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].

Core Insights - 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 attributable to shareholders of 12.39 billion yuan, up 5.77% year-on-year [1] - The growth in revenue is primarily driven by the recovery of fixed asset investment in railways, with significant increases in new train procurement and major repairs [1][3] Financial Performance - The company's gross profit margin for 2024 was 21.38%, a decrease of 0.89 percentage points year-on-year, while the net profit margin improved slightly to 6.36%, an increase of 0.14 percentage points year-on-year [2] - In Q4 2024, the company reported a revenue of 93.87 billion yuan, a year-on-year increase of 2.90%, but a decline in net profit attributable to shareholders by 7.51% to 5.14 billion yuan [1][2] Business Segments - The railway equipment segment generated revenue of 110.46 billion yuan, up 12.50% year-on-year, while the urban rail segment saw a decline of 9.72% to 45.44 billion yuan [1] - The new industries segment achieved revenue of 86.38 billion yuan, an increase of 7.13%, while the modern services segment experienced a significant decline of 18.22% to 4.18 billion yuan [1] Cash Flow and Liabilities - As of the end of 2024, the company's contract liabilities increased by 21.60% to 28.18 billion yuan, and inventory rose by 18.10% to 78.95 billion yuan, indicating a strong order backlog [3] - The net cash flow from operating activities for 2024 was 27.13 billion yuan, a substantial increase of 84.27% year-on-year [3] Market Outlook - The company has adjusted its net profit forecasts for 2025-2026 to 13.81 billion yuan and 14.88 billion yuan, respectively, while projecting a net profit of 16.03 billion yuan for 2027 [4] - The current stock price corresponds to dynamic PE ratios of 15, 14, and 13 times for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue of 246.46 billion yuan in 2024, representing a year-on-year growth of 5.21%, and a net profit attributable to shareholders of 12.39 billion yuan, reflecting a year-on-year increase of 5.77% [2] - The railway equipment business is experiencing significant growth due to the recovery of railway fixed asset investment and increased bidding for new train sets and maintenance [5] - The company's gross profit margin is slightly declining, while the net profit margin is showing a slight improvement, indicating effective cost control [3] Revenue and Profit Forecast - Total revenue and net profit forecasts for the company from 2023 to 2027 are as follows: - 2023A: Revenue 234.26 billion yuan, Net Profit 11.71 billion yuan - 2024A: Revenue 246.46 billion yuan, Net Profit 12.39 billion yuan - 2025E: Revenue 273.16 billion yuan, Net Profit 13.81 billion yuan - 2026E: Revenue 293.68 billion yuan, Net Profit 14.88 billion yuan - 2027E: Revenue 313.94 billion yuan, Net Profit 16.03 billion yuan [1][2] Business Segment Performance - The railway equipment business generated revenue of 110.46 billion yuan in 2024, up 12.50% year-on-year, while the urban rail business saw a revenue decline of 9.72% to 45.44 billion yuan [2] - New industries contributed 86.38 billion yuan in revenue, growing by 7.13%, and modern services generated 4.18 billion yuan, down 18.22% [2] Cash Flow and Financial Health - The company reported a net cash flow from operating activities of 27.13 billion yuan in 2024, an increase of 84.27% year-on-year, indicating strong operational cash flow [4] - Contract liabilities and inventory have increased, with contract liabilities reaching 28.18 billion yuan, up 21.60% year-on-year, and inventory at 78.95 billion yuan, up 18.10% year-on-year [4] Market Conditions and Future Outlook - The recovery of railway fixed asset investment in China is expected to continue, with a completion amount of 850.6 billion yuan in 2024, representing an increase of 11.26% year-on-year [5] - The company is adjusting its profit forecasts for 2025 and 2026 due to slower policy implementation for the replacement of old diesel locomotives, with net profit estimates revised to 13.81 billion yuan and 14.88 billion yuan respectively [5]

