Investment Rating - The report maintains a "Strong Buy" rating for China CNR Corporation (601766) [2][8] Core Views - The company achieved revenue of 246.46 billion yuan in 2024, a year-on-year increase of 5.21%, and a net profit attributable to shareholders of 12.39 billion yuan, up 5.77% year-on-year [2][4] - The rapid growth in the high-speed train business is a significant driver for the company's performance, with a notable increase in sales volume and contracts signed for maintenance services [2][8] Financial Performance Summary - **2024 Financial Results**: - Total revenue: 246,457 million yuan, up 5.21% year-on-year - Net profit attributable to shareholders: 12,388 million yuan, up 5.77% year-on-year - Non-recurring net profit: 10,143 million yuan, up 11.38% year-on-year - Q4 revenue: 93,874 million yuan, up 2.90% year-on-year; Q4 net profit: 5,143 million yuan, down 7.51% year-on-year [2][4] - **Future Financial Projections**: - Expected revenue for 2025: 258,996 million yuan; 2026: 274,339 million yuan; 2027: 291,829 million yuan - Expected net profit for 2025: 13,408 million yuan; 2026: 14,422 million yuan; 2027: 15,357 million yuan - Corresponding EPS for 2025: 0.47 yuan; 2026: 0.50 yuan; 2027: 0.54 yuan [4][9] Business Segment Performance - **Railway Equipment**: - Revenue in 2024: 1,104.61 billion yuan, up 12.51% year-on-year - High-speed train revenue: 624.32 billion yuan, up 49.26% year-on-year [2][8] - **Urban Rail and Infrastructure**: - Revenue in 2024: 454.40 billion yuan, down 9.72% year-on-year, primarily due to reduced urban rail project income [2][8] - **New Industries**: - Revenue in 2024: 863.75 billion yuan, up 7.13% year-on-year, driven by increased clean energy equipment sales [2][8] Market Outlook - The report highlights a positive outlook for the company, driven by increasing passenger traffic, maintenance cycles, and equipment upgrades, indicating a new growth cycle for China CNR Corporation [2][8]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][7][12] Core Views - The report highlights that the railway equipment market remains robust, with the leading company in urban rail equipment poised for growth [2][7] - The company achieved a revenue of 246.46 billion yuan in 2024, representing a year-on-year increase of 5.21%, and a net profit of 12.39 billion yuan, up 5.77% year-on-year [7][8] - The company signed new orders worth approximately 322.2 billion yuan in 2024, with an international business component of about 47.2 billion yuan [7][8] Financial Data and Forecast - Revenue projections for the company are as follows: - 2023: 234.26 billion yuan - 2024: 246.46 billion yuan - 2025E: 269.51 billion yuan - 2026E: 288.82 billion yuan - 2027E: 303.33 billion yuan - Year-on-year growth rates for revenue are projected at 5.1% for 2023, 5.2% for 2024, 9.4% for 2025, 7.2% for 2026, and 5.0% for 2027 [6][8] - Net profit forecasts are: - 2023: 11.71 billion yuan - 2024: 12.39 billion yuan - 2025E: 13.46 billion yuan - 2026E: 14.65 billion yuan - 2027E: 15.70 billion yuan - Year-on-year growth rates for net profit are projected at 0.5% for 2023, 5.8% for 2024, 8.6% for 2025, 8.8% for 2026, and 7.2% for 2027 [6][8] Business Structure and Performance - The company's core business segments and their performance in 2024 are as follows: - Railway: Revenue of 110.46 billion yuan, up 12.50% year-on-year, with a gross margin of 24.72% [7][8] - Urban Rail: Revenue of 45.44 billion yuan, down 9.72% year-on-year, with a gross margin of 19.95% [7][8] - New Industries: Revenue of 86.38 billion yuan, up 7.13% year-on-year, with a gross margin of 17.52% [7][8] - Modern Services: Revenue of 4.18 billion yuan, down 18.22% year-on-year, with a gross margin of 28.42% [7][8] Profitability and Cash Flow - The company's gross margin for 2024 is 21.38%, with a net profit margin of 6.36% [7][8] - The operating cash flow for 2024 is reported at 27.13 billion yuan, reflecting an increase of 84.27% year-on-year [7][8] Valuation and Market Position - The report estimates a reasonable market value range for the company between 215.3 billion yuan and 255.7 billion yuan, with a target price of 7.50 to 8.91 yuan per share based on a projected EPS of 0.47 yuan for 2025 [12][8] - The company is positioned as a leading manufacturer of urban rail equipment and is expected to benefit from growth in the wind power and other emerging industries [12][8]

致：香港交易及結算所有限公司 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: 2025年3月31日 狀態: 新提交 公司名稱: 中國中車股份有限公司 呈交日期: 2025年4月1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 (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 ...

