Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - The machinery industry is experiencing a recovery in demand, particularly in the engineering machinery sector, with significant growth in excavator sales and a positive outlook for infrastructure investment [12]. - The humanoid robot sector is poised for breakthroughs in 2025, with expected mass production driving data collection and training improvements [5]. - The agricultural machinery market shows a significant increase in the market sentiment index, indicating strong demand growth [8][9]. - The report highlights the importance of domestic and international market dynamics, including the impact of U.S. inflation trends on machinery exports [10]. Summary by Sections Humanoid Robots - The humanoid robot company, Guanggu Dongzhi, is set to officially launch its products in May 2025, with plans to produce 300 units this year and a future target of 1,000 units annually [3]. - TARS, a startup in embodied intelligence, completed a $120 million financing round, marking the largest angel round in China's embodied intelligence sector [4]. - The report emphasizes the potential for mass production of humanoid robots to address data scarcity issues and enhance practical applications [5]. Machine Tools & Cutters - Japan's machine tool orders in February 2025 reached 118.215 billion yen, showing a year-on-year increase of 3.5% [6]. - China's metal cutting machine tool production in January-February 2025 was 103,000 units, up 14.4% year-on-year [6]. - The report suggests focusing on companies in the machine tool sector that are likely to benefit from improved economic conditions and government policies [7]. Agricultural Machinery - The agricultural machinery market sentiment index rose to 59.1% in February 2025, reflecting a 17.6 percentage point increase from the previous month [8]. - The report notes a significant increase in tractor exports, with a 19.7% rise in quantity and a 38.6% increase in export value compared to the previous year [9]. Engineering Machinery - Excavator sales in February 2025 reached 19,270 units, a year-on-year increase of 52.8%, with domestic sales up 99.4% [12]. - The report anticipates a recovery in demand for engineering machinery as infrastructure projects ramp up [12]. Mining Machinery Exports - China's mining machinery exports in February 2025 amounted to $430 million, a year-on-year increase of 13.5% [10]. - The report highlights the growth in China's overseas investments in mining, driven by high copper prices and increased capital expenditures [10]. Semiconductor Equipment - The report discusses the urgent need for domestic production of photolithography machines due to U.S. export controls on semiconductor equipment [14]. - The semiconductor equipment sector is expected to see significant revenue growth, with a projected 29% increase in total revenue for A-share semiconductor equipment companies in 2024 [14]. New Energy Equipment - A new 1GW photovoltaic project in Xinjiang has commenced, with an investment of approximately 3 billion yuan [15]. - The report notes advancements in solar cell technology, with a new record for conversion efficiency achieved by a Chinese company [16]. Low-altitude Economy and EVTOL - The report highlights the development of low-altitude logistics and tourism projects in major Chinese cities, marking a significant step in the low-altitude economy [17]. - The issuance of operation certificates for passenger-carrying drones indicates a new milestone in urban air mobility [17].

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].

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。 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） 海外監管公告 此海外監管公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條發出。 茲載列中國中車股份有限公司（「本公司」）在上海證券交易所網站刊登的《中國中車股 份有限公司2025年度日常關聯交易及金融服務關聯交易預計公告》，僅供參閱。 承董事會命 中國中車股份有限公司 董事長 孫永才 中國•北京 2025年3月31日 於本公告日期，本公司的執行董事為孫永才先生及王銨先生；獨立非執行董事為史 堅忠先生、翁亦然先生及魏明德先生；職工董事為易冉女士。 | 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： ...

| 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 ...

沪指3月31日下跌0.46%，申万所属行业中，今日上涨的有4个，涨幅居前的行业为通信、家用电器，涨 幅分别为0.58%、0.37%。跌幅居前的行业为电力设备、国防军工，跌幅分别为1.94%、1.81%。机械设 备行业今日下跌1.31%。 资金面上看，两市主力资金全天净流出404.09亿元，今日有5个行业主力资金净流入，公用事业行业主 力资金净流入规模居首，该行业今日上涨0.15%，全天净流入资金3.11亿元，其次是钢铁行业，日跌幅 为1.45%，净流入资金为2.83亿元。 主力资金净流出的行业有26个，电力设备行业主力资金净流出规模居首，全天净流出资金58.32亿元， 其次是机械设备行业，净流出资金为53.11亿元，净流出资金较多的还有电子、非银金融、计算机等行 业。 机械设备行业今日下跌1.31%，全天主力资金净流出53.11亿元，该行业所属的个股共528只，今日上涨 的有138只，涨停的有3只；下跌的有388只，跌停的有12只。以资金流向数据进行统计，该行业资金净 流入的个股有149只，其中，净流入资金超3000万元的有9只，净流入资金居首的是兰石重装，今日净流 入资金2.55亿元，紧随其后的是郑煤机、C ...

Group 1 - The Shanghai Composite Index decreased by 0.46%, while the China Urban Transportation Index reported at 2438.85 points [1] - The China Urban Transportation Index fell by 0.77% over the past month, increased by 0.73% over the past three months, and has risen by 2.61% year-to-date [1] - The index series reflects the performance of listed companies influenced by changes in economic and consumption structures, focusing on themes such as intensive, intelligent, and green low-carbon development [1] Group 2 - The top ten holdings of the China Urban Transportation Index include BYD (12.66%), Huichuan Technology (5.39%), Hikvision (4.18%), ZTE Corporation (4.08%), and others [1] - The market share of the index holdings is 61.38% from Shenzhen Stock Exchange and 38.62% from Shanghai Stock Exchange [1] - The industry composition of the index holdings shows that industrials account for 39.97%, consumer discretionary for 28.22%, information technology for 16.66%, and communication services for 8.55% [2] Group 3 - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [2]

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].