Summary of Conference Call on China CRRC's Financial Report Company and Industry - **Company**: China CRRC Corporation Limited - **Industry**: Railway Equipment and Transportation Core Points and Arguments 1. **Positive Outlook on Railway Equipment**: The company maintains a strong outlook on the railway equipment sector, particularly in the context of domestic infrastructure investment under the "internal circulation" strategy [1][2] 2. **Strong Performance Despite Market Conditions**: China CRRC achieved a notable stock price increase following the release of its financial report, indicating resilience in a challenging market environment [2] 3. **Inventory and Contract Liabilities Growth**: The company's inventory and contract liabilities grew by 15% to 20%, while revenue growth was only 6%, attributed to the delivery cycle of railway equipment [3] 4. **High Repair Cycle**: The high repair cycle for railway vehicles is expected to lead to significant revenue recognition in the first half of 2025, as repairs typically have a short turnaround time [4] 5. **Profit Surpassing Expectations**: The company reported profits that exceeded expectations due to a faster growth rate in railway equipment, particularly in the high-margin passenger train segment, and a decrease in expense ratios [5] 6. **Stable Industry Demand**: The demand for new vehicles and high-level repairs remains strong, with an estimated order volume of approximately 17 billion for the last quarter of the previous year [6] 7. **Focus on Asset Quality Improvement**: The company is prioritizing stable profitability and asset quality improvement, with growth being a secondary focus [7] 8. **Future Revenue Projections**: The company anticipates stable performance in 2025, with a cautious outlook on growth rates, while 2026's performance will depend on this year's order volume [8] 9. **Replacement Cycle for Equipment**: The replacement cycle for locomotives is expected to contribute positively to revenue in 2025 and 2026, despite a potential decline in new passenger train orders [9] 10. **Long-term Profitability Potential**: The company aims to achieve profits exceeding 50 billion, driven by stable growth in the railway sector and new industries [10] 11. **Market Recovery Potential**: The company is seen as a stable growth asset, with potential for market recovery and an increase in market capitalization [13] 12. **Overall Industry Sentiment**: The railway equipment sector remains optimistic, with continuous growth in related industries and a stable demand outlook [14] Other Important but Possibly Overlooked Content - **Market Dynamics**: The company is positioned well within the domestic market, with a growing customer base and increasing demand for high-level repairs, which could provide additional revenue streams [12] - **Valuation Considerations**: The current market valuation of the company is seen as attractive, especially in comparison to historical price-to-book ratios, indicating potential for future price appreciation [13]

金融界4月14日消息，上证指数高开高走，上证优势制造产业指数 (优势制造，000146)上涨0.42%，报 6030.74点，成交额268.9亿元。 从指数持仓来看，上证优势制造产业指数十大权重分别为：三一重工（6.29%）、国电南瑞 （5.27%）、隆基绿能（4.74%）、中国中车（4.67%）、中国船舶（4.59%）、江淮汽车（4.42%）、特 变电工（4.26%）、中航沈飞（3.61%）、中国重工（3.54%）、通威股份（3.44%）。 从上证优势制造产业指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证优势制造产业指数持仓样本的行业来看，发电设备占比27.29%、交通运输设备占比24.13%、航 空航天占比15.17%、电网设备占比13.88%、通用机械占比9.96%、专用机械占比8.26%、储能设备占比 1.32%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从 ...

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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） 董事會會議通知 中國中車股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事會將於2025年4 月29日（星期二）舉行董事會會議，藉以考慮及批准（其中包括）本公司及其子公司截至 2025年3月31日止三個月未經審計的季度業績。 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4月11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。 ...

承董事會命 中國中車股份有限公司 董事長 孫永才 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） 董事會會議通知 中國中車股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事會將於2025年4 月29日（星期二）舉行董事會會議，藉以考慮及批准（其中包括）本公司及其子公司截至 2025年3月31日止三個月未經審計的季度業績。 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。 中國‧北京 2025年4月11日 ...