Investment Rating - The report maintains a "Buy" rating for China CRRC Corporation Limited (601766.SH) [9][12]. Core Views - The railway equipment sector is experiencing an upward trend, with revenue from high-speed trains and railway maintenance services increasing. The new strategic industries are expanding rapidly. Looking ahead to 2025, the first tender for high-speed train major repairs has been launched, indicating continued growth in the high-speed train business and potential improvements in locomotive operations, alongside the development of new strategic industries, suggesting stable operational growth for the company [2][12]. Financial Performance - In 2024, the company achieved revenue of 246.46 billion yuan, a year-on-year increase of 5.21%, and a net profit attributable to shareholders of 12.39 billion yuan, up 5.77% year-on-year. In Q4 2024, revenue reached 93.87 billion yuan, a year-on-year increase of 2.9% and a quarter-on-quarter increase of 50.09%. The net profit for Q4 was 5.14 billion yuan, down 7.51% year-on-year but up 68.93% quarter-on-quarter [6][12]. Business Segment Analysis - The railway equipment business generated revenue of 110.46 billion yuan in 2024, a year-on-year increase of 12.50%, primarily driven by a nearly 50% increase in high-speed train revenue, which amounted to 62.43 billion yuan. The gross margin for this segment was 24.72%, up 1.00 percentage point year-on-year. The urban rail and infrastructure segment saw revenue decline by 9.72% to 45.44 billion yuan, while the new strategic industries generated 86.38 billion yuan, up 7.13% year-on-year, mainly due to increased revenue from clean energy equipment [12][12]. Market and Order Status - The domestic market revenue for 2024 was 218.12 billion yuan, a year-on-year increase of 5.61%, accounting for 88.5% of total revenue. The company secured new orders worth 322.2 billion yuan in 2024, an increase of 8% year-on-year, with overseas orders amounting to 47.2 billion yuan. As of the end of 2024, the company had a backlog of orders totaling 318.1 billion yuan, up 18% year-on-year, indicating a historically high order level and expected stable growth in operations for 2025 [12][12]. Research and Development - The company maintained high R&D investment, totaling 16.69 billion yuan in 2024, which accounted for 6.77% of revenue. This commitment to R&D is expected to support the company's growth and innovation in the railway equipment and new strategic industries [12][12].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 246.46 billion yuan for 2024, a year-on-year increase of 5.21%, and a net profit attributable to shareholders of 12.39 billion yuan, up 5.77% year-on-year, slightly below market expectations [5][8] - The railway equipment segment showed robust growth, with total revenue of 110.46 billion yuan, a year-on-year increase of 12.50%, driven by a significant 49.26% increase in the high-speed train segment [8] - The company has a strong order backlog, with new orders signed in 2024 amounting to approximately 322.2 billion yuan, a 7.90% increase year-on-year, and an ending backlog of about 318.1 billion yuan, up 17.68% year-on-year [8] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 234.26 billion yuan in 2023 to 283.67 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 6.3% [7][10] - Net profit attributable to shareholders is expected to increase from 11.71 billion yuan in 2023 to 15.25 billion yuan in 2027, reflecting a CAGR of about 7.9% [7][10] - The company’s gross margin improved to 21.38% in 2024, an increase of 0.84 percentage points year-on-year, while the net margin rose to 6.36%, up 0.14 percentage points year-on-year [8] Segment Performance - Revenue from the railway equipment maintenance segment reached 41.78 billion yuan, a year-on-year increase of 25.21%, accounting for 37.83% of total railway equipment revenue [8] - Domestic market revenue was 218.12 billion yuan, a year-on-year increase of 5.61%, while international revenue was 28.34 billion yuan, a year-on-year increase of 2.18% [8] Market Outlook - The report expresses confidence in the demand for railway equipment in 2025, supported by a 5.1% year-on-year increase in fixed asset investment in railways during the first two months of 2025 [8] - The company is expected to continue benefiting from its strong market position and the overall growth in the railway sector [8]

