0.47, 0.51, and 0.54 to 0.51, 0.53, and 0.57 respectively [1] - The target price for China CNR has been raised from 6.44 HKD to 7.42 HKD, while maintaining a "buy" rating [1]

Core Viewpoint - China CRRC Corporation Limited (601766.SH, 01766.HK) reported significant growth in its half-year performance for 2025, with revenue reaching 119.76 billion yuan, a year-on-year increase of 32.99%, and net profit attributable to shareholders of 7.25 billion yuan, up 72.48% [1][3]. Group 1: Financial Performance - In the first half of 2025, China CRRC achieved a revenue of 119.76 billion yuan, marking a 32.99% increase year-on-year [3]. - The net profit attributable to shareholders was 7.25 billion yuan, reflecting a 72.48% growth compared to the previous year [1][3]. - The company's net profit excluding non-recurring items reached 6.66 billion yuan, showing a remarkable increase of 98.25% [3]. Group 2: Orders and R&D Investment - China CRRC signed new orders totaling approximately 146 billion yuan in the first half of 2025, with overseas orders accounting for about 30.9 billion yuan [2][4]. - The company invested 6.78 billion yuan in R&D during the same period, which is a 16.99% increase year-on-year [2][4]. - A total of 1,630 new patent applications were filed, including 1,216 invention patents and 37 overseas patents [2][4]. Group 3: Business Segments - The railway equipment business generated 59.71 billion yuan in revenue, up 42.21%, making it the largest revenue contributor at 49.86% of total revenue [6]. - The new industries segment reported revenue of 40.73 billion yuan, a 35.59% increase, representing 34.01% of total revenue [6]. - The urban rail and infrastructure business achieved revenue of 17.40 billion yuan, growing by 6.27%, while the modern services segment saw revenue of 1.92 billion yuan, up 16.39% [7]. Group 4: Market Position and Growth Strategy - China CRRC maintains its position as a leading global supplier of rail transit equipment, with its sales scale consistently ranking first worldwide [5]. - The company is focusing on optimizing its layout and structural adjustments to enhance its competitive edge in the market [3]. - New emerging industries, including wind power equipment and new materials, are becoming significant growth drivers for the company [6][7].