Group 1 - China CRRC and CITIC Bank signed a strategic cooperation agreement on November 6 [1] - The agreement aims to enhance collaboration in financial business model innovation, specialized industrial chain finance, financial technology, and financial digital transformation [1] - The partnership seeks to achieve new breakthroughs in the field of industry-finance cooperation [1]

Investment Rating - The report maintains a "Buy" rating for China CRRC (601766.SH) [1] Core Views - The demand for railway equipment is continuously recovering, with the recent tender for high-speed trains exceeding expectations. The tender includes 80 sets of CRRC's Fuxing smart trains, indicating a significant scale of bidding [1][2] - The growth in railway investment is accelerating, with a year-on-year increase of 7.5% in 2023 and 10.3% in the first nine months of 2024. Additionally, passenger volume has increased by 13.8% during the same period, supporting the long-term growth of CRRC's train revenue [2] - The maintenance business for high-speed trains is expected to see substantial growth, with a significant increase in tenders for the fifth-level maintenance of trains, indicating a peak period for maintenance services [3] Summary by Sections Company Overview - The report projects revenues for 2024, 2025, and 2026 to be RMB 258.8 billion, RMB 285.2 billion, and RMB 312.8 billion respectively, with net profits of RMB 13.7 billion, RMB 15.4 billion, and RMB 16.7 billion, corresponding to P/E ratios of 18X, 16X, and 15X [4][7] Business Analysis - The tender for high-speed trains and the increase in railway investment are expected to drive long-term revenue growth for CRRC's train segment. The total tendered amount for high-speed trains has reached 245 sets, significantly higher than the 164 sets tendered in 2023 [2] - The maintenance business is also projected to grow, with tenders for fifth-level maintenance increasing from 108 sets in 2023 to 509 sets in 2024 [3] - The introduction of policies encouraging the replacement of old diesel locomotives is expected to further enhance revenue from railway equipment, with CRRC launching new energy locomotives to meet market needs [3] Financial Projections - The report outlines a steady growth trajectory for CRRC, with expected revenue growth rates of 10.49% in 2024, 10.18% in 2025, and 9.69% in 2026. Net profit growth rates are projected at 17.08%, 12.12%, and 8.88% for the same years [7][4]

Investment Rating - The investment rating for the company is "Add" [2][3] Core Views - The company's Q3 2024 report met expectations, with profit growth outpacing revenue growth. For the first three quarters of 2024, the company achieved 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% year-on-year [2][3] - The railway equipment business significantly contributed to revenue growth, with a 36.69% year-on-year increase in revenue from this segment [2][3] - The company is expected to maintain a positive outlook in the rail transit industry due to strong passenger demand and potential procurement of new trains by the national railway group [2][3] Summary by Sections Company Overview - Total shares: 286.99 million, circulating shares: 243.28 million - Total market value: 242.8 billion yuan, circulating market value: 205.8 billion yuan - 52-week high/low price: 8.60/5.05 yuan - Debt-to-asset ratio: 58.3% - Price-to-earnings ratio: 20.63 - Largest shareholder: China CNR Corporation Limited [1] Financial Performance - For Q3 2024, revenue was 62.54 billion yuan, a year-on-year increase of 12.22%, and net profit was 3.04 billion yuan, up 13.11% year-on-year [2][3] - The railway equipment segment saw a revenue increase of over 80% for both EMUs and passenger cars in the first three quarters [2][3] - The company maintained good cost control, with total expense ratios decreasing by 0.82 percentage points year-on-year [2][3] Earnings Forecast and Valuation - Projected revenues for 2024-2026 are 246.21 billion yuan, 273.85 billion yuan, and 307.27 billion yuan, with year-on-year growth rates of 5.1%, 11.23%, and 12.20% respectively [3] - Expected net profits for the same period are 13.73 billion yuan, 14.93 billion yuan, and 16.53 billion yuan, with growth rates of 17.22%, 8.72%, and 10.74% respectively [3] - Corresponding P/E ratios are projected to be 17.69, 16.27, and 14.69 [3]

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].

上 市 公 司 证 券 研 究 报 告 机械设备 2024 年 10 月 31 日 中国中车 (601766) ——铁路装备板块继续高增，公司在手订单充足 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 31 日 | | 收盘价（元） | 8.32 | | 一年内最高 / 最低（元） | 8.99/5.03 | | 市净率 | 1.5 | | 息率（分红 / 股价） | 2.40 | | 流通 A 股市值（百万元） | 202,407 | | 上证指数/深证成指 | 3,279.82/10,591.22 | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 5.70 | | 资产负债率 % | 59.36 | | 总股本 /流通 A 股（百万） | 28, ...

公司近一年市场表现 中国中车 上证指数 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 徐风 在手订单充裕对短期业绩形成支撑，动车组大修高位波动继续利好经 资料来源：最闻 营。前三季度，公司新签订单 2122 亿元，同比小幅增加 0.3%，其中国际业 务签约 342 亿元。24 年 1-9 月，客运需求创新高，国铁投资累计同比增长在 10%左右，动车组新造和五级修招标分别为 165 组和 509 组，预计今年全年 公司动车组高级修业务将保持较好的增长，未来 2-3 年动车组维修业务也将 继续保持相对高位；同时，旺盛的客运需求以及高铁建设规划，也对动车组 新造招标形成支撑。 执业登记编码：S0760519110003 邮箱：xufeng@sxzq.com 公司是全球轨交装备龙头，同时积极打造新产业，已经构建了"双赛道、 双集群"格局。在增购与维保需求带动下，轨交装备业务进入景气周期，公 司 有 望 进入成 长 新 阶 段 。 预计公司 2024-2026 年归母公司净利润 131.4/146.6/158.4 亿元，同比增长 12.2%/11.5%/8.1%，对应 10 ...

证券研究报告·公司点评报告·轨交设备Ⅱ 中国中车（601766） 2024 年三季报点评：业绩稳健增长，铁路装 备业务增速可观 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 222939 | 234262 | 260697 | 278037 | 290836 | | 同比（ % ） | (1.24) | 5.08 | 11.28 | 6.65 | 4.60 | | 归母净利润（百万元） | 11653 | 11712 | 13817 | 15321 | 16233 | | 同比（ % ） | 13.11 | 0.50 | 17.98 | 10.89 | 5.95 | | EPS- 最新摊薄（元 / 股） | 0.41 | 0 ...

三季[Table_StockInfo] 2024 年 10 月 30 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：8.36 元 中国中车（601766）机械设备 目标价：——元（6 个月） 业绩符合预期，后市场放量带动盈利能力提升 [Table_Summary] 事件：公司发布 2024年三季报，2024Q1-Q3公司实现营收 1525.8亿元，同比 +6.7%；实现归母净利润 72.5 亿元，同比+17.8%；单 2024Q3 公司实现营收 625.4 亿元，同比+12.2%；实现归母净利润 30.4 亿元，同比+13.1%。业绩符 合预期，后市场放量带动公司盈利能力提升。 公司精益管理、铁路运维后市场放量，拉动公司净利率提升。2024Q1-Q3公司 综合毛利率为 21.2%，毛利率同比-0.6pp，毛利率小幅变化主要系公司成本计算 方式改变；净利率为 6.2%，同比+0.6pp；期间费用率为 14.9%，同比-0.8pp； 其中，销售、管理、研发和财务费用率分别为 2.3%、6.2%、6.4%、0.1%，分 别同比-1.6pp、-0.2pp、+0.8pp、+0.1pp。 单 24Q3 ...