Investment Rating - The report maintains a "Buy" rating for China CRRC (601766) with a target price of 8.46 CNY over the next six months, compared to the current price of 7.06 CNY [1][12]. Core Insights - The company reported a revenue of 246.46 billion CNY for 2024, representing a year-on-year growth of 5.2%. The net profit attributable to the parent company was 12.39 billion CNY, up 5.8% year-on-year. The significant growth in the high-speed train business, with a revenue increase of 49.3%, was a key driver of this performance [7][12]. - The railway equipment segment led the growth, achieving a revenue of 110.46 billion CNY, a 12.5% increase year-on-year, with an improved gross margin of 24.7% [7][12]. - The company is expected to benefit from the replacement policy for equipment and the increased volume of high-speed train maintenance, which is projected to drive stable growth in performance [7][12]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 2464.57 billion CNY, with a net profit of 123.88 billion CNY. The fourth quarter saw a revenue of 938.7 billion CNY, a 2.9% increase year-on-year, but a net profit decline of 7.5% [2][7]. - The gross margin for 2024 was 21.4%, an increase of 0.8 percentage points year-on-year, while the net margin was 6.4%, up 0.1 percentage points [7][12]. Revenue Projections - Revenue is projected to grow to 2668.35 billion CNY in 2025, 2845.91 billion CNY in 2026, and 2976.35 billion CNY in 2027, with respective growth rates of 8.27%, 6.65%, and 4.58% [2][8]. - The net profit attributable to the parent company is expected to reach 136.04 billion CNY in 2025, 146.20 billion CNY in 2026, and 156.60 billion CNY in 2027, with a compound annual growth rate of 8% [2][12]. Business Segments - The railway equipment segment is expected to see a revenue increase of 15%, 10%, and 5% from 2025 to 2027, driven by stable bidding for vehicles and maintenance services [8][12]. - The urban rail segment is projected to experience a slight decline in revenue growth, while the new industries segment is expected to grow at a rate of 5% annually [8][12]. Valuation - The report suggests a price-to-earnings (PE) ratio of 18 for 2025, indicating a target price of 8.46 CNY, reflecting the company's leading position in the rail transportation sector [12][12].

Investment Rating - The report maintains a "Buy" rating for China CNR Corporation (601766) with a target price of 8.46 CNY over the next six months, compared to the current price of 7.06 CNY [1][12]. Core Insights - The company reported a revenue of 246.46 billion CNY for 2024, representing a year-on-year growth of 5.2%. The net profit attributable to the parent company was 12.39 billion CNY, up 5.8% year-on-year. The significant growth in the high-speed train business, with a revenue increase of 49.3%, was a key driver of this performance [7][12]. - The railway equipment segment led the growth, achieving a revenue of 110.46 billion CNY, a 12.5% increase year-on-year, with an improved gross margin of 24.7% [7][12]. - The company is expected to benefit from the replacement policy for equipment and the increased volume of high-speed train maintenance, which is projected to drive stable growth in performance [7][12]. Financial Performance Summary - **Revenue Forecast**: The company anticipates revenues of 266.83 billion CNY in 2025, 284.59 billion CNY in 2026, and 297.63 billion CNY in 2027, with growth rates of 8.27%, 6.65%, and 4.58% respectively [2][8]. - **Net Profit Forecast**: Expected net profits for 2025, 2026, and 2027 are 13.60 billion CNY, 14.62 billion CNY, and 15.66 billion CNY, with compound annual growth of 8% [2][12]. - **Earnings Per Share (EPS)**: Projected EPS for the next three years is 0.47 CNY in 2025, 0.51 CNY in 2026, and 0.55 CNY in 2027 [2][12]. - **Valuation Metrics**: The price-to-earnings (PE) ratio is expected to decrease from 15 in 2025 to 13 in 2027, indicating a favorable valuation trend [2][12]. Business Segment Analysis - **Railway Equipment**: This segment is projected to grow at rates of 15%, 10%, and 5% from 2025 to 2027, with a gross margin improvement expected due to the higher proportion of high-speed train maintenance [8][12]. - **Urban Rail and Infrastructure**: Expected to see slight declines in revenue growth, with projections of -1.0% in 2025, 0.3% in 2026, and 1.4% in 2027 [9][12]. - **New Industries**: This segment is anticipated to grow at a steady rate of 5% annually from 2025 to 2027, benefiting from the company's technological advantages [9][12].