Investment Rating - The report maintains a "Buy" rating for the company, projecting revenue growth and profit increases over the next few years [4]. Core Insights - The company reported a revenue of 246.46 billion yuan for the year 2024, marking a year-on-year growth of 5.21%, and a net profit attributable to shareholders of 12.39 billion yuan, up 5.77% year-on-year [1]. - The railway equipment business is expected to benefit from increased demand, with a projected revenue of 110.46 billion yuan in 2024, reflecting a 12.50% increase, particularly driven by a 49.3% growth in the high-speed train segment [2]. - The company anticipates continued growth in maintenance and repair services for high-speed trains, with a revenue increase of 25.2% in 2024, and a rising share of maintenance revenue from 34.0% in 2023 to 37.8% in 2024 [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 93.87 billion yuan, a 2.9% increase year-on-year, but the net profit decreased by 7.51% to 5.14 billion yuan [1]. - The projected revenues for 2025 to 2027 are 266.71 billion yuan, 287.11 billion yuan, and 308.36 billion yuan respectively, with net profits expected to be 13.48 billion yuan, 14.67 billion yuan, and 15.94 billion yuan [4][6]. Market Outlook - The National Railway Group has set ambitious targets for 2025, including a passenger volume of 4.28 billion, a 4.9% increase, and infrastructure investments of 590 billion yuan, which are expected to drive demand for railway equipment [2]. - The company is well-positioned to capitalize on the policy encouraging the replacement of old diesel locomotives, which is expected to enhance revenue from railway equipment [3]. Valuation Metrics - The projected price-to-earnings (P/E) ratios for the company are 16X for 2025, 14X for 2026, and 13X for 2027, indicating a favorable valuation trend [4].

Core Insights - China CRRC Corporation Limited reported a revenue of 246.46 billion yuan for 2024, marking a year-on-year growth of 5.21% [1] - The net profit attributable to shareholders reached 12.39 billion yuan, with a year-on-year increase of 5.77%, while the net profit after deducting non-recurring items was 10.14 billion yuan, up 11.38% [1] Group 1: Business Performance - The company achieved record high operating performance, with its rail transit equipment business maintaining the top position globally [2] - Revenue from the railway equipment business increased by 12.5% year-on-year, primarily driven by growth in the high-speed train segment [2] - The company plans to distribute a cash dividend of 2.1 yuan per 10 shares, totaling 6.03 billion yuan [2] Group 2: Market Strategy - In 2024, the company secured new orders worth 322.2 billion yuan, including 47.2 billion yuan from overseas [3] - The company is focusing on expanding its market presence in rail equipment, urban rail, and new industries, while also enhancing its international business model [3][4] Group 3: Innovation and Development - The company invested approximately 16.69 billion yuan in R&D, accounting for 6.77% of its revenue [5] - Key technological breakthroughs were achieved, including the launch of the Fuxing high-speed train and the world's largest floating offshore wind turbine [5] - Looking ahead to 2025, the company aims to emphasize value creation, innovation leadership, and reform empowerment to meet its "14th Five-Year Plan" goals [5]

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2024年度「提質增效重回報」行動方案評估報告》，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28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。 中国中车股份有限公司 2024 年度"提质增效重回报"行动方案 评估报告 中国中车加速构建轨道交通装备业务和清洁能源装备业务 的"双赛道双集群"产业格局，业务市场齐抓共促，经营品质再 攀新高，质量效率显著提高。202 ...

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 份有限公司審計與風險管理委員會對2024年度會計師事務所履行監督職責情況的報 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28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。 中国中车股份有限公司审计与风险管理委员会 对 2024 年度会计师事务所履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司治理准则》《国有企业、上市公司选 ...

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2024年度會計師事務所履職情況評估報告》，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28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。 中国中车股份有限公司 2024 年度会计师事务所履职情况评估报告 根据财政部、国务院国资委、中国证监会联合发布的《国有 企业、上市公司选聘会计师事务所管理办法》等相关要求，中国 中车股份有限公司（以下简称"公司"）对毕马威 ...

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2024年度審計報告》，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28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。 中国中车股份有限公司 自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度财务报表 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 报告编码:京2584 ...

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） 您可使用手机"扫一扫"或进入"比码用于证明该审计报告是否由具有效业许可的会计师事务所出身 的 监管平台(http://acc. t and the subject of 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 份有限公司內部控制審計報告》，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28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。 中国中车股份有限公司 内部控制审计报告 И֢И૱ਁѡ߄ஒҸ՛ҶѽਁБ the ...