Investment Rating - The report maintains a "Buy" rating for China CNR Corporation Limited [6][8] 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%, with a net profit attributable to shareholders of 12.39 billion yuan, up 5.77% year-on-year [3] - The first quarter of 2025 is projected to see a significant increase in net profit, estimated between 2.82 billion and 3.23 billion yuan, reflecting a year-on-year growth of 180-220% [3] - The railway equipment segment is experiencing strong growth, particularly in the high-speed train business, which is expected to continue benefiting from increased investment in railway infrastructure [5] Company Overview - Latest closing price: 6.99 yuan - Total shares: 2.8699 billion, circulating shares: 2.4328 billion - Total market capitalization: 200.6 billion yuan, circulating market capitalization: 170.1 billion yuan - 52-week high/low: 8.82/6.38 yuan - Debt-to-asset ratio: 59.0% - Price-to-earnings ratio: 16.26 - Largest shareholder: China CNR Group [2] Financial Performance - In 2024, the railway equipment revenue reached 110.46 billion yuan, a year-on-year increase of 12.50%, driven by growth in the high-speed train business [4] - The company sold 1,940 high-speed trains in 2024, with maintenance services generating approximately 41.8 billion yuan in revenue, up 25% year-on-year [4] - The company forecasts revenues of 269.16 billion, 285.93 billion, and 299.99 billion yuan for 2025-2027, with corresponding net profits of 13.23 billion, 14.53 billion, and 15.14 billion yuan [6]

Investment Rating - The report maintains a "Buy" rating for China CNR Corporation Limited [6][8] Core Views - The company is expected to achieve a revenue of 246.46 billion yuan in 2024, with a year-on-year growth of 5.21%, and a net profit attributable to shareholders of 12.39 billion yuan, reflecting a growth of 5.77% [3] - The first quarter of 2025 is projected to show a significant increase in net profit, estimated between 2.82 billion to 3.23 billion yuan, representing a year-on-year growth of 180% to 220% [3] - The railway equipment segment is experiencing strong growth, particularly in the high-speed train business, which is expected to continue benefiting from increased investment in railway infrastructure [5] Company Overview - Latest closing price: 6.99 yuan - Total shares: 2.8699 billion, circulating shares: 2.4328 billion - Total market capitalization: 200.6 billion yuan, circulating market capitalization: 170.1 billion yuan - 52-week high/low: 8.82/6.38 yuan - Debt-to-asset ratio: 59.0% - Price-to-earnings ratio: 16.26 [2] Financial Performance - In 2024, the railway equipment revenue reached 110.46 billion yuan, a year-on-year increase of 12.50%, driven by the growth in the high-speed train business [4] - The company sold 1,940 high-speed trains in 2024, with maintenance services generating approximately 41.8 billion yuan in revenue, a year-on-year increase of 25% [4] - The company forecasts revenues of 269.16 billion yuan, 285.93 billion yuan, and 299.99 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 13.23 billion yuan, 14.53 billion yuan, and 15.14 billion yuan [6]

Group 1 - China National Railway Group has announced the first high-speed train set tender for 2025, including 68 standard sets of various configurations [1] - The total estimated value of the tender is approximately 11.5 billion yuan, which is a slight decrease compared to the previous year's tender amount of around 28 billion yuan [1][2] - The investment ratio for railway equipment and infrastructure is expected to shift from 2:8 in 2024 to approximately 3:7 in 2025, indicating a projected equipment investment of around 200 to 250 billion yuan [2] Group 2 - The new railway construction mileage has been declining significantly, with a total decrease of 133.41% from 2019 to 2023, while railway investment has only decreased by 5.02% during the same period [3] - Railway passenger traffic has shown a strong recovery in 2023, with a 128.57% year-on-year increase, leading to a surge in high-speed train set procurement [4] - China CRRC Corporation Limited's railway business segment achieved a revenue of 110.46 billion yuan in 2024, marking a 12.50% increase, with the train set business revenue growing by 49.26% [5][6]