| 证券代码：601766（A | 股） | 股票简称：中国中车（A | 股） | 编号：临 | 2025-019 | | --- | --- | --- | --- | --- | --- | | 证券代码： 1766（H | 股） | 股票简称：中国中车（H | 股） | | | 中国中车股份有限公司 2025 年度日常关联交易及金融服务关联交易预计公告 本公司董事会及全体董事保证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、完整性承担法律责任。 重要内容提示： 本次关联交易对公司的影响：本次关联交易不存在损害公司及中小股东 利益的情形，对公司本期以及未来财务状况、经营成果没有不利影响，不会对关 联人形成较大的依赖。 一、关联交易基本情况 （一）关联交易概述 为了规范中国中车股份有限公司（以下简称"公司"）及/或其下属企业与中 国中车集团有限公司（以下简称"中车集团"）及/或其下属企业（不含公司及其 下属企业，下同）之间的关联交易往来，公司已与中车集团签署产品和服务互供 框架协议、固定资产及房屋租赁框架协议。为便于中车财务有限公司（以下简称 "财务公司"）为中车集团提供 ...

Investment Rating - The report maintains an "Overweight" rating for the company in both A-shares and H-shares [5][6]. Core Insights - The company achieved a revenue of CNY 246.46 billion in 2024, representing a year-on-year growth of 5.2%, and a net profit of CNY 12.39 billion, up 5.8% year-on-year [1]. - The company’s non-recurring net profit grew by 11.4% year-on-year, reaching CNY 10.14 billion, with an earnings per share (EPS) of CNY 0.43 [1]. - The gross margin for 2024 was 21.4%, a decrease of 0.89 percentage points year-on-year, while the net margin increased by 0.14 percentage points to 6.4% [1]. Revenue and Profitability - The railway equipment business generated revenue of CNY 110.46 billion, a 12.5% increase year-on-year, driven by a 49.3% increase in revenue from high-speed trains [2]. - The company’s new industry business revenue rose by 7.1% to CNY 86.38 billion, primarily due to increased income from clean energy equipment [2]. - The company signed new contracts worth CNY 322.2 billion in 2024, marking a 7.9% increase year-on-year [3]. Market Opportunities - The company is expected to benefit from the demand for equipment upgrades and maintenance of high-speed trains, with a significant increase in contracts for advanced maintenance services, which grew by 217.6% to CNY 45.36 billion [4]. - The government’s push for the replacement of old diesel locomotives is anticipated to create substantial opportunities for the company’s locomotive business [4]. Financial Forecasts - The report projects a slight decrease in profit margin expectations, with net profit forecasts for 2025 and 2026 adjusted down by 9.6% and 9.9% to CNY 13.57 billion and CNY 14.74 billion, respectively [5]. - The estimated EPS for 2025, 2026, and 2027 are CNY 0.47, CNY 0.51, and CNY 0.55, respectively [5]. Valuation Metrics - The company’s projected P/E ratios for A-shares are 18, 17, 15, 14, and 13 for the years 2023 to 2027 [5]. - The projected dividend per share is expected to increase from CNY 0.20 in 2023 to CNY 0.27 by 2027, reflecting a growing dividend yield [13].

Core Viewpoint - China CNR Corporation Limited (601766) reported a decline in stock price and mixed capital flow on March 28, 2025, with a focus on its financial performance and shareholder changes [1][4][5]. Trading Information Summary - As of March 28, 2025, the stock closed at 7.3 yuan, down 1.08%, with a turnover rate of 0.24%, trading volume of 575,800 shares, and a total transaction value of 422 million yuan [1]. - The main capital flow showed a net outflow of 16.83 million yuan from institutional investors, while retail investors had a net inflow of 12.92 million yuan [1]. Shareholder Changes - As of February 28, 2025, the number of shareholders increased to 517,400, up by 4,637, representing a growth of 0.9%. The average shareholding per account decreased from 47,400 shares to 47,000 shares, with an average market value of 351,700 yuan [2]. Financial Performance Highlights - In the 2024 annual report, the company achieved a total revenue of 246.46 billion yuan, a year-on-year increase of 5.21%. The net profit attributable to shareholders was 12.39 billion yuan, up 5.77%, and the net profit excluding non-recurring items was 10.14 billion yuan, increasing by 11.38% [3][4]. - For Q4 2024, the company reported a single-quarter revenue of 93.87 billion yuan, a 2.9% increase year-on-year, but a decline in net profit by 7.51% to 5.14 billion yuan [3]. Company Announcements Summary - The company plans to distribute a cash dividend of 2.1 yuan per 10 shares, totaling 6.027 billion yuan, based on the total share capital as of December 31, 2024 [4][5]. - The cash dividend represents 48.65% of the net profit attributable to shareholders for 2024 [6]. - The board of directors approved the profit distribution plan, which is subject to shareholder meeting approval [7][8].