Investment Rating - The report maintains a positive outlook on the mechanical industry, recommending investment in domestic circulation, major infrastructure, and self-controllable sectors [5]. Core Insights - The report forecasts Q1 2025 performance for 14 key mechanical companies, with growth rates exceeding 20% for several firms, including XianDao Intelligent (30%), Baichu Electronics (25%), and Sany Heavy Industry (25%) [5][6]. - The human-shaped robot industry is progressing towards commercialization, with significant developments expected in 2025, driven by major players like Tesla and Huawei [5]. - Railway investment remains resilient, with a 5.1% year-on-year increase in fixed asset investment in early 2025, highlighting ongoing infrastructure projects [5]. - The engineering machinery sector is approaching a cyclical turning point, with signs of recovery in demand and improved profitability due to increased overseas revenue [5]. - Domestic brands in electronic measurement instruments are expected to accelerate their market share due to low current localization rates and increasing competitiveness [5]. Summary by Sections Mechanical Companies Performance Forecast - Companies with growth rates over 20% include XianDao Intelligent (30%), Baichu Electronics (25%), Sany Heavy Industry (25%), and others [5][6]. - Companies with growth rates between 10%-20% include Yizhiming (19%), Rilian Technology (18%), and others [5][6]. - Companies with growth rates between 0%-10% include Lianying Laser (6%) [5][6]. Robotics and Components - The human-shaped robot industry is entering a new phase of commercialization, with various forms of robots being tested in real-world applications [5]. - Key companies to watch include Greentech Harmonic, Mingzhi Electric, and others [5]. Rail Transportation - Fixed asset investment in railways reached 68.54 billion yuan in early 2025, with significant projects enhancing network efficiency [5]. - Recommended companies include China CNR and Siwei Control [5]. Engineering Machinery - The sector is showing signs of recovery after a prolonged downturn, with improved profitability and demand expected to drive new machine sales [5]. - Key recommendations include Sany Heavy Industry, Xugong Machinery, and others [5]. Domestic Instruments - The report highlights the low localization rate of electronic measurement instruments and the competitive edge of domestic brands [5]. - Recommended companies include Puyuan Precision and others [5].

Core Viewpoint - China CRRC Corporation Limited (601766.SH) is expected to achieve significant profit growth in Q1 2025, with net profit projected between 2.822 billion and 3.226 billion yuan, representing a year-on-year increase of 180% to 220% [2][4]. Financial Performance - In 2024, China CRRC achieved record-high revenue of 246.5 billion yuan and net profit of 12.39 billion yuan, with year-on-year growth rates of 5.21% and 5.77% respectively [3][6]. - The company has maintained annual revenue above 200 billion yuan and net profit exceeding 10 billion yuan since its restructuring in 2015 [3][6]. Market Expansion - China CRRC has actively pursued global market opportunities, with overseas markets becoming a significant growth driver. In 2024, the company signed new orders totaling 322.2 billion yuan, including 47.2 billion yuan in overseas orders [5][6]. - The company’s international business set a record in 2023 with new orders amounting to approximately 58.4 billion yuan [5]. Research and Development - Since 2017, China CRRC has invested over 10 billion yuan annually in R&D, totaling approximately 105.5 billion yuan over eight years, with R&D expenditure as a percentage of revenue increasing to 6.77% by 2024 [7][8]. - The company has made significant advancements in technology, including the development of the Fuxing high-speed train and the world's largest floating offshore wind turbine [7]. Product and Service Diversification - In 2024, the company’s revenue from rail equipment, urban rail, new industries, and modern services reached 110.46 billion yuan, 45.44 billion yuan, 86.38 billion yuan, and 4.18 billion yuan respectively [6]. - The railway equipment business benefited from a 12.5% increase in revenue, primarily due to growth in the high-speed train segment